Bush Live - Speech on Corporate Responsibilty

MSNBC

[Sub-Driver]

Says Fraudulent CEOs Should Lose All Compensation

[carton253]

Double the amount. He sold for $4... The person who bought it eventually sold it for $8.

[justshe]

I thought I smelled something. :-)

[hchutch]

I think he is under the impression Bush may have said something about excess profits causing the problems we are seeing today. I've not seen the speech itself, but if Bush said that, it is a mistake on his part.

The problem is, and has been a lack of CHARACTER in a number of areas. And I think the CEOs thought they could get away with it post-Monica, but the free market DID hold them accountable. The thing is, Bush knows where he is so strong, the media advantage for the Dems is negated, and he is wisely choosing to fight there.

I do not buy into the doom-and-gloom of the purists. I think we're going to do fine, as long as the "purist" conservatives don't divide our side any more, and IF some people do NOT do anything stupid (Brent Bozell just had to pay WWE $3.5 million - talk about stupid fratricidal warfare, Vince McMahon is a major GOP donor, and most of the wrestlers are quite conservative).

That is what we have to avoid right now: Killer mistakes.

[Mo1]

It's amazing, there is a whole list of people who, if you just mention their names, send Democrats into a tizzy.

BTW .. How is Jesse's Wall Street Project doing these days??

[LisaFab]

Rush argument: Bush should have said, Unethical people lead to financial corruption, not profits.

And I agree.

[Howlin]

I couldn't listen to Daschle after he said "kid's gloves"........he's so out of his element.

[CIB-173RDABN]

I also turn on Rush this morning, when I heard where he was heading I went back to my music station.

[Howlin]

SOS.

[Lee_Atwater]

what is Rush upset about in this speech?

There were some semantic points in the speech that he had problems with. Such as (paraphrase) "profits cause problems", not lack of morals. I tend to agree. Either the administration believes that, the speech wasn't well thought out, or, they want to sound like the opposition. Either way, I hope the government doesn't make matters worse.

[RedBloodedAmerican]

Executive Order Establishment of the Corporate Fraud Task Force





By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to strengthen the efforts of the Department of Justice and Federal, State, and local agencies to investigate and prosecute significant financial crimes, recover the proceeds of such crimes, and ensure just and effective punishment of those who perpetrate financial crimes, it is hereby ordered as follows:

Section 1. Establishment. The Attorney General shall immediately establish within the Department of Justice a Corporate Fraud Task Force (Task Force). Without regard to any other provision of this order, the Task Force shall be subject to the authority of the Attorney General under applicable law.

Sec. 2. Membership and Operation. Subject to section 4 of this order, the Task Force shall have the following members:

(a) the Deputy Attorney General, who shall serve as Chair;

(b) the Assistant Attorney General (Criminal Division);

(c) the Assistant Attorney General (Tax Division);

(d) the Director of the Federal Bureau of Investigation;

(e) the United States Attorney for the Southern District of New York;

(f) the United States Attorney for the Eastern District of New York;

(g) the United States Attorney for the Northern District of Illinois;

(h) the United States Attorney for the Eastern District of

Pennsylvania;

(i) the United States Attorney for the Central District of

California;

(j) the United States Attorney for the Northern District of

California;

(k) the United States Attorney for the Southern District of Texas;

and

(l) such other officers or employees of the Department of Justice as

the Attorney General may from time to time designate.

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(OVER)

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The Deputy Attorney General shall convene and direct the work of the Task Force in fulfilling all its functions under this order. The Deputy Attorney General may permit, when he deems it appropriate, the designee of a member of the Task Force, including those designated under section 4 of this order, to participate in lieu of the member. The Deputy Attorney General shall convene the first meeting of the Task Force within 10 days of the date of this order and shall thereafter convene the Task Force at such times as he deems appropriate.

Sec. 3. Functions. Consistent with the constitutional authority of the President, the authorities assigned to the Attorney General by law, and other applicable law, the Task Force shall:

(a) provide direction for the investigation and prosecution of cases of securities fraud, accounting fraud, mail and wire fraud, money laundering, tax fraud based on such predicate offenses, and other related financial crimes committed by commercial entities and directors, officers, professional advisers, and employees thereof (hereinafter "financial crimes"), when such cases are determined by the Deputy Attorney General, for purposes of this order, to be significant;

(b) provide recommendations to the Attorney General for allocation and reallocation of resources of the Department of Justice for investigation and prosecution of significant financial crimes, recovery of proceeds from such crimes to the extent permitted by law, and other matters determined by the Task Force from time to time to be of the highest priority in the investigation and prosecution of such crimes; and

(c) make recommendations to the President, through the Attorney General, from time to time for:

(i) action to enhance cooperation among departments, agencies, and

entities of the Federal Government in the investigation and

prosecution of significant financial crimes;

(ii) action to enhance cooperation among Federal, State, and local

authorities responsible for the investi-gation and prosecution of

significant financial crimes;

(iii) changes in rules, regulations, or policy to improve the

effective investigation and prosecution of significant financial

crimes; and

(iv) recommendations to the Congress regarding such measures as the

President may judge necessary and expedient relating to significant

financial crimes, or the investigation or prosecution thereof.

