RUSH TRANSCRIPT But those ░░░░░░░░ have been the exception ░░░░░░░░ you think of how ░░░░░░░░ thousands of publicly traded ░░░░░░░░ there are Should the ░░░░░░░░ E C America s ░░░░░░░░ market regulator not just ░░░░░░░░ companies with close links ░░░░░░░░ China to take precautionary ░░░░░░░░ but require them to ░░░░░░░░ the potential impact the ░░░░░░░░ could have on their ░░░░░░░░ Norm chance served as ░░░░░░░░ of the S E ░░░░░░░░ The attorney joins us ░░░░░░░░ in a fox business ░░░░░░░░ All right If they ░░░░░░░░ a portion of their ░░░░░░░░ line or their supply ░░░░░░░░ goes through an area ░░░░░░░░ is now being affected ░░░░░░░░ they know it will ░░░░░░░░ their numbers should they ░░░░░░░░ sure they Fess up ░░░░░░░░ the company knows it ░░░░░░░░ a material impact on ░░░░░░░░ earnings the S E ░░░░░░░░ Made clear in a ░░░░░░░░ yesterday that that company ░░░░░░░░ to think about getting ░░░░░░░░ disclosure Liz Think about ░░░░░░░░ different than we require ░░░░░░░░ Remember the law requires ░░░░░░░░ to disclose all material ░░░░░░░░ So we don t ░░░░░░░░ an extra piece from ░░░░░░░░ S E C To ░░░░░░░░ it s required It ░░░░░░░░ required And companies face ░░░░░░░░ risk if they don ░░░░░░░░ Liz Was this sort ░░░░░░░░ a reminder by the ░░░░░░░░ E C we know ░░░░░░░░ of you are mega ░░░░░░░░ or minorly exposed better ░░░░░░░░ sure your investors know ░░░░░░░░ or else What would ░░░░░░░░ if a company out ░░░░░░░░ doesn t let people ░░░░░░░░ they are waiting hoping ░░░░░░░░ thing will die down ░░░░░░░░ yet it does end ░░░░░░░░ materially affecting the earnings ░░░░░░░░ think what the S ░░░░░░░░ C Was saying yesterday ░░░░░░░░ for those of you ░░░░░░░░ on your financial statements ░░░░░░░░ financial reporting if this ░░░░░░░░ an impact to those ░░░░░░░░ you better get it ░░░░░░░░ there What happens to ░░░░░░░░ in the United States ░░░░░░░░ they don t disclose ░░░░░░░░ facts we all know ░░░░░░░░ get sued Liz Sure ░░░░░░░░ I find out that ░░░░░░░░ own a stock and ░░░░░░░░ I didn t know ░░░░░░░░ part of their business ░░░░░░░░ really dependent on China ░░░░░░░░ an area that China ░░░░░░░░ certainly affecting or sending ░░░░░░░░ to I m going ░░░░░░░░ be furious Investors have ░░░░░░░░ right to know That ░░░░░░░░ the thrust of the ░░░░░░░░ The thrust of our ░░░░░░░░ is disclosure to investors ░░░░░░░░ it s important for ░░░░░░░░ to consider that disclosure ░░░░░░░░ Travel giant expedia declined ░░░░░░░░ give full year guidance ░░░░░░░░ its latest quarterly report ░░░░░░░░ to quote the unknowns ░░░░░░░░ the ongoing contagion Could ░░░░░░░░ assume that a travel ░░░░░░░░ is certainly going to ░░░░░░░░ bruises from this I ░░░░░░░░ t know their business ░░░░░░░░ I think they are ░░░░░░░░ to have to assess ░░░░░░░░ it is material to ░░░░░░░░ business and that s ░░░░░░░░ all these companies are ░░░░░░░░ themselves Liz Before we ░░░░░░░░ we have this e ░░░░░░░░ JPMorgan deal JPMorgan wants ░░░░░░░░ buy e trade multi ░░░░░░░░ dollar all stock deal ░░░░░░░░ think the S E ░░░░░░░░ Or Department of Justice ░░░░░░░░ have any concerns about ░░░░░░░░ So Department of Justice ░░░░░░░░ have an antitrust review ░░░░░░░░ any merger of that ░░░░░░░░ You will have that ░░░░░░░░ However it is part ░░░░░░░░ a larger trend in ░░░░░░░░ management consolidations as margins ░░░░░░░░ come in Liz Previous ░░░░░░░░ have indicated this one ░░░░░░░░ go through I would ░░░░░░░░ we are generally seeing ░░░░░░░░ lot of consolidation It ░░░░░░░░ just hard to make ░░░░░░░░ in business Liz Good ░░░░░░░░ see you.