Archive for December, 2008
And the New Year Rings In…What?
By David Feldman at 31 December, 2008, 6:38 am
Here’s the thing. I’ve been an armchair student of economics since my first day at the Wharton School of Business way back in, well, let’s just say disco was petering out at the time (thank goodness). Actually I was a real student of economics then. Now I have moved comfortably to the relative safety of the chair.
Those [...]
Shareholder Class Action Filings To Highest Level in 6 Years
By David Feldman at 30 December, 2008, 5:33 am
The ongoing credit crisis and turmoil in the financial sector have fueled a major surge in securities class action litigation in 2008, according to a new study from NERA Economic Consulting. Filings are projected to reach 267 by year’s end, which would represent a 37% increase over 2007 and the largest annual total since 2002. Excluding atypical cases (related to the IPO securities litigation, analyst cases, and mutual fund market timing), filings in 2008 are on pace to reach a 10-year high.
Read More >>Make Your Portfolio Say: KaChing!
By David Feldman at 27 December, 2008, 7:33 am
I love it when technology and Wall Street come together in a seamless fashion, and it appears that is what occurred with a new venture that launched officially this past week. The company is called KaChing, and they have created a socially-minded service for the investor community.
Read More >>Marc Dreier, What Can I Say?
By David Feldman at 24 December, 2008, 7:40 am
Lawyers already have a bad name.
“What do you call 500 lawyers at the bottom of the ocean? A good start.”
“How do you save a drowning lawyer? Take your foot off his head.”
“What’s the difference between a lawyer and a bucket of pond scum? The bucket.”
And of course the joke that became famous because then Presidential [...]
Tip of the Week: Messy Isn’t Dirty and Not Nice Doesn’t Mean Bad
By David Feldman at 24 December, 2008, 6:01 am
In some cases, a shell is just plain messy. It is hard to find documents, confirm status of officiers and directors, and so on. Do not mistake a messy shell for a “dirty shell” controlled by a shady operator, but be wary of a shell so messy that getting a deal done becomes difficult if not impossible.
Read More >>Another Law Firm Bites the Dust
By David Feldman at 23 December, 2008, 5:03 am
“It is anticipated that Thacher Proffitt will discontinue the practice of law and will begin an orderly dissolution after December 31, 2008,” said law firm Thacher Proffitt & Wood in a press release yesterday. The 160-year old firm will wind down its operations by the end of the year. The firm also announced that 100 [...]
Read More >>What Does Pickens Think About Obama’s Energy Team Appointments?
By David Feldman at 22 December, 2008, 1:54 pm
Without a doubt, the energy sector is going to be a hot topic for discussion and governmental development for the next presidency. But what does one of the leading energy moguls, T. Boone Pickens think about the team President-elect Obama has chosen to lead the nation?
Read More >>Emperor Madoff’s Suit of Fine Clothing
By David Feldman at 21 December, 2008, 1:48 pm
We all know the old folk tale, “The Emperor Has No Clothes,” by Hans Christian Andersen. In the story two weavers convince the emperor to buy cloth so incredible only the wisest in the kingdom could see it. The emperor leads a parade in this supposed fine apparel, until a young child yells: “But the [...]
Read More >>SEC Approves XBRL Reporting Format for Financial Statements
By David Feldman at 19 December, 2008, 12:59 pm
On December 17, 2008, the U.S. Securities and Exchange Commission finalized its mandate for public companies to report financial statements using XBRL format. In May 2008, the SEC first proposed the use of XBRL to be effective as of June 2009 for the largest public companies and 2011 for other public companies. The first organizations [...]
Read More >>A Bright Spot for the Economy - Smaller Businesses’ E-Commerce
By David Feldman at 19 December, 2008, 4:12 am
No doubt you’ve heard countless reports regarding online retail sales, however one sector of the industry has not garnered the same amount of press as the traditional Fortune 500 companies: small businesses. Considering that the long-tail makes up a considerable portion of the economic well-being, I thought this was an important statistic to follow. Thankfully the Holiday Season has been positive for small to medium sized companies. Network Solutions announced today that its e-commerce customers saw a collective 10% year-over-year increase in sales on Cyber Monday, the highly anticipated start of online holiday shopping. While retailers across the country reported slow same-store sales, smaller online entrepreneurs enjoyed a jump in holiday sales this year, with more consumers shopping online in greater numbers.
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