May 19, 2011

President Submits Two SEC Commissioner Nominations to the Senate

Here's news from this WSJ article:

The White House on Wednesday submitted to the Senate a pair of nominees for the Securities and Exchange Commission, requesting a second term for Democrat Luis Aguilar and naming former SEC staffer Dan Gallagher Jr. for a Republican seat that is due to become vacant in June. Mr. Gallagher, now a partner at law firm Wilmer Cutler Pickering Hale & Dorr LLP's securities practice, served as a top official in the SEC's trading and markets division during the financial crisis. He had served for several months as that division's acting co-head when he left the agency in January 2010.

Mr. Gallagher, who joined the SEC in 2006, has served as counsel to former SEC Commissioner Paul Atkins and SEC Chairman Christopher Cox, both Republicans. Mr. Gallagher, if confirmed, would fill the seat being vacated by SEC Commissioner Kathleen L. Casey. Ms. Casey is stepping down next month, when her term expires. Mr. Aguilar, the Democrat, was nominated under President George W. Bush in 2008. His term expired last June. SEC rules allow commissioners to stay for as long as 18 months past the expiration of their terms if no successor has been appointed.

The SEC is an independent federal agency with five commissioners. With a Democrat in the White House, the commission is split, with three Democratic and two Republican seats. On commission votes, Mr. Aguilar typically sides with Chairman Mary Schapiro and Commissioner Elisse Walter, who occupy the other two Democratic seats. Messrs. Aguilar and Gallagher will need Senate confirmation. If confirmed, they would be serving at an agency that in recent months has stepped up insider-trading cases and is grappling with changes to the financial industry in the wake of the financial crisis.

SEC to Adopt Dodd-Frank Whistleblower Rules on May 25th

Next Wednesday, the SEC will hold an open Commission meeting to adopt final whistleblower rules under Dodd-Frank.

Putting an Overall Pricetag on XBRL

I've been blogging about the upcoming deadline regarding mandatory XBRL for smaller companies and the relative high pricetag for them. There is an interesting blog on this topic by Daniel Roberts, CEO of raas-XBRL, who estimates it will cost companies an aggregate of $550 million and over $1 billion during the 2011/2012 filing season.

Surprises from Spin-Offs

In this podcast, Carrie Darling of Callaway Golf Company shares her list of Top 5 surprises from spin-offs including:

- Work flow expectations and reality
- Culture (parent versus new co.)
- Restructurings

Poll: The Backyardigans

I had never heard of the TV Show called "The Backyardigans" but Carrie assures me it's all the rage with the tot set and wanted me to post this poll:


- Broc Romanek