Wall Street Is the Hen House and PCAOB Is the Fox

Editor's note: Have you ever heard the expression the fox is guarding the hen house? Well, here you have the best example of that expression with the SEC "overseeing Wall Street." The SEC (Securities & Exchange Commission) is simply a contract manager at this point. The SEC - a "government regulatory agency" that oversees the stock market, appointed a private sector, non-profit board to oversee the audits of public corporations - regulated entities by the SEC. In other words, the SEC is outsourcing their regulatory responsibility to a private sector, non-profit organization. Want a good laugh? PCAOB has a "tip and referral center." We have a tip: Can we see the audits?

Public Company Accounting Oversight Board (PCAOB)
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Source: Investor.gov

Public Company Accounting Oversight Board (PCAOB)

The Public Company Accounting Oversight Board (also known as the PCAOB) is a private-sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee accounting professionals who provide independent audit reports for publicly traded companies. The PCAOB's responsibilities include:

• registering public accounting firms;

• establishing audit, quality control, ethics, independence, and other standards relating to audits of public company audits;

• conducting inspections, investigations, and disciplinary proceedings of registered accounting firms; and

• enforcing compliance with the Sarbanes-Oxley Act.

When Congress created the PCAOB, it gave the SEC the authority to oversee the PCAOB's operations, to appoint or remove members, to approve the PCAOB's budget and rules, and to entertain appeals of PCAOB inspection reports and disciplinary actions. You can find SEC orders and other releases concerning the PCAOB here.

For more information about the PCAOB, please visit the PCAOB's website. There you will find links to the PCAOB rules and rulemaking initiatives, information about auditing standards, releases concerning enforcement, reports of inspections, and much more.

To file a complaint with the PCAOB, pass along a tip, or provide information that may be relevant to a PCAOB inspection, please visit the PCAOB's Tip and Referral Center.

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How corrupt is it? It is bad, very bad...

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The financial system, banks, investing can no longer tolerate the corruption and the stress:

Nightmare Fall of United States – Martin Armstrong

Take the money and run...

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