Letter From The President Of The Association Of Corporate Counsel, New York Chapter

2009-02-01 00:00

To The Readers Of The Metropolitan Corporate Counsel:

I am pleased to report that our "Accounting For Lawyers" series is off to a great start, with an over-subscribed attendance. BDO Seidman is partnering with the Chapter to offer a six part series that is not only presented in person every two weeks (see schedule) but on-line, as well, so that our Members do not have to miss any of the sessions. Note that CLE credit for the on-line attendance is not available, but Members can attend the series at their own desks, if they cannot participate in person.

The first session of the series dealt with the basics of a Financial Statement and explained basic financial statement concepts and terminology. The question and answer sessions were lively and illuminating. Among the questions were:

• What rules apply to nonprofits?

• How do you determine disclosure statement reserves related to litigation?

James Woelke, a Chapter board member who is the General Counsel of the New York State Society of Certified Public Accountants, chaired the session. If you have missed this segment of the series, you can see it on-line by contactingJohn Ogden at (201) 264-3048.

On December 2, 2008 the Chapter hosted a program on "The Current Financial Crisis, What Every Corporate Counsel Must Know." It was well attended and in view of the popularity of the session, we are planning to hold another session on this timely and crucial topic in June.

The panel, moderated by Jeff Green, Special Counsel, The Port Authority of NY and NJ, included Michael Flynn, Acting General Counsel of the U.S. Department of Housing and Urban Development; Micah Green, Patton Boggs; Stefan Passantino, McKenna, Long & Aldrige; Brian Mich, BDO Consulting; Michael Campbell, Counsel, Federal Reserve Bank of New York and Zachary Carter, Dorsey & Whitney. These experts addressed financial industry regulation and opined on how far the pendulum will swing toward more regulation. The panelists noted that the current public perception is that the bail-out has helped Wall Street and not Main Street and that every policy maker believes that the risk of doing too little is greater than the risk of doing too much. In addition, there was agreement that legislation would be passed to make brokers and lenders more accountable and transactions more transparent. Further, there is a movement to have brokers licensed. Stephan Passantino focused on the inevitable increase in oversight and how to prepare your management for its appearance before Congress.

The Chapter consistently strives to bring you cutting edge programs and networking opportunities. We encourage you to participate in these programs and also in our committees.

I look forward to seeing you at Chapter events and hearing more about your interests.

Regards,

Lisa Whitney