crony capitalism

on the day that porter goss resigned as CIA chief, bush signed a memo allowing the incoming chief, michael hayden, to exempt companies from SEC regulation where matters of national security are involved:

A trip to the statute books showed that the amended version of the 1934 act states that “with respect to matters concerning the national security of the United States,” the President or the head of an Executive Branch agency may exempt companies from certain critical legal obligations. These obligations include keeping accurate “books, records, and accounts” and maintaining “a system of internal accounting controls sufficient” to ensure the propriety of financial transactions and the preparation of financial statements in compliance with “generally accepted accounting principles.”

so, with dispensation from the CIA, any company is now permitted to cook the books. and those devious terrorists won’t have a snowball’s chance in hell figuring out which companies are playing fast and loose with the numbers because the whole operation will be top-secret.

it’s too sunny out to speculate aloud what this crap is all about. and it is that in my opinion. pure horseshit.






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