Throughout the week over at Securities Docket, I highlight the most interesting columns and blog posts from around the web on the subjects of SEC enforcement and securities litigation. Here is a digest of my picks for the week ending July 15.

Tightening the Leash on Wall St.'s Watchdog

New York Times | James B. Stewart | Jul 15, 2011

Several weeks ago I wrote a column about a bribery scandal at Tyson Foods questioning the government's failure to hold anyone accountable for a scheme that Tyson itself admitted. No individuals were charged. While the S.E.C. wouldn't disclose its reasons, a theme that emerged in my inquiries was that the case involved foreign witnesses and was therefore expensive to investigate and prosecute, and that the S.E.C. had limited resources. The decision not to pursue charges may have involved many factors, but one disturbing possibility was that the agency simply couldn't afford to.

Caremark, FCPA and Corporate Governance

White Collar Defense & Compliance | Michael Volkov | Jul 15, 2011

The landmark decision -- In re Caremark International Inc. Derivative Litigation -- has even more implications in today's aggressive FCPA enforcement environment....As an example, within one week of a corporation's disclosure of suspected FCPA violations requiring an internal investigation, over twenty-five separate shareholder suits were filed. For companies weighing the need for compliance, this is another risk to the company and its directors. The collateral consequences to companies from FCPA violations are multiplying and director liability is yet another twist.

2011 Mid-Year FCPA Update

Gibson Dunn | Jul 14, 2011

2011 is poised to yield a record number of trials (and certainly defendants) to challenge FCPA charges. Even Corporate America is playing its part, with the first ever FCPA trial of a company. And outside the courtroom, a well-financed lobbying effort is engaging legislators in an effort to bring clarifying and limiting amendments to the statute.

DID THE DOJ AND THE SEC GO SOFT ON BUSINESS CRIME? - SEC ACTIONS

SEC Actions | Thomas Gorman | Jul 11, 2011

In recent years DOJ and SEC prosecutors have adopted a new, more lenient approach toward business organizations engaged in wrongful conduct according to a recent New York Times article. This is evidenced by the increased use of non-prosecution and deferred prosecution agreements as well as reports of investigations. The trend may account for the lack of prosecutions following the market crisis according to the article by Gretchen Morgenson and Louise Story in the Thursday, July 7, New York Times. To reach this conclusion the article mixes, matches and misinterprets events. Perhaps more fundamentally it misses the key point – these are tools to encourage cooperation to speed investigations and resolve a case once the inquiry is complete. Whether more market crisis cases will be brought is a function of the facts, not these tools.

... But Nobody Was Charged

FCPA Professor | Mike Koehler | Jul 11, 2011

So far this year there have been six DOJ FCPA enforcement actions against companies (Maxwell Technlogies, Tyson Foods, Johnson & Johnson, Comverse Technologies, JGC of Japan, and Tenaris). None of these FCPA enforcement actions have resulted (at least thus far) in DOJ prosecutions of company employees. Nor has the SEC brought civil charges against any employees of these companies. Nor has the SEC charged any employees (at least thus far) in the three SEC only FCPA enforcement actions this year (IBM, Ball Corporation, and Rockwell Automation).

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