Sec. 4. Additional Participation for Specified Functions. In the Task Force's performance of the functions set forth in subsection 3(c) of this order, and to the extent permitted by law, the following officers of the executive branch shall be members of the Task Force in addition to such other officers of the Federal Government as the Deputy Attorney General deems appropriate:

(a) the Secretary of the Treasury;

(b) the Chairman of the Securities and Exchange Commission;

(c) the Chairman of the Commodities Futures Trading Commission;

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(d) the Chairman of the Federal Energy Regulatory Commission; and

(e) the Chairman of the Federal Communications Commission.

Sec. 5. Internal Management Purpose. This order is intended to improve the internal management of the Federal Government. This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or equity or otherwise against the United States, its departments, agencies, entities, instrumentalities, officers, or employees, or any other person.

Sec. 6. Termination. The Task Force shall terminate when directed by the President or, with the approval of the President, by the Attorney General.

GEORGE W. BUSH

THE WHITE HOUSE,

July 9, 2002.

[Mo1]

Yes, a corporate fraud swat team under the DOJ has MUCH more potential for actual RESULTS than the "Investors Bill of Rights' proposed by Daschle

YEP .. because if these CEO's end up in Court .. the Senate can't control what the public sees and doesn't see

OH GREAT Leaky Leahy is on MSNBC

[Cogadh na Sith]

I'm not happy with this speech.

Just ask yourself this question and answer it honestly:

"Who is more likely to come under legal scrutiny in America today: the CEO of a large American corporation or a young arab male in America on a visa?"

The answer to that question is the source of my unease and discontent.

[Miss Marple]

Well, it might help if he had listened to the speech more intently. Bush did not blame excess profits. He said the lure of high profits caused some people to give in to unethical behavior.

Rush is apparently nitpicking again. The entire speech emphasized accountability and character.

[Carolinamom]

Leahy on Fox now.....will someone listen and tell me what he's mouthing? I can't stand the sight or sound of him.

[Grampa Dave]

You posted, "what is Rush upset about in this speech?

Makes you wonder how many boards his wifie and he may set on that we know nothing about.

Besides that he is jealous of GW and spends most of his time Bushwhacking.

Forget Rush for a week, and you will feel better. Then, you can forget about his whining and Bush Whacking for the rest of your life and feel better!

I'm Rush Free and enjoying every moment of my "New" life without the whining and moaning of the former Great One.

[cactusSharp]

on FOX,here come the demoliars with Kennedy.Leaky Leahy
et al......godless maggots all

[Wait4Truth]

I agree with you about greenfield. However, Aaron Brown is no better. It is amazing that the entire media, other than Fox, has NOT revealed that the President DID file the form showing his intention to sell. He was not trying to hide anything! Another bad apple is David Gregory of MSNBC. He is also lying by saying Bush sold his stock and right after that, Harken's stock fell. Imus pointed out that it happened 3 months AFTER Bush sold, not immediately. Gregory would not admit his lie. The media is just as corrupt as the RATS.

[NeoCaveman]

Rush is apparently nitpicking again. The entire speech emphasized accountability and character.

Exactly.

[Wphile]

Not that I know of. They did have to restate some earnings but that didn't seem to have much effect on the stock price as it rebounded after the restatement.

As W said in the press conference yesterday, the restatement came about due to an honest disagreement in accounting treatment. The SEC took a look at it and decided the treatment was incorrect and had them restate their earnings. As W said, the SEC did what they were supposed to do.

BTW, as an accountant I can assure you that there are a zillion ways to skin a cat and they can all be legal and correct. Unfortunately, accounting is not the exact science most tend to believe it is.

[Ragtime Cowgirl]

Scary....that's one accurate camera! Lol!

Ack, his evil twin Leahy's on...what is this VLWC days in the media? Bring out every Dem. known liar and leaker. Why do they get the camera time every time they ask? It's time to slap down these spoiled Rats.