Securities (71 - 80 of 328 items)
Bank Tying: Additional Steps Needed to Ensure Effective Enforcement of Tying Prohibitions
GAO-04-4: Published: Oct 10, 2003. Publicly Released: Oct 20, 2003.
Investment affiliates of large commercial banks have made competitive inroads in the annual $1.3 trillion debt-underwriting market. Some corporate borrowers and officials from unaffiliated investment banks have alleged that commercial banks helped their investment affiliates gain market share by illegally tying and underpricing corporate credit. This report discusses these allegations, the availab...
Farmer Mac: Some Progress Made, but Greater Attention to Risk Management, Mission, and Corporate Governance Is Needed
GAO-04-116: Published: Oct 16, 2003. Publicly Released: Oct 16, 2003.
In the late 1990s, GAO found that the Federal Agricultural Mortgage Corporation (Farmer Mac), a federal government-sponsored enterprise, had significant assets in nonmission investments and analyzed its long-term viability. Recently, Congress asked GAO to report on Farmer Mac's (1) financial condition, (2) mission, (3) corporate governance, and (4) oversight provided by the Farm Credit Administrat...
SEC and CFTC Fines Follow-Up: Collection Programs Are Improving, but Further Steps Are Warranted
GAO-03-795: Published: Jul 15, 2003. Publicly Released: Aug 14, 2003.
Collecting fines ordered for violations of securities and futures laws helps ensure that violators are held accountable for their offenses and may also deter future violations. The requesters asked GAO to evaluate the actions the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have taken to address earlier recommendations for improving their collection prog...
Securities Investor Protection: Update on Matters Related to the Securities Investor Protection Corporation
GAO-03-811: Published: Jul 11, 2003. Publicly Released: Aug 11, 2003.
As result of ongoing concerns about the adequacy of disclosures provided to investors about the Securities Investor Protection Corporation (SIPC) and investors' responsibilities to protect their investments, GAO issued a report in 2001 entitled Securities Investor Protection: Steps Needed to Better Disclose SIPC Policies to Investors (GAO-01-653). GAO was asked to determine the status of recommend...
Public Accounting Firms: Mandated Study on Consolidation and Competition
GAO-03-864: Published: Jul 30, 2003. Publicly Released: Jul 30, 2003.
The audit market for large public companies is an oligopoly, with the largest firms auditing the vast majority of public companies and smaller firms facing significant barriers to entry into the market. Mergers among the largest firms in the 1980s and 1990s and the dissolution of Arthur Andersen in 2002 significantly increased concentration among the largest firms, known as the "Big 4." These four...
Follow-up Report on Matters Relating to Securities Arbitration
GAO-03-162R: Published: Apr 11, 2003. Publicly Released: May 13, 2003.
Our June 2000 report Securities Arbitration: Actions Needed to Address Problem of Unpaid Awards revealed that, although investors had won a majority of awards against brokers, a high proportion of those awards had not been paid. Nearly all of the unpaid awards involved cases decided in the National Association of Securities Dealer's (NASD) arbitration program and most involved brokers that had lef...
Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges
GAO-03-138: Published: Oct 4, 2002. Publicly Released: Oct 23, 2002.
A number of well-publicized announcements about financial statement restatements by large, well-known public companies have erased billions of dollars of previously reported earnings and raised questions about the credibility of accounting practices and the quality of corporate financial disclosure and oversight in the United States. Industry officials and academics have speculated that several fa...
Information on Federal Contractors That Are Incorporated Offshore
GAO-03-194R: Published: Oct 1, 2002. Publicly Released: Oct 1, 2002.
Some U.S.-based multinational companies have found that the effective tax rate on income earned from foreign sources can be reduced if they are incorporated in countries that either do not tax corporate income at all or tax the income at a lower rate than the U.S. corporate tax rate. Consequently, some U.S.-based companies incorporate from the outset in these so-called "tax haven" countries. In ad...
SEC Enforcement: More Actions Needed to Improve Oversight of Disgorgement Collections
GAO-02-771: Published: Jul 12, 2002. Publicly Released: Jul 24, 2002.
Every year investors lose money to individuals and corporations that violate federal securities laws. One mission of the Securities and Exchange Commission (SEC) is to deter such violations and return lost funds to investors. SEC's primary tool is the disgorgement order, which requires violators to give up money obtained through securities law violations. In order for disgorgement to succeed, SEC...
SEC Operations: Implications of Alternative Funding Structures
GAO-02-864: Published: Jul 16, 2002. Publicly Released: Jul 16, 2002.
GAO studied the implications of converting the Securities and Exchange Commission (SEC) to a self-funded entity. Congress has created a range of self-funding structures, or other sources of funding, other than appropriations for the Department of the Treasury's general fund. The variations among these agencies depend on how and when Congress makes the fees available to an agency and how much flexi...