Word: sec
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...SEC tackles takeovers...
...this latest megabuck merger, a congressional committee opened hearings on proposals by the Securities and Exchange Commission that would curb some of the wheeling and dealing that accompanies such corporate marriages. Colorado Democrat Timothy Wirth, chairman of the House Subcommittee on Telecommunications, Consumer Protection and Finance, is supporting the SEC recommendations. Says he: "The tactics and strategies used by both bidders and targets in recent years have raised questions about the adequacy of current laws to a ensure the fundamental fairness of the takeover process. In the heat of a contest, important shareholder, employee and community interests may be overlooked...
...March 22, Brant and Felis met with Winans and Carpenter over dinner at Manhattan's Plaza Hotel to discuss how they would handle the SEC inquiry. Winans said Brant told him, "All we say is that ... I was the source of yours and we talked frequently and we just guessed ... what direction the columns were going to go in." Brant also promised to pay Carpenter $50,000 or $60,000 after selling an apartment he owned. Brant added, "When it is all over, we will go into business in Florida and will all become millionaires...
...part of last week's suit, the SEC was granted a temporary restraining order to freeze the assets of three of the men. Not all the profits in the case have been found, and the Government suspects that some of the money has been moved to Switzerland. While Winans was apologizing for his actions last week, Clark vigorously denied the charges. Said he: "I had no idea that any money changed hands between Mr. Brant and Mr. Winans." Clark said that $1.2 million was taken from his account at Kidder Peabody and deposited in Brant's account...
...case filed by the SEC goes well beyond the bounds of a usual insider trading suit, which normally prohibits employees of a corporation from profiting on non-public information about the company's plans. In this case, however, the SEC alleges that Winans defrauded the publishers of the Journal by misappropriating confidential information about the content and timing of news stories. The Government suit also maintains that Winans had a duty to disclose to readers that he had a financial interest in the securities about which he wrote...