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Woodward Dismisses Romney’s SEC Documents: Everyone Knows Financial Disclosures Are ‘Camouflages’ For Reality

By Josh Israel  

"Woodward Dismisses Romney’s SEC Documents: Everyone Knows Financial Disclosures Are ‘Camouflages’ For Reality"

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Bob Woodward

On NBC’s Meet the Press this morning, Washington Post associate editor Bob Woodward dismissed SEC disclosure documents — the only transparency for corporations in our largely unregulated financial sector — as essentially meaningless forms that obscure what is really happening.

Woodward told host David Gregory that SEC documents that suggest Mitt Romney has been less than honest about his tenure at Bain Capital should be ignored:

WOODWARD: People who are relying on SEC documents know the value of SEC documents. I mean, they are camouflages for what’s really going. So that’s not really the issue.

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The U.S. Securities & Exchange Commission’s mission is “to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.” Part of that involves “promoting the disclosure of important market-related information” so citizens, journalists, and investors can have accurate information about who is doing what and make educated decisions.

In 2002, Rep. Spencer Bachus (R-AL), now the chairman of the House Financial Services Committee, identified the SEC as being primarily responsible for both “defending capitalism but also vigilant in rooting out the excesses and rooting out wrongdoing.”

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