Microsoft is laying off 10,000 employees, nearly 5% of its workforce, in what the tech company calls a “response to macroeconomic conditions and changing customer priorities,” according to a Securities and Exchange Commission filing Wednesday. The workers will be laid off by the conclusion of the third fiscal quarter this year, the company said.Read More
Tag: Securities and Exchange Commission
SEC Charges Eight ‘Social Media Influencers’ with Securities Fraud
The Securities and Exchange Commission on Wednesday announced charges against eight “social media influencers” in what the agency said was a coordinated effort to manipulate stocks via multiple Internet platforms.
The agency said in a press release those charged where involved in a $100 million securities fraud scheme in which they used the social media platforms Twitter and Discord to “manipulate exchange-traded stocks.”Read More
Commentary: Connecting ‘Energy Inflation’ with ‘Climate Extremism’
In the approaching 2022 midterm elections, American voters will have the opportunity to decide whether oil industry executives are really to blame for high energy prices—or if it’s instead the political class that needs a shakeup.
In a new report for Real Clear Energy, Joseph Toomey, a career-management consultant, makes a persuasive case that the energy inflation now victimizing American consumers and taxpayers is the result of deliberate public-policy choices made here at home. Even as President Biden vilifies energy companies, the evidence is overwhelming that the current regime in Washington is beholden to climate extremism at the expense of affordable energy, Toomey argues.Read More
‘Unprecedented Level of Federal Overreach’: 16 Governors Urge Biden to Rescind Costly Wall Street Climate Rules
A coalition of 16 Republican governors sent a letter Tuesday to President Joe Biden, urging him to rescind a proposal introducing a series of climate requirements for companies.
The recent Securities and Exchange Commission (SEC) proposal, which forces publicly-traded companies to share so-called climate change risks and greenhouse gas emissions, would harm businesses and investors by adding high compliance costs, the governors argued in the letter addressed to both Biden and SEC Chairman Gary Gensler. The climate disclosure rule, they added, would also represent an overstepping of the SEC’s authority.Read More
Big Business Wins Again: Biden Climate Rules Will Hurt Small Companies Most
America’s top financial regulator issued climate disclosure rules that are more burdensome for smaller companies than large companies, according to the agency’s own analysis.
While the rules would cost large corporations $640,000 at first and $530,000 in subsequent years, they would cost smaller publicly-traded companies $490,000 initially and $420,000 in following years, the Securities and Exchange Commission (SEC) said in its proposal. The regulator’s analysis suggests that smaller companies would feel a relatively larger financial burden as a result of the proposed disclosure rules.Read More
GOP Calls Out Biden’s Attempt to Impose a ‘Green New Deal’ Through Wall Street Regulation
A group of 40 House Republicans sent a letter to the Securities and Exchange Commission (SEC) Monday, urging the agency to rescind a regulatory proposal forcing companies to disclose “climate-related risks.”
The Republicans, led by House Oversight Subcommittee on Environment Ranking Member Ralph Norman, slammed the financial regulator, saying it exceeded its congressionally-mandated authority in issuing the climate rule, in the letter obtained exclusively by the Daily Caller News Foundation. The lawmakers added that the rule was especially inappropriate given the ongoing energy crisis.Read More
Commentary: Expect Big Pivot from SEC to Require Climate, ESG Disclosures in Investor Filings
The biggest decision the Securities and Exchange Commission (SEC) is likely to make this year will be on mandated disclosure of information related to climate change and corporate environmental, social, and governance (ESG) goals. The Commission has been working on the issue since early last year, and a new proposed rule is now scheduled to be released on March 21st. The contents of that rule will likely determine the future direction of “responsible” investing in the United States.
In March of last year, then-Acting Chair Allison Herren Lee issued a request for information on the matter, consisting of 15 questions and described as a response to the “demand for climate change information and questions about whether current disclosures adequately inform investors.” The questions covered a wide range of topics, from how to measure greenhouse gas emissions to how climate disclosures “would complement a broader ESG disclosure standard.”
When the SEC first issued guidance on climate change-related disclosures for public companies in 2010, the standards were fairly general and advisory, but the questions from last year’s request-for-information suggests that the agency’s leadership is considering a more aggressive and prescriptive framework.Read More
Corporations Go Out of Their Way to Help Employees Get Abortions
Corporations, including Citigroup, Apple and Match, are helping their employees undergo abortions in light of new, state-level restrictions.
Citigroup announced a policy of covering travel costs for U.S.-based employees seeking abortions “in response to changes in reproductive healthcare laws in certain states” in a Securities and Exchange Commission (SEC) filing. The policy will cover airfare and lodging, according to Bloomberg.Read More
Dr. Oz’s Ties to Pharma, Tech Complicate Anti-Corporate Campaign Claims
While Republican Pennsylvania Senate candidate Dr. Mehmet Oz has billed himself as a staunch opponent of big corporations, his ties to major technology and pharmaceutical corporations complicate his campaign rhetoric.
