By Richard C. Sauer
An insider unearths the interior workings of our economic climate and the organisations who try and regulate itDuring his dozen years as an SEC lawyer, writer Richard Sauer opened and supervised a few of its such a lot impressive monetary cases-investigations that took him to a dozen nations and lower back 1000s of hundreds of thousands of bucks to American traders. whereas a accomplice at an important legislations enterprise and, later, a hedge fund supervisor, he observed firsthand the follies and screw ups of our method. Now, in promoting the United States brief, he stocks his amazing reports with you.Selling the United States brief is a gripping chronicle of crooked businesses, monetary philanderers and hapless enforcers informed in the course of the eyes of non-public event. web page through web page, it indicates the wear wrought by way of the deep biases and absence of worldly event universal between those that carry the reins of our capital markets.Sheds gentle at the internal workings of our monetary systemTakes you on a desirable trip of a rogue's gallery of crooked executives, specialist fraud enablers, and squirrelly technocratsOffers a firsthand account of the various methods contrarian perspectives of public businesses are suppressed and punished, depriving the industry of serious info With the capital markets in turmoil, everyone is thinking about what's occurring on Wall road. This e-book offers a special examine the forces and occasions that led on to monetary tragedy and proceed to wreak havoc.
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Extra resources for Selling America Short: The SEC and Market Contrarians in the Age of Absurdity
Stairstep increases in reported profits and endless product promotes made it a flash stock in Europe. By 2000, the company’s market capitalization topped $10 billion. It became the anchor for the “Flanders Language Valley,” a “campus” of speech technology companies planted in the rolling cow pastures of North Belgium and projected to be Europe’s answer to Silicon Valley. The project reeked of vision. Its roadways were laid out to mimic the anatomy of the human ear. The Belgian prime minister presided over its dedication.
This being before the Google era, information on foreign companies was even more elusive than today. I wandered by the SEC’s Office of International Affairs to see if help was available there, and thus began what would become a lengthy tutorial in the vagaries of international law enforcement. There are some countries whose regulators are sufficiently tight with the SEC that they will provide assistance without a lot of red tape. S. Senate) before handing over anything to a foreign government. International treaties often address criminal violations exclusively and are therefore useless to the SEC, a civil agency, unless someone at the Department of Justice can be persuaded to take an interest, real or feigned.
Or they realized they were better off with an ocean between them and us. Because Lernout & Hauspie filed reports with the SEC, its auditors were required by a rule of the accounting profession to have their work reviewed annually by an American CPA. S. partner performed this task. You might suppose this would represent an opportunity to capture Belgian audit documents. You would then be mistaken. S. review was limited to major audit issues and didn’t involve grubbing around in piles of work papers.