Veronica Rendon Callahan, Ellen Kaye Fleishhacker, Robert Holton, Steven A. Kaplan, Kevin Lavin, Michael Trager, Mark Sylvester and Pratin Vallabhaneni
– To explain and analyze SEC charges and settlement with Kohlberg Kravis Roberts & Co. (“KKR”) related to misallocation of broken deal expenses.
Abstract
Purpose
To explain and analyze SEC charges and settlement with Kohlberg Kravis Roberts & Co. (“KKR”) related to misallocation of broken deal expenses.
Design/methodology/approach
Provides background, including other similar SEC enforcement actions in relation to private equity and hedge funds; explains the regulatory violations in KKR’s broken deal allocation methodology and related disclosure; draws lessons and makes recommendations for private equity firms concerning the need for compliance and disclosure reviews and the benefits of remediation and cooperation.
Findings
This enforcement action and other similar ones represents a continuing SEC focus on fee and expense misallocation. It is also relevant to advisers to real estate and hedge fund complexes that face similar allocation issues.
Practical implications
Private equity firms and other advisers to private investment funds should re-evaluate their fee and expense allocation policies and procedures to be sure that they adhere to current regulatory and investor expectations.
Originality/value
Practical guidance from experienced securities enforcement and litigation and investment management lawyers.
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Edward Collins and Derek J. Oddy
Describes the life history of the British Food Journal, its changing editorial team, ownership and editorial focus. The authors have used much wider source material than the…
Abstract
Describes the life history of the British Food Journal, its changing editorial team, ownership and editorial focus. The authors have used much wider source material than the archives of the journal, now in its 100th year. The journal was always closely identified with the safety of food, its adulteration and the government’s duty to safeguard the public. The second section reviews the profession and role of the public analyst, in particular the history and development of the Society of Public Analysts. The next and longest section of the monograph is devoted to an interesting examination of food safety, nutrition and food manufacturing issues over the last 100 years. Many of the points raised are illustrated by excerpts from papers written in BFJ and included as Appendices to the monograph. Food irradiation was first raised as a subject in the journal in 1928! Bread and milk as staples in the British diet are looked at in some detail in terms of their ingredients and health properties. Some appendices have been included just for interest and provide brief snapshots of some of the main food concerns of the time, e.g. The Pure Food Society, the food we eat, food poisoning, a world food policy, the packaging of foods, food hygiene. Plus ça change ...
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Current issues of Publishers' Weekly are reporting serious shortages of paper, binders board, cloth, and other essential book manufacturing materials. Let us assure you these…
Abstract
Current issues of Publishers' Weekly are reporting serious shortages of paper, binders board, cloth, and other essential book manufacturing materials. Let us assure you these shortages are very real and quite severe.
This column seeks to look at the case of a long‐standing project to arrange document delivery between US and German libraries. This case represents the broader problem of…
Abstract
Purpose
This column seeks to look at the case of a long‐standing project to arrange document delivery between US and German libraries. This case represents the broader problem of international document delivery.
Design/methodology/approach
The primary methodology is anthropological. The column considers cultural and economic differences and assumptions, as well as differences between the law codes that enable document delivery.
Findings
Document delivery is at least temporarily impossible from Germany to the USA owing to lawsuits and agreements within Germany. The introduction of Digital Rights Management (DRM) software into new agreements may lead to programs with seriously abbreviated rights for users.
Originality/value
The case of US‐German document delivery has particular importance because of the amount of research contact between the two countries and because of the substantial differences in their legal systems and their copyright laws.
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The ageing behaviour of aluminium wire bonds (Al‐1%Si wire, 25 µm diameter) on five different gold thick film inks from three different manufacturers has been investigated. A new…
Abstract
The ageing behaviour of aluminium wire bonds (Al‐1%Si wire, 25 µm diameter) on five different gold thick film inks from three different manufacturers has been investigated. A new mechanism, the oxidation of the gold‐aluminium intermetallics, is proposed to explain the degradation of contact resistance for this system. With this theory the degradation of bond resistance, as well as the ‘healing effect’, can be explained. The oxidation can be proven by ageing in a vacuum. Surface analytical methods have shown the compound Au4Al to be responsible for the oxidation.
During the 2020 election cycle, 2,276 super PACs spent over $2.1 billion in federal elections. This chapter argues that changes made to the US campaign finance system brought…
Abstract
During the 2020 election cycle, 2,276 super PACs spent over $2.1 billion in federal elections. This chapter argues that changes made to the US campaign finance system brought about by the Citizens United v. FEC (2010) and SpeechNow.org v. FEC (2010) cases have destabilized the American political system by fueling tensions between right-wing and left-wing populist factions and by contributing to congressional corruption. By moving away from the political corruption standard and toward the free speech standard in Citizens United, polarizing wealthy mega-donors and dark money sources have come to play a dominant role in congressional elections. These cases also helped to contribute to a two-tiered campaign finance regulatory structure that distinguishes between campaign contributions given directly to federal candidates and political money contributed to super PACs to support or oppose federal candidates. In the 2020 congressional elections, PACs and super PACS outspent both major party candidates combined in 35 House and Senate races. Super PACs are serving as “shadow parties” by targeting competitive races for the purpose of swaying partisan control of Congress. This study also shows that an exceedingly high percentage of super PAC money is spent on negative advertising that further divides rather than unifies the nation. This chapter also highlights the corrupting influence of congressional leadership PACs and examines how super PACs have enabled foreign and dark money sources to illegally influence congressional campaigns.
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All items listed may be borrowed from the Aslib Library, except those marked *, which may be consulted in the Library.