A busy FCPA week: investigations starting, investigations ending, CEOs asked to come in for interviews, Stroz Friedberg picks up another one, and a rant about CDOs, the financial crisis, and dumb money.
02:47: Investigation of Sensata closes, no charges brought; raises the question of “what’s a declination, exactly?” And how you need M&A diligence.
14:00: WW Grainger publicly announces that they don’t know how to do an internal investigation. That is, they announced that their investigation didn’t find anything. What should you do with gift cards? And why a compliance culture is good for the business.
22:31: Halliburton opens an investigation
26:12: Olympus open an investigation. Into reimbursements to doctors in Brazil. Really? You’re gonna disclose that?
28:04: The importance of integrating companies you buy
33:05: Total SA. Howard goes on a rant, and evidently isn’t a fan of anything French.
40:15: Still on Total SA, but talking about how the investigation is REALLY old, and as someone told me, cases—unlike wine—don’t get better with age. Plus, the blocking statue; plus, the whistleblower laws.
43:03: Avon’s CEO gets called in, and Avon has spent a ton of money. Seriously, if you weighed it, it would weigh a ton.
49:25: Bistrong gets 18 months. Howard feels conflicted.
54:21: Stroz Friedberg shoots…they score! Again. First Scott Peeler, now David Glockner.
56:47: SEC loses Stoker trial. Howard tries to explain what a CDO is (and fails miserably).
A shorter episode this week, in episode #47 Tom and I talk about the virtues of a free press, checkbook journalism, the effect of foreign law on US regulatory decisions, how to choose FCPA outside counsel, and more!
02:15: No enforcement actions this week, no new investigations
02:47: News Corp., phone hacking, the Leveson Committee, and we’re shocked, shocked, to find that there’s gambling going on in this establishment (wait, you mean that reporters pay for access?!). The intersection between the FCPA and a free press.
09:04: New law firm FCPA updates
10:36: if Germany says someone isn’t a government official, does that bind (or even influence) the DOJ?
15:25: law firm FCPA updates are too long, I argue
18:00: How to choose outside counsel for FCPA matters (Howard’s version)
26:37: Howard’s book comes out (okay, it’s Alexandra Wrage’s book; I just wrote a chapter).
27:43: New corporate disclosures (Qualcomm, Stryker, Schlumberger) show LONG investigations
32:11: Bistrong gets a recommendation of probation
34:17: The problem with sting cases
35:27: What’s a declination?
00:50: Compliance Week
03:17: CEO of P&G gives a speech, and we ask, “do you need a CCO?”
11:18: Companies are taking a look at their specific risks, and that’s a good thing
13:54: What does any of this have to do with a compliance defense?
16:16: 8 moms give Bob McDonald (the CEO of P&G) agita
17:52: Tom and I go to an ABA panel on the Africa Sting case
24:30: Mike Koehler is going to law school
26:06: Hewlett-Packard’s latest disclosure
Welcome to Episode #40! Tom and I have a guest! Our guest, Barry Vitou from Pinsent Masons—and of The Bribery Act site fame—talks to us about the recent news that his firm dug up that the SFO has conduct exactly -0- raids this year. Ouch.
We made a new over/under bet for the SFO and the UK Bribery Act:
Announcement of an investigation: March 15, 2013
Both Tom and Barry took the under. I’m taking the over (just because).
Bringing a Case: December 15, 2013
Tom took the under, Barry took the over. I’m taking the over.
The bet is a pint of Sam Adams versus a pint of Guinness.
Plus, we talk about recent articles that made us ask, WTF? We talk about recent DOJ losses, and Tom wonders where Howard went, and when the person impersonating him will return him. We talk about Lindsey and the dropped appeal, Carson pleas and motions (including one involving the FCPA Professor), Walmart, and finally, whistleblowers. It’s a chock-full episode.
00:32: Interview with Barry Vitou (What has the SFO been spending their time on?)
22:09: Tom and I talk about why the SFO hasn’t brought a case
23:34: Three articles that made Tom and I say, “WTF?”
32:57: What’s going on with the DOJ lately? John Edwards, Ted Stevens, trial losses, trial screwups (34:57: Tom tells me I’m totally wrong; 43:03: I talk about the Bronx DA’s Office)
47:33: DOJ dismisses Lindsey appeal
51:44: Carson defendant pled guilty
52:30: Motion to Exclude Professor Koehler as an expert in the Carson trial
1:01:55: Whistleblower study: the data might surprise you
1:07:29: Walmart moving in the right direction
1:09:48: Go to Compliance Week! It’s not too late!
New recording software. Oh My G-d. How much easier is this?
1:24: Tom gets published! Go to Amazon and look at his book. (lasts 30 seconds)
2:05: Tom moderates at panel at the upcoming Global Compliance Symposium. Take a look here and see what’s what. (3 minutes)
5:05: News Corp. (17 minutes)
–Around 12:57, Howard takes a surprising position
–Around 17:44, what should regulators do when a company self-reports a violation, but a
really minor one?
22:22: Noble execs get sued (13 minutes)
–Is there going to be a trial? @26:05
–Around the 30-minute mark, I take another surprising stance on the SEC’s capabilities,
Tom says I’m wrong about something, I concede; and I take a very unsympathetic view to
a prosecution (yes, that’s possible)
35:45: TSKJ sentencings (7 1/2 minutes)
–Stanley @ 35:45
–@43:46, the impossible happens: Howard says “I’m wrong.”
44:08: Africa Sting case ends (11 minutes)
55:15: Wynn Resorts boots a board member (6 1/2 minutes)
1:01:40: Alba suing Alcoa (1 1/2 minutes)
1:03:15: Alstom subsidiaries get debarred. (3 minutes)
Tom and I finish off Episode #12.
1. More on News Corp.
2. Haiti Telecom case
3. Armor Holdings
4. Letter to the SEC from Sen. Crapo
5. Opening up a whistleblower practice
6. Is AML coming to Private Equity, and what does that mean.
UNFORTUNATELY, THERE IS NO VIDEO UNTIL ABOUT THE 20:00 MINUTE MARK. Even then, I lost Tom’s video feed, so you only get me. Many apologies for the technical difficulties. Also, we accidentally recorded the pre-show, so you get a sneak peak behind the scenes of what we sound like (for about 2:28) before we officially start the show. Lots of technical issues this week, for which I apologize.
You can hear just the audio at http://thisweekinfcpaaudio.wordpress.com/2011/07/08/episode-11-of-this-week-in-fcpa-audio-version/
1. Mistrial! The Shot Show case
2. Opinion Release 11-01.
3. ICE returns!
4. Australia brings its first case, with some international help
5. Ministerial resignations: what does this mean for your program
6. DOJ investigates SEC: the ultimate in inside baseball
7. Johnson Controls names a new VP-Compliance, their first. Welcome to the party, pal!
1. Africa Sting Case Victory (or Defeat, depending on your viewpoint)
2. SEC goes after Goldman
3. Lockheed Martin complies with the UK Bribery Act
4. Another company discloses an FCPA investigation