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Corporate America ramps up attacks against shareholder advisory firms

“These attacks are coming from some activist investors, proxy advisory firms” and some politicians” reports washingtonexaminer.com. Top lobbying firms are intensifying attacks on proxy advisers, with corporations seeking to rein in firms serving the interests of the shareholders who ultimately own them, as regulators consider new rules.Jack Reed, D-R.I., David Perdue, R-Ga., Thom Tillis, R-N.C., and others that would mandate the SEC regulate proxy advisers.The agency might also raise the minimum ownership stake necessary for a shareholder to file a proposal that could — if it won majority support —…

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Snap has a new problem: Disappearing executives

“Now, those struggles appear to have spilled over into a new problem for Snap: it just can’t seem to keep its top executives around” writes Karissa Bell for mashable.com. It was thought he could help steer Snap into profitability as the company dives deeper into e-commerce.Stone was a particularly big hire for Snap, as the Amazon veteran was viewed as a Sheryl Sandberg-like figure for the newly public company.If you’ve been following Snap over the last year or so, then you’re well aware that the effects of its disastrous redesign…

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Snap’s new problem: disappearing executives

“Now, those struggles appear to have spilled over into a new problem for Snap: it just can’t seem to keep its top executives around” writes Karissa Bell for mashable.com. It was thought he could help steer Snap into profitability as the company dives deeper into e-commerce.Stone, who previously served as VP of Finance for Amazon, had been at the company just eight months.Stone’s unexpectedly short tenure is not a good sign for the company, which has seen several top executives leave in the wake of a much-maligned redesign. Source: mashable.com

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SEC’s case against Edgar hackers highlights regulator’s own cyber weaknesses

“Some issuers had included nonpublic information in these optional test filings, such as actual quarterly earnings results not yet released to the public, the SEC said” writes Francine Mckenna for marketwatch.com. The defendants allegedly used the information stolen from the SEC to make more than $4.1 million in trading profits. Source: marketwatch.com

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Going public? For Uber, Lyft and others, shutdown slows IPOs

“Among the others are biotech and health sciences companies that depend on funding from the public markets that finance IPOs” reports thebusinessjournal.com. OPEN SEASON FOR FRAUD? With all but about 10 percent of the SEC’s enforcement attorneys and staffers idled, some see warning lights involving white-collar crime flashing.Before the shutdown took effect late last month, the SEC had urged companies to request that paperwork for public stock offerings already in the pipeline be expedited. Source: thebusinessjournal.com

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PG&E misses interest payment on 2024 notes; bonds, shares plummet

“In a form filed with the SEC on Monday, PG&E announced its intention to not make the payment” reports businessinsider.com. The 2040 bond , which is worth $800 million and sports a 5.4 percent coupon, saw its price fall by 4.75 points on Tuesday.Prices of shares and bonds have been falling since.FILE PHOTO: PG&E crew work on power lines to repair damage caused by the Camp Fire in Paradise, Thomson Reuters By Kate Duguid NEW YORK (Reuters) – The price of bonds and shares in PG&E Corp plummeted after the…

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International stock trading scheme hacked into SEC database, Justice Dept. says

“In September 2017, SEC chairman Jay Clayton announced the EDGAR database had been hacked in a lengthy statement” writes Liz Moyer for cnbc.com. Federal prosecutors are set to unveil charges in an international stock trading scheme that involved hacking into the Securities and Exchange Commission’s EDGAR corporate filing system.Prosecutors said the traders were part of the same group that previously hacked into newswire services. Source: cnbc.com

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Tim Cook made over $15 million in 2018 — that’s 283 times more than the median Apple employee earned

“Cook’s compensation, not counting his restricted stock, is 283 times what the median Apple employee makes, according to the filing” writes Finanzen Net Gmbh for businessinsider.com. Lots of Apple employees work in its retail stores and with AppleCare and they factor into the median employee compensation. In 2018, he donated nearly $5 million in Apple stock to an unspecified charity, according to an SEC filing.Apple revealed on Tuesday how much money its median employee makes: $55,426. Source: businessinsider.com

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Larry Ellison discloses $1 billion stake in Tesla

“Ellison, in October, said Tesla was his second-largest investment, although he was not more specific at the time” writes Rachel Koning Beals for marketwatch.com. Ellison, a long-time friend of Tesla TSLA, -1.61%   chief executive officer Elon Musk, joined the electric car maker’s board in December and he has been critical of what he charges is unfair media coverage of the outspoken Musk. Source: marketwatch.com

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