Thursday, March 24, 2016

Thought Control at the SEC

Exxon's public disclosures are now required by the SEC to spout nonsense or else.  The SEC has demanded that Exxon disclose the "risks of climate change" to their business in their public filings.  In truth, the only risk to their business from "climate change" is that posed by on overbearing bureaucracy.  Climate change, itself, hasn't enough scientific underpinning to merit any comment.  Only a politicized agency with a political agenda would require this kind of nonsensical "disclosure."  Why not disclose the threat of a return of the Salem witchcraft trials, which is more or less what the current SEC policy would suggest.

This kind of thought control has no place in legitimate disclosures designed to inform investors of business risks.  To put in your filings complete nonsense with no basis in fact or reality obscures the real purpose of disclosures.  It makes public disclosures less useful, as if they aren't mostly ignored already.

What happened to free markets, free enterprise, and truthful public disclosures? The Obama Administration's efforts to stifle truthful disclosures to the public only serves to undermine the functioning of America's capital markets, historically the most lucrative financial markets in the world for small  investors.  The war on lower and middle income Americans by the Obama crowd proceeds unabated.

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