Posted on 05/08/2002 10:02:21 AM PDT by ravingnutter
I love how you can so adroitly turn a phrase when describing our 'RAT friends.
.
http://www.newsmax.com/archives/articles/2002/7/19/181027.shtml
SEC's Pitt Says CEOs Will Go to Jail; Watch Out, Terry McAuliffe and Jon Corzine
Wes Vernon, NewsMax.com
Saturday, July 20, 2002
WASHINGTON – Securities and Exchange Commission Chairman Harvey Pitt says the top brass of rogue corporations will have to go to jail before the public is reassured about the stock market.
The chairman denounced political opportunism on the part of those who call for his resignation or try to blame the stock market dive (a 390-point Dow plunge Friday) on President Bush.
Meanwhile, NewsMax.com uncovered documents indicating the SEC is pursuing a probe that might lead to Democrat national chairman Terry McAuliffe’s dealings with Global Crossing.
(snip)
What About Sen. Corzine?
The SEC spokesman gave the same response to our inquiry about a Goldman-Sachs case when that investment firm was headed by Sen. Jon Corzine, D-N.J. Here’s the question:
"A class-action suit and a former broker have accused Goldman-Sachs of forcing underwriting investors to pay artificially high prices for certain stocks. Published reports [in the Washington Times] indicate the matter has been brought to the attention of the SEC. What is the status of that investigation?”
Again, no comment beyond the above stock answer. However, the Times' story says the whistle-blowing broker, Nicholas Maier, had discussed the matter with SEC investigators.
Corzine claims he knew nothing about such schemes when he ran the firm from 1994 to 1999. He left a multimillionaire to run for the Senate, an office he obtained by burying New Jersey voters with an avalanche of ads paid for by his deep pockets.
The Mickey-the-Dunce mantra of "I didn’t know anything about this” is an excuse Pitt wants to take away from CEOs in the future.
The senator is quoted as saying: "Goldman-Sachs never forced anyone to buy anything when I was chairman. I can tell you that.” Maier contradicts that.
The Press Club's allocation of questions to its luncheon guests is limited by the constraints of time and the number of reporters who submit the same questions. Several reporters apparently wanted Pitt to address political charges leveled against Bush administration officials, including the president himself, Vice President Dick Cheney and Army Secretary Thomas White.
The chairman reminded the luncheon attendees that the Bush case regarding the Harken firm had been fully investigated by the SEC 12 years ago by a conscientious professional investigator who was a political independent, and he concluded there was no need for action and no violation of the law.
"Some people seek to extract political advantage out of that,” the top regulator said. As for Cheney/Halliburton and White/Enron, Pitt said any action by the commission would be fair.
"No one in this country gets a free pass,” the chairman said.
As for suggestions that he himself should resign because of his past dealings with leading accounting firms, Pitt says that’s the very reason he should not step down for the job he has held for 11 months, and for which he took more than a 99 percent cut in pay.
Most people understand you need somebody "who knows where the bodies are buried,” and he would not "walk away” from his responsibilities.
As for those who demagogue the corporate scandals to gain a couple of congressional seats, "I don’t listen.”
Errr, well, it's been 3-1/2 years now, so I'm sure that stunning victory is coming any day now, right?
Anyone feel like sending them a check these days? Anyone?
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