SEC watch

Looks like a settlement and former SEC chair (Richard Breeden) as a monitor for KPMG and increased scrutiny on superheros:

The Wall Street Journal Friday reported that the government has requested information related to disclosure of its results after higher-than-expected returns of “The Incredibles” DVD caused the studio to miss its second-quarter earnings forecast.
Didn't the Incredibles stop their worldsaving because of legal liabilities?

The SEC was quiet for a while during the Cox transition, and observers were speculating that investor protection would suffer on his watch. Oversight activity has stepped up over the last week. One wonders if Cox's pro-business approach will include some mercy for companies regarding tasks impossible even for superheros such as their legendary short timelines for legacy data production.

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SEC preparing for potential KPMG fallout

From Jurist, unusual preparations are being made in case another accounting firm "implodes". According to CNET:.

Securities and Exchange Commission officials are discussing possible steps in the event of a collapse of one of the Big Four accounting firms, The Wall Street Journal reported Wednesday.

The talks, which began after the demise of Arthur Andersen three years ago, have taken on greater importance in the wake of news that the Justice Department may indict KPMG LLP for allegedly peddling illegal tax shelters.


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SEC crystal ball

Broc Romanek over at The Practical Corporate & Securities Law Blog called both the resignation of Donaldson and the nomination of Cox.

According to Bloomberg, Cox favors curbing shareholder suits.

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