Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Wednesday, March 22, 2006
Merrill Lynch Escapes from Oklahoma Class Action
Supreme Court stakes out Federal Control over Securities class actions. In an 8-0 decision Merrill Lynch was saved from an Oklahoma state legal action. While I probably agree with the justice that Oklahoma attempted I do not believe 50 state systems would have had a beneficial impact on securities regulation. Merrill Lynch courtesy of Skadden Arps et al skates away. Jay Kasner notches the supreme court ruling victory.