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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsProPublica: Donald Trump Controls a Publicly Traded Company. Now He Will Pick Its Regulator.
ProPublica - Donald Trump Controls a Publicly Traded Company. Now He Will Pick Its Regulator.
There have been internal concerns that Trump Media could be misleading investors, a source said. But with its largest shareholder about to be president, experts doubt the SEC is up to the job of investigating Truth Socials parent company.
by Justin Elliott, Robert Faturechi and Alex Mierjeski
Dec. 10, 5 a.m. EST
Last month a major shareholder of a publicly traded company took to social media to complain that people perhaps short sellers were spreading lies that could hurt his firms stock price.
There are fake, untrue, and probably illegal rumors, the post read. I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities.
The Securities and Exchange Commission doesnt typically take its marching orders from shareholders on social media. But in this case, the poster was Donald Trump, whos just weeks away from being inaugurated and gaining the power to appoint the head of the SEC.
When Trump takes office in January, a president will for the first time be the majority owner of a publicly traded company, Trump Media, which runs Truth Social. Former SEC officials are concerned about how Trump could try to use the agency to go after the foes of his company, which accounts for more than half his fortune. They also worry that the agency isnt up for the job of taking on Trump Media should it run afoul of securities laws.
Cases involving public companies with aggressive lawyers are difficult even if you dont have conflicts of interest and concerns about pissing someone important off, a current employee in the SECs enforcement division said. I dont think anyone would explicitly say, Dont do it, but theyd just be like, I could do another case.
/snip
There have been internal concerns that Trump Media could be misleading investors, a source said. But with its largest shareholder about to be president, experts doubt the SEC is up to the job of investigating Truth Socials parent company.
by Justin Elliott, Robert Faturechi and Alex Mierjeski
Dec. 10, 5 a.m. EST
Last month a major shareholder of a publicly traded company took to social media to complain that people perhaps short sellers were spreading lies that could hurt his firms stock price.
There are fake, untrue, and probably illegal rumors, the post read. I hereby request that the people who have set off these fake rumors or statements, and who may have done so in the past, be immediately investigated by the appropriate authorities.
The Securities and Exchange Commission doesnt typically take its marching orders from shareholders on social media. But in this case, the poster was Donald Trump, whos just weeks away from being inaugurated and gaining the power to appoint the head of the SEC.
When Trump takes office in January, a president will for the first time be the majority owner of a publicly traded company, Trump Media, which runs Truth Social. Former SEC officials are concerned about how Trump could try to use the agency to go after the foes of his company, which accounts for more than half his fortune. They also worry that the agency isnt up for the job of taking on Trump Media should it run afoul of securities laws.
Cases involving public companies with aggressive lawyers are difficult even if you dont have conflicts of interest and concerns about pissing someone important off, a current employee in the SECs enforcement division said. I dont think anyone would explicitly say, Dont do it, but theyd just be like, I could do another case.
/snip
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ProPublica: Donald Trump Controls a Publicly Traded Company. Now He Will Pick Its Regulator. (Original Post)
Dennis Donovan
Tuesday
OP
Flatrat
(163 posts)1. This should surprise no one
Karasu
(286 posts)2. You are NOT supposed to be able to do this shit as POTUS. But of course, the GOP shat on the emoluments clause and threw
it in the trash 8 years ago, so...