The wranglers at the Securities and Exchange Commission are trying to tame wild unicorns, but they are both fantastic and elusive by design.
The U.S. agency is working on a plan to require more privately held companies to routinely disclose financial and other information, The Wall Street Journal reported last week. While Commissioner Allison Lee told the Journal she isn’t interested in forcing such reporting on smaller companies, she noted big firms “can have a huge impact on thousands of people’s lives with absolutely no visibility for investors, employees and their unions, regulators, or the public.” Former blood testing company Theranos comes to mind.
