Comments on: An end to the secret “love” letters… http://www.footnoted.com/gold-stars/an-end-to-the-secret-love-letters/ Morningstar's guide to what's hiding in SEC filings Fri, 10 Feb 2012 20:24:57 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Lead Steer http://www.footnoted.com/gold-stars/an-end-to-the-secret-love-letters/comment-page-1/#comment-1178 Lead Steer Thu, 07 Dec 2006 14:16:32 +0000 http://www.footnoted.com/an-end-to-the-secret-love-letters/#comment-1178 Cool! Thanks! Wouldn't it be cool if a search engine could search the contents of the SEC letters for interesting topics such as "revenue recognition"? Cool! Thanks! Wouldn’t it be cool if a search engine could search the contents of the SEC letters for interesting topics such as “revenue recognition”?

]]> By: Frank Graham http://www.footnoted.com/gold-stars/an-end-to-the-secret-love-letters/comment-page-1/#comment-1176 Frank Graham Thu, 07 Dec 2006 04:47:29 +0000 http://www.footnoted.com/an-end-to-the-secret-love-letters/#comment-1176 Thanks Michelle, how timely. Articles in NT Times about the SEC hearings so looking like old boy net is still active. Post captures the level of distrust out there. SEC isn't the rock to build any confidence upon. Thus the premise that scanning SEC for insights can only go so far. In the end the markets set the tone. Price action will often act in advance of negative disclosures. Interesting story today that Corp insiders have been net share sellers 16:1 lately. What could they possibly know? D.C. MACK ATTACK By RODDY BOYD NY Post December 6, 2006 -- Capitol Hill lawmakers grilled Securities and Exchange Commission officials yesterday, confronting the Wall Street cops with charges they went easy on politically connected Morgan Stanley boss John Mack in an insider-trading investigation. The Senate Judiciary Committee held hearings yesterday to examine whether Mack's political influence protected him from being investigated in an insider-trading case involving hedge fund giant Pequot Capital Management. "At best, it looks like an extraordinary lack of oversight [by the SEC]," Pennsylvania Sen. Arlen Specter said. "At worst, it looks like some sort of cover-up." The charges of favoritism at the SEC exploded into view when former SEC lawyer Gary Aguirre told Senate investigators his supervisors - who had just given him a promotion - fired him to protect Mack, who raised at least $200,000 for the reelection campaign of President Bush and more recently gave at least $36,000 to the Democratic Party. The basis of Aguirre's charges centers on General Electric's 2001 takeover of Heller Financial. The trading pattern of Pequot triggered SEC sensors, and eventually the case fell to Aguirre to investigate. Aguirre argued that Mack's role as head of Morgan Stanley in 2001 - the financial adviser to Heller Financial - and his close relationship to Pequot founder Art Samberg, merited taking his deposition. Soon after, Aguirre was fired for what officials called unprofessional conduct. However, a former colleague of Aguirre, enforcement branch chief Eric Ribelin, offered testimony that generally supported Aguirre's contention that the SEC soft-pedaled its handling of Mack. Earlier this week, the SEC announced that it formally dropped the investigation into Pequot without filing any claims. Also, a case-closing memorandum provided by the SEC in the Pequot matter said that Mack had no knowledge of the GE-Heller deal when he moved to CSFB from Morgan in 2001. Aguirre's former supervisor, enforcement-division branch chief Robert Hanson, yesterday was tongue-tied when confronted with an incriminating e-mail in which he described John Mack as "another bad guy." The SEC's Hanson first said he did not remember the basis for writing the e-mail, which was dated 18 months ago, then said it was a reference to Mack's nickname as a cost-cutter, "Mack the Knife." Shortly thereafter, Hanson said, "In hindsight, it was probably to encourage, probably, the investigation to wherever it led." roddy.boyd@nypost.com Thanks Michelle, how timely. Articles in NT Times about the SEC hearings so looking like old boy net is still active. Post captures the level of distrust out there. SEC isn’t the rock
to build any confidence upon. Thus the premise that scanning SEC for insights can only go so far. In the end the markets set the tone. Price action will often act in advance of negative disclosures.
Interesting story today that Corp insiders have been net share sellers 16:1 lately. What could they possibly know?

D.C. MACK ATTACK
By RODDY BOYD NY Post

December 6, 2006 — Capitol Hill lawmakers grilled Securities and Exchange Commission officials yesterday, confronting the Wall Street cops with charges they went easy on politically connected Morgan Stanley boss John Mack in an insider-trading investigation.

