The SEC, having lost every shred of dignity it once had, is kindly reminding everyone that they are the authority on accounting rules. It sounds like the Commission is concerned that some of you might be a little confused by the new FASB Codification and just wanted to put it out there that M. Schape and crew are still the ones in charge.
Forget about any possibility of a bean counter coup that would upend the accounting rule universe. It’s not happening on Mary Schapiro’s watch.
Nevermind that it took the better part of a year to get a Chief Accountant officially appointed. The Commission was probably worried that, with all the hubbub, people may have lost some perspective, that’s all. The SEC, could torpedo this whole Codification nonsense back to the stone age, if it wanted to. Just wanted to remind everyone. Thanks.
SEC Clarifies Authority Over Accounting Rules [Compliance Week]
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In case you haven’t turned on a TV, been on the Internet or talked to single human being today you’re aware that Mary Schapiro and the Commission are little busy raining shit all over Team Jehovah.
As fun as this must be for the SEC, for some reason there are a few people that would like to discuss the SEC’s reaction to a Ponzi scheme whose alleged perp will likely die awaiting trial.
Even though Mary Schapiro can’t believe this timing (!), fine, she’ll humor you. But don’t interrupt again. They are trying to God’s work (and maybe win over some voters).
The following is a statement from SEC Chairman Mary L. Schapiro regarding SEC Office of the Inspector General (OIG) Report 526 — “Investigation of the SEC’s Response to Concerns Regarding Robert Allen Stanford’s Alleged Ponzi Scheme”:
“This report recounts events that occurred at the Commission between 1997 and 2005. Since that time, much has changed and continues to change regarding the agency’s leadership, its internal procedures and its culture of collaboration. The report makes seven recommendations, most of which have been implemented since 2005. We will carefully analyze the report and implement any additional reforms as necessary for effective investor protection.”
In other words, “I’m turning this ship around, and most of your bullshit suggestions are already in place, so how about you take your light your OIG report on fire?”
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