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...investors are wondering how so many gatekeepers, including auditors at the accounting firm Grant Thornton and officials at the Securities and Exchange Commission (SEC), missed the company's alleged book cooking so soon after the scandals of Enron, Worldcom and others. "Everybody had a chance to look them over," says Bill Harris, a forensic accountant at the business-services firm CBIZ. "Four hundred thirty million dollars is an awful big number to hide." Those who have dealt with Refco say there was reason to be careful. In 1999 the Commodity Futures Trading Commission levied $7 million in fines against Refco...
...than double last year's net income--that would never be collected (believed to be the result of hedge-fund clients who didn't pay up after bad trades), but he also went ahead with the IPO even though his top lieutenant, Santo Maggio, was under investigation by the SEC in connection with a stock-manipulation scheme that had driven software firm Sedona into the ground. Refco disclosed the investigation when it went public, saying the case would be resolved. But it never was, raising questions as to whether the IPO should have proceeded with Maggio on board...
Sprinkle with brown sugar and heat in microwave for 15 sec...
Last spring, Sowood filed a statement with the Securities and Exchange Commission (SEC) on the University’s behalf, urging shareholders to support a Harvard proposal that the fund be liquidated and severed from Nomura Asset Management, its investment manager. Liquidating the fund would distribute its underlying investments to shareholders...
...chorus of dissent from business leaders, investors and even some regulators is rising. SEC commissioners Paul Atkins and Cynthia Glassman have argued against large fines against law-breaking corporations, reasoning that big fines only injure innocent shareholders. Christopher Cox, the new SEC chairman, is expected to lean the same direction. Meanwhile, even in the halls of congress there has been concern that the tough Sarbanes-Oxley corporate reform bill has placed too great a burden?and expense?on companies working to tow the line. Cox has already said he?s going to give small companies some relief from Sarbanes-Oxley...