HAS THE SEC BECOME TOTALLY UNTETHERED FROM THE REAL WORLD?

HERE ARE THREE MORE GRIM SIGNS THEY ARE…

• FORGING AHEAD TO REPEAL PROXY RULES WITH OVER 90 PERCENT OF THE PUBLIC COMMENTS OPPOSED – and literally hundreds of examples from investors, and from public companies of every stripe, as to how important sensible proxy proposals (and sensible ESG guidelines too) actually ARE.
• TOTALLY UNWARRANTED BRAGGING ABOUT NEW IPOS…AS IF THE SEC IS IN CONTROL HERE.

Here’s the SEC’s braggadocious and misleading Release of Sept. 23, 2026 

“The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) published updated statistics and data visualizations covering key segments of the U.S. capital markets, including a notable increase in the number of initial public offerings (IPOs) and follow-on registered offerings.

Key Highlights: First Half 2026

“In the first half of 2026, IPO and follow-on offering activity showed year-over-year growth:

• IPOs: There were 208 IPOs raising over $137 billion in the first half of 2026, compared with 180 IPOs raising over $27 billion in the first half of 2025. This represents an approximately 16% increase in the number of IPOs and nearly 400% increase in proceeds raised.
• Follow-on offerings: There were 557 follow-on registered offerings raising over $111 billion in the first half of 2026, compared with 505 offerings raising nearly $84 billion in the first half of 2025. This represents an approximately 10% increase in the number of offerings and a 33% increase in proceeds raised.”

THEN COMES THE SUCK-UP (AND MAYBE STUPIDEST) STATEMENT OF THE YEAR…

“DERA’s latest data highlight the continued strengthening of U.S. capital formation under Chairman Atkins, with notable growth in both IPOs and follow‑on offerings,” said Dr. Joshua T. White, Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis. “By expanding access to transparent, high‑quality data and analysis, DERA aims to equip the public, market participants, and policymakers with insights that support resilient and well functioning capital markets.”

“DERA integrates financial economics and rigorous data analytics into the SEC’s core mission. It provides high-quality economic and statistical analyses to inform Commission rulemaking and oversight, and helps identify and respond to emerging issues, trends, and innovations in the marketplace.”

DERA, DERA…DERA…  OH DEAR… DUHH!… WAKE UP! ARE YOU JOSHING WITH US? OR ARE YOU JUST CLUELESS??? 

Josh White’s bodacious boasting fails to note the widely reported statistics from PitchBook, showing that as of June 30, Private Equity firms had an astounding 33,575 unsold portfolio companies – up from 32,451 at year-end 2025 and more than double the 15,923 a decade ago!  

As we’ve written a half-dozen times or more of late, the reason for the big drop in listed companies is due solely to market forces - where weak companies disappear and strong ones get acquired – all at a much faster rate than fresh IPOs are being launched. “It’s the economy, stupids – and not Paul Atkins & Co. that are moving, or failing to move markets here!”

• LASTLY, HOW ABOUT A RULING THAT A SINGLE COMMISSIONER CAN CONSTITUTE A QUORUM! HOW UNTETHERED FROM REALITY CAN ONE BE? SEE THE READER ALERT BELOW, AND CONSIDER TAKING ACTION, WE URGE