Corporate Compliance News Headlines – Week of January 9, 2009
Whenever we get overloaded with quality corporate compliance news articles to direct your attention towards, we like to compile them all into one nice, tidy post that we appropriately call Corporate Compliance News Headlines.
We did our first Corporate Compliance News Headlines post during Christmas Week, and it is now time for another as we proceed into the new year. As usual, excerpts are included below the headlines.
Corporate Compliance News Highlighted Headline
Barack Obama, Democrats Plan Overhaul of U.S. Financial Regulations – (Reuters)
President-elect Barack Obama and Democrats in Congress will take over the government this month with big plans to overhaul U.S. financial regulation and a surge of momentum behind them.
From the mortgage meltdown to the Bernard Madoff scandal, the financial system is in crisis. Critics are hammering the federal bureaucrats who are supposed to manage the economy, police Wall Street and protect investors.
Some of the agencies under fire have familiar names — the Fed, Treasury, SEC, FDIC; some less so — CFTC, OCC, OTS.
All are under scrutiny by reformers who are talking about shutdowns, combinations and reshaping basic missions.
“We’re going to have a significant shake-up,” said Norman Ornstein, a resident scholar at the American Enterprise Institute, a Washington, D.C., policy think tank.
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Other Corporate Compliance News Headlines for the week of January 9, 2009:
Whistle Blower – (The New Yorker)
Back in 2003, Davis was trying to get approval for a new medical office building from the Illinois Health Facilities Planning Board. A night or two before a hearing was to be held, Davis recalled, something strange happened. A business acquaintance of hers, Nicholas Hurtgen, then a managing director of the Chicago office of Bear Stearns, called her at home and told her that unless she agreed to use a certain contractor she should pull her building request, because it wasn’t going to be approved.
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Airlines Work to Minimize Safety-Lapse Penalities – (Wall Street Journal)
Southwest Airlines and American Airlines have overhauled maintenance practices after a string of safety lapses disclosed earlier this year, but the carriers are now sparring with regulators over how much they should be fined for those mistakes.
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SEC: Fair Value’s Savior – (CFO.com)
The Securities and Exchange Commission, as expected, has decided not to suspend mark-to-market accounting — against the wishes of many banking lobbyists. But the debate over how to measure financial assets and liabilities is far from over.
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A Defining Moment – (CFO.com)
Like the global economy, the governance, risk, and compliance (GRC) software business has experienced plenty of recent turmoil. Unlike the economy, however, the GRC world is used to it. Almost from the beginning, uniting governance, risk, and compliance into a single entity has been a delicate exercise. It required vendors to offer customers working in different business sectors three related, but not always easily integrated, capabilities.
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Struggling for Coherent Reforms Globally – (Compliance Week)
In Britain, Europe, Japan, and elsewhere, many companies are still adjusting to the reforms ushered in by the corporate failures of 2002. Now they’ll also need to brace themselves for the expected new wave of regulation, aimed at fixing problems exposed by the financial crisis of 2008. The depth of the current global economic crisis, and the huge stake taxpayers now have in the problem thanks to government bailouts from Berlin to Beijing, has made corporate governance an incendiary issue.
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Tags: airline, barack obama, headlines, news, reform, regulations, sec
