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NYSE Approves Measures
On Corporate Governance

By GASTON CERON
DOW JONES NEWSWIRES

NEW YORK -- The New York Stock Exchange's board approved a set of measures aimed at strengthening corporate governance and restoring investor confidence, which has been battered by the recent corporate scandals.

Changes to the NYSE's listing standards had been recommended on June 6 by an NYSE committee on corporate accountability and listing standards, and will now be sent to the Securities and Exchange Commission for final approval. In general, the changes will require NYSE-listed companies to have a majority of independent directors on their boards and to submit all stock-option plans to shareholders for approval.

NYSE Chairman Richard Grasso said the exchange is taking another look at the practices of Wall Street research analysts, following a set of earlier rules on analysts that the Big Board had already passed.

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MONTEVIDEO, Uruguay -- Uruguay's economy minister laid out a plan Saturday to halt a run on public banks, also saying the government would ask the United States for a $1.5 billion short-term loan to ease the country's deepening financial crisis.

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Did anybody figure out that their double speak of restoring investor confidence means they want investors to get back in and start buying again.........so they can jump out at higher prices.......saving their own padded buts. Come to think of it, didn't this happen last week when the whole Adelphia cable family dynasty got arrested but not this week when the WorldCom crooks got arrested. THE BEAR TRAP SLAMMED.