Dirt Diggers Network: Digest No. 23
November 14, 2002
Editor: Philip Mattera
1. "Riding the Dragon": new book on Shell's environmental sins
2. Guide to online sources for state corporate filings
3. FreeErisa introduces database on Top Hat benefit plans
4. SEC puts no-action and interpretive letters on its website
5. Access to FCC ownership study data
6. Investing in vice
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1. "Riding the Dragon": new book on Shell's environmental sins
The Environmental Health Center, based in Boston, has just published
a book called "Riding the Dragon: Royal Dutch Shell & the Fossil Fire,"
written by Jack Doyle. The book, the text of which is available online at
<www.shellfacts.com>, describes the environmental damage caused
by the refineries operated by the European petroleum giant and
its subsidies, including Shell Oil Co. in the United States.
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2. Guide to online sources for state corporate filings
The legal research website LLRX.com has published an updated
version of Kathy Biehl's survey of online sources for state business
filings <http://www.llrx.com/columns/roundup29.htm>. More than
40 states currently provide some degree of web access (in some
cases, for a fee) to information on corporations, limited liability
companies and limited partnerships.
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3. FreeErisa introduces database on Top Hat benefit plans
FreeErisa, the website that provides access to pension information
contained in the Form 5500 that plans file with the U.S. Department
of Labor, has introduced a database with information on Top Hat plans
(see http://www.freeerisa.com/Extras/TopHat.asp ). These unfunded
plans, which are not subject to the same reporting requirements as
conventional benefit programs, are a device used by companies to
provide lucrative deferred compensation packages for select groups
of managers and employees.
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4. SEC puts no-action and interpretive letters on its website
The SEC's Division of Corporation Finance, the Division of Investment
Management and the Division of Market Regulation have begun posting
staff no-action and interpretive letters on the commision's website (see
http://www.sec.gov/interps.shtml). Also included are archives of such
documents going back to early 2002. See, for example, a letter to
Nabors Industries about what its reporting requirements would be
after the company completed a transfer of its legal headquarters to
Bermuda <http://www.sec.gov/divisions/corpfin/cf-noaction/nabors043002.htm>.
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5. Access to FCC ownership study data
The Federal Communications Commission announced recently
that members of the public can have restricted access to the
underlying data used in the preparation of recent studies
on ownership trends in the media. The announcement can be
found at: http://hraunfoss.fcc.gov/edocs_public/attachmatch/DA-02-2980A1.pdf.
The studies themselves, which were commissioned as part of the
FCC's review of its steadily disappearing ownership rules, are available
online at: http://www.fcc.gov/ownership/studies.html.
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6. Investing in vice
At a time when it is fashionable for corporations and investment
managers to talk of social responsibility, a new mutual fund is
proud of its political incorrectness. The Vice Fund <www.vicefund.com>,
launched recently by Mutuals.com of Dallas, is deliberately investing
in stocks in pariah industries such as tobacco, alcoholic beverages,
gambling and military contracting. The fund's philosophy was expressed
succinctly by the Washington Times: "Markets rise and markets fall,
but one thing never seems to change: Drinkers drink, smokers smoke
and gamblers gamble." To which may be added: and the United
States goes to war.
Philip Mattera
pmattera@goodjobsfirst.org