The Senate Judiciary Committee held hearings yesterday to examine whether Mack’s political influence protected him from being investigated in an insider-trading case involving hedge fund giant Pequot Capital Management.

“At best, it looks like an extraordinary lack of oversight [by the SEC],” Pennsylvania Sen. Arlen Specter said. “At worst, it looks like some sort of cover-up.”

The charges of favoritism at the SEC exploded into view when former SEC lawyer Gary Aguirre told Senate investigators his supervisors – who had just given him a promotion – fired him to protect Mack, who raised at least $200,000 for the reelection campaign of President Bush and more recently gave at least $36,000 to the Democratic Party.

The basis of Aguirre’s charges centers on General Electric’s 2001 takeover of Heller Financial. The trading pattern of Pequot triggered SEC sensors, and eventually the case fell to Aguirre to investigate.

Aguirre argued that Mack’s role as head of Morgan Stanley in 2001 – the financial adviser to Heller Financial – and his close relationship to Pequot founder Art Samberg, merited taking his deposition.

Soon after, Aguirre was fired for what officials called unprofessional conduct.

However, a former colleague of Aguirre, enforcement branch chief Eric Ribelin, offered testimony that generally supported Aguirre’s contention that the SEC soft-pedaled its handling of Mack.

Earlier this week, the SEC announced that it formally dropped the investigation into Pequot without filing any claims.

Also, a case-closing memorandum provided by the SEC in the Pequot matter said that Mack had no knowledge of the GE-Heller deal when he moved to CSFB from Morgan in 2001.

Aguirre’s former supervisor, enforcement-division branch chief Robert Hanson, yesterday was tongue-tied when confronted with an incriminating e-mail in which he described John Mack as “another bad guy.”

The SEC’s Hanson first said he did not remember the basis for writing the e-mail, which was dated 18 months ago, then said it was a reference to Mack’s nickname as a cost-cutter, “Mack the Knife.”

Shortly thereafter, Hanson said, “In hindsight, it was probably to encourage, probably, the investigation to wherever it led.”

roddy.boyd@nypost.com

]]> By: Phineasfolly http://www.footnoted.com/gold-stars/an-end-to-the-secret-love-letters/comment-page-1/#comment-1175 Phineasfolly Wed, 06 Dec 2006 23:59:04 +0000 http://www.footnoted.com/an-end-to-the-secret-love-letters/#comment-1175 Actually there will probably be some phone extension changes as part of this process. Have reviewed Berkshire's and a few others and they have the direct phone lines for the respondant and SEC point of contact listed in the letters. Actually there will probably be some phone extension changes as part of this process. Have reviewed Berkshire’s and a few others and they have the direct phone lines for the respondant and SEC point of contact listed in the letters.

]]> By: George http://www.footnoted.com/gold-stars/an-end-to-the-secret-love-letters/comment-page-1/#comment-1174 George Wed, 06 Dec 2006 20:41:17 +0000 http://www.footnoted.com/an-end-to-the-secret-love-letters/#comment-1174 Thank you for sharing this SEC search tip. Now what interesting tid bits should I be looking for in these SEC comment letters? I wonder if the companies that I track that are going through the process of going private have SEC comment letters. I have noted many of their filings discuss responding to SEC concerns. I always wondered exactly what those concerns were. Maybe I'll be able to find out now? Thank you for sharing this SEC search tip. Now what interesting tid bits should I be looking for in these SEC comment letters?

I wonder if the companies that I track that are going through the process of going private have SEC comment letters. I have noted many of their filings discuss responding to SEC concerns. I always wondered exactly what those concerns were. Maybe I’ll be able to find out now?

]]> By: Value Investing News http://www.footnoted.com/gold-stars/an-end-to-the-secret-love-letters/comment-page-1/#comment-1173 Value Investing News Wed, 06 Dec 2006 20:36:28 +0000 http://www.footnoted.com/an-end-to-the-secret-love-letters/#comment-1173 <strong>Uncover SEC Comment Letters...</strong> Michelle Leder shows us how to find those "hidden" SEC comment letters. These comment letters have been available for about a year, but they have been almost impossible to find until now. ... Uncover SEC Comment Letters…

Michelle Leder shows us how to find those “hidden” SEC comment letters. These comment letters have been available for about a year, but they have been almost impossible to find until now.
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