Former SEC Commissioner Fleischman Opines on Indymac’s Disclosure Controls
Excerpt from “Report of Edward H. Fleischman, SEC vs. Michael W. Perry and A. Scott Keys”:
“III. SUMMARY OF OPINIONS
10. Based on my review of the record, and more than fifty years of experience as a securities regulator and an adviser to public companies on disclosure and corporate governance matters, I have reached the following opinions regarding Indymac’s disclosure process and controls in 2008.
11. Indymac’s Sarbanes-Oxley disclosure controls and process were rigorous and well within the standards for such controls set by applicable guidance.
12. Indymac’s disclosure controls were applied and followed consistently throughout the period from January 1, 2008 through May 12, 2008, even under the pressure of fast-moving events.
13. The application of Indymac’s disclosure controls during this period evidence a great deal of good faith effort to comply with Indymac’s disclosure obligations by Mr. Perry, Mr. Keys, and many others acting under their supervision.
14. Indymac’s disclosure of its total risk-based capital ratio in the May 12, 2008 Form 10-Q compares favorably with that of other bank holding companies of similar size at the time.”