Oz, who announced his candidacy in late November, is running for the empty Senate seat left by retiring Republican Pennsylvania Sen. Pat Toomey. The celebrity doctor has made opposition to major technology and pharmaceutical companies a hallmark of his campaign, pitching his experience working in television and exposing scams as an example of his anti-corporate positions.Read More
Securities and Exchange Commission to Crack Down on Private Companies, Heighten Disclosure Requirements
The Securities and Exchange Commission (SEC) plans to crack down on private companies, forcing them to disclose financial and operation statements more frequently, The Wall Street Journal reported.
Regulators have grown more concerned over the lack of oversight regarding private fundraising for companies, the WSJ reported. The private investment market has become a popular way for companies to raise money without undergoing the regulatory scrutiny required for public trading.
“When they’re big firms, they can have a huge impact on thousands of people’s lives with absolutely no visibility for investors, employees and their unions, regulators, or the public,” SEC Commissioner Allison Lee told the WSJ. “I’m not interested in forcing medium- and small-sized companies into the reporting regime.”Read More
Electric Truck Maker Pays $125 Million to Settle Charges It Defrauded Investors
Electric truck manufacturer Nikola announced Tuesday it had settled fraud charges with the Securities and Exchange Commission (SEC), agreeing to pay the regulator $125 million.
The settlement is in response to allegations by the SEC that Nikola’s founder and former chief executive Trevor Milton misled investors about Nikola’s products and technological progress in order to boost the company’s share price. The SEC alleged that Milton misrepresented the anticipated costs and sources of electricity for its truck venture.
Milton was indicted by the Department of Justice in July on fraud charges, to which he pleaded not guilty.Read More
Chase Bank Fined $200 Million for ‘Widespread’ Record-Keeping Failures, Unapproved Communications
Federal regulators hit the largest bank in the U.S. with a $200 million fine Friday for failing to keep track of employees’ use of messaging apps, including WhatsApp, to evade federal record-keeping laws.
The Securities and Exchange Commission (SEC) announced Friday that a subsidiary of JPMorgan Chase & Co. would pay $125 million after admitting to “widespread” record-keeping failures. The bank will pay an additional $75 million fine to the Commodity Futures Trading Commission for allowing unapproved communications since 2015.Read More
Facebook Is Under Government Investigation over Leaked Documents
Facebook is being investigated over leaked company documents and allegations by a former employee, according to financial filings.
The company’s 10-Q form filed with the Securities and Exchange Commission (SEC) on Tuesday mentions that Facebook is “subject to government investigations and requests” seemingly related to documents leaked by former Facebook employee Frances Haugen that detail tech giant’s business practices and internal research.Read More
Facebook Employees Actively Censored Conservative Websites, Even in Defiance of Managers
A series of new leaks from Big Tech giant Facebook has revealed even more bias against conservatives from the company’s employees, even to the point of causing internal debates between employees and upper management, according to the New York Post.
The latest leaks come from message board conversations reviewed by the Post, which showed back-and-forth discussions within Facebook about how to deal with conservative news outlets during last year’s race riots by far-left domestic terrorist organizations such as Black Lives Matter and Antifa.
Some employees expressed their desire to completely remove sites such as Breitbart from Facebook’s “News Tab” feature. When one such employee asked a manager about doing so, the manager responded by pointing out that “we saw drops in trust in CNN 2 years ago,” before rhetorically asking “would we take the same approach for them too?”Read More
Another Whistleblower Files SEC Complaint Alleging Facebook Didn’t Do Enough About ‘Hate Speech’, ‘Misinformation’
Another former Facebook employee filed a whistleblower complaint Friday with the Securities and Exchange Commission alleging that the tech giant misled its investors by failing to combat the spread of hate and misinformation on its platform, The Washington Post reported.
The former employee, whose name is not yet public, alleged that Facebook executives chose not to pursue adequate content moderation policies related to hate speech and misinformation for the sake of maximizing profits. The complaint also alleges that Facebook did not do enough about alleged Russian misinformation on the platform for fear of upsetting former President Donald Trump.
In particular, the complaint alleges that Trump and his associates received preferential treatment, according to the Post.Read More
Biden Administration Approves Rule Forcing Companies to Hire Minority, LGBTQ+ Executives and Publicly Disclose Diversity
The top U.S. financial regulatory agency approved a rule that forces publicly-traded companies to reveal the diversity of their executive boardroom to investors.
The Securities and Exchange Commission (SEC) voted in favor of the rule, which will apply to all companies traded on the Nasdaq stock exchange, according to the text of the approval released Friday. The rule, first proposed by Nasdaq in December, will also require companies to hire at least one female director and one either minority or LGBTQ+ director to their boards.Read More