June 2003
Investment Dealers' Digest;6/16/2003, Vol. 69 Issue 24, p46
Trade Publication
This article presents information about developments related to investment banking in the real estate sector of the U.S. The SEC began a formal investigation into the accounting practices of the Federal Reserve after the federally-backed mortgage agency shook up its management team and drew fierce criticism for its potential misuse of derivatives, its lack of disclosure of executive pay as well as its exemption from many securities laws. The reserve asked for the resignation of Chairman and CEO Leland Brendsel, replacing him with CIO Gregory Parseghion, and CFO Vaughn Clarke. Mobile-home builder Clayton Homes, which Berkshire Hathaway is trying to acquire, said it will hold a special shareholders meeting on July 16, despite some shareholders demand for an annual meeting. In the special meeting Clayton is calling on shareholders to vote on the $12.50 per share bid by Berkshire Hathaway.


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