President Bush on Corporate Fraud Crackdown

While The Bush Administration Enforces The Law, The Democrat Senate Stalls Pension Reform, Putting American Workers' Pensions At Risk

PRESIDENT BUSH ON CORPORATE FRAUD: "I say as plainly as I can to CEOs: if you break the law, we will hunt you down, we will arrest you, and we'll prosecute you." (President Bush, Remarks At The Economic Forum Plenary Session, Baylor University, Waco, Texas, August 13, 2002)

"[T]he Senate should protect the retirement security of American workers. In April, the House passed pension reforms based on my proposals, to give workers more timely information and greater control over their own retirement funds, as well as access to professional investment advice. America's retirement security is too important to fall victim to political game playing, and the Senate must act now." (President Bush, Radio Address To The Nation, July 27, 2002)

DEMOCRAT DORGAN AGREES: "This Senate is at parade rest. . . . We have a lot to do. There is a lot on the agenda, a lot on our plate. Frankly, there are some people who are sitting here with their feet on the brakes. They don't want anything to happen on issues that matter a great deal to the average American family." (Senator Byron Dorgan [D-ND], Congressional Record, September 23, 2002)

THE BUSH JUSTICE DEPARTMENT SCORECARD: ARRESTS, INDICTMENTS, AND CONVICTIONS

ARRESTED: Adelphia CEO. U.S. Justice Department officials marched the head of Adelphia Communications and two of his sons out of their luxury apartment in handcuffs. The trio was charged with turning the bankrupt cable company into "the family's personal piggy bank," hiding $2.3 billion in debt and using up to $1 billion for personal expenses. (Robert Gearty and Helen Kennedy, "Cable Mogul Busted," [New York] Daily News, July 25, 2002)

ARRESTED: WorldCom Executives. "Applause broke out on lower Manhattan's Federal plaza when former WorldCom executives Scott Sullivan and David F. Meyers were ushered, arms handcuffed behind them, through the morning crowd." (James Toedtman and Tom Brune, "WorldCom Exec's Walk Of Shame," Newsday, August 2, 2002)

ARRESTED: ImClone CEO. The Justice Department arrested Samuel Waksal on charges of tipping off relatives to sell company stock a day before the Food and Drug Administration rejected ImClone's application for a new cancer drug. The Securities and Exchange Commission alleged that the family "dumped more than $10 million in stock in a 48-hour period." (Devlin