Word: sec
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Dates: during 1960-1969
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Last week President Nixon reiterated his position that Safeguard is essential to keep the U.S. from "falling into a sec ond-class or inferior position vis-à-vis the Soviet Union." Nixon warned his ABM adversaries: "I am going to fight as hard...
...legislation has covered auto safety, truth in packaging, truth in lending, the inspection of meat, poultry and the labeling of flammable clothing. Last week the Securities and Exchange Commission proposed some truth-in-naming rules for companies seeking to register new stock for sale to the public. Under the SEC's guidelines, stock issues with names that might mislead investors would be forbidden. Such linguistic legerdemain is becoming more and more frequent, the commission complained, particularly the use of such glamour words as "nuclear," "missile" and "electronics...
Welcome as such facts will be to investors, the new SEC rule only reaches the foothills of a Himalayan problem. Accounting practices, on which laymen rely as a warrant of truth, have grown increasingly elastic. Tax laws give companies great latitude in deciding how to treat both assets and costs that affect profits. Frequently, companies quite legally report results one way to the public and another to the tax collector. The conglomerates in particular are worried. Says Chairman Laurence Tisch Jr. of Loew's Theaters: "Accounting tricks are taking over. There's no rule on how to keep...
...arisen despite-and partly because of-a seven-year effort by the American Institute of Certified Public Accountants to standardize corporate reporting. The institute prescribes rules through its 18-man Accounting Principles Board, and firms of accountants must follow them or risk being charged with unethical conduct. The SEC, which polices accounting by publicly owned companies, goes along with the board's formal "opinions...
Another basic trouble, as SEC Chairman Budge warned last week, is that takeovers are too frequently financed with securities of doubtful future value. Such paper is commonly known to bankers and brokers as "Chinese money." The deals increasingly involve two little-understood kinds of securities...