Tag: Securities Exchange Act

President Says “No SEC Rules for You”

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. 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

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