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The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | January 15, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | January 13, 2009
New York partner Romina Weiss is the author of "Fifteen Years of Antichurning: It's Time to Make Butter" [PDF] published in the January 12, 2009 issue of Tax Analysts.
Client Alert | January 12, 2009
I. Hedge Fund Enforcement Update A. Introduction 1. 2008--A Watershed Year in Hedge Fund Enforcement By virtually any measure, 2008 was a watershed year on the hedge fund enforcement front. Driven by the turmoil that has reshaped our capital and credit markets, enforcement efforts soared to new heights.
Client Alert | January 9, 2009
On December 30, 2008, the Securities and Exchange Commission delivered to Congress a report, mandated by the Emergency Economic Stabilization Act, on mark-to-market accounting standards and their application to financial institutions. The report concludes that fair value accounting standards should not be suspended, but makes eight recommendations to improve their application, including additional guidance for determining fair value in inactive markets. The report finds that investors generally believe fair value accounting increases transparency and facilitates investment decision-making. The report also observes that fair value accounting did not appear to play a meaningful role in the bank failures of 2008, but rather that those failures appeared to be the result of gr
Client Alert | January 9, 2009
With the seating of a new Congress this week and the Presidential Inauguration fast approaching, significant changes to a variety of federal labor and employment laws figure prominently on the political agenda. The labor movement spent hundreds of millions of dollars to support President-elect Obama and elect a near filibuster-proof Senate through which it hopes to enact far-reaching legislation giving unions the upper hand with management so that they can reverse decades of declining membership. The President-elect and sizeable majorities of the House and Senate also believe that many current employment laws disfavor employees, and that enforcement in the Bush Administration was lax. Political observers expect employment legislation, regulation, and enforcement to be amo
Client Alert | January 9, 2009
I. Introduction Today's headlines are riddled with allegations of fraud and fraudulent schemes--against investors, markets, homeowners, individuals, corporations, and the government.
Client Alert | January 8, 2009
Introduction The dramatic surge in worldwide criminal antitrust enforcement over the last decade continued at a remarkable pace in 2008, with no signs of ebbing on the horizon.
Client Alert | January 7, 2009
New York partner Mark K. Schonfeld and Dallas associate Akita St. Clair are the authors of "A Wider Scope of Primary Liability?" [PDF] published online by Law360 on January 7, 2009 at law360.com.
Client Alert | January 7, 2009
2008 – A Dynamic Year in Corporate Deferred Prosecution AgreementsIn the post-Enron and WorldCom era, the U.S. Department of Justice ("DOJ") often uses corporate deferred prosecution agreements ("DPAs") to resolve federal criminal investigations.
Client Alert | January 6, 2009
Dallas associate Lawrence VanDyke is the author of "You Do Have A Voice In The Speaker's Race" [PDF] published in print and online by the Austin-American Statesman on January 5, 2009.
Client Alert | January 5, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the Federal Reserve Board's announcement that it expects to begin purchasing mortgage-backed securities (MBS) in early January 2009.On November 25, 2008, the Federal Reserve announced three major new initiatives as follows: The Term Asset-Backed Securities Loan Facility (TALF) -- under which the Federal Reserve Bank of New York, with Treasury credit protection in
Client Alert | January 5, 2009
The Status of Forces Agreement (SOFA) between the United-States and Iraq was scheduled to take effect on January 1, 2009. Since the SOFA agreement became final on November 28, 2008, contractors operating in Iraq have had numerous questions on how the SOFA will be implemented and what effect it will have on their business operations. One of the primary concerns for U.S.
Client Alert | January 5, 2009
By any measure, 2008 was a monster year in Foreign Corrupt Practices Act ("FCPA") enforcement. With thirty-three enforcement actions between the Department of Justice ("DOJ") and Securities and Exchange Commission ("SEC"), the statute's dual enforcers, 2008 was the second busiest numerical year on the books, trailing only 2007. But beyond the numbers (after all, with the massive Siemens resolution, 2008 dwarfs all other years combined in fines and disgorgement), 2008 saw the FCPA's enforcement regime mature like never before. There were no unimportant FCPA enforcement actions this year. Whether the trend was increasingly aggressive enforcement against individuals, ramped up international coordination, the joining of FCPA prosecutions wi
Client Alert | January 5, 2009
Los Angeles partner Jeffrey D. Dintzer and associate Margaret A. Farrand are the authors of "Accounting for Climate Impacts Under the California Environmental Quality Act" [PDF] published in BNA Inc.'s Daily Environmental Report.
Client Alert | January 5, 2009
Washington, D.C. partner Karen L. Manos is the author of "Complying With The New Mandatory Disclosure Rule" [PDF] published in the January 2009 issue of Thomson Reuters/West's Government Contract Costs, Pricing & Accounting Report.Reprinted with the permission of Thomson-Reuters/West.
Client Alert | January 1, 2009
Washington, D.C. associate Blair Silver is the author of "Controlling Patent Trolling with Civil RICO" [PDF] published in the January 1, 2009 edition of the Yale Journal of Law and Technology.
Client Alert | January 1, 2009
The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.
Client Alert | December 24, 2008
On December 9, 2008, as anticipated, the Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued the Bank Secrecy Act/Anti-Money Laundering Examination Manual for Money Services Businesses (the "Examination Manual" or "the Manual"). This 153-page document sets forth a road map for examinations by the Internal Revenue Service ("IRS"), to which FinCEN has delegated examination authority for Money Services Businesses ("MSBs") and other businesses that do not have a federal regulator but that have been designated as financial institutions under the Bank Secrecy Act and its implementing regulations (collectively, the "BSA"). The Manual is available from the FinCEN website, www.fincen.gov
Client Alert | December 23, 2008
In connection with regulatory reform legislation anticipated to be introduced in the 111th Congress, consideration will be given to enacting proposals to further legislate the swaps market and, in particular, credit default swaps ("CDS") and the over-the-counter ("OTC") derivatives market.
Client Alert | December 23, 2008