Replies to post #119423 on DD Support Board and Research Team

[LongTimeObserver]

Filing as art. Just "new media"...

[Renee]

A must read post. Thanks, Sleepy.

[scion]

For more than three decades, the SEC has accepted online submissions of regulatory filings -- basically, no questions asked. As many as 800,000 forms are filed each year, or about 3,000 per weekday. But, in a little known vulnerability at the heart of American capitalism, the government doesn’t vet them, and rarely even takes down those known to be shams.

“The SEC can’t stop them,” said Lawrence West, a former SEC associate enforcement director. “They can only punish the filer afterward and remove the filing from the system. So, caveat lector -- let the reader beware.” [/i]

A Fake $3.6 Trillion Deal Is Easy to Sneak Past the SEC
by Anders Melin
March 22, 2017, 5:00 AM CDT March 22, 2017, 9:37 AM CDT

https://www.bloomberg.com/news/articles/2017-03-22/a-3-6-trillion-m-a-deal-really-just-disregard-that-sec-filing

[janice shell]

But, in a little known vulnerability at the heart of American capitalism, the government doesn’t vet them, and rarely even takes down those known to be shams.

It surprises me Bloomberg would say something like that. In what way is it "little known"? It should be obvious to everyone that the SEC doesn't have enough Corp Fin people to read, let alone vet, every filing made to Edgar.

They're supposed to read and comment on one filing from each registrant every two years, but it's not clear whether they can even keep up with that. Hard to tell, because I suppose if there isn't anything to comment on, we don't know they've done it. But there seem to be plenty that ought to get some love, and don't.

But the really crazy filings, like the one the article is about, are almost always noticed quickly.