首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
考研
The California Public Employees’ Retirement System(CalPERS) has positioned itself as the premier champion of investor rights, re
The California Public Employees’ Retirement System(CalPERS) has positioned itself as the premier champion of investor rights, re
admin
2010-06-17
50
问题
The California Public Employees’ Retirement System(CalPERS) has positioned itself as the premier champion of investor rights, regularly singling out bad managers at some of the nation’s largest companies in its annual corporate-governance focus lists. And with $153 billion under management, Wall Street tends to listen when CalPERS speaks out. But the country’s largest pension fund has never taken on as big a fish as it did Dec. 16, when it filed a class action against the New York Stock Exchange and seven of its member firms. CalPERS’ suit charges the NYSE and specialist firms with fraud, alleging that the exchange skirted its regulatory duties and allowed its members to trade stocks at the expense of investors.
The move is a major slap in the face for the NYSE’s recently appointed interim Chairman John Reed. The former Citibank chairman and CEO came on board in September after the exchange’s longtime head, Richard Grasso, resigned under pressure over public outrage about his excessive compensation.
Reed has been widely criticized by CalPERS and other institutional investors for not including representatives of investors on the exchange’s newly constituted board and not clearly separating the exchange’s regulatory function from its day-to-day operations. The CalPERS lawsuit is evidence that the investment communities’ dissatisfaction hasn’t ebbed. "Our hopes were dashed when Mr. Reed didn’t perform," says Harrigan.
The suit alleges that seven specialist firms profited by abusing and overusing a series of trading tactics. The tactics, which are not currently illegal, include "penny jumping’, where a firm positions itself between two orders to capture a piece of the price differential, "front running", which involves trading in advance of customers based on confidential information obtained by their orders, and "freezing" the firm’s order book so that the firm can make trades on its own account first.
Many of the suit’s allegations are based on a previously disclosed investigation of the exchange conducted by the Securities & Exchange Commission. According to the suit, the October SEC report found "serious deficiencies in the NYSE’s surveillance and investigative procedures, including a habit of ignoring repeat violations by specialist firms".
The suit highlights the growing frustration that institutional investors have expressed with what they perceive as a system that needs to be revamped—if not eliminated. According to California State Comptroller Steve Westley, a CalPERS board member who participated in the Dec. 16 press conference, he has repeatedly called on the NYSE to end its use of specialist firms to facilitate trades and move to a system of openly matching of buyers and sellers. BLIND EYE? "There’s no reason not to move to a fully automated exchange," Westley says. "Every exchange in the world is using such a system. The time is now for the NYSE to move into the 21st century and remove the cloud that there’s self-dealing working against investors."
选项
A、CalPERS.
B、Pension fund.
C、Wall Street.
D、NYSE.
答案
D
解析
这是一道词义题。依据第—段可知答案。
转载请注明原文地址:https://jikaoti.com/ti/EcRRFFFM
0
考研英语一
相关试题推荐
InMaryland,Texas,Virginiaandotherstates,Netflix’schief,ReedHastings,ischampioningapopularmath-teachingprogramw
Writeanessaybasedonthefollowingchart,inyourwriting,youshould1)interpretthechart,and2)giveyourcomments.You
Writeanessaybasedonthefollowingpiechart.Inyourwriting,youshould1)interpretthechart,and2)giveyourcomments.
Speakingtwolanguagesratherthanjustonehasobviouspracticalbenefitsinanincreasinglyglobalizedworld.Butinrecentye
Speakingtwolanguagesratherthanjustonehasobviouspracticalbenefitsinanincreasinglyglobalizedworld.Butinrecentye
WhenIaskexperiencedcollegeteachersandadministratorstodescribehowcollegestudentshavechangedovertheyears,Ioften
SidneyMilkisispartoftheMillerCenterofPublicAffairsattheUniversityofVirginia.HeandothersattheMillerCentera
InearlyJunesevenperformersdancedamong1080fountainstomarktheopeningofanewpublicspaceinLondonGranarySquare,p
InearlyJunesevenperformersdancedamong1080fountainstomarktheopeningofanewpublicspaceinLondonGranarySquare,p
It’sanexcitingtimeintheautomotiveindustry.Justastechnologyhasintegratedthoroughlyintoourpersonalandbusinessli
随机试题
DTH反应
早期胃癌是指癌肿尚未侵及
患者食欲和记忆力减退。检查:眼睑苍白,血红细胞、白细胞和血小板均减少。应首先考虑的是()
根据我国《全民所有制工业企业法》的规定,国有工业企业职工代表大会的性质是()。
各种不同的武术动作的迁移属于()。
根据以下资料,回答111—115题截至2008年底,各项存款余额47.8万亿元,比年初增加7.7万亿元,增长19.3%,同比上升4.1个百分点。其中,居民储蓄存款余额22.2万亿元,增加4.5万亿元,增长25.7%,同比上升19.9个百分点;企事业单位存
巴尔干战争
Scientistsandcriticalthinkersalwaysuselogicalreasoning.【F1】Logicallowsustoreasoncorrectly,butitisacomplextopi
一律风险承担由总裁商业
Theworkisnotveryprofitable______cash,butIamgettingvaluableexperiencefromit.
最新回复
(
0
)