FaaS: The Emergence of Fraud as a Service
By Mike Meikle, CEO at Hawkthorne Group
Fraud as a service or FaaS for the acronym collectors, has been a topic of concern for security professionals since 2008. Gone are the days where the primary theft is being perpetrated by the sociopath lone-wolf in the basement. The major player is now organized crime, responsible for 70 percent of online fraud and billions in ill-gotten gains…
Effective Compliance Training Development
By Thomas R. Fox, Attorney at Tom Fox Law
Conducting effective training programs is listed in the 2005 Federal Sentencing Guidelines as one of the factors the Department of Justice will take into account when a company, accused of an Federal Corrupt Practices Act violation, is being evaluated for a sentence reduction. But what is an effective training program?
ISR News: See The AIG, Merrill Lynch Docs
Excerpts From Dealbook
A New York state judge ruled Wednesday afternoon that New York’s attorney general could disclose the names of executives at Merrill Lynch who received 2008 bonuses ahead of Bank of America’s acquisition of the brokerage firm, rejecting arguments that the information was a trade secret. “The record does not support the intervenors’ claim that the employee compensation information is a trade secret,” Justice Bernard J. Fried of New York State Supreme Court wrote, referring to Merrill and Bank of America. He ordered them to turn over the list of names.
AIG Bonuses: It’s The Forest, Not The Trees
By Laura Wilson
There is something rotten at AIG, and calling out those multiple flaws in the way the directors, officers, and managers ran the company can be used to negate those bonus payments. The fatal flaw(s) may be in the contract language and in the bonus plan, which, one would hope, set up some criteria for paying millions in shareholder money above and beyond base salary. We may find that the bonus contracts were so loosely written on a napkin that we have to dig deeper. If the bonus contracts are loosely written, it’s going to be on the company side. You can bet that the top-paid directors, officers, and managers of the company went trotting off to their executive compensation attorneys to lock up their side of the bargain. Also take a look at whether the company paid the legal fees for those exec comp advisors.
AIG Is Obligated To Pay Bonuses? Bull!
By Laura Wilson
Any attorney who advises that these bonuses are appropriate ought to have his or her head checked. Base salary, maybe, if not outrageous. No bonus. No severance unless everybody else also received proportionate assistance. Don’t care what the contract says - attack it in bk or wind down - I saw it many times in the Silicon Valley meltdown.
