tag:blogger.com,1999:blog-4815867514277794362.post4971145316855857255..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: Delusion, fraud and the role of the SEC - the General Electric long-term care caseJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-4815867514277794362.post-24301529336405335192021-03-29T19:43:24.262+11:002021-03-29T19:43:24.262+11:00Lukin trades on the pink sheets: last I check 8 bu...Lukin trades on the pink sheets: last I check 8 bucks, up from a low of near 1 following the fraud. Is this now a legit company in any way? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-64583063664631418362021-03-05T02:29:51.689+11:002021-03-05T02:29:51.689+11:00In the US, it is hard for federal prosecutors to p...In the US, it is hard for federal prosecutors to proves intent in criminal fraud cases, which often why the SEC will not refer a case against a very large corporation to the US Justice Dept. to pursue a case. Indeed that was the so-called reasoning by the Justice Dept., after the mortgage/financial crisis of 08/09 not to pursue c-suite executives of big banks. Instead, there were just very large settlements paid by the shareholders, as usual, and in the GE case above, not as large. Moreover, large companies find it is far easier to settle and the SEC, which has seen it's resources reduced over time by the US Congress finds it more often than more than willing to go along.finprof4https://www.blogger.com/profile/12701507685391295819noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-15606233246258792422020-12-23T06:23:49.191+11:002020-12-23T06:23:49.191+11:00SOG Said:
Years ago I had to signoff and pay out ...SOG Said:<br /><br />Years ago I had to signoff and pay out of my groups P&L what was then considered one of the largest regulatory fines in UK history for an issue that happened years before. <br /><br />We were innocent, talked with the regulators before doing the business, had walked them through all the checks and balances etc. They told us they would watch the trading the marketplace and call us if they had any concerns. <br /><br />They reviewed everything at the time and didnt have an issue. The day before the statue of limitations expired ( and only after they knew our copies of the original records had been destroyed in the IRA bombing of the Baltic Exchange), they sued.<br /><br />We paid a few million quid ( legal sitting on my head to force me to sign) coz in the end thats what we would spend on lawyers anyway, it was going to be a huge drain of staff time and who knows what else could possibly be cherry picked during discovery.<br /><br />Its the price of doing business - its not always fair and just - it just is. <br /><br />On the flip side - there are some serious dirtbags out there that just seem to slime out of any culpability for the crimes they commit and that blows.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-66518258007897342292020-12-18T16:08:01.832+11:002020-12-18T16:08:01.832+11:00I had the same thought about GE, but didn't wa...I had the same thought about GE, but didn't want to fight about it. There's just a random regulation tax now, and it was GE's turn to pay it.<br /><br />The worse news is that it means that McKenna really isn't a consistently reliable critic of the industry anymore.Adam Blockhttps://www.blogger.com/profile/02884381242709242890noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-67454887465805804012020-12-18T13:22:43.970+11:002020-12-18T13:22:43.970+11:00Did this begin under Welch?Did this begin under Welch?CrocodileChuckhttps://www.blogger.com/profile/10762442097044797842noreply@blogger.com