Jan 10, 2012, 12:31 pm EDT
To date, beleaguered Eastman Kodak (NYSE:EK) and the White House have been mum about whether Kodak’s CEO, Antonio Perez — a member of President Barack Obama’s Council on Jobs and Competitiveness — will be present for next week’s meeting.
He sure as heck shouldn’t be.
Perez’s continued presence on the council has raised eyebrows recently as the company has teetered on the brink. Kodak shares dropped to below $2 in September on news it was tapping its credit line, and in November the company said it was trying to sell off one of its few modern businesses, Kodak Gallery. Then last week, The Wall Street Journal dropped the dreaded “B” word as a possibility should the company be unable to sell off its cache of patents — if it can actually find any buyers. Read
Jan 9, 2012, 10:48 am EDT
The Securities & Exchange Commission will no longer let companies caught in illegal activity have their cake and eat it, too. The commission’s is ceasing its much-criticized practice of allowing companies that have admitted to wrongdoing in criminal cases of securities fraud to cop a plea saying they “neither admit nor deny” those admitted wrongdoings in a separate SEC fraud case. The new approach applies as well to individuals who find themselves in that situation.
Said SEC Enforcement Director Robert Khuzami in a statement on Friday: “The new policy does not require admissions or adjudications of fact beyond those already made in criminal cases, but eliminates language that may be construed as inconsistent with admissions or findings that have already been made in the criminal cases.” Read
Jan 9, 2012, 10:00 am EDT
In 2008, reckless credit default swaps nearly obliterated the global economy. Now comes the next crisis — “rehypothecated” assets. It’s a complicated, fancy term in the global banking complex. Yet it’s one you need to know.
The term rehypothecation starting coming into more general parlance after the fall of IMF Global. And if you understand it, you’ll get the scope of the risks we currently face — and it’s way bigger than just Greece.
So follow with me on this one. I guarantee you’ll be outraged and amazed — and better educated. You’ll also be in a better position to protect your assets because at the end of this article, I’ll give you three important action steps to take. Here goes. . . Read