President Obama may have ran on “Hope” and “Change You Can Believe In”, but in his final years we can see the real legacy he is trying to leave behind.
The US Securities and Exchange Commission (AKA the SEC) is proposing that Wall Street be deregulated further. How much further? To levels not seen even in the 2008 financial crisis.
Even Bush decided that he could not push these nefarious plans through back then; Obama, it seems, is keen on succeeding (for the Bankers and corporations) where Bush had failed. Already, as the TPP rolls in and strengthens the corporations’ position against us, companies will be given the all-powerful ability to cook their own books legally- they simply have to claim that these lies were really “accounting errors”… and they will be freed from any oversight.
The big banks’ true financial strength or weakness will thus be hidden from the People… and even their own shareholders… until everything blows up again.
This idea was first forwarded by the former director of corporate finance for the SEC- and in a supreme act of cronyism, his own wife was selected by Obama to head and continue this atrocity.
“This is bullshit,” Former SEC Chief Accountant Lynn E. Turner told the Huffington Post. “This is just absolute bullshit. It reeks.”
When this new rule comes to pass, companies won’t have to report “accounting errors” to their shareholders; this allows them to blatantly engage in fraud by misrepresenting their financial statements, chalking it up to “accounting errors” which you’ll never find out about until the company “unexpectedly” reports that its billions in profit really meant that it was bankrupt. This would be Enron on steroids, plus every company is legally allowed to juice up.
Obama isn’t on your side.
Sources: US Uncut
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