Submitted by QTR's Fringe Finance
As many including myself recently have noted, we are already living through an extraordinary age of financial grift, accounting games, promotional fraud, speculative mania and almost total contempt for basic investor skepticism.
The SEC’s apparent response is to consider giving public companies less frequently required financial disclosure in the face of demonstrable public disapproval of the idea. You genuinely can not make this shit up.
At a moment when public markets increasingly resemble a casino operated by executives, influencers, investment bankers, meme-stock promoters, crypto carnival barkers and apparently untouchable fraudsters, the agency responsible for protecting investors is moving toward allowing companies to disappear behind the curtain for six months at a time. That’s plenty of time to “hide a body” in the accounting world.
According to The Wall Street Journal, the SEC is expected to proceed with a version of its proposal allowing public companies to report comprehensive financial results twice a year rather than quarterly, even after receiving more than 200,000 public comments, most of them opposing the change. Many commenters warned that the proposal would deprive investors of information, let companies operate behind closed doors and allow fraud to fester.
No sh*t.
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