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...result of the recession also played its part. "Companies are restructuring, revising their strategies, trying to preserve their interest, their cash, their asset position," says Patel. "And because of looking at their businesses, they're starting to find more fraud." So, too, are company liquidators. With insolvencies among U.K. companies rising amid the downturn, disqualification proceedings against the firms' directors for fraud or theft rose 72% in the year to April, according to figures compiled by London law firm Wedlake Bell...

Author: /time Magazine | Title: The Reasons Fraud Spikes in a Recession | 5/20/2009 | See Source »

...Bank of America and Citigroup are not alone in needing to make changes. At Wells Fargo, only four of that bank's 17 independent board members have a background in the financial-services industry. And even among that group, only two have been executives at a bank. Fifth Third Bancorp, which was deemed to need an additional $1.1 billion in capital in the government's recent stress test, has no independent directors on its board with prior experience working at a bank. Two of its board members do have financial-services experience, but with insurance companies. At JPMorgan Chase, none...

Author: /time Magazine | Title: Help Wanted: Bank Boards Seeking Competent Directors | 5/20/2009 | See Source »

That means prominent former top executives of financial-services companies may be getting a lot of attention from recruiters in the next few months. John Reed, the former CEO of Citibank, is among the group of individuals who recruiters say should be on any bank's short list. Henry Paulson, the former Treasury Secretary, could be a candidate as well, though some question whether a Paulson appointment would win points with the current Administration...

Author: /time Magazine | Title: Help Wanted: Bank Boards Seeking Competent Directors | 5/20/2009 | See Source »

...final decision. “The current practice, in which Faculty members are given only a summary of the case and then asked to vote, does not provide a complete review,” Hammonds said. “[But] distributing large amounts of very confidential case materials among the FAS Faculty is both unworkable and inappropriate.” Hammonds said she will be appointing additional faculty members to the Ad Board to address the Faculty’s sense of a “lack of ownership” over the disciplinary group. Greater faculty integration into...

Author: By Bonnie J. Kavoussi and Esther I. Yi, CRIMSON STAFF WRITERSS | Title: Ad Board Reforms Presented To Faculty | 5/20/2009 | See Source »

...emergency notification since the program’s debut last spring. But not all Message Me subscribers received the texts. Text messages reached about 98 percent of the 14,000 participants in the program, University spokesman Kevin Galvin wrote in an e-mail statement. But confusion was widespread, both among those who did not receive the texts and those who did. Many students said they failed to realize the system required them to opt in every year, even if they had signed up for the program in previous years. “I thought I was registered but wasn?...

Author: By Athena Y. Jiang, CRIMSON STAFF WRITER | Title: Glitches Plague Text Alert System | 5/20/2009 | See Source »

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