Geodog

Shameless

I don't think I could add anything to this NYT story, Effort to Dilute New S.E.C. Rules:

The staff of the Securities and Exchange Commission plans to recommend that the agency soften proposed rules that would impose new obligations on lawyers and accountants, government officials said today.

After an onslaught of lobbying, the commission will complete work this week on regulatory proposals that were required under a law passed by Congress nearly six months ago to address a spate of corporate scandals.

Earlier proposals had been intended to instill investor confidence by imposing the new regulations....But some of the toughest proposals appear to be dead, watered down or postponed, S.E.C. officials said today. ....

Read on for the details and be amazed. These guys don't seem to understand that for capitalism to work, the owners of the companies (investors) need to be able to figure out what the company is spending its money on. I guess that isn't how crony capitalism works.