Now, I’m no accountant, but I do know what GAAP is and this seems really fishy to me. According to MSNBC, on May 5, 2006, the president signed a memo granting John Negroponte the authority to excuse publicly traded companies from their usual accounting and securities obligations. Apparently section 13[b][3][A] of the Securities Exchange Act of 1934 amendment allows for this. Examples of these kind of obligations include, but are not limited to:
- Keeping accurate books, records and accounts
- Maintaining systems of internal controls
via MSNBC
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