Category Archives: Corporate Concerns

The Work and Profile of Helane Morrison: Compliance Officer

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The SEC has said it doesn’t feel that anything has changed in terms of how they view compliance officers at money firms, but certain groups don’t agree. They feel at risk and are preparing for further enforcement going forward for 2016. 

To elaborate, in 2015 the SEC charged BLK (BlackRock Advisers LLC) compliance officers with not disclosing an outside business interest of the firm’s portfolio manager to the investors and board of directors. There were also no policies in place to address the activities of the employees responsible for these activities. BlackRock ended up settling and paid a penalty totaling $12 million. The CCO (Chief Compliance Officer) had to pay $60,000.

In June of 2015, the SEC received over $35,000 from SFX Financial Advisory Management Enterprises Inc. The charge was that the compliance officer did not implement policies that were designed to prevent the mishandling of assets under ownership of the client. The charges also stated that there were no annual reviews conducted.

The issue is that the SEC is holding compliance officers responsible for issues that may not have been necessarily foreseeable. The SEC disagrees with this position, however. This hindsight liability poses risks to CCO’s who want to do their best to keep the best interests of the law and of their firms in mind.

Certain people, like Todd Cipperman, think that major investors could end up suing their CCO in the wake of the current SEC actions. When these officials of the SEC claim that a Chief Compliance Officer’s job is to protect the investors, then it means that the CCO needs to uphold that responsibility. They must also balance the law. It will be interesting to see how things turn out in 2016 if the SEC completes its work on a new program.

Helane L. Morrison is General Counsel and Managing Director, as well as Chief Compliance Officer at Hall Capital. Morrison put forth strong efforts to promote fairness and compliance previously as well in her role in the SEC from 1999 to 2007. She represented the legal interests of the SEC in San Francisco.

Practicing law previously allowed her to build her strong experience in commerce. She investigated corporations, using her public and private industry experience. In addition, she is a member of The Regional Parks Foundation board.

Newark Community Economic Development Corporation and It’s Successes

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The Newark Community Economic Development Corporation is the main developer of the largest city in New Jersey, Newark. One of the main goals of this corporation is to help small businesses grow and thrive.

Formerly known as the Brick City Development Corporation, the Newark Community Economic Development Corporation has another goal in mind. The goal is to make all of Newark prosperous. This corporation offers valuable services such as business attraction and retention, real estate development, small business development , and neighborhood development. The vast cultures throughout Newark make this a great city to focus on all of these services.

In May 2015 the Newark Community Economic Development Corporation welcomed Kevin Seawright as one of the leaders in this magnificent Corporation. Kevin brought with him many years of government financial management along with his expertise in bettering communities. His Xing resume shows how he practiced this in different cities throughout the East Coast. He played crucial roles in helping save the city of Baltimore over $100,000. He learned about the world of real estate and small business development when working for a contractor in Washington D.C. Sure to be a great fit to the city of Newark, Kevin will work with other members of his team to help maintain economic development activities and help the city grow.  He also remains a popular force on both Twitter, as well as a Mashable account where he frequently talks about the financial issues of the day.

Some of the benefits of the Newark Community Economic Development Corporation include façade improvement grants, business information and counseling to small business owners, discount advertising, and State tax credits and exemptions.

Founded in 2007 and reorganized in 2014, the Newark CEDC has many goals to make Newark a great place to live, work and grow businesses. They are striving to create many jobs and a strong economy in order to promote wealth for the entire city of Newark.

Kyle Bass: Wunderkind or Supervillain?

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It’s hard to tell whether or not Kyle Bass is trustworthy. In general, financial advice should be taken with a grain of salt. Financial advisers are always privy to information they, by and large, don’t have the resources to act on. As a result, embitterment is always a possibility. A hedge fund manager with knowledge of trends, but the inability to act on them, may give clients advice that isn’t strictly in their best interests. It’s hard to tell with Kyle Bass, because he’s been playing both sides of the fence for a little while, and his Blogspot exposes this sentiment.

Kyle Bass started out on the financial scene with a groundbreaking prediction about America’s market. He predicted the sub-prime lending practices instituted through programs like Frannie Mae and Freddie Mac would lead to economic collapse. In 2008, his predictions were borne out, and Bass was able to leave the financial arena substantially more economically stable than when he went in. As a result, the eyes of the financial world became fixed on Bass, and he began making a variety of media appearances.

His next big prediction had to do with Japan. Bass predicted another economic implosion in Japan, and his prediction was again borne out by reality. Would his luck continue? Well, time will tell; but now Bass has his eyes fixed on China.

Bass believes China has been lending beyond her means. He thinks that the GDP can’t support the loans China has been making, and that other countries’ “aggressive lending” will result in China’s bets falling flat, while successive Asian economies follow like dominoes. Basically: Bass believes that China is making wagers she can’t back up, and it’s going to catch up with the country in the next several years. The “bookies” of other Asian countries have no other income but China, in some cases; and they’ll be aggressive about collections, if that market’s previous history is indicative of anything.

Is Bass correct? Well, he likely is; but what does that mean? Kyle Bass is known to have ties to Cristina Fernandez de Kirchner, a well-known Argentinian socialist. But since Kyle Bass is also from Argentina, are his ties to this individual sinister, or benign?

Kyle Bass also managed to pull one over on Big Pharma by creating the organization “The Coalition For Affordable Drugs”. The purpose of this organization is summed up in its title, and it was successful in decreasing the cost of certain medications. The net result was a drop in stock value for the big pharmaceutical corporations, from which Bass was able to reap substantial profit. American politicians about lost their minds and began a bipartisan scramble to get that loophole closed–at least Bass is reconciling ideologically opposite political parties! But is Bass pulling some similar shenanigan with his predictions about China? Now that isn’t as easy to tell.