Word: sec
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Dates: during 1990-1999
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Among the luminaries charged were Martin Revson, co-founder of the Revlon cosmetics empire, and Edward Downe Jr., a former director of the investment bank Bear Stearns and husband of auto heiress Charlotte Ford. The SEC claims Downe used his position at the Wall Street firm to cull confidential information on companies and then used it to earn profits of $3.3 million in stock trades. Revson allegedly netted $1.7 million from improper tips he received from Downe. Others charged by the SEC are Steven Greenberg, a former public relations executive, who allegedly pocketed $550,000 in illicit profits; Thomas Warde...
Tyson earned $60 million in his six years as a professional boxer -- including $20 million in 1988 for his 91-sec. title fight against Michael Spinks -- but had only as little as $5 million by last year. Last week he was forced to borrow against his own $2 million retirement account to help pay off the $2 million in legal expenses incurred during his rape trial last February, including a six-figure sum for celebrity attorney Alan Dershowitz to conduct his appeal. Former Tyson accountant Mohammed Khan reportedly claims that the boxer has "no liquid assets," only real estate...
Until this year, investors seeking to submit proposals aimed at curbing executive pay were largely frustrated by SEC rules that disallowed such petitions on the basis that compensation was a matter of day-to-day ! management. But under pressure from Congress and some institutional investors, the SEC changed its tune by allowing shareholders to put "nonbinding" resolutions to a vote at annual meetings...
...SEC is contemplating new rules that would force companies to disclose executive compensation more fully in proxy materials. In addition, it would compel boards to justify in the annual report or proxy statement what a CEO's pay really is -- in all its components -- and why it's reasonable. Companies would be required, for example, to spell out in a new summary table which elements of executive pay are cash and what the present values of stock grants and options are -- something only compensation experts are able to calculate...
...were few in number, they had real control over the companies they owned. But as corporate "democracy" widened ownership, the power of shareholders became diffuse, while corporate management grew in strength. The new assertiveness by pension-fund managers and stock-owner groups, abetted by the changes contemplated by the SEC and Congress, should serve to restore some power to the real owners of each company. After all, argues the new breed of rebels, that's what capitalism is all about...