Thursday, February 5, 2009

Toothless SEC-11

"Two former Enron lawyers resolved charges by the [SEC] that they helped executives at the defunct energy trader hide share sales and conceal losses. ... [They] admitted no wrongdoing. ... SEC spokesman John Heine said the settlement "filings speak for themselves'," Houston Chronicle, 17 January 2009.

"Without penalty, General Motors Corp. settled a [SEC] complaint related to accounting missteps the auto makers made in recent years, including disclosures related to pensions derivatives and precious metals. ... The SEC said GM settled the claims 'without admitting or denying' them, but agreed not to violate certain securities rules again", my emphasis, John Stoll and Kara Scannell at the WSJ, 23 January 2009.

I agree with Heine.

Another SEC triumph.


Anonymous said...

Oh... GM just made a little mistaky... they didn't mean it... all those accounting rules are soooo confusing...auditors didn't say "boo"...

Printfaster said...

Ha ha
Toothless? More like the knight in the Life of Brian. Here is a comment from today:
"The market suspects there maybe a suspension of mark-to-market accounting as part of the plan coming out of Washington to shore up the financial system," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey. "It would be very impactful."

Now if we can all fantacize our balance sheets, we will all be better. Better get ready IA. You will be taking accounting classes from fiction writers.

Anonymous said...

I have decided to suspend normal accounting rules. This means that investment portfolio of

1. Pet Rocks

2. Beanie Babies

3. stocks

4 Detroit Housing

Are now declared by me to be worth $100,000,000,000,000,000,000,000 and I now declare myself to be the richest person in the world. I am now “Too Big To Fail” and I demand that the Central Banks give me all the wealth of the worlds taxpayers


Junior said...


You forgot to declare yourself a bank holding company before claiming your Bernanke Bailout Bucks.

If you're going to cheat the system, at least do it right ;)

Anonymous said...

“If you're going to cheat the system, at least do it right ;)”

Good point. Since Hank Paulson is out of a job maybe he is available to give me some good tips on being a “Too Big To Fail” Bank Holding Company. After all us rich people should stick together.


Anonymous said...

Suspend mark to market = Japan here we come...