Word: stanley
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Dates: during 2000-2009
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...turns out, we really do sell when we should buy: more than $30 billion flowed out of stock funds in July, the biggest one-month exodus since the 1987 crash. Selling stocks when prices are so low is "insane," says Morgan Stanley global strategist Barton Biggs. That scared money missed the Dow's 1,000-point rebound...
...Widely admired General Electric gave investors reason for hope last Wednesday, when it joined a growing list of companies that plan to treat stock options as an expense. Accounting rules don't require this, but not doing so has helped executives hide the truth about their companies' profits. And Stanley Works has scrapped plans to relocate in tax haven Bermuda. Though the decision sent its stock lower, it's likely to lead other companies to reconsider that ethically shaky strategy and is a sign that pressure on ceos to do the right thing is starting to work...
Winning a conviction is even tougher if independent auditors or outside lawyers have signed off on the accounting methods in question. Although in theory compliance with GAAP (generally accepted accounting principles) "cannot be used as a cover," says retired Judge Stanley Sporkin, prosecutors have generally ceded the territory to the SEC for civil action, if any at all. As the President himself said in defending his tenure as a director at Harken Energy, "In the corporate world, sometimes things aren't exactly black and white when it comes to accounting procedures." Expect to hear those words echoed by defense lawyers...
...Directors with the most at stake are seething. Roy Disney, nephew of the company's founder, and his business partner Stanley Gold, control 17.5 million Disney shares. Two weeks ago, after the company reported weak quarterly results, word leaked that the pair had adopted an unusually combative tone. Some now speculate that Eisner won't be re-hired when his contract expires in 2006, or may go earlier. Mentioned as successors are Viacom president Mel Karmazin, Sony of America CEO Howard Stringer, and former Disney-ite Jeffrey Katzenberg...
While criticism of the Commission seems particularly intense, longtime observers note that Brussels bashing is a staple of European politics. "Enforcing the rules of the single market will always pit the Commission against vested interests,'' says Stanley Crossick, director of Brussels' European Policy Centre. "So it will always be a whipping post." Though the Commission has been something of an élitist institution short on modern management expertise, it does serve a vital role in enforcing European Union rules and it protects the interests of the smaller member states, Crossick says. "So the current round of criticism, especially the stereotypical...