Gore Bashes Bush Policy As Cause of Biz Scandals

New York Daily News ^ | 6/28/02 | JOEL SIEGEL and LEO STANDORA

[kattracks]

Beating what's likely to be the Democratic war drum in this year's elections, Al Gore blamed the nation's economic scandals — from Enron to WorldCom — last night on President Bush's economic policies.

"You see now what it means to have an administration that's that committed to fighting and working on behalf of the powerful, and letting the people of this country get the short end of the stick," Gore told more than 200 supporters at a Manhattan fund-raiser.

It was his strongest attack yet on Bush's economic policies and a preview of the likely Democratic strategy for November's elections.

"What we see now is a lack of confidence in our national economic policy, in the integrity of our accounting system, in the way government is being run," Gore told more than 200 supporters in Lot 61, a trendy Chelsea night spot.

The private companies, he said, "are not telling the truth about their future liabilities so they can shovel money out to executives at the top. That is exactly what the Bush-Cheney tax plan will do. They are misleading the country about the extent of the liabilities they are putting on us ... on you."

Gore also said the Securities and Exchange Commission isn't doing its job, and he called on its chairman, Harvey Pitt, to resign, suggesting Pitt is too cozy with captains of industry.

[hot august night]

"There was a fascinating story by John Crudele in the New York Post..."

John Crudele is one of the best parts of the NY Post (after the editorial coverage and commentary, which is the reason I buy it faithfully every day). Crudele is insightful and very overlooked, and his commentary is always dead-on. I work on Wall Street, read the Wall Street Journal every day, and can honestly say that no WSJ pundit/analyst/writer can outdo John.

Of course, don't even ask me about the New York Slimes business section...I refuse to buy that socialist trash, and will not even accept free copies when they try to hand it out at Penn Station...

[ru4liberty]

Cavuto closed his show yesterday with this commentary taking the holier-than-thou pols to task for their double standards. It's worth a read.

Fit to Judge?

Thursday, June 27, 2002
By Neil Cavuto

So now Congress is angry.

Dick Gephardt's appalled. Tom Daschle's chagrined. Congress, in general, is at wit's end.

It's time for us to do something, they say. WorldCom. Enron. Global Crossing. Enough.

Here's what I say: not so fast. Before you start policing other peoples' books, police your own.

You say you don't like the way WorldCom cooked its books. Well, I don't like the way you cook yours.

You say you don't like the way Enron brass left so little for investors. I don't like the way you leave squat for taxpayers.

You say you don't like the lack of financial discipline at a few companies. I don't like your lack of fiscal discipline with almost all programs.

No, Congress is not fit to judge, much less criticize, much less fix things.

There is a lot wrong with corporate America. But there is a lot more wrong with you trying to make it right.

There has been a terrible failure in corporate accountability. Much as there was a terrible failure in our national security accountability, prior to September 11. We now know that agencies weren't talking to each other then. They're talking to each other now. Just like we now know that simple accounting standards weren't being honored. But we're trying to make damn sure, they're honored now. We now know the SEC should have been more vigilant about abuses. We know it's being more vigilant now.

Mistakes were made. Let's not make bigger mistakes trying to fix them.

Congress loves appointing commissions, just like I love to eat. You'd be crazy to take dietary advice from me. You'd be doubly crazy taking corporate ethics advice from them

[Travis McGee]

This is like the Captain of the Titanic blaming his after-collision replacement for the sinking.

"Look at all this water! We never had so much water in this ship on MY watch! Just one little bump with an iceberg!"

[Republican Wildcat]

I'm glad the objective reporter who wrote this story pointed out the dates of when the unethical activity took place to shine light on the validity of Gore's accusations < / sarcasm >.

[Bubba_Leroy]

Now Xerox admits $2bn hole
by Lauren Chambliss in Washington

Xerox became the latest American group to admit to cooking its books today after it unveiled a two billion dollar hole in its accounts.

Days after an admission by telecoms group WorldCom that it had hidden four billion dollars of expenses sent global stock markets into a tailspin, news that the photocopying giant is to restate its official sales figures for the second time looked likely to again send US share prices lower.

Xerox, which has already admitted to one huge accounting error earlier this year, today said a new audit had found fresh accounting mis-statements and that it will now have to correct stated earnings for the past five years either today or on Monday. Shares in the company dropped by almost a third.

With a wave of accounting scandals gripping corporate America, President Bush is set to use a national radio address tomorrow to call for further reform of company accounting. He will also urge Congress to push through measures to tighten controls on companies.

Like WorldCom and Enron, today's admission shows that for years Xerox used bogus accounting methods to bolster earnings, which kept the share price artificially high.

Concerns about the firm's accounting practices first surfaced more than a year ago, and it reached a settlement with American regulators in April after finding the company mis-stated three billion dollars in revenue between 1997 and 2000.

SNIP

Let's review. Who was president between 1997 and 2000? who was president last year, when the problem was discovered?

Oh, I get it. It's the Bush administration's fault for discovering the scandals that the Clinon/Gore administration had been covering up.

[Mudboy Slim]

Excellent post at #102...has it been posted as a thread anywhere? I'd like to see folks' reaction to it...MUD

[WellsFargo94]

It's $17,300,000,000... Disappeared. Gone. Nowhere to be found."

Check the moving van headed to Chappaqua.

[ru4liberty]

Mud, do a search and if it's not there, please do start a thread. (I would but I'm shy.) ;-) Also, please urge everyone to contact their representatives and call them into accountability.

[Mudboy Slim]

"...do a search and if it's not there, please do start a thread. (I would but I'm shy.)"

So now ya got me doin' legwork fer ya...LOL!! I'll post it but I need the HTML address from which you copy/pasted it. There's nothing recent by Cavuto in the Search engine, but I'd like to search the title as well.

Slavishly yers...MUD

[ru4liberty]

Slavishly yers ROTFLOL!!!

I did some legwork and found no thread with the title of Cavuto's piece. Here's the URL. You post it and I'll help you bump it ;-) Deal?

[Freedom'sWorthIt]

Amen....!

[bybybill]

Seriously, how do you hide billions of $$ of loss? This isn`t one or two sharpies in a company,there has to be dozens upon dozens of employees that knew something was not right. Where were their bankers and tax guys? How did their checks clear?

[Ragtime Cowgirl]

[Ragtime Cowgirl]

$3,400,000,000,000 Of Taxpayers' Money Is Missing, 1998. (Yes, that's TRILLION). Clinton years, smoke and mirrors. The press chooses what's news.

[timestax]

I still have plenty of SORE LOSERMAN posters from Cincinnati area protests!!!And the picture of him with the dunce cap on listing his lies. Remember he led people to believe he graduated from Divinity College, when in reality he did NOT!!

[timestax]

bttt

[cubreporter]

Isn't he just like a baby kindergartener? Nah, nah, nah, nah, nah...it's your fault. You did it. You're gonna be in trouble. I'm telling Mommy...I'm telling teacher...I'm telling news media, I'm telling anyone that will listen including that BIG GROUP OF 200 people. Yipes. I hope you are reading this Al Bore, Sore/Loserman. You are such a joke. No kidding. Hate to say those things but...Al Gore is grasping at straws! It's almost funny but I guess too sad to really laugh at. Keep SOME sense of dignity Mr. Gore and keep your mouth quiet so you don't prove to everyone that you really are a fool! Spare us PLEASE?!!

[cubreporter]

Isn't he just like a baby kindergartener? Nah, nah, nah, nah, nah...it's your fault. You did it. You're gonna be in trouble. I'm telling Mommy...I'm telling teacher...I'm telling news media, I'm telling anyone that will listen including that BIG GROUP OF 200 people. Yipes. I hope you are reading this Al Bore, Sore/Loserman. You are such a joke. No kidding. Hate to say those things but...Al Gore is grasping at straws! It's almost funny but I guess too sad to really laugh at. Keep SOME sense of dignity Mr. Gore and keep your mouth quiet so you don't prove to everyone that you really are a fool! Spare us PLEASE?!!

[cubreporter]

Isn't he just like a baby kindergartener? Nah, nah, nah, nah, nah...it's your fault. You did it. You're gonna be in trouble. I'm telling Mommy...I'm telling teacher...I'm telling news media, I'm telling anyone that will listen including that BIG GROUP OF 200 people. Yipes. I hope you are reading this Al Bore, Sore/Loserman. You are such a joke. No kidding. Hate to say those things but...Al Gore is grasping at straws! It's almost funny but I guess too sad to really laugh at. Keep SOME sense of dignity Mr. Gore and keep your mouth quiet so you don't prove to everyone that you really are a fool! Spare us PLEASE?!!

[cubreporter]

Isn't he just like a baby kindergartener? Nah, nah, nah, nah, nah...it's your fault. You did it. You're gonna be in trouble. I'm telling Mommy...I'm telling teacher...I'm telling news media, I'm telling anyone that will listen including that BIG GROUP OF 200 people. Yipes. I hope you are reading this Al Bore, Sore/Loserman. You are such a joke. No kidding. Hate to say those things but...Al Gore is grasping at straws! It's almost funny but I guess too sad to really laugh at. Keep SOME sense of dignity Mr. Gore and keep your mouth quiet so you don't prove to everyone that you really are a fool! Spare us PLEASE?!!