Word: shad
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...telephone to get instant access to the 5 million pages of corporate financial information filed annually with the SEC. By interrogating EDGAR, investors will be able to identify companies with poor earnings performance or pinpoint firms whose stock is selling below book value. Claims SEC Chairman John Shad: "EDGAR has the potential to revolutionize the methods under which investment decisions are made and executed...
Rooting out financial-disclosure fraud has become the top priority of SEC Chairman John Shad this year. The federal agency is coming down hard on companies that sugar-coat their earnings reports to give stockholders an artificially sweetened idea of corporate performance. Says Shad: "Some companies try to hide the bad news." So far this year the SEC has brought lawsuits against 25 firms for cooking the books, compared with 23 in all of 1983. This month the SEC is also expected to impose stricter guidelines for financial disclosure. Under the new rules, companies would be required to publish separate...
Ideally, sugar coating of profits is supposed to be corrected or protested by a company's external auditors. But since the late 1970s, increased competition among accounting firms has fostered some slack auditing. Says John Fedders, Shad's enforcement chief: "There's tremendous pressure on accounting firms to lower their prices. Some firms can, but only by cutting corners...
...steadiest and most faithful contributors to the New Right causes are religious fundamentalists. In 1980 many observers thought that the Moral Majority and other born-again groups with political ambitions Shad amassed enough power to enact their moral agenda. But their legislating crusade was thwarted by filibusters by Weicker and Oregon Senator Bob Packwood, the Administration's own emphasis on fiscal issues, and bickering among the various antiabortion advocates. While not a dominant force within the party, the fundamentalists are a strong pressure on its far-right flank...
...concern is timely. Fish catches have been dropping dramatically. The haul of shad, which topped the 17 million-lb. mark in the late 19th century, dropped below 2.5 million Ibs. during the late '70s, and in 1980 Maryland banned all shad fishing. Striped bass are also disappearing. In 1973 fishermen sold 5 million Ibs. of stripers, or rockfish, as they are called in Maryland. Last year's harvest was under...