Mind the GAAP: Seeking Transparency Through Disclosure Again

Securities and Exchange Commission

There has been a resurgence of concern about the misuse of financial measures and key performance indicators not based on generally accepted accounting principles (GAAP). Late last year, the Chair of the Securities Exchange Commission (SEC), Mary Jo White, addressed the 2015 National Conference of the American Institute of Certified Public Accountants (AICPA). She noted

How Technological Disruption is Only Strengthening Financial Intermediation

Mobile Phone Payments

Intermediation is a fundamental fact of finance. Intermediaries like commercial banks, investment banks, stockbrokers, mutual funds, and stock exchanges form the fabric of modern finance. Despite all these financial links, entrepreneurs and innovators continue to endeavor towards the possibilities of fundamentally disrupting and disintermediating these existential financial ties with new financial technology. In a new

Changes Coming to Anti-Money Laundering Compliance in New York


Recently, New York’s Department of Financial Services (“DFS”), the State’s banking and insurance regulator, identified two challenges to effective financial regulation: (1) deterrence for individual bad actors and (2) adequate anti-money laundering (“AML”) compliance by banks and other financial institutions. According to the DFS, federal regulation has been insufficient to address these challenges. Thus, like

The New Investor

Laptop Keyboard

A sea change is happening in finance. Machines appear to be on the rise and humans on the decline. Human endeavors have become unmanned endeavors. Human thought and human deliberation have been replaced by computerized analysis and mathematical models. Technological advances have made finance faster, larger, more global, more interconnected, and less human. Modern finance