If companies stop reporting quarterly, then all of the bad news is going to come all at once at the end of the of most companies fiscal year in the fall. Since it’s every industry, the entire market will surge or sink every fall. If people had insider knowledge, well that’s a yearly wealth transfer from your 401k to the 1%.
I’m just thinking that Taco wants it to be timed right after things, like, oh, say, midterm elections.
Next up will be “get rid of annual reporting”. They’ll change it to be “every 4 years, the first Tuesday after the presidential election”.
If companies stop reporting quarterly, then all of the bad news is going to come all at once at the end of the of most companies fiscal year in the fall.
Also, it isn’t as though they won’t have internal reports. And given the deplorable state of the SEC, I have to assume this would lead to some wild insider trading in between annual releases.
If people had insider knowledge, well that’s a yearly wealth transfer from your 401k to the 1%.
It’s arguably worse than that. People passing around unregulated reports under the table can still lie to one another with abandon. So the black market for inside info is ripe for fraud and scams which can’t even be prosecuted normally, because its not information anyone has to report out to a public commission.
If I want to come in and release the “Double Super Secret Real Microsoft Numbers” and spread it around, I can effectively manipulate the price of the stock based on how many people I can dupe into believing my phony figures.
Alternatively, global investors will start to shun the US, because US companies don’t have to be as transparent anymore. Then there is a giant sucking sound of capital out of US markets, and the stock market and dollar tanks.
You would think that a President would want to avoid this, but most of his wealth is now in crypto, and if the dollar tanks his crypto is worth more dollars.
He is so transparently out for his own gain, and those of his Crypto Broligarch friends, over what is best for the country as a whole.
global investors will start to shun the US
Where would investors go instead? The UK, EU, and Japan already eliminated quarterly disclosure requirements.
He also owns a large portion of a publicly traded company and is seeking to be able to obscure his finances there more than they already are.
An awful lot of crypto seems to track along with the American stock market. Maybe not an exact mirror, but if watch big drops/gains in S&P, you’ll usually see big drops/gains in something like BTC, anyway.
Not sure about Taco’s shitcoins, though.
No, but if the dollar tanks then crypto arbitrage bots will make sure the value of the dollar vs. crypto tanks along with it. People invested in crypto (but who live in dollars) get a big win at the expense of everyone else.
You would think that would happen but I doubt it at this point.
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Now, now… “and switching to semiannual instead.”
So they steal all our money twice a year. :)
“if we stopped testing we’d have less cases”
This is just to hide how badly things are going.
I think this guy dislikes Files for some reason…
Stop reporting so that we don’t see the worsening economy. That’s all. Covid doesn’t happen if nobody reports cases. Fraud and tax dodging doesn’t happen if you cut the IRS’s budget so they can’t investigate. Same old shit, cut oversight so the bad thing magically disappears. You don’t even need a Memory Hole if there’s nothing to put in it.
I feel like this is one of those rare cases where Trump and I agree on something, but it’s still ultimately for completely different reasons. I suspect not having to report quarterly will make it easier for his companies to cook the books.
May I inquire how this could be a good thing? I feel like it could exacerbate problems, but I’m not well versed enough in macroeconomics to make an accurate assessment.
Quarterly reporting makes company leadership focus on short term gains over the long term health of the company, leading to frequent layoffs, selloffs and other actions that hurt both the employees and the economy as a whole.
but then you would need to have reports once every 5 years to actually see much change in their strategies.
Quarterly reporting itself does not force this.
Relatedly, people compensated mostly through stock options will continue to think short term with an emphasis on the stock price of the company for the duration of their particular vesting period.
We are talking about when they are required to release earnings not the only time they can. I’m pretty sure that lengthening the time wouldn’t really change anything as far as short term profit gain is concerned.
Like I doubt the quarterly earnings calls would go away, shareholders wouldn’t want to go a whole year without hearing from the company, they would just be a lot more lies and fluff.
I assume it is because they draw attention to companies struggling. Easier for him to deflect once a year than it is 4 times a year. If people don’t know what to expect they can blindly throw money into companies all year and not realize they haven’t hit projections in 9 months.
And why do you think it’s a good idea?
Why do you agree?
Good companies will still do quarterly reporting.
I wouldn’t go near ones that refused
Head crook allows under crooks to cook their books
All of a sudden, Taco is down with the CCP?
Yeah, you know he
From the party of ‘It’s not a problem if you can’t see it coming’.
lolololol
I’m so tired of the headlines. “Trump [something blatantly stupid and in his favor]”
