Word: sec
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Dates: during 1970-1979
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...began investigating illegal contributions by more than a dozen U.S. companies (including Northrop) to Richard Nixon's 1972 re-election campaign and found clues that some of the same companies had also made suspiciously large, undisclosed payments overseas, a probe of multinationals' operations has been widening. The SEC has already accused Phillips Petroleum, Ashland Oil and General Refractories of making overseas payments not properly accounted for on their books. Senator Church indicated that his subcommittee will call chiefs of other companies besides Northrop to testify. One likely target: Lockheed Aircraft. Last week Lockheed officials admitted making...
Inquisitiveness Needed. What can be done to stop these practices? Congress could pass a law forbidding U.S. corporations to bribe foreign officials. (Surprisingly, that is not a violation of U.S. statutes now, although concealing the payments on a corporation's books violates SEC reporting requirements.) A new law seems unlikely to do much good; those corporations paying bribes do so in the hope that their payments will never be discovered. The Internal Revenue Service, however, could become more inquisitive about the fees paid by U.S. companies to foreign agents. If the IRS accepts them as legitimate business expenses, then...
...ACSR came out for broader public disclosure of corporations' equal employment hiring trends, political contributions and environmental impact of corporate activities, advising the SEC that such measures were necessary to insure shareholders' "knowledge...
Still, behind the committee's opinion was a liberal hope--stated by some members--that broader disclosure rules would shame many corporations into making internal reforms. The Corporation Subcommittee on Shareholder Responsibility endorsed the ACSR's letter to the SEC...
...SEC has completed its hearings on disclosure reform, and will announce its decision on the issue in several months