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FTC to issue subpoenas in Google antitrust probe
Headline Legal News |
2011/06/23 15:39
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A published report says federal regulators are preparing to issue subpoenas to Google and other companies as authorities gather information for a broad antitrust probe into the Internet search leader's business practices. The Wall Street Journal reported Thursday that the Federal Trade Commission will issue subpoenas "within days," which would signal that it has opened a formal investigation. The FTC is looking into whether Google abuses its dominance of Internet search to extend its influence into other lucrative online markets, such as mapping, comparison shopping and travel. Rivals complain that Google Inc., which handles two out of every three Internet searches in the U.S., manipulates its results to steer users to its own sites and services and bury links to competitors. Google and the Federal Trade Commission refused to comment Thursday. The European Commission and the Texas attorney general have already opened investigations into whether Google uses its enormous clout as a major gateway to the Internet to stifle competition online. The EU launched its investigation after competitors -- U.K.-based price comparison site Foundem, French legal search engine ejustice.fr and Microsoft-owned shopping site Ciao -- complained that their services were being buried in Google search results. |
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Fed proposes expanding capital reviews to 35 banks
Headline Legal News |
2011/06/10 23:50
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The Federal Reserve wants a broader group of banks to provide details each year about their finances, part of an effort to ensure banks can meet their capital requirements and avoid another financial crisis.
The Fed currently requires the nation's 19 largest banks to submit capital plans annually. The proposal unveiled Friday would expand the list to the 35 largest banks by requiring firms with assets of $50 billion or more to submit annual plans.
Capital is the amount of reserves that a bank holds as a cushion against losses. If the Fed determines a bank doesn't have adequate capital, it can order it to stop paying dividends to stockholders. The central bank is taking comments on the proposal through August and has plans to implement it by January.
The financial overhaul law passed last year directed federal regulators to do a better job monitoring the level of capital that banks keep on hand. Banks have been fighting many of the more stringent controls being imposed under last year's legislation. They contend the tighter rules are not necessary and will restrict their ability to make loans.
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US investigating Google claim of China hacking
Headline Legal News |
2011/06/01 09:05
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Authorities in the United States are investigating a Google claim that hackers in China stole email details of senior U.S. government officials -- an issue that illustrates the problem of attribution in cyberspace, the coordinator for cyber issues at the U.S. State Department said Thursday.
Google disclosed Wednesday that personal Gmail accounts of several hundred people, including senior U.S. government officials, military personnel and political activists, had been breached. The company said it traced the origin of the attacks to Jinan, China, the home city of a military vocational school whose computers were linked to an assault 17 months ago on Google's systems. China has said it does not support hacking.
"The issue of attribution and knowing whether a state or non-state actors are involved is a huge problem in cybersecurity," Christopher Painter, coordinator for cyber issues for the State Department, told The Associated Press on the sidelines of a cybersecurity conference in London. He declined further comment on the Google claim.
Yuan Xu of the Internet Society of China, an industry group, defended her country's actions against phishing -- the type of attack that Google says was used against its users. Phishing fools users into giving their personal details to rogue websites.
She declined to comment on the specifics of the Google case, saying she didn't know enough about it, but noted that the CNCERT -- one of China's Internet watchdogs -- regularly shares the addresses of suspected phishing websites with its international partners.
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Bauer leaving, Ruemmler in as White House counsel
Headline Legal News |
2011/06/01 09:04
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President Barack Obama's top lawyer at the White House is resigning to return to private practice and represent Obama as his personal attorney and as general counsel to Obama's re-election campaign.
Bob Bauer will be replaced by his top deputy, Kathy Ruemmler, a former assistant U.S. attorney best known as lead prosecutor in the Enron fraud case.
The move means that Bauer, 59, will still play a central but outside role in advising a president who is seeking re-election in a time of divided government.
Meanwhile, the 40-year-old Ruemmler will take over the job as Obama's top in-house counsel and manager of a White House law office charged with juggling the domestic, national security and congressional oversight challenges confronting the president.
In a statement, Obama praised Bauer as a friend with exceptional judgment who will remain a close advisor. As to his new White House-based counsel, Obama said: "Kathy is an outstanding lawyer with impeccable judgment. Together, Bob and Kathy have led the White House Counsel's office, and Kathy will assure that it continues to successfully manage its wide variety of responsibilities."
Bauer has been part of Obama's circle since Obama was a freshmen senator in Washington, and now returns to the campaign counsel role he had when Obama ran in 2008. He has long been a go-to lawyer for Democrats on matters of political law and is married to Anita Dunn, a Democratic communications operative who formerly worked in Obama's White House.
Bauer will leave his White House post at the end of June. In a style typifying the low-key nature of transitions in the counsel's office, the news came in the form of a press release.
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Drop in AIG shares dims odds of recouping bailout
Headline Legal News |
2011/05/26 08:43
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Investors got a chance this week to weigh in on the government's odds of recouping the full $182 billion bailout of American International Group Inc. The response so far: Don't count on it. AIG shares skidded as much as 7 percent Wednesday, a day after the U.S. government sold a chunk of its stake in AIG. The stock recovered some of its losses, closing down 4 percent to $28.28. But it still trails the $28.73 average price the government needs to break even on the bailout. By offering 200 million shares at $29 each, experts say, the government misread the market's appetite for AIG. After Wednesday's price swoon, they say, it might have to delay future offerings of AIG stock. And taxpayers might have to give up on breaking even. "Treasury clearly wants to get out, and at some point I think exiting is more important than hitting a target price," said Clifford Gallant, an analyst at KBW Inc. AIG received the biggest bailout during the financial crisis because it couldn't meet its financial obligations to the world's biggest banks. AIG sold the banks insurance-like contracts to cover losses on mortgage bonds. Once the housing bubble burst and the bonds lost value, AIG couldn't pay up. If AIG failed, officials said, the banks would follow. Since then, government and AIG officials have been working to settle AIG's obligations, sell business units and repay its bailout money. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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