The stated objective of the US SEC is to require issuers to provide “full disclosure” of all “material facts” about securities sold to the public or traded on exchanges. In fact, many relevant facts are indeed disclosed and are held in SEC files available to anyone via the Internet. However, it’s not always easy to find these […]

On July 9, 2020, the US SEC declared California IOUs to be securities subject to Federal law, as reported in an article in The Bond Buyer. Further regulation is expected from the Municipal Securities Rulemaking Board. If these securities do not extend beyond one year, it would appear that they might be exempt from Federal income tax. We […]

On July 11, 2020, in a column by Jason Zweig, the WSJ asked, “Does Stock-Market Data Really Go Back 200 Years?” Here are some quotes from this article: […]