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Six-figure Cabinet jobs sometimes mean a pay cut
Opinions |
2009/01/27 15:15
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| Jobs in President Barack Obama's Cabinet come with a pay cut for some of his appointees, who made millions from investments and lucrative careers in law, lobbying and business before joining his administration, according to financial reports the government released Tuesday. At least one must sell stock to avoid potential conflicts of interest. Obama's choice for deputy defense secretary, William J. Lynn, until recently a lobbyist for military contractor Raytheon, holds Raytheon incentive stock valued at $500,001 to $1 million, the documents show. The stock is due to vest next month. He has Raytheon "unvested restricted stock" worth $250,001 to $500,000. Lynn has said he will sell the stock. He received a salary of $369,615 last year as a Raytheon senior vice president, and is expecting a 2008 cash bonus of $100,001 to $250,000 to be paid this March, his report shows. Obama has given Lynn a waiver from ethics rules banning employees from taking part in decisions related to their former employers for two years and prohibiting them from taking jobs in agencies they recently lobbied. If he is confirmed as expected, Lynn will be subject to ethics reviews for one year. Government ethics rules require senior administration officials to provide details annually on their personal finances. The reports include descriptions of assets, income and debt — typically given in ranges rather than exact amounts — and lists of gifts and any outside positions. The disclosures are intended to shine a light on and help avoid any potential conflicts of interest. The report for Obama's nominee to become attorney general, Eric Holder, shows he received $3.3 million, including deferred compensation, as a partner at the law firm Covington & Burling, far more than the $196,700 he would make as a member of Obama's Cabinet. He anticipates receiving a $1 million to $5 million partner separation payment when he leaves the firm. |
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FBI: Long Island investment firm boss surrenders
Topics in Legal News |
2009/01/26 15:15
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| The owner of a Long Island investment firm accused of cheating people out of more than $100 million is expected to appear in court Tuesday. FBI spokesman Jim Margolin says Nicholas Cosmo surrendered at a U.S. Postal Inspection Service office in Hicksville on Monday night. Cosmo runs Agape World Inc. in Hauppauge (HAW'-pawg). He's accused of taking in $300 million from investors and cheating them out of about $140 million. A letter hanging in Cosmo's office window denies there was any Ponzi scheme, the type of fraud Bernard Madoff (MAY'-dawf) is accused of committing. A Ponzi, or pyramid, scheme promises unusually high returns and pays early investors with money from later investors. Defense attorneys at the Herrick Feinstein law firm haven't returned telephone calls seeking comment. |
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Cheney Has Discretion Over Records
Politics |
2009/01/20 09:16
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A federal judge in Washington, D.C., ruled that, despite the government's "constantly shifting positions," a coalition of historians and archivists were unable to prove that outgoing Vice President Dick Cheney and his office staff intended to illegally destroy records at the end of his eight-year term.
U.S. District Judge Colleen Kollar-Kotelly said she was "bound to apply the Presidential Records Act (PRA) as Congress enacted it, which provides only narrow areas of oversight relating to the Vice President's document preservation decisions."
Plaintiffs, led by the Citizens for Responsibility and Ethics in Washington, accused Cheney of changing the definition of vice-presidential records, which would allow his office to destroy records that were supposed to be preserved.
Judge Kollar-Kotelly first determined that the PRA does not preclude judicial review of the plaintiffs' claims.
"The court finds that it 'borders on the absurd' to believe that Congress statutorily defined Vice-Presidential records and required the Vice President to implement steps to preserve them, but denied any judicial review to prevent the Vice President from using a different definition for Vice-Presidential records," Kollar-Kotelly wrote.
She then ruled that although the plaintiffs brought "legally cognizable" claims under the Mandamus Act and the Declaratory Judgment Act, she was required to rule for the defendants.
The plaintiffs deposed a senior White House aide, who testified that Cheney and his office were fully complying with their obligations under the PRA.
"Plaintiffs were unable to rebut this representation through their discovery," Kollar-Kotelly wrote. "The Court therefore has no basis on which to award Plaintiffs relief against the Vice President and the Office of the Vice President."
She dismissed claims against the Executive Office of the President, because it was not in charge of document classification or preservation.
"It is clear, as Defendants emphasize, that the Vice President has discretion concerning the decision to create or dispose of Vice-Presidential records, and even how he chooses to preserve them."
Kollar-Kotelly also dismissed the plaintiffs' claims against the U.S. Archivist and the National Archives & Records Administration, because they have limited roles during the vice president's term in office.
The decision vacates a September 2008 order requiring the defendants to preserve the records while the case was pending. |
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Shuman Law Firm Investigates Advanced Med Optics
Attorney News |
2009/01/13 09:09
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The Shuman Law Firm today announced that it is investigating potential breaches of fiduciary duty in connection with the proposed acquisition of Advanced Medical Optics, Inc. ("Advanced Medical Optics" or the "Company") (NYSE:EYE).
On January 12, 2009, Advanced Medical Optics announced their intent to sell the Company to Abbott Labs, Inc. (NYSE:ABT). Under the terms of the merger agreement, Advanced Medical Optics shareholders would receive $22 per share in cash for a total sale price of approximately $1.4 billion. Advanced Medical Optics is a leader in LASIK vision correction surgery and surgical contact lenses. One analyst noted that the Company was a "depressed, distressed asset, not so much because of the product portfolio, but because of under-management and a cyclical, tough environment for Lasik." Advanced Medical Optics stock had traded at more than $22 per share within the past four months.
If you currently own Advanced Medical Optics common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative litigation. |
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Four Potter Anderson Attorneys Recognized in The International Who's Who of Corporate Governance Lawyers 2009
Uncategorized |
2009/01/08 14:24
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Attorneys of the law firm of Potter Anderson & Corroon LLP have been selected as among the top corporate governance lawyers in the country by Law Business Research Limited. Partners Michael D. Goldman, Michael A. Pittenger and Donald J. Wolfe Jr. and of counsel Robert K. Payson, were selected for the Who’s Who Legal publication, The International Who’s Who of Corporate Governance Lawyers. The attorneys are members of the firm’s Corporate Group.
The publication identifies private practice lawyers with a proven track record in providing corporate governance advise to boards of directors and substantial privately held entities in connection with corporate disclosure governance and policy issues, as well as dealing with new laws, regulations, stock exchange rules and governance principles.
Research is conducted by Law Business Research Limited, a publisher of research, analysis and reporting on international business law and policy and the business of international law. In 2004, Law Business Research Limited became the official research partner of the International Bar Association, in 2006 it won the Queen's Award for Enterprise and in 2008 it became the strategic research partner of the American Bar Association's Section of International Law. |
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