Is the SEC’s acquiescence the lynchpin? Guest post by Joseph Marren.
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The memorandum “Federal & Municipal Financial Reporting are Rigged!: Is the SEC's Acquiescence the Lynchpin?” dated January 6, 2017 was submitted to the Federal Accounting Standards Advisory Board in response to their request for comments on its Federal Financial Reporting Exposure Draft. Link to the memo: http://bit.ly/2jfOAu1
The memo includes appeals to the following leaders and government entities to start addressing the problem.
1) Commissioners of the Securities and Exchange Commission: It is Time for a Different Approach in the Municipal Securities Market
2) Speaker of the House Paul Ryan and Senate Majority Leader Mitch McConnell: How Will You Handle Your Responsibility?
3) President-elect Trump and Vice President-elect Pence: Address the Problem and Do Not Kick the Can Down the Road
4) U.S. Supreme Court: A Society Built Upon Financial Fraud Cannot Last Long
5) Director of the Federal Bureau of Investigation, James Comey and U.S. Attorney for the Southern District of New York, Preet Bharara: Is There a RICO Violation?
An informed electorate is the cornerstone of our democracy. The federal and state government’s budget deficits and legal obligations are exponentially higher than what they say that they are. None of the headline figures used as a basis of public discourse have any relevance to the true state of the federal or state governments finances. The presidential election continued a lifetime tradition for citizens of casting their votes without the benefit of having access to an accurate and complete published account of the total receipts and expenditures of the U.S. Government.
The purpose of the memorandum is to describe the frauds that have been perpetrated by the federal and state governments with substantial assistance from the accounting profession. It describes how and why liberty has been sacrificed for almost a century as the federal and state governments’ financial reporting practices do not comply with the U.S. Constitution and violate the antifraud provisions of the nation’s securities laws.
The memorandum also explores the SEC’s role in creating the corrupt financial reporting environment in the municipal securities market. This environment has led to pervasive fraud. Specific recommendations are offered as to how the SEC can clean up the mess. But before it begins to proactively address the issues it must first admit that it has a serious problem and stop sweeping it under the rug.
Joseph H. Marren
Concerned Citizen
914-525-3216 (Cell)