Bush's uncle tangled in options probe: SEC
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President George W. Bush's uncle, William H.T. "Bucky" Bush, was part of a group of outside directors at a defense contractor who realized about $6 million in unauthorized pay from an options backdating scheme, according to U.S. securities investigators.
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The relationship between President Bush and Wall Street has always been a tangled one, layered with paradox and outright contradiction.
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Expected restatement comes as a result of its internal investigation into stock options practices.
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The US stock market regulator is investigating troubled insurance broker Marsh &amp; McLennan&#39;s shareholder transactions, the firm has said.
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Christopher Cox, chairman of the Securities and Exchange Commission, said some companies have been providing investors with confusing data about executive compensation, making it difficult for them to decipher how these companies are paying their top officials.
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US securities regulators may recommend enforcement action against the former head of Citigroup Global Investment Management for his role in activities under investigation at the company&#39;s mutual fund unit, the No.
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Federal regulators have subpoenaed Fidelity Investments and several brokerage firms that handle the stock-trading business for the mutual fund giant, seeking information about gifts and expensive perks Fidelity traders may have accepted from the brokerage firms, according to attorneys involved in the case.
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Senator Jim Webb asked federal  authorities on Wednesday to look into &quot;national security  implications&quot; he said are posed by Chinese government  involvement with Blackstone Group LP  as it moves toward  a stock offering expected to raise more than $4 billion.
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The U.S. Justice Department is investigating possible antitrust violations at the Chicago Board Options Exchange and the American Stock Exchange, according to the National Association of Securities Dealers annual report.
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The ouster of the president of California's public pension fund has raised questions about whether pension funds will be able to influence corporate governance campaigns.
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(InfoWorld) - Apple CEO Steve Jobs has been subpoenaed by the U.S. Securities and Exchange Commission (SEC) to give a deposition in the stock option backdating lawsuit against former Apple General Counsel, Nancy Heinen. Citing two sources familiar with the case,Â Bloomberg reportsÂ that the subpoena is not part of an SEC investigation. Jobs' testimony is required as part of aÂ lawsuit brought against Heinen by the SECÂ in April 2007. Heinen is the only former Apple executive charged in the backdating scandal.Â Apple's internal investigation cleared all current executivesÂ of any wrongdoing and the SEC reached a deal with former CFO Fred Anderson in the case. Apple representatives were not immediately available to comment. The SEC says that Heinen granted 4.8 million options to six Apple executives, including herself, Anderson and CEO Steve Jobs, in February 2001. To avoid reporting an US$18.9 million compensation charge, Heinen backdated the options to January 17 when the company share price was much lower, the SEC said. She then told her staff to prepare false documents showing the board of directors had acted on that day. Later, in December 2001, the company granted 7.5 million options to Jobs. Again, Heinen avoided a $20.3 million charge by drafting minutes for a fake board meeting she said happened on Oct. 19, the SEC said. That meeting had never occurred. Heinen has maintained her innocence in the case and a statement by her lawyers said, "Nancy Heinen's integrity is unimpeachable."Apple's backdating problems started in June 2006, when the company announced thatÂ an internal probeÂ had found some irregularities in some option grants issued between 1997 and 2001. Four months later, Apple said a special committee hadÂ found irregularities in 15 of the grantsÂ made between 1999 and 2002. The internal investigation also found that Jobs was aware that favorable grant dates had been selected but didn't receive or benefit from those grants and was "unaware" of the accounting implications. In late December,Â Apple disclosed more backdating-related news,Â again clearing current executives and taking an $84 million charge on its restated earnings. Macworld is an InfoWorld affiliate.
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SAN FRANCISCO, June 18 -- Gregory L. Reyes, the former chief executive of Brocade Communications Systems, either masterminded a stock-option backdating scheme designed to defraud investors or fell victim to murky accounting laws and heightened public scrutiny of corporate accounting errors, lawyers...
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By Pete Carey, San Jose Mercury News, Calif.  Dec. 14--Congressional investigators are questioning Hewlett-Packard CEO  Mark Hurd's sale of stock options that gave him $1.37 million in gains, 15  days before the company's controversial boardroom-leak investigation became  public.
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The parents of a former Fidelity Investments trader were subpoenaed in an investigation of whether they bought stock based on nonpublic information from their son.
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The U.S. Securities and Exchange Commission is probing whether two Dow Chemical Co.  executives engaged in unauthorized talks to sell the company, according to a source close to the matter.
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Securities regulators are examining whether brokerage firms lavished golf outings, Super Bowl tickets and other gifts on mutual fund advisers to get them to bring their trading business to the firms.
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Massachusetts Secretary of State William F. Galvin sought more details from TD Ameritrade Holding Co. this week after the Nebraska online brokerage disclosed a breach of its database that may have compromised personal data of all its 6.3 million accounts. In a letter dated Sept. 17, Galvin's office asked TD Ameritrade for more description of the data breach and server ...