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 October 22:

Why Does It Appear Anti-Bribery Enforcement Is Lacking in Canada?

FCPA Compliance and Ethics Blog | Cyndee Todgham Cherniak | Oct 22, 2010

On October 2, 2010, I gave a presentation at the University of Windsor, Center for Transnational Law and Justice concerning Canada’s anti-bribery laws. The theme of my presentation was that Canada takes a balanced approach to anti-bribery enforcement.... Why is it that no one knows about Canada’s anti-bribery enforcement? Because the Canadian way is different than the U.S. way of enforcement.

Angelo Mozilo's Greatest Trade Ever

Seeking Alpha | Jake Zamansky | Oct 20, 2010

Angelo Mozilo must be feeling pretty good these days. The guy with the perpetual tan earned well over a half billion dollars transforming Countrywide Financial into one of the nation’s leading mortgage lenders and then ran it into the ground by saddling the company with dubious mortgages that nearly led to the country’s ruin. And what is his SEC punishment for alleged insider trading and misleading shareholders? A $67.5 million fine, of which about one-third will be paid by Countrywide’s acquirer, Bank of America (BAC), along with his legal fees. What’s more, Mozilo didn’t even have to admit any wrongdoing. In Wall Street parlance, he made one heck of a trade.

Mozilo's ban a true black mark

Pacific Coast Business Times | Henry Dubroff | Oct 19, 2010

The lifetime ban against former Countrywide CEO Angelo Mozilo serving as an officer or director of a public company may be the most positive result to come from his settlement of a U.S. Securities and Exchange Commission complaint.... As we have seen in many cases of this type, money really isn’t a deterrent to bad behavior. The SEC’s ability to levy fines pales in comparison to the ability of people to reap ill-gotten gains. But a lifetime ban takes at least some of that livelihood away and it puts a permanent black mark on Mozilo’s legacy.

The FCPA Mulligan Rule?

FCPA Professor | Mike Koehler | Oct 19, 2010

Since 1980, the DOJ has issued 55 FCPA opinion procedure releases (see here and here). In nearly every instance the DOJ expresses an opinion that it does not intend to take any enforcement action as to the disclosed facts or conduct? If my figures are correct, in 54 of the 55 opinion procedure releases (98%) the DOJ expressed such an opinion. [The only exception would appear to be 98-01 (here)]. Perhaps you already knew this, but recently I learned something that may help explain this 98% no enforcement statistic. What did I learn? That often times, when the requestor senses that it will not receive a favorable DOJ opinion, it simply withdraws the request. I confirmed that this practice does indeed occur with a former high-ranking DOJ FCPA official and others. Call it the FCPA mulligan rule.

Disgorgement Comes Cheap for Ex-Chief of Countrywide

DealBook | Peter Henning | Oct 18, 2010

The S.E.C. filed its complaint against Mr. Mozilo in June 2009, and discovery in the case did not reveal a “smoking gun” showing that executives actively sought to mislead investors. It deposed Mr. Mozilo, indicating that his lawyers did not expect criminal charges. Otherwise, they most likely would have advised him to assert the Fifth Amendment privilege against self-incrimination. A tough civil securities fraud case, settled on the eve of trial with a payment of only a portion of the ill-gotten gains, does not indicate that there was the type of evidence needed for a successful criminal prosecution. I expect the S.E.C. settlement is the last we will hear from the federal government about Mr. Mozilo.

Coming Soon, "Freight Forwarding" Starring Panalpina, Shell, and Others

FCPA Professor | Mike Koehler | Oct 18, 2010

Freight forwarding, customs clearance, and logistics. It's rather mundane stuff. It will be interesting to see the allegations in these upcoming enforcement actions as the public disclosures have suggested conduct and facts that would seem to implicate the FCPA's facilitating payments exception. However, because these FCPA enforcement actions (like most) will never be challenged or subjected to meaningful judicial scrutiny, this relevant exception will likely not be explored. If you are scoring at home, this means that an additional $115 million will flow into the U.S. Treasury based on allegations that two foreign companies made "improper payments" to foreign officials.

A United Front: The U.S. and U.K. Assault on Bribery and Corruption

Corporate Crime Reporter | Dan Hyde | Oct 17, 2010

The investigation of Goldman Sachs and resultant penalties (in both the U.S. and U.K.) showed that an investigation begun by the SEC in the U.S. triggered the involvement of the FSA in the U.K. as to whether Goldman Sachs had complied with U.K. regulation; this was another example of the U.S. (via the SEC) taking the initiative and the U.K. (via the FSA) being stung into action. In the realm of corporate regulation and white collar crime the U.K. has been less effective than the U.S. It is now realizing that it needs to ratchet up its legislation and enforcement processes if it is to emulate the U.S. The Bribery Act may well give a hint at the future of regulation in the U.K. — an American-style assault on corruption, with a sprinkling of additional, belated, severity.