Securities and Exchange Commission

Taxpayer Cash for Ener1 Helped a Thrice-Failed Foreign EV Company

Submitted by Paul Chesser on Wed, 02/01/2012 - 09:49

Think City car Last week yet another treasured Obama administration “Green” energy company – electric vehicle battery manufacturer Ener1 – went bankrupt, after having been granted $118 million in stimulus funds in August 2009. But the gift did more than just sustain it and subsidiary EnerDel; the cash enabled the company to bail out what would be its top customer, a Norwegian electric car company that had already been drained of cash on at least three previous occasions.

SEC Cracking Down on LightSquared's Falcone?

Submitted by Peter Flaherty on Sat, 12/10/2011 - 12:45

Phil Falcone photo Billionaire Phil Falcone, whose cozy relationship with the Obama Administration was first exposed by NLPC, may face civil fraud charges by the Securities and Exchange Commission (SEC). According to a filing yesterday by Harbinger Group Inc., Falcone and two other directors have received "Wells Notices," meaning that they are under investigation.

Falcone is the Chairman, CEO and primary investor in Harbinger Group Inc., a hedge fund. Reportedly, other Harbinger investors include Soros Fund Management. Harbinger owns LightSquared, which has received an unusual waiver from the Federal Communications Commission (FCC) to deploy a national 4G wireless network.

Will SEC's 'Say on Pay' Rule Do Any Good?

Submitted by Peter Flaherty on Wed, 01/26/2011 - 09:23

golden parachute As someone who has sponsored "Say on Pay" shareholder proposals with companies like Boeing and Procter & Gamble, I wonder whether SEC-mandated votes on executive compensation will do any good. In fact, I worry that it may lead to a false sense of shareholder empowerment.

Yesterday, the Securities and Exchange Commission voted 3-2 to adopt a rule requiring public companies to hold an advisory vote on executive pay at least once every three years.

Is Obama Responsible for McCrudden's Threats?

Submitted by Peter Flaherty on Fri, 01/14/2011 - 13:27

McCrudden photo The FBI's reported arrest of money manager Vincent McCrudden for allegedly making threats to kill members of the Securities and Exchange Commission (SEC) and other government officials prompts the question of what role, if any, anti-capitalist and anti-Wall Street rhetoric played in his actions. If the logic of the Left that was applied to the Tucson shootings - that Tea Partiers and Sarah Palin somehow had something to do with Jared Loughner's rampage - should not President Obama and other politicians be held responsible for McCrudden's threats?

According to CampaignMoney.com, a Vincent McCrudden made a $2,300 donation to Obama for America on April 19, 2007.

Goldman Sachs Got Off Easy

Submitted by Peter Flaherty on Thu, 07/15/2010 - 19:06

Lloyd Blankfein photo Goldman got to keep 100% of what it really wanted, namely the ability to cling to its claim that if did nothing wrong.

It did acknowledge a “mistake” for not telling CDO buyers that hedge fund operator John Paulson helped booby-trap the security before it was sold. It is common for the SEC settle Wall Street cases without an admission of guilt, but is not typical for it to allow the accused party to do but at the same time admit to a “mistake.” That’s how it works when your political influence permeates the government. You get to deny wrongdoing at the same time you admit to wrongdoing.

Will Goldman Sachs Now End the Sanctimony?

Submitted by Peter Flaherty on Fri, 04/16/2010 - 13:16

Blankfein photo With the SEC now charging Goldman Sachs with a billion dollar fraud, I hope CEO Lloyd Blankfein and his colleagues will end the sanctimony and indignation that has characterized their response to recent criticism of the firm, some of it coming from these quarters. The SEC charges come a day after reports surfaced that Goldman director Rajat Guptatold is under investigation for his possible role in the separate Galleon insider trading case.

We do not subscribe to the wilder conspiracy theories about Goldman, but we do have serious concerns in two areas:

SEC Rules Wal-Mart Cannot Exclude NLPC Shareholder Proposal on ObamaCare, Cap and Trade

Submitted by Peter Flaherty on Mon, 04/05/2010 - 10:10

Mike Duke The Securities and Exchange Commission (SEC) will not allow Wal-Mart to exclude from consideration an NLPC-sponsored shareholder proposal asking for a report on the company’s lobbying priorities. Wal-Mart suddenly finds itself on the opposite side of public opinion on ObamaCare and cap and trade, after having embraced both last year.

On January 9, Wal-Mart sought to preclude a shareholder discussion of these issues by asking the SEC if it could exclude our resolution on the grounds that it “does not focus on, or implicate, a significant social policy.” Oh, really?

BP, ConocoPhillips and Caterpillar Quit Cap-and-Trade Lobby Group; PepsiCo Should Do The Same

Submitted by Peter Flaherty on Wed, 02/17/2010 - 11:14

Nooyi photo Although they never should have been a part of it in the first place, three major companies have exited the U.S. Climate Action Partnership (USCAP), a coalition of corporations and environmental groups. USCAP’s mission is to “quickly enact strong national legislation to require significant reductions in greenhouse gas emissions.” The House has obliged and the result, the Waxman-Markey bill, is too strong for both the Senate and the American people.

Instead of taking a principled stand against massive government intervention in the energy economy, corporate executives argued that global warming legislation was coming anyway, so it was better to be inside the room when it was negotiated. This was the same argument made by pharmaceutical companies when they threw their support behind Barack Obama’s health care plan.