What podcasts say about Marc Steinberg
Every statement, with the speaker, the exact quote and the moment it was said.
What Marc Steinberg has said on podcasts
17 statements · 2 positive · 14 negative · 1 mixed
The current SEC prioritizes capital formation over investor protection.
“this particular commission is not focused primarily on investor protection. It's focused primarily on facilitating capital formation.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 11:11
Semiannual reporting would produce minimal cost savings.
“The cost savings are minimal, as shown by the Commission's own studies.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 13:10
Restricting private-offering rules would push large private companies toward public markets.
“if the private offering rules are made more restrictive, this will induce these larger companies to go into the public markets”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 14:06
About 99% of SEC comment letters opposed the reporting proposal.
“the vast, vast, vast majority of the comment letters that the SEC has received literally, what, hundreds of thousands of them. They oppose this proposal by what, 99%? 99 to 1, if not more.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 15:45
Voluntary disclosure can let companies delay material news for several months.
“With voluntary disclosure, unless an item falls within the Form 8-K, which often it does not, a company can delay disclosure for several months.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 17:21
U.S. companies generally need not disclose events outside Form 8-K until periodic filings.
“unless a disclosure event falls into the 8-K laundry list, There's no duty to disclose that information generally until the next quarterly filing”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 18:04
Semiannual reporting should be paired with broader Form 8-K material-information disclosure.
“what it must do is to amend the Form 8-K to require the disclosure of all material information unless justifiable business reason exists otherwise”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 19:59
Semiannual reporting would enlarge gaps allowing companies to withhold material information longer.
“what this proposal will do is that it will exacerbate this black hole. It will make it larger where companies can keep material information silent for prolonged periods of time”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 21:52
Reduced transparency could raise companies’ borrowing premiums.
“credit will be extended, that debt can be issued, but it may well be viewed as less favorable to investors because of the higher risk due to the lack of transparency, thereby calling for higher premiums to be paid by the company”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 23:39
Most large public companies are unlikely to adopt semiannual reporting initially.
“I would be surprised that a majority of the companies, or even a large percentage less than a majority, would go to semiannual reporting.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 25:10
Competitive pressure could eventually lead many companies to adopt semiannual reporting.
“that, I think, is the risk that will develop that may cause a good number of these companies, perhaps a majority, it's possible, to, in a matter of time over the course of years, go to semiannual reporting.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 25:43
Less frequent reporting would increase opportunities for insider trading.
“this will give insiders and others privy to material nonpublic information greater access and opportunity to engage in this type of illegality.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 26:59
The SEC will likely adopt the quarterly-reporting rule largely as proposed.
“we will see the rule largely adopted as proposed.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 28:40
Courts may invalidate the rule if the SEC adopts it.
“we may well have a decision by the US Court of Appeals, which may go up to the US Supreme Court, that invalidates this rule proposal if it in fact is adopted.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 29:54
The current SEC administration represents an unprecedented assault on investor protection.
“There has been never anything in the history of the SEC with an assault on investor protection as with its current administration.”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 30:36
The SEC’s deregulatory agenda risks severe damage to markets and investor protection.
“the Commission is taking real, real risks on causing severe damage to the U.S. capital markets, to investor protection”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 32:51
SEC deregulation could cause financial crises, fraud, and major investor losses.
“there is a real risk, I believe, that we are going to have grave financial fallout, financial crisis, financial frauds, investors losing huge amounts of money”
Open the episode · Quarterly Earnings Reports May Be Over Soon. Is That Bad News For Investors?Listen at 33:27
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.