Saturday, July 28, 2007

Corporate Attorneys and Regulators

"The recent conviction of Conrad Black's in-house attorney at Hollinger Inc. on fraud charges sends a chilling message to corporate lawyers about their responsibility to monitor their bosses' behavior", WSJ, 28 July. Big deal. Nothing will happen until lawyers and CPAs get full aider and abetter liability for fraud.

"Politicians and some corporate exceutives in the U.S. often praise Britain's approach to regulation as a model for an effective but not onerous system to oversee banks, brokers and investment funds, and one that could improve the competitive position of U.S. financial markets globally. ... In some corners of the City of London ... the FSA is often looked on as a toothless tiger with little appetite for the harsh enforcement tactics often employed by U.S. regulators, WSJ, 23 July. What else would Wall Street want but a toothless tiger which "has, as part of its mission, an objective to promote London as a place to do business"? Isn't that the job of the Commerce Department?

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