Most of the commentary over Donald Trump’s presumed secretary-of-state nominee Rex Tillerson concerns the Exxon Mobil CEO’s closeness to Russia, and Senate Republican discomfort with that relationship. But Trump and Tillerson share something else that hasn’t gotten as much attention—a penchant to rip off their business partners.

In ExxonMobil’s case, I’m talking about shareholders. Tillerson’s company has been under formal investigation by the Securities and Exchange Commission since August for failing to accurately value its proven oil reserves.Those reserves are critical to investors for assessing the future viability of the company. Without the certainty that the company can keep crude oil flowing decades into the future, ExxonMobil stock would plummet. Rewriting the disclosures to investors with lower valuations would cost the company billions of dollars. And actually the entire oil and gas industry would be affected by a new standard rather than the current ad hoc system.

Full story: https://www.thenation.com/article/potential-secretary-of-state-nominee-rex-tillerson-has-an-sec-problem/

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