Publicly-traded companies are typically great at massaging financial balance sheets; in fact, CFOs are often paid to do just that. The problem comes when too much subterfuge unfairly misleads investors and causes unnecessary losses (or stock gains and executive cashouts).
Which brings us to the Securities & Exchange Commission (SEC), which, among other things, closely governs the activities of companies traded on Wall Street (ie, you don’t want to f*&k with them). Over the course of several letters, the SEC has been repeatedly instructing Live Nation Entertainment to better disclose massive losses for 2012, as not to mislead investors and Wall Street.
Live Nation lost $163.2 million last year (at least according to the company), which is part of a loss pile of nearly $800 million over the last five years alone (again, according to the company). Live Nation has agreed to comply with the requests, without admitting any wrongdoing. The SEC, similarly, has reserved the right to take further action.
And they wonder why Irving Azoff left.
The S.E.C. should also make them better disclose beer prices at shows. And clean the toilets.
Actually, I think they’ve done a lot of beer price lowering of late (with Kid Rock also pushing that crusade). It’s important to drink a lot of beer at shows.
But all of that means more toilet use… see the problem?
No way the lost $800 MM in 5 yrs.
Correct what? Your sloppy spelling and grammar?
The Staff know nothing.