All GLG News Analyses Filed Under: Corporate Treasury & Finance
Analyses are solely the work of the authors and have not been edited or endorsed by GLG.
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Reimagining History At UNH: Part 2
January 3, 2007
UnitedHealth Predicts 14% Rise in Profit in 2007 | online.wsj.com
Further examination of representations being made by UNH when it restates its earnings.
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January 3, 2007
UnitedHealth Predicts 14% Rise in Profit in 2007 | online.wsj.com
UnitedHealth hints at how it might present its corrected earnings for the past decade. It could drastically "reimagine" the way things were.
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Nitish GroverPrincipal, OwnerNitish Grover and Associates
Apple Computers - 10K Filing - Stock Option Practices - Unanswered Questions
January 2, 2007
Apple Computers 10-K SEC Filing | www.sec.gov
The 10K filing by Apple exonerates its Chairman of all wrong doing while admitting that he was in the know of certain backdating transactions. It also raises a number of other important questions which it does not answer.
To my mind Apple needs to answer the following questions regarding its backdating practices:
1. What steps is the company taking to correct its internal controls.
2. What were the factors which lead to documentation regarding Minutes of meetings and other relevant documents going missing.
3. Is it all right to say that since a transaction was reversed two years later without any direct benefit being derived by the Chairman therefore no wrongdoing was involved. Also can this happen again? How will a recurrence be prevented?
4. Is it right for the Chairman of a major corporation to say that he did not understand the implications of his actions? -
Nitish GroverPrincipal, OwnerNitish Grover and Associates
Executive Pay - The Regulatory, Disciplinary and Performance Conundrum
January 2, 2007
Executive Compensation | www.ft.com
Greed is a great equalizer and so it is in the case of executive compensation.
The recent continuing disclosures on stock options or the cost of the shower in the Tyco executive compensation case or the disclosures in a divorce case relating to a senior executive at GE are all part of a continuing story with a common theme.
This analysis takes a look at this theme of greed and why executive compensation will face increasing regulatory pressures. This analysis takes a look at the possible forms this pressure will take and its possible effects. -
Nitish GroverPrincipal, OwnerNitish Grover and Associates
Stock Options affects Steve Jobs - Internal Controls - Authenticity of Company Documents
December 29, 2006
Apple 'falsified' files on Jobs Optons | www.ft.com
Serious questions have been raised about Apple Computers internal controls, accounting practices and its ethics standards.
Stock Options appears to have put Apple in deep trouble along with its Chairman Steve Jobs. While previous disclosures by the company had said that Mr Jobs was simply not aware of the backdating imbroglio now he is being shown as a personal beneficiary.
This analysis looks at the possible effects of the latest disclosures on the company in particular and on audit practices in general - especially with the phasing out of AS2. The analysis argues that we will now see the beginning of a general era of forensic audit. -
Nitish GroverPrincipal, OwnerNitish Grover and Associates
December 21, 2006
Marshall Wace Taking One of Its Hedge Funds Public | www.banknet360.com
The increasing wave of public issues by hedge funds in the last few months - I have personally counted five major issues and I am sure the number is much higher - signifies that hedge funds are not happy with their limited capital raising ability.
This analysis argues that we will see a coming avalanche of hedge fund capital raising in 2007 with increased regulations and risks. -
Nitish GroverPrincipal, OwnerNitish Grover and Associates
December 18, 2006
New Front in Backdating Scandal | www.ft.com
The ghost of stock options refuses to leave corporate America. The latest is a new study by academics at Harvard, Cornell and INSEAD linking around 1000 directors of companies with backdated options.
In this analysis I look at the possible effects on Corporate Governance and Audit practices of such lucky stock option grants.
Reference: Harvard Law School Discussion Paper - Lucky CEO's -
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=945392#PaperDownload -
December 15, 2006
China pushes back against Paulson | money.cnn.com
China gives U.S. a lecture on "building socialism with Chinese characteristics in an independent and self-reliant manner"
On slowing GDP.....Cina has the poential and conditions to maintain fast economiic growth for a fairly long time"
On the U.S. perception of China, Vice Premier Wu Yi said "We have had the genuine feeling that some American friends are not only having limited knowledge of, but harboring much misunderstanding about, the reality in China. This is not conducive to the sound development of our bilateral relations"...........Ouch! -
Nitish GroverPrincipal, OwnerNitish Grover and Associates
Delinquent Mortgages - A Hedge Fund/Private Equity Opportunity - Can We Expect New Products
December 14, 2006
Late Mortgage Payments and Foreclosures Rise | www.nytimes.com
Mortgage delinquencies are on the rise giving rise to new opportunities for some and business threats for another class of businesses.
This analysis looks at the threats and opportunities in the emerging scenario. -
La plus belle pour aller danser
December 14, 2006
Nasdaq goes back on the offensive | www.ft.com
The dogging attitude from Nasdaq towards LSE must be shaking the establishment even more than the Euro question. Very likely the bid will be finally accepted by the British Exchange but it will be later rather than sooner.
1. Technologically speaking LSE is at a leading position
2. It is currently enjoying a joyful period of listing and trading
3. British character of independence
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