Thursday, December 9, 2004

Holiday Gift Giving

With holiday gift giving at its peak, it is important to remember who can be given a gift and when the gift may be considered improper, or in some cases illegal.

According to the NYTimes, "Three of Mr. DeLay's associates were indicted in September on charges of illegally using corporate money to help Republicans win seats in the Texas Legislature."  And the NYTimes now reports that although Mr. DeLay does not expect to be indicted, funds are being returned, and  the trustee says the "gift broke rules."

In the  Wall Street Journal we see the possibility of "free steaks and game tickets" being a subject of an SEC investigation.  The Journal reports that the "SEC is looking into: Whether, at banks that act as custodians of stock during the trading process, some back-office workers systematically received gratuities for leaking data."  Has there been gift-giving for the sale of "real-time data about big investors' stock trading?"

So, be careful with the gifts this holiday season!

(esp)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2004/12/holiday_gift_gi.html

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