Word: sec
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...nothing new at this annual showcase of just about every gizmo ever featured on, or destined for, an infomercial. The $6 Pizza Fork combines a pizza cutter and fork in one utensil ("Easy! Amazing! Versatile!" screams the flyer). The $80 Cooper Cooler chills a can of soda in 60 sec.--after you add 24 ice cubes and two cups of cold water and plug the thing into the wall...
...million Sum the SEC estimates two Datek executives fraudulently transferred to shell companies...
...first shot had been fired. But Spitzer was not done. His office led an effort to subpoena e-mail from a dozen other investment banks. The cases were later parceled out for several other states to pursue: California got Deutsche Bank, for example; Massachusetts got CSFB. The SEC jumped in after the Merrill settlement, and Spitzer and the SEC's director of enforcement, Stephen Cutler, began working on a comprehensive deal to settle all 12 cases at once...
...come to his office and describe what her team was up to, says a source involved with the case. She did, and Sullivan, known for his poker face, remained calm. He then asked her to delay the audit, according to a WorldCom timeline of events filed with the SEC. She told him that would not happen. The meeting was a turning point for her because she, like her colleagues in the industry, considered Sullivan the gold standard. "It was terribly disappointing," says Cooper...
WorldCom has undergone what court-appointed monitor and former SEC chairman Richard Breeden calls "a steam cleaning from top to bottom," getting rid of virtually every member "of the gang that couldn't shoot straight," including practically the entire finance department. So far, at least, the nation's second largest long-distance company has been able to hold on to the bulk of its big, valuable corporate and government accounts, though many such customers are exploring other options. It has also grabbed some local residential customers from the Baby Bells, reached a partial settlement with the SEC and built...