September 27, 2002
In the seemingly neverending saga of how to interpret Section 402 (prohibition on personal loans to insiders) Senators Carl Levin, chairman of the Senate Permanent Subcommittee on Investigations, and Susan Collins have sent a letter to Chairman Pitt urging the SEC to “resist any efforts” by lobbyists to weaken section 402. The exact text of the letter is at http://www.realcorporatelawyer.com/402letter.pdf.