Mary Schapiro, the Chairwoman of the Securities and Exchange Commission (SEC) and “Dear Friend” of Bernie Madoff, announced her resignation today.

In honor of this great day, I’d like to share a portion of a speech from Ms. Shapiro that she gave on 27-JAN-2010 that showed how incompetent this person was to run not only the SEC but any organization in our government (emphasis mine).

“Next, we will consider a recommendation to provide public companies with interpretive guidance on existing disclosure requirements as they relate to business or legislative events on the issue of climate change.”

“What the Commission is considering is whether to provide guidance that can help public companies in determining what does and does not need to be disclosed.”

“It is neither surprising nor especially remarkable for us to conclude that of course a company must consider whether potential legislation — whether that legislation concerns climate change or new licensing requirements — is likely to occur. If so, then under our traditional framework the company must then evaluate the impact it would have on the company’s liquidity, capital resources, or results of operations, and disclose to shareholders when that potential impact will be material. Similarly, a company must disclose the significant risks that it faces, whether those risks are due to increased competition or severe weather. These principles of materiality form the bedrock of our disclosure framework.”

Yes, you read that right.  The Chairwoman of the SEC decided that it was important to have public companies include climate change issues in their disclosures.

Hey Mary, DLTDHYOTWO!!!