MaxedOutMama
Thursday, May 19, 2005
News Bites
Martha Stewart and/or American executives who complain about Sarbanes-Oxley can now put their woes in perspective. Spain, it seems, has decided to combat insider trading by making sure pillow talk is traceable. New rules set to go into effect this year will require executives to file reports twice a year identifying any "affectionate relationships":
In an attempt to crack down on insider trading, the directors of companies quoted on Spain’s stock exchange will have to come clean, on a twice-yearly basis, about anyone with whom they are having an "affectionate relationship".And in other news, Bretta Nock has testified that David Rosen ordered her to trim her budget figures for the Clinton Hollywood fundraiser in 2000. NYTimes article:
In July, legislation will be brought in by the regulatory body, the Comisión Nacional del Mercado de Valores (CNMV), to try to clean up the image of Spanish business practices.
The witness, a party planner named Bretta J. Nock, testified at the trial of Mr. Rosen, who is charged with causing false filings to be made to the Federal Election Commission by underreporting the cost of an August 2000 event, called the Hollywood Gala Salute to President William Jefferson Clinton.Eventually she cut $29,000 out of $35,000 listed on an earlier budget that she had submitted to Rosen; the new budget was the one included in the official campaign figures. This Newsday/AP article reports that Nock told a somewhat different story to a FBI agent in 2002:
In the first testimony that Mr. Rosen deliberately fudged the figures for the event, Ms. Nock said that after it was over, he told her that the overall costs in her budget had to be lower. She could not recall if Mr. Rosen had told her which items to cut, she said, but vendors had already been paid.
"The budget was adjusted to reflect a lower amount," she said. She did not protest, she said. "It wasn't my place."
Nock testified that Rosen told her to get a fake invoice for $200,000 and that he also eliminated or reduced the amounts of other costs, such as invitations, floral arrangements and decorations, after the event.We will see.
Defense attorney Paul Mark Sandler on cross-examination elicited testimony from Nock in which she acknowledged telling an FBI agent a different story.
Sandler showed Nock a transcript of a January 2002 interview with the FBI in which she said that a campaign finance compliance officer, instead of Rosen, told her the $200,000 invoice was needed.
She also acknowledged telling an FBI agent in October 2001 that she and Rosen had never discussed the final costs of the event, billed as a "Hollywood Gala Salute to President William Jefferson Clinton."
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You know, reading your post struck a chord.
I realized that at times, we live in a Salavador Dali painting.
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I realized that at times, we live in a Salavador Dali painting.
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