Consultants, eager to maintain favorable relations with money managers (to whom they also sell services) may not be motivated to negotiate with managers too vigorously on behalf of their clients.
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Today savvy money managers are using public relations firms to disseminate misleading information to the public-information the managers themselves are prohibited under the federal securities laws from advertising.
The conduct of public relations firms in representing money managers and public companies generally needs to be examined, including the instructions they receive from their clients.
Even if Compaq (nyse: CPQ - news - people) makes IBM (nyse: IBM - news - people) blue in the face by temporarily stealing the supercomputing crown, the resulting public-relations windfall and any money it gets from research partners may not amount to enough to recoup what's being spent on research.
Asked about this on a television chat show, two relations said they would not take the money.
"It's not about how much money you spend, " said his public-relations handler, Brooke Hammerling, founder of Brew Media Relations.
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However, if this is what a Compliance program looks like, banks would do better saving the money on training and should instead invest in Public Relations.
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Those moves, aimed at improving relations with players seeking more say and more money, have been formally presented to the ATP Player Council in Key Biscayne, Florida.
Today the largest money managers have access to powerful law firms, public relations specialists, industry lobby groups (the Investment Company Institute, in particular) and such cozy relations with regulators that they can be assured, except in the most blatantly mismanaged cases, that they can conceal any unethical or illegal practices in which they engage.
Uncertainty about whether the deal will go through might be encouraging NYSE members to take the money and run, but as of today, the public relations momentum seemed to be turning in favor of the NYSE-Archipelago combination.
And despite this latest, um, glitch in their public relations, they will continue to make a lot of money.
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Some will no doubt prove to be public-relations stunts, but the successful ones are meant to import private money and expertise into development projects.
Benn Steil is director of international economics at the Council on Foreign Relations and co-winner of the 2010 Hayek Book Prize for Money, Markets and Sovereignty.
Citigroup and other financial service companies are sweating out a public relations disaster for spending on sports stadium naming rights while taking TARP money from the government.
The CDA has most frequently been used as a defense against claims of defamation, but the broad immunity provided by the mighty CDA has also barred claims of false information, negligence, gross negligence, misrepresentation, invasion of privacy, misappropriation, fraud, breach of contract, unfair competition, emotional distress, nuisance, tortious interference with business relations, tortious interference with business expectancy, violation of civil rights, money laundering, threats, discriminatory statements, waste of public funds, nuisance, premises liability and denial of substantive due process.
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"Clearly there are going to be strings on the money that were not there before, " says Peter Peyser, head of the lobbying firm Blank Rome Government Relations in Washington.
Though it is a corporate broker (a nebulous role that involves giving a bit of advice to companies about their relations with shareholders) to 43 of Britain's top 100 companies, it gets precious little money for this.
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