Right. Now, what will be interesting is what Bush does in response. Will it be a bunch of new legislation destinged to "protect" investors by piling on a whole host of regulations on companies traded publically?
Given his recent trend toward being more liberal than his democrat counterparts, I wouldn't be surprised at all. After all, he's a "compassionate conservative" and poor investors aren't very smart. They need government help.
Actually, as shown finally on PBS's Frontline last week, the reversal of the STUPID override of even a clinton veto of the legislation that allowed auditors to double as consultants, led by Senators Dodd, Lieberman and Tauzin will probably the the kind of "restorative" legislation "W" will be sponsoring!
Even clinton knew better and vetoed such folly. These two Demonicrats and one Repellican wouldn't learn anything from the lessons of 1929!!!
12:22PM House investigators to probe WorldCom restatement (WCOM) by William L. Watts House investigators will investigate WorldCom's (WCOM) $3.8 billion restatement, Energy and Commerce Committee Chairman Billy Tauzin, R-La., said. "Once again, it seems as if accounting rules were manipulated to hide debt and inflate income, violating all accepted accounting standards and, perhaps, violating federal law as well. This was not a simple bookkeeping mistake. Clearly, it was an orchestrated effort to mislead investors and regulators, and I am determined to get to the bottom of it," Tauzin said.
We have met the enemy, Billy... and it is YOU!!!
Given his recent trend toward being more liberal than his democrat counterparts, I wouldn't be surprised at all. After all, he's a "compassionate conservative" and poor investors aren't very smart. They need government help
IOW, you are endorsing the fraud perpetuated by Arthur Andersen and WorldCom.