I didn't realize the president could unilaterally invalidate the requirement to comply with laws just for the fun of it. Nor even to aid his good politically-expedient buddies.
Hey Mr. Everson! I hope you are well. I’ve been thinking a lot about the narratives around America’s 250th and recently wrote about some of the contradictions in how it’s being framed. Would love to hear your thoughts if you can check it out!
This remains my favorite passage in Trump Media's SEC filings--
"A number of companies that were associated with President Donald J. Trump have filed for bankruptcy. There can be no assurances that TMTG will not also become bankrupt."
"A number of companies that had license agreements with President Donald J. Trump have failed. There can be no assurances that TMTG will not also fail."
Trump Media probably could've deleted this risk factor--
"President Donald J. Trump’s criminal conviction in New York could make it more difficult for TMTG to obtain approvals from certain regulators or in certain jurisdictions."
Footnotes are the bane of an accountant's existence. It's the same boilerplate verbiage year after year until something changes and then you have to update all those templates.
We're always bound to miss one, especially if it's one of those shady public firms that isn't even run by an accountant.
We used to put it in risk factors fairly often, especially with non-US companies. Generally in the context of “OMG now we are a registered company and we have to comply with all this stuff and we might get it wrong.”
Just chiming in as someone who reads A LOT of SEC filings. FCPA language is very common in risk factors if company has foreign operations. What’s interesting is how this changes in the filings given the recent EO eliminating FCPA. Why should bribery be bad?🤪
Comments
This week, Trump issued an executive order temporarily pausing enforcement of that act.
https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-restores-american-competitiveness-and-security-in-fcpa-enforcement/
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000114036125004822/ef20039039_10k.htm
https://zachkahn.substack.com/p/the-hypocrisy-of-americas-250th-birthday?r=43zlkt
Best,
Zach Kahn
"A number of companies that were associated with President Donald J. Trump have filed for bankruptcy. There can be no assurances that TMTG will not also become bankrupt."
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000114036125004822/ef20039039_10k.htm
"A number of companies that had license agreements with President Donald J. Trump have failed. There can be no assurances that TMTG will not also fail."
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000114036125004822/ef20039039_10k.htm
"President Donald J. Trump’s criminal conviction in New York could make it more difficult for TMTG to obtain approvals from certain regulators or in certain jurisdictions."
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000114036125004822/ef20039039_10k.htm
We're always bound to miss one, especially if it's one of those shady public firms that isn't even run by an accountant.
They are just refusing to enforce the laws of the country whenever it is in their interests.
The office of the POTUS has far too much unilateral power OR this madman is abusing his power with impunity.
We have to stop him NOW.
"yeahh.."
Zach they're not trying to hide it.
The Street has an ethical obligation to act.
The faith everyone has in their 401-K is in play..no hiding from that.
Do you know whether it’s common for companies to list
“compliance with the U.S. Foreign Corrupt Practices Act."
as a risk factor in SEC filings?
#SecuritiesLaw Bluesky