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Archive for the Category »Sarbanes-Oxley «
According to critics, the Sarbanes-Oxley Act has caused a litany of ills: Executives are retiring early, public companies are going private, foreign firms are listing abroad and U.S. firms are losing their competitive edge. The sweeping law, written in the wake of the Enron scandal, has served as a scapegoat for all the evils facing corporate America since it was passed in 2002.
Category: 2006 HSBC, In the U.S., Sarbanes-Oxley
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10/25/2005 — Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management services, today announced that Kevin P. Stevenson has been promoted to the newly created position of Chief Administrative Officer.
Category: 05 All Articles, 05 Who's Who, Sarbanes-Oxley
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Sentencing guidelines that had been in effect in federal courts could call for a sentence well in excess of ten years for some convicted CEO’s because sentences would be ratcheted up in accordance with a huge dollar loss in the crimes involved. But the guidelines are no longer mandatory under a recent U.S. Supreme Court ruling, notes George Newhouse, a lawyer at Thelen Reid & Priest. For instance, Newhouse predicts a sentence for Ebbers of somewhere between five and ten years.
BIRMINGHAM, Ala.–(BUSINESS WIRE)–June 16, 2005–Retailer Saks Incorporated (NYSE:SKS) (the “Company”) today issued a response to Standard & Poor’s decision to downgrade the Company’s credit ratings. Douglas E. Coltharp, Executive Vice President and Chief Financial Officer of the Company, noted, “We are extremely surprised and perplexed with yesterday’s announcement from S&P. We believe this action was unfounded given the overall strength of our financial position and our ability and intent to fully retire any accelerated debt, as well as the fact that we have the 60-day cure period to negotiate with note holders if we choose to do so. As we reiterated yesterday, we expect to file our prior year Form 10-K and our first quarter Form 10-Q on or before September 1, 2005, thereby addressing the specific reason the notice of default was issued in the first place. It is and remains business as usual for our Company.”
