As financial firms are the recipients of more and more reporting obligations from government regulators, I find it amusing to note when the lawmakers fail in their own reporting obligations. The Wall Street Journal is reporting that Senator Bob Corker failed to disclose millions of dollars in his financial reports.
The senator is the third-ranking Republican on the Senate Banking Committee, which oversees the real-estate and financial-services sectors. This is the committee that oversees the Securities and Exchange Commission and is, at least in part, the architect of the reporting obligations of fund managers and investment advisers.
“I am extremely disappointed in the filing errors that were made in earlier financial disclosure reports,” Mr. Corker said in a statement to the Wall Street Journal.
I don’t think the SEC would be as receptive to that statement when made during an examination.
Or for blaming the accountants for using the wrong method.
I’m not accusing the Senator for any wrongdoing. He relies on his team of advisers to follow the rules imposed on him.
Of course the same can be said for many investment advisers. Do As I Say, Not As I Do
Sources:
- Sen. Bob Corker Failed to Properly Disclose Millions of Dollars in Income by Brody Mullins in the Wall Street Journal
- Sen. Bob Corker faces complaints of possible insider trading by Andy Sher in TimesFreePress.com
- Sen. Bob Corker blames accountants for disclosure ‘filing errors’ by Andy Sher in TimesFreePress.com