Washington, D.C., June 28, 2002-The Securities and Exchange Commission today published a list of 945 companies whose chief executive and chief financial officers are now required to personally certify- in writing, under oath, and for publication-that their most recent reports filed with Commission are both complete and accurate. Officers who make false certifications will face personal liability.
"This is an unprecedented step to help restore investor confidence,' said SEC Chairman Harvey L. Pitt. "We are demanding that CEOs and CFOs swear that the numbers they've reported in their financial reports are correct and that they've left nothing important out."
ok
the deadline is meaningless, markets discount known future events
certification is meaningless, other than the fact that it will tend to drive good c.e.o.s out of the way of the hunt for scapegoats by trial attorneys
years from now, when the market bottoms, you won't read about it here or anywhere else, there will be no public interest in the market at all