Please ensure Javascript is enabled for purposes of website accessibility
February 6, 2023

SEC Rule Would Crack Down on Celebrity Board Members

oj-simpson-mugshot.jpgNow that the SEC has got this Ponzi thing under control, it can focus on more important matters like getting famous people off companies’ board of directors because, you know, they don’t really know shit about the companies they serve.
Perfect example: Tommy Franks, former commander of forces in Iraq, who resigned his seat on Bank of America’s board last week, was on the audit committee. The AUDIT COMMITTEE.
That’s actually not even the best example. According to Bloomberg, everyone’s favorite acquitted killer, O.J. Simpson was on the audit committee of Infinity Broadcasting Corporation before he was charged with murder in 1994. O.J. Simpson. Audit committee. Yes.
We could go on to tell you about Lance Armstrong missing 11 board meetings but still getting paid over $70,000 by Morgans Hotel Group or Gerald Ford sitting on the Board of Traveler’s Insurance (owned by Citi) until he was 85 years old but you get the picture.
This is your SEC, citizens of America, getting their shit together since 1934.

Armstrong, ‘Celebrity’ Directors Targeted in SEC Rule
[Bloomberg]

oj-simpson-mugshot.jpgNow that the SEC has got this Ponzi thing under control, it can focus on more important matters like getting famous people off companies’ board of directors because, you know, they don’t really know shit about the companies they serve.
Perfect example: Tommy Franks, former commander of forces in Iraq, who resigned his seat on Bank of America’s board last week, was on the audit committee. The AUDIT COMMITTEE.
That’s actually not even the best example. According to Bloomberg, everyone’s favorite acquitted killer, O.J. Simpson was on the audit committee of Infinity Broadcasting Corporation before he was charged with murder in 1994. O.J. Simpson. Audit committee. Yes.
We could go on to tell you about Lance Armstrong missing 11 board meetings but still getting paid over $70,000 by Morgans Hotel Group or Gerald Ford sitting on the Board of Traveler’s Insurance (owned by Citi) until he was 85 years old but you get the picture.
This is your SEC, citizens of America, getting their shit together since 1934.

Armstrong, ‘Celebrity’ Directors Targeted in SEC Rule
[Bloomberg]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

a guy giving thumbs down

SEC Fines Friedman For Piss-Poor Auditing So They Remember to Exercise Professional Skepticism Next Time

Last week the Securities and Exchange Commission charged Friedman LLP with with improper professional conduct for failing to comply with the standards of the Public Company Accounting Oversight Board while conducting audits of two public companies from 2017 through 2020. Friedman has agreed to settle the charges and will pay approximately $1.5 million in total […]

large dollar signs in a field

Big 4 Firms Are Fighting Engineers Over the Right to Bill Clients For Climate Disclosure Audits

Interesting piece over at the Wall Street Journal this morning about environmental disclosures or, more significantly, who gets to charge clients for auditing this data under SEC climate disclosure rules proposed in March. Read: Firms that verify businesses’ climate data are at odds over who is qualified to perform the work, a pivotal and potentially […]