Archive for the ‘Corporate Governance’ Category
Judge’s Rejection of SEC and Bank of America’s Settlement Raises Interesting Questions
September 15th, 2009 | 
Author: Jed Rakoff, a U.S. District Judge in New York, has rejected the proposed $33 million settlement between the SEC and Bank of America that was supposed to resolve the SEC’s claim that the bank deceived shareholders in a proxy statement concerning bonuses to be paid to Merrill Lynch executives. The proxy statement said that Merrill had agreed not to pay bonuses before the Merrill-Bank of America acquisition closed without the bank’s consent. The SEC claims that bank had actually approved payment of up to $5.8 million in bonuses.
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Carl Icahn to Shareholders: When it Comes to Incentive Comp, Just Say No
Legendary investor and shareholder rights activist Carl Icahn wrote an article that appears in the Huffington Post, and on his Blog The Icahn Report- “It’s Up to the Shareholders, Not the Government, to Demand Change at a Company.” In this excellent article, Mr. Icahn describes how he addressed the issue of retention bonuses at a company that he was saving from bankruptcy:
