Thanks to Martin Wolf, this week we’re back to a Tweet Dump. Four helpful client memos and one excellent FT column:
Helpful overview from DLA of at-the-market offerings. Unlike some current practices memos, this one actually includes a list of recent deals. That should be a required feature in any current practices memo.
FT’s Martin Wolf on why [...]
Monthly Archives: June 2009
Tweet Dump
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The Cash-Only Comp Plan
Here’s a radical idea for reforming executive compensation: Pay executives only in cash. Ditch the equity.
You object: “But without equity, they won’t think like owners.” To me, that’s a feature, not a bug. Managers should think like managers. Owners should think like owners. Things get confused when we expect our managers to think like owners [...]
Posted in Executive Compensation Comments closed
Best Client Memos
This week’s Tweet Dump consists entirely of links to good client memos, so for now we’ll dump the Tweet Dump title and return to this feature’s kinder, gentler pre-Twitter title.
Sign of the Times: Weil Gotshal memo questions “blind” contract compliance, says look for opportunities for efficient breach.
Sign of the Times II: Alston & Bird memo [...]
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Financial Reform Glossary
After reviewing President Obama’s “Financial Regulatory Reform: A New Foundation” white paper, I am sure there is one conclusion we can all agree on: the financial world is all about the acronyms.
Sure, we may be losing the OCC, OTS and PWG, but with the addition of the CFPA, FCCC, FSOC, NBS and ONI the acronym count [...]
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Parachutes: The Golden, the Fool’s Gold and the Foolish
A few things about golden parachutes bother me:
1. The term. The term “golden parachute” is intended to convey a certain cushy lavishness. In fact, it makes no sense. A parachute made of gold will drop like a lead balloon. With a golden parachute, you won’t get a soft landing, you’ll plummet to a bone-crushing [...]
Posted in Executive Compensation Comments closed
Governance: The Platonic Ideal(s)
When we say a corporation’s governance is good or bad, what exactly do we mean by that?
I get the sense that a lot of us have in mind a Platonic ideal form of corporate governance against which we measure individual companies, sorting those deviating the least from the ideal into the “good” category and those [...]
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Tweet Dump
Things have been a little slow lately on the blog and Twitter fronts. Here’s the slim pickings:
Mayer Brown explains how a Delta Air earnings call led to an antitrust class action.
The Washington Post profiles SEC Chair Mary Schapiro. My main takeaway: her job is all about brand management.
Nice overview from MoFo on 3(a)(9) exchange offers.
“A [...]
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Same Pointless Disclosure, None of the Fun
SEC Chairman Schapiro’s Congressional testimony yesterday included the following promise of new disclosure requirements:
Next month we will take up a broad package of corporate disclosure improvements, all designed to provide shareholders with important information about their company’s key policies, procedures and practices, including compensation policies and incentive arrangements…. Also, shareholders should understand how compensation structures [...]
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The Enforcement Scorecard
From “In Cox Years at the SEC, Policies Undercut Action”:
During Cox’s tenure, penalties imposed on companies fell 84 percent, from $1.59 billion in 2005 to $256 million in 2008.
Speaks for itself, doesn’t it? The Washington Post seems to think so, printing the above sentence without further explanation.
But I wonder.
Was the level of culpable conduct similar [...]
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