November 29, 2005 - As many as 150,000 employees and retirees of the former Kmart Corp. would share $11.75 million in a proposed settlement of a lawsuit against ex-company officials over the investment of pension funds in Kmart’s now worthless stock. In August, the U.S. Securities and Exchange Commission filed civil charges of securities fraud and aiding and abetting securities fraud against Conaway and former Kmart Chief Financial Officer John T. McDonald.
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Category: 05 All Articles, 05 Regulators
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November 23, 2005 — Eight senior executives of embattled retailer Saks Inc., including the chief executive and two directors, have dumped more than $37 million of the company’s stock in recent days, according to regulatory filings. The insider sales by a broad swath of Saks’ management team, coming days after the company reported lukewarm quarterly earnings and while the stock is off its high, presented a troubling sign to analysts.
Category: 05 All Articles, 05 Insider, 05 Private Label
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Commonly accepted principles of corporate governance include disclosure and transparency–whereby organizations clarify management’s roles and responsibilities to provide shareholders with a level of accountability, and the rights of, and equitable treatment of, the shareholders in question.
Category: 05 All Articles, 05 Compliance, 05 Regulators
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LONDON - Stephen Green, a preacher, lover of Russian literature and chief executive of HSBC (HSBA.L: Quote, Profile, Research), will next year step up to the biggest job in British banking as he crosses the corridor to the executive chairman’s office. Green, who has been HSBC’s CEO since June 2003, will step into the shoes of John Bond to take the helm of the world’s third biggest bank, which operates in 77 countries, has 250,000 employees and 110 million customers.
Of Decision One, HSBC writes: “While Decision One makes the final credit decision on these loans, the mortgages are sourced by a network of independent brokers, rather than retail branches open to consumers.” HSBC goes on to make a final distinction: “The lending model of HSBC Mortgage follows a substantially different business model, and offers a different product mix, than HSBC Consumer Lending or Decision One.”
Category: 05 All Articles, 05 Mortgages
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