[mewzilla]

Use the speech to announce some indictments. That'll help.

[Huck]

Use the speech to announce some indictments. That'll help.

It'll help politically, but will it do anything for the market? The financial risk comes from not knowing who ELSE is out there, not from wondering what will happen to the ones we already know about(where the hell is Gary Winnick anyway?) Announcing some indictments will help with the President's political risk, and I hope he does it, but I don't see how anything but time or--perish the notion-- maybe a good month or two without a new business scandal is going to eliminate the negativity in the markets.

[steve50]

If he doesn't get some charges filed on these guys we can kiss the house and senate goodbye. I think many Americans are getting tired of speeches, they want action

[Right_in_Virginia]

"Use the speech to announce some indictments. That'll help."

True. But, the president also has to address the national debt and stress the positives of the current economy.,,specifically WHAT the good news is and WHY it's good news.

And, the president needs to rally the nation to be positive, steady and to stay the course as he has he has done with the war. ---The president has to find a tag similar to: "We will not tire, we will not falter and we will not fail" to shore up citizen and investor confidence.

[Libloather]

Use the speech to announce some indictments. That'll help.

Bookkeeping Errors Contribute to $17.3 Billion Federal Loss
© Copyright 2002 - AccountingWEB US
29th May 2002

Making Enron's $600 million restated financial statements look like a mistake in a child's allowance, the U.S. Treasury has admitted an accounting error and a resulting loss of $17.3 billion.

The admission appeared in the 2001 Financial Report of the United States Government issued earlier this spring and accompanied by the statement by the General Accounting Office (GAO) that once again, for the fifth consecutive year, the GAO is "unable to express an opinion on the consolidated financial statements because of certain material weaknesses in internal control and accounting and reporting issues."

Treasury Secretary Paul O'Neill stated in the report, "I believe that the American people deserve the highest standards of accountability and professionalism from their Government and I will not rest until we achieve them."

The report indicates that three factors contributed to the error: inaccurate bookkeeping by government agencies, errors in reporting contracts among government agencies, and timing problems associated with reporting costs and revenues.

For further information: http://www.fms.treas.gov/cfs/01frusg/01frusg.pdf