Negroponte can now waive SEC rules

Intel Czar John Negroponte has new powers. In a brief entry in the Federal redigister dated May 5th, the president of the Untied States gave him the authority to excuse publicly traded companies (IE ATT, Verizion etc) from certain accounting and securities discosure requirments.

Every president since Jimmy Carter has had this ability thanks to a 1977 statute desigend to protect companies working on secret defence projects. However, as the article points out, this is the first time a president has delegated such authority. Within the week of the signing of the memo by the president, the CIA chief resigned and the USA Today disclosed the turing over of the US citizens calling records. The White House denies any link.

This memo was hidden under the title of "Assignement of function relating to granting authority for issuance of certain directives"

No wonder no one noticed :shk:

The following information was sourced from BusinessWeek June 5th, 2006

this, combined with the decision to not protect whistle-blowers, is yet another step in the direction of: "of the corporate, by the corporate, and for the corporate."

one of the things about 911 that always got to me was the allegations of a large amount of "insider" trading took place the days leading up to 911. Now, if there is another 911 type of event, we may never know if there will be insider trading or not.

What I dont undertsand is how this law is supposed to benefit the masses? And of course they tuck it in somewhere nice and neatly hidden. This tactic happens quite frequently. Another win for special interest. And another loss of the American people. This may not seem like a big deal on its own. but, when combined with the new eminent domain and bankruptcy laws and whislte-blower decision, a frightening pattern emerges.

You said this is the first time, since it's 1977 passage, that this law has actually been implemented. WHY? why now? and what good can come from this?

these are the questions that I am left with.
thanks for your time

Originally posted by TONE23
You said this is the first time, since it's 1977 passage, that this law has actually been implemented. WHY? why now? and what good can come from this?

Nah, its not the first time at all. But it is the first time a sitting US president has delegated his authority on the matter. It has been used to protect Black projects for companies like LM and say Boeing among others. But why not give Rummy the power? No if your giving it to Negraponte, who happens to head the NSA and the CIA then I have to assume its going to be used for intel purposes.

Originally posted by FredT

Originally posted by TONE23
You said this is the first time, since it's 1977 passage, that this law has actually been implemented. WHY? why now? and what good can come from this?

Nah, its not the first time at all. But it is the first time a sitting US president has delegated his authority on the matter. It has been used to protect Black projects for companies like LM and say Boeing among others. But why not give Rummy the power? No if your giving it to Negraponte, who happens to head the NSA and the CIA then I have to assume its going to be used for intel purposes.

aaah. I see . Of course that was what the law was designed for in the first place was for the defense contract companies working on govt projects. I got a little de dede there for a sec. I guess what I failed to elaborate upon was this: Is there any way that this could be used for ANY company outside of defense contractors? In an unlawful manner? maybe to conceal insider trading and such? Im not saying by any means that this is going to happen as I have little knowledge in this area. I'm just wondering; is there now a window of opportunity here?

Are these even good questions or am I barking up a wrong tree?