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As bank financing costs rose to new highs after the collapse of Lehman Brothers, regulators worried that firms might have submitted low interest rate figures that underpin Libor, making their financial positions look stronger.
For while many companies have spent the past year making their financial reports simpler and more transparent, those from InterActive, an Internet commerce conglomerate whose businesses include the Home Shopping Network, Expedia Inc. and Hotels.com, are still maddeningly complex.
"Not content with letting our banks off scot-free, Osborne now wants to prevent European countries from making their financial sectors pay to repair the damage caused by the crisis.
The bankers and their allies in government have succeeded once again in making their financial engineering too complex to regulate.
But the law also applies to a reported 300,000 executive branch employees, making their financial disclosures available online (something POGO has long recommended) and dictating that the top executive branch employees, Congress, and their staff report stock and other financial transactions within 30 days.
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But, he added, "this doesn't make their financial problems go away.
We don't think individuals have the time or the expertise to make their financial decisions.
If students saw what they were getting for their money, they would gladly make their financial contribution, he said.
One of the commission's recommendations would require public and private institutions to make their financial reports public.
Firms have aggressively tapped the credit markets to make their financial position more secure and, latterly, even to pay for acquisitions.
Missions such as these often sought to work in areas unoccupied by other missionaries, guaranteed no salaries, and left financial support in God's hands, but most bodies made their financial needs known to a wide constituency.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com