Liability of phone companies [perhaps off-topic]

[David Farber <dave () farber net>]

Begin forwarded message:

From: Chris Savage <chris.savage () CRBLAW COM>
Date: May 12, 2006 3:50:11 PM EDT
To: CYBERIA-L () LISTSERV AOL COM
Subject: Re: [CYBERIA] Liability of phone companies [perhaps off-topic]
Reply-To: Law & Policy of Computer Communications <CYBERIA- 
L () LISTSERV AOL COM>

That's pretty interesting.  I'm not a securities lawyer at all, but to a
first approximation I think it means that you can lie in your 10K if you
get permission from the feds.

Can anyone confirm/deny/correct/expand upon that?

That's a really creepy result if you believe in financial transparency
and efficient capital allocation.

Chris S.

<snip>

> (b) Form of report; books, records, and internal accounting;
directives
>     (3)(A) With respect to matters concerning the national security of
> the United States, no duty or liability under paragraph (2) of this
> subsection shall be imposed upon any person acting in cooperation with
> the head of any Federal department or agency responsible for such
> matters if such act in cooperation with such head of a department or
> agency was done upon the specific, written directive of the head of
such
> department or agency pursuant to Presidential authority to issue such
> directives.

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