private placements

ALSO NOTED: PwC settles with Justice Department for $2.3 million; CIOs still grappling with compliance after five years;

Tue, 21 Aug 2007 06:59:58 -0400

> PwC settles with Justice Department for $2.3 million. Article

> Private placements: A good way around Sarbox. More trading venues emerge. Article

> More on risk and Sarbox. Article

> Academic predicts the death of Sarbox. Article

> Protiviti angling for more J-SOX business. Article

> CIOs still grappling with compliance after five years. Article

> Yet another retrospective on the 5th anniversary of Sarbox. This one from Web CPA.

> CA's Kumar reports to prison. Article

> Rigases jail term begins. Article

And finally ... Battle between punk rockers turns on accounting. Article

Private placements a move against Sarbox?

Mon, 11 Jun 2007 20:01:39 -0400

Many people have argued long and hard that companies are eschewing public offerings because of Sarbox. I am not completely sold on this, but one could point to as evidence recent trends in the market for privately placed securities. Goldman Sachs has launched a service, GSTrUE, through which companies can sell securities privately. Clearly, Wall Street is onto something. More money has been raised this year via private placements than through initial public offerings. And there are powerful forces that aim to fuel the market even more. Notably, the Nasdaq is gearing up to launch a new service, called Portal, which will provide an infrastructure for private securities transactions. Nasdaq hails it as one of the most important capital market developments in recent history. But there are powerful critics. This is a trend to watch.

For more:
- here's an article from Financial News Online

Portal may be set for strong initial growth

Mon, 28 May 2007 20:01:39 -0400

The Nasdaq's bid to trump its arch rival, the New York Stock Exchange, is betting that private placements will continue to soar. A lot of the Sarbanes-Oxley related news has focused on the IPO market, which has soared recently in the U.S., despite assertions that Sarbox was making IPOs much harder. Still, the fact remains that the private placement market is growing even faster, Worldwide, initial public offering volume dipped 6 percent last year, while private placements volume grew roughly 60 percent. Private placement volume now exceeds IPO volume. So perhaps the Nasdaq's Portal service, billed as an electronic exchange of sorts for privately placed securities is hitting the sweet spot. There are many who think Sarbox will continue to boost private placements, despite various reform measures. Venture capitalists will also welcome a better means to a private exit. It might also appeal to private equity funds.

For more:
- here's an article from Red Herring

ALSO NOTED: First Sarbox whistleblower fares poorly;Colorful trial continues;

Mon, 21 May 2007 20:01:38 -0400

> The latest Sarbanes-Oxley whistleblower would-be case: Fieldstone Investment, a subprime mortgage lender. Cynthia Harkness has charged she was terminated for reporting securities law violations. She's seeking reinstatement, lost wages and other damages. In general, Sarbox hasn't really been a savior law for whistleblowers. Article

> In fact, David Welch, the first whistleblower to actually win "protection" under Sarbanes-Oxley has been out of work for five years. He's lost his family farm and savings. Article

> A new study confirms that boards are much more likely to oust underperforming executives these days. Article

> The IPO market has been surprisingly strong in the first quater. But even so, private placements are even stronger. Article

> The Treasury Department is forming a commission of big wigs to look at accounting industry reform. Article

> The internal audit profession is growing leaps and bounds. Jobs are plentiful, salaries are high, as is the prestige. Thank Sarbanes-Oxley to a large degree. Article

> The Sarbanes-Oxley era has produce some interesting trials--obviously. While nothing tops Enron, the Conrad Black saga is full of interesting personal twists. Article

> SEC to create new office to distribute Fair Funds money. Article

> More on the Sarbox-inspired explosion in data center use. Article | Two big issues to keep in mind: Power and disaster recovery. Article | Some tips when pondering virtualized data centers. Article

And finally ... Lots of husband-wife insider trading these days. Article