The Daily Caveat is written by Michael Thomas, a recovering corporate investigator in the Washington, DC-area. [More]
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7/15/2008
Your Handy Guide to the Fall of Fannie Mae 3/27/2008
Ethical Corporation Hosts Anti-Corruption Conference
Kroll Releases New Report on Business Fraud Worldwide
Alaskan Senator in the Deep Stuff
Siemens Anti-Corruption Chief Forced Out After Six Months
Louisiana Representative William Jefferson Indicted
Nacchio Verdict Forthcoming
The Guardian Sits Down With Gary Aguirre
New Audit Shows Depth of Corruption at Siemens
Miss Rosemary Ekosso Lays into BAE
Skilling Gets Brief Reprieve on Jailtime
Turnabout is Fair Play, Public Corruption Investigations Up 30% in the Past Four Years
SEC Probe For Siemens
Your Handy Guide to the Fall of Fannie Mae 3/27/2008
Ethical Corporation Hosts Anti-Corruption Conference
If you're going to be in Chicago in mid-April, this sounds like a very interesting event.
You can get a full run-down of the program and register right here.
A little irony that KPMG is one of the sponsors?
-- MDT
9/26/2007
You can get a full run-down of the program and register right here.
A little irony that KPMG is one of the sponsors?
-- MDT
Labels: corporate ethics, corruption, Ethical Corporation
Kroll Releases New Report on Business Fraud Worldwide
In keeping with the morning's corruption theme, investigative juggernaut Kroll has released its 2007 report outlining the effects of fraud on global business. The report, drawing on work by the Economist Intelligence Unit, publishers of The Economist magazine, indicates that four of five companies worldwide are effected by fraud. To dig a little deeper, check out the report synopsys or just download the whole darn thing.
-- MDT
8/01/2007
-- MDT
Labels: corruption, Economist, Kroll
Alaskan Senator in the Deep Stuff
Alaskan Senator Ted Stevens is facing an investigation into some ethically challenged practices. The famed congressional pork king, who also happens to have be the longest serving Republican in the Senate had his home raided by FBI and IRS agents.
Steven's financial clerk has also spent time time recently testifying before a grand jury. I imagine that his comments didn't concern parking tickets. Meanwhile, it probably wouldn't shock you to learn that Stevens has vowed to block an upcoming ethic bill?
-- MDT
6/29/2007
Steven's financial clerk has also spent time time recently testifying before a grand jury. I imagine that his comments didn't concern parking tickets. Meanwhile, it probably wouldn't shock you to learn that Stevens has vowed to block an upcoming ethic bill?
-- MDT
Labels: corruption, FBI, IRS, Ted Stevens
Siemens Anti-Corruption Chief Forced Out After Six Months
On the eve of Peter Loescher's takeover of the Siemens C-suite the company's newly appointed anti-corruption officer is calling it a day. Daniel Noa, a former state prosecutor and the current head of Siemens compliance group, has apparently been forced out by unfriendly forces within the company. The FT mentioned something cryptic about him not trusting the Siemens legal department... Noa will remain as a consultant for the next eighteen months. Despite all this, the company insists tat its internal clean-up is proceeding apace.
-- MDT
6/05/2007
-- MDT
Labels: bribery, corruption, Daniel Noa, Peter Loescher, Siemens
Louisiana Representative William Jefferson Indicted
Authorities recently announced a long expected indictment of current Louisiana congressman, William Jefferson. You may recall Jefferson as the individual who, post Katrina, was caught with nearly $100,000 wrapped in tinfoil in his freezer.
Now, knowing Louisiana as I do, I would expect that most politicians have upwards of five figures socked away somewhere in small bills...
What made Jefferson's nest egg particularly notable, was its apparent origins as bribe money relating to Nigerian telecom deals and presidential candidates. The subsequent investigation of Jefferson included a controversial search of Jefferson's congressional offices and the political balance-of-power power squabbling that ensued has remained at a low simmer for months now.
Fueling the Jefferson indictment is evidence from two former associates - Brett Pfeffer, a former congressional aide and Vernon Jackson a telecom exec. Pheffer and Vernon Jackson allegedly funnelled approximately $1million to Jefferson to secure his support for various deals amongst African businessmen and politicians.
Pfeffer and Jackson both struck deals with prosecutors in exchange for dirt on Jefferson, who, as you might imagine, continues to protest his innocence, despite .
-- MDT
4/16/2007
Now, knowing Louisiana as I do, I would expect that most politicians have upwards of five figures socked away somewhere in small bills...
What made Jefferson's nest egg particularly notable, was its apparent origins as bribe money relating to Nigerian telecom deals and presidential candidates. The subsequent investigation of Jefferson included a controversial search of Jefferson's congressional offices and the political balance-of-power power squabbling that ensued has remained at a low simmer for months now.
Fueling the Jefferson indictment is evidence from two former associates - Brett Pfeffer, a former congressional aide and Vernon Jackson a telecom exec. Pheffer and Vernon Jackson allegedly funnelled approximately $1million to Jefferson to secure his support for various deals amongst African businessmen and politicians.
Pfeffer and Jackson both struck deals with prosecutors in exchange for dirt on Jefferson, who, as you might imagine, continues to protest his innocence, despite .
-- MDT
Labels: bribery, corruption, indictment, Nigeria, William Jefferson
Nacchio Verdict Forthcoming
Whatever happens, Nacchio may still face civil charges, but a not guilty verdict in his criminal trial won't exactly help the SEC's case. A great recap of the trial and a day-by-day summary can be found here, at The Denver Post.
Also, don't forget that The Race to the Bottom has been covering the trial closely. You might want to catch up with their coverage.
-- MDT
2/28/2007
Also, don't forget that The Race to the Bottom has been covering the trial closely. You might want to catch up with their coverage.
-- MDT
Labels: corporate scandal, corruption, Joe Nacchio, trial, verdict
The Guardian Sits Down With Gary Aguirre
What a stir Gary Aguirre created when he began making noise that his investigation into insider trading at Pequot Capital was quashed by SEC higher-ups when Aguirre suggested that the scheme may have involved Wall Street heavyweight, John Mack, patriarch of Morgan Stanley.
Aguirre claimed that he was told in no uncertain terms to leave Mack alone, a course of action he was disinclined to accept.. In the ensuing flap saw a fired (and fired-up Aguirre) turn whistleblower and testify before congress about conflict of interest issues at his former employer.
Well, Mr Aguirre is still hitting hard on what he believes are serious issues with the SEC's enforcement regime. Characteristically, he doesn't pull any punches in this interview with The Guardian.
For more background on Aguirre, try the tags below...
-- MDT
1/30/2007
Aguirre claimed that he was told in no uncertain terms to leave Mack alone, a course of action he was disinclined to accept.. In the ensuing flap saw a fired (and fired-up Aguirre) turn whistleblower and testify before congress about conflict of interest issues at his former employer.
Well, Mr Aguirre is still hitting hard on what he believes are serious issues with the SEC's enforcement regime. Characteristically, he doesn't pull any punches in this interview with The Guardian.
For more background on Aguirre, try the tags below...
-- MDT
Labels: corruption, Gary Aguirre, homeland security, John Mack, whistleblower
New Audit Shows Depth of Corruption at Siemens
How deep does the scandal go? Like, really deep would be the answer. A sample from the Spiegel article:
-- MDT
12/27/2006
....the company had to wire €418 million in fines to the European Commission last week because, according to EU authorities, Siemens was a ring leader in a cartel of companies selling power station equipment -- dividing up the market among themselves. Though Siemens is planning to fight the fine, it took a huge chunk out of the company's first quarter profits.More here.
-- MDT
Labels: audit, bribery, corruption, Siemens
Miss Rosemary Ekosso Lays into BAE
Arms dealing and corruption part of your daily routine? I would not suggest messing with Miss Rosemary.
-- MDT
12/11/2006
-- MDT
Labels: arms dealing, BAE, corruption, Rosemary Ekosso
Skilling Gets Brief Reprieve on Jailtime
He might just make bail while he waits on appeal. The WSJ elaborates.
Also, Tom Kirkendall at the always charming (even when I disagree with him) Houston's Clear Thinkers, takes his usual hard look at the full gamut of Enron-related prosecutions. Well worth a look in case you've lost track of who all got left with the tab when Enron went belly up. Check it out.
-- MDT
Also, Tom Kirkendall at the always charming (even when I disagree with him) Houston's Clear Thinkers, takes his usual hard look at the full gamut of Enron-related prosecutions. Well worth a look in case you've lost track of who all got left with the tab when Enron went belly up. Check it out.
-- MDT
Labels: appeal, bail, corruption, Enron, Houston's Clear Thinkers, Jeff Skilling, prosecution, white collar crime
Turnabout is Fair Play, Public Corruption Investigations Up 30% in the Past Four Years
Lordy...
More than 1,000 public officials of various levels on the pecking order have been convicted in government corruption investigation over the last two years. With ample time (and seemingly endless corruption) left for the current administration in Washington, I think we can accurately predict that quite a few medium to large sized fish are going to be joining the convicted list in '07.
Sarbox for the guv'ment, perhaps?
The Washington Post has the rest of the story.
-- MDT
More than 1,000 public officials of various levels on the pecking order have been convicted in government corruption investigation over the last two years. With ample time (and seemingly endless corruption) left for the current administration in Washington, I think we can accurately predict that quite a few medium to large sized fish are going to be joining the convicted list in '07.
Sarbox for the guv'ment, perhaps?
The Washington Post has the rest of the story.
-- MDT
Labels: Conviction, corruption, FBI, government
SEC Probe For Siemens
Siemens, the European manufacturing giant, is still reeling at the revelations of an internal embezzlement and bribery scandal. Policy raids, seized documents and employees behind bars have been the start of this story. Law enforcement and regulatory bodies across the EU are currently digging for the next chapter and it appears that an SEC inquiry may be a part of the story.
-- MDT
-- MDT
Labels: bribery, corruption, investigation, SEC, Siemans
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