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, r
The California Public Employees’ Retirement System (CalPERS) has positioned itself as the premier champion of investor rights, r
admin
2010-11-27
49
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 lumping’, 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。依据第一段可知答案应为NYSE。
转载请注明原文地址:https://kaotiyun.com/show/ATZ4777K
0
考研英语一
相关试题推荐
Britishtrialsystemismorelikeagamethanaseriousattempttodojustice.Itimpliesthat______.WecaninferthatAmerica
KarlVonLinne(orLinnaeus,asheiswidelyknown)wasaSwedishbiologistwhodevisedthesystemofLatinisedscientificnames
MannersnowadaysinmetropolitancitieslikeLondonarepracticallynon-existent.Itisnothingforabig,strongschoolboytoe
Whentheauthorsays"therewillbenoescapingPottermania",heimpliesthat_____.Ms.Rowling’sreadinginLondon’sRoyalA
ThebesttitleforthispassagemaybeWhenthewritersaysthattheLondonBridgeTowerwouldnotstandinManhattan,hemeans
ShortlyafterdawnonFebruary17th2003,theworld’smostambitiousroad-pricingexperimentwillstartinLondon.Thoughcordon
"BLOGGOPLC",announcesitspressofficeat7a.m.,Londontime,"lastnightagreedtopurchaseJunkoInc,ofWichita".(46)Aq
"BLOGGOPLC",announcesitspressofficeat7a.m.,Londontime,"lastnightagreedtopurchaseJunkoInc,ofWichita".(46)Aq
随机试题
急性硬脑膜外血肿的典型意识改变是()
对于夜间突发的噪声,其最大值不得超过标准值( )dB。
施工现场的火灾危险性不包括()。
某居民企业于2012年8月成立,企业2013年销售收入500万元,转让生物资产净收益20万元,投资收益50万元,销售成本和税金370万元,财务费用、管理费用、销售费用共计100万元。营业外支出30万元,企业自行计算的应纳税所得额为70万元,在汇算清缴时经税
下列权利可能作为权利质权标的的有()。
金库:现钞:保管
甲与乙签订协议,约定甲将其房屋赠与乙,乙承担甲生养死葬的义务。后来,乙拒绝扶养甲,并将房屋擅自用作经营活动,甲遂诉至法院要求乙返还其房屋。下列选项正确的是()。
(2009年下半年)关于UML,错误的说法是(15)。
己知表中有字符型字段“职称”和“性别”,要建立一个索引,要求首先按“职称”排序,“职称”相同时再按“性别”排序,正确的命令是
显示告警信息的宏命令是
最新回复
(
0
)