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  • caseysxyz caseysxyz Sep 18, 2012 4:53 PM Flag

    SEC increasing scrutiny on China

    KMAG did not perform its audit for two years. Even the paper tiger, SEC, knows when enough is enough. Never fear, they only suspended them for 14 days : /.

    As an aside, the way I found out about Yahoo message boards was through a spiteful CEO. I was doing the option pricing for an internet start-up and the CFO would ask me weird questions along the lines of "If someone said this about our company, how would you respond?” My personal philosophy is to do the best with whatever people ask you to do. Therefore, I must have done this job pretty well because soon I was asked to attend the daily morning staff meeting, which is weird. Why waste money paying a compliance contractor to go to a staff meeting?

    The subject of the staff meeting was the CEO's obsession with the Yahoo finance message board. The company had a decent business model. They had #$%$ off Google and were pulled from the page rank. That episode had somehow morphed into this CEO's obsession with the Yahoo finance boards. They would actually spend an hour a day strategizing with how to deal with it. It was surreal but I had no knowledge of Yahoo finance message boards before that episode.

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    • From the useless trivia file: It's weird, but I think 14 days is the maximum suspension that the SEC can impose. Congress wanted the burden of proof on the SEC to have to re-prove its allegations every two weeks, so longer suspensions are really a bunch of two weekers tacked together.

      To get around Congress, the SEC often goes to the exchanges themselves and has them issue longer suspensions, since they're not bound by the same statute.

      Take that, legislative branch!

 
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