Obama Urges Tougher Laws on Financial Fraud

Obama Urges Tougher Laws on Financial Fraud

In the wake of the Wall Street bank bailouts and the various security fraud cases that have occurred nationally the Obama administration has been under pressure to enact new legislation that effectively prosecutes financial fraud cases. Critics have argued that financial regulators have lacked the tools necessary to properly investigate and prosecute the financial executives who were responsible for the near collapse that occurred in late 2008. The article, however, points out that the proposed Obama legislation has little chance of passing Congress due to election pressures and the acrimonious atmosphere on the Hill. Recent efforts by the S.E.C. To enforce existing security laws have met with little success due to the inherent weaknesses in such laws.

Week Two: January 27, 2012

Low-ball bidders in many markets learn they can no longer get a steal on a house [HIDDEN]

For several years the housing market has suffered badly from low demand and high supply. The result has been a buyer's market where houses could be purchased far below market value and many speculators have been able to purchase houses, apartments, and condos and make huge profits. There are signs now that indicate that the market is changing and that, due to declining inventory levels, purchasers offering low ball offers are now going wanting relative to said offers. Real estate agents across the country claim that low ball offers are now far less successful than they were just several months ago and there are signs that the market is beginning to level out and that more and more sellers are beginning to receive offers near their asking price.

Week Three: March 7, 2012

Boston cabdrivers sue city and fleet owners http://www.llrlaw.com/pdfs/IC_03_08_2012.pdf

In this article a lawsuit filed by two Boston taxi cab drivers is reviewed. The theory of the litigation, filed against the City of Boston and private fleet operators, alleges that cab drivers in Boston have been wrongfully classified as independent contractors and that, as a result, they are working for wages that fall far below minimum wage levels. The two cab drivers filing the action are attempting to have the action declared a class action case so that it could include the hundreds of cab drivers currently working in the Boston area under the same circumstances. The action alleges that Boston cab drivers occupy a position that more closely approximates actual employees and that the only reason that they are being classified as independent contractors is to protect the financial interests of the cab company owners.

Week Four: March 26, 2012

As Health Law Is Contested, Developing a Plan B

[HIDDEN]

The precarious status of the Affordable Care Act has state officials and insurance company executives feeling insecure regarding how to proceed in the near future. As a result, these individuals are planning a variety of options that depend entirely on how the U.S. Supreme Court rules in regard to the Affordable Care Act. Many of the contingencies being planned are focused on the mandate portion of the Affordable Care Act and the article details how several of the major states are planning to proceed if the mandate portion of the Act is found to be unconstitutional.

Week Five: April 6, 2012

'medical-loss ratio' provision would have generated over $100 million in customer rebates in Illinois

[HIDDEN]

This article details how new regulations contained in the newly enacted national health insurance bill would have resulted in a large percentage of insured Illinois residents receiving a rebate from their insurance companies. The national health insurance legislation requires insurance companies to pay at least 80% of customers' premiums on medical services or issue rebates to their customers to make up the difference. The practical effect of this new legislation is that insurance companies are likely to lower their premiums in an effort to avoid paying rebates to their customers. The new law has a greater impact on small group and individual markets.

Week Six: April 10, 2012

Health-care law will add $340 billion to deficit, new study finds [HIDDEN]

A conservative Republican member of Congress has published a report stating that President Obama's new health care initiative will add more than $340 billion to the national budget. The Congressman's report claims that the new health care legislation will actually worsen the deficit by expanding the solvency of Medicare. Obama administration officials argue in rebuttal that the report utilizes new math that distorts the actual figures.

Week Seven: April 12, 2012

Goldman fined $22M for 'willfully' violating law on information-sharing, SEC says [HIDDEN]

The S.E.C. has charged that Goldman Sachs has willfully violated federal law by providing favored clients and traders with advance information regarding its firm's investment research. The S.E.C. stopped short of charging Goldman Sachs with actual insider trading but did claim that Goldman Sachs' activities were illegal. Goldman Sachs agreed to settle the S.E.C.'s claim by paying $22 million and agreeing to change its policies and procedures.

Week Eight: April 16, 2012

Unions back American-U.S. Airways merger [HIDDEN]

This article details the fact that the proposed merger between U.S. Airways and American Airlines has apparently been approved by three key unions which should clear the way for the merger. Said merger will result in the abolition of the U.S. Airways brand name. The merger will allow American to assume U.S. Airway's strength in the Eastern area of the company with American's established strength in the Midwest and West. The merger will also result in American becoming the world's largest airline. The unfortunate result of the merger and the reason why union approval was necessary is the fact that the merger will result in the loss of union jobs.

Week Ten: April 20, 2012

Jud [HIDDEN]

imposes $321.6M criminal fine against Merck over Vioxx off-label marketing

The Vioxx controversy which has been brewing since 2004 when the product was removed from the market place took a new turn when a Boston federal court judge imposed a criminal fine against Merck and Co. For its activities in promoting and marketing the drug. This latest action adds to the difficulties that Merck has experienced over the past several years regarding this drug. These court imposed sanctions are in addition to the millions that the company has paid in civil actions to individual users of the product.

Business Law