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Michael Goldberg Discusses Cobalt Win in FCPA Flash Podcast

News Release
HOUSTON, March 6, 2018 – Baker Botts litigation partner Michael Goldberg was the featured guest on FCPA Professor L.L.C.’s FCPA Flash podcast on February 22, 2018, discussing the U.S. Securities and Exchange Commission’s (SEC) recent closure of its investigation into the Angolan operations of firm client, Cobalt International Energy, Inc. (Cobalt) (NYSE: CIE) The SEC advised Baker Botts on January 29, 2018, the closure of the investigation without recommending any enforcement action. 

In this FCPA Flash podcast, Mr. Goldberg discusses the Commission’s scrutiny of Cobalt, the reasons for his client’s refusal to settle, and the negative effects Cobalt experienced despite prevailing. Additionally, Mr. Goldberg provided insight into how the world of investigations is broken and who shares the blame.

Mr. Goldberg states, “companies need to hire counsel who can be strong with the government…if you’re in the right, beginning with the position of strength and transparency is the way to go.”

Listen to the full FCPA Flash podcast

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The SEC began the investigation into Cobalt’s Angolan operations in March 2017. The SEC and DOJ previously opened investigations in 2011 and concluded them, respectively, in 2015 and 2017. All three investigations were concluded without any enforcement action and without any settlement.

 

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