Are you’re looking for some basic understanding of corporate organizations, sprinkled with some pro-business propaganda? I have a video for you. The Business Roundtable is an association of chief executive officers of leading U.S. companies. Read more »
Madoff Losses Down from $65 Billion to $20 Billion
How do you value fraud? When the Madoff ponzi scheme collapsed the claim was that there was $65 billion in losses. That was the total dollar value on the account statements given to investors. Of course, that number was fictional because there were not real assets behind those numbers. The trustee overseeing the liquidation of … Read more »
Data breach Sharing Framework
With the Massachusetts Data Privacy Law now in place (and presumably you are in compliance with it), you need to think about what to do if you have an incident. Verizon has published the Verizon Incident Sharing Framework to help. Our goal for our customers, friends, and anyone responsible for incident response, is to be … Read more »
Data Breaches and Knowledge Management
One of the features of the new Massachusetts Data Privacy Law is that it forces some knowledge management on companies in the context of data breaches. Since the law required compliance on or before March 1, 2010, I assume you already have the policy and safeguards in place. That is, if you have social security … Read more »
Today is the Deadline for the Massachusetts Data Privacy Law
March 1 is the compliance deadline for the Massachusetts Data Privacy Law. 201 CMR 17.00 requires you to be in full compliance on or before January 1, 2009 January 1, 2010 March 1, 2010. If your company receives, stores, maintains, processes or otherwise has access to “personal information” acquired in connection with employment or with … Read more »
Compliance Bits and Pieces for February 26
Here are some interesting compliance related stories from the past week: List of Troubled Banks at 16-Year Peak, F.D.I.C. Says by Eric Dash in the New York Times After weathering the nation’s worst run of bank failures in nearly two decades, the Federal Deposit Insurance Corporation announced Tuesday that it had added 450 institutions to … Read more »
Another Charge in Madoff Fraud
The SEC has charged Daniel Bonventre, Madoff’s Director of Operations, with securities fraud. “According to the SEC’s complaint, Bonventre was responsible for the firm’s general ledger and financial statements that were materially misstated because they did not reflect the manner in which investor funds were maintained and used. Bonventure ensured that BMIS financial reports did … Read more »
SEC Decides to Think Further About IFRS
The Securities and Exchange Commission voted to issue a statement that lays out its position regarding global accounting standards. They want to make it clear that “the Commission continues to believe that a single set of high-quality globally accepted accounting standards would benefit U.S investors.” By 2011, the SEC will decide whether to incorporate IFRS … Read more »
Keeping Your Colleagues Honest
Mary C. Gentile put together a great piece on how to challenge unethical behavior at work in the March issue of the Harvard Business Review: Keeping Your Colleagues Honest. She starts with four rationalizations for staying silent when encountering an ethical problem: It’s standard practice. It’s not a big deal. It’s not my responsibility. I … Read more »
SEC Commissioner is a Blog Commenter
So you write a blog post about the fiduciary duty of financial service providers to their clients. Actually, the real story is about the lack of fiduciary duty that brokers have to their customers. Then an SEC Commissioner chimes in. Tara Siegel Bernard writes for New York Times blog, Bucks: Making the Most of Your … Read more »