The initial SEC terrorist "business partner" list had little basis in reality because the SEC had little stake in the definition. The "government" list should be published by an organization with substantial overseas experience. All of this leads me to believe that no one, political or otherwise, will be able to devise a universally acceptable list of standards. Couple this with the prevailing fact that divestiture laws vary widely and we believe that mandated divestiture will grow ever more confusing. We predict epic displays of grandstanding from politicos at the State and Federal levels. We may be back to square -1.
No one, NO ONE, wants to offer financial support to regimes that sponsor terrorists. But I wonder how can these efforts have any impact? And yes, we still do not know why Cuba is on this list.
WASHINGTON (via CBS MarketWatch) -- The Securities and Exchange Commission's new list of public companies that invest in five countries that support terrorism is flawed and should be revised or eliminated, a senior U.S. lawmaker said in a letter released Friday.
The regulator's list, announced on June 25, names companies that have business relating to North Korea, Syria, Iran, Sudan and Cuba. Those five countries have been named state sponsors of terrorism by the U.S. Secretary of State. See SEC Web site.
House Financial Services Committee Chairman Barney Frank, D-Mass., told SEC Chairman Christopher Cox in the letter that he is concerned about the compilation of the list.
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