May 14, 2013

SEC Seeks 27% Budget Increase

Recently, SEC Chair White delivered this testimony to Congress to request $1.674 billion for the 2014 fiscal year, a 27% increase – which would be offset indirectly by transaction fees collected from regulated entities. The increased budget would enable the SEC to hire more Staffers, including many more economists to meet the growing burden of conducting economic analysis during the rulemaking process. Here’s an article from The Hill entitled “New SEC chief pushes dramatic budget increase to grow agency.” And here’s a DealBook article.

Also see this Reuters article entitled “SEC chief defends ‘neither admit nor deny’ but will review.”

Journalism in the News: Bloomberg’s Privacy Invasion & More

Many are talking about how Bloomberg News reporters have – for years – used the company’s terminals to monitor when subscribers logged onto the service to find out what types of functions they had looked at. Here are related articles:

NY Times’ “Privacy Breach on Bloomberg’s Data Terminals”
CNBC’s “Snooping Part of the Bloomberg Way, Inside and Out”
CNBC’s “Wall Street: How Much Does Bloomberg Know?”
CNBC’s “Can Wall Street Live Without Bloomberg?”
WSJ’s “At Bloomberg, Wall Between News and Data Came Late”
Forbes’ “Bloomberg’s Privacy Breach And The New Church/State Divide”
FT’s “Central banks question Bloomberg privacy
TheStreet’s “Bloomberg Privacy Breach Angers Wall Street Traders

People are upset and understandably so. I can’t imagine what was going on in anyone’s head who thought this was an acceptable form of journalism. But even more crazy is the Justice Department’s sweeping subpoenas for the phone records of AP reporters in a terrorism investigation, as noted in this Washington Post article

May-June Issue: Deal Lawyers Print Newsletter

This May-June issue of the Deal Lawyers print newsletter was just sent to the printer and includes articles on:

– Therapy for “Deal Fever”: An Objective, Disciplined Due Diligence Process
– Proposed DGCL Section 251 Amendments Should Lead to More Negotiated Tender Offers
– Setting the Record (Date) Straight
– How Today’s Technology Simplifies the M&A Agreement Process
– Delaware: Reverse Triangular Mergers Don’t Result in Assignment
– Economic Realism: Impact of Unvested Options on Purchase Price

If you’re not yet a subscriber, try a no-risk trial to get a non-blurred version of this issue on a complimentary basis.

– Broc Romanek