Philip Morris International isn’t very happy about the World Health Organization’s Framework Convention for Tobacco Control. But in their 2nd quarter 10-Q, SEC filing they pretend they are; saying that they are in agreement with much of the Framework’s regulatory goals but, “the extreme applications” of the treaty provisions “may adversely affect our business, volume…cash flows and financial positions.” However, in their 3rd quarter filing, the language about their business woes is strangely missing.
Why is that? Did they think investors might not feel good about themselves if they have to choose between stronger regulations equals fewer tobacco-related deaths vs. stronger regulations equals lower Philip Morris profits? Shame on those SEC report writers! Gloss, distract and obscure; those are the writing skills required for that job.
Reading Tea Leaves by Randy Wilson 
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