This from the people who couldn't figure out Bernie Madoff's ponzi scheme after it had been explained to them repeatedly:
A politically divided Securities and Exchange Commission voted on Wednesday to make clear when companies must provide information to investors about the business risks associated with climate change.
The commission, in a 3 to 2 vote, decided to require that companies disclose in their public filings the impact of climate change on their businesses -- from new regulations or legislation they may face domestically or abroad to potential changes in economic trends or physical risks to a company.
Isn't that wonderful? Even if you actually buy into the idea that "climate change" (i.e., global warming by any other name) exists, how do you quantify it? Call up the boys at the University of East Anglia and ask for guidance?
Oh, wait, they're not home at the moment, are they?
Who then? Al Gore?
This is typical. The Securities and Exchange Commission cannot even execute the most fundamental (and the easiest) part of their organizational mission, and now they're branching off into ensuring that when Exxon threatens the polar bears, they disclose the appropriate risks involved.
Morons.
Note: SEC regulations (and Generally Accepted Accounting Principles) already require publicly held companies to disclose any and all risks deemed to be potentially material.
Phil Jones got a temporary gig at the SEC ? Who knew ?
Posted by: Mike C. | January 28, 2010 at 04:47 PM
Does this mean GE now has to reveal that they've been caught with both hands in the cookie jar and thus their CFL boondoggle(among many others) is not going to pay off as advertised?
Posted by: Joe Redfield | January 28, 2010 at 05:35 PM
Does Radnahandahannan Pandachuri (sic - sp?) now have to disclose how much his next fraudulent "glacier melt study" grant will be worth?
Posted by: Tim | January 28, 2010 at 05:42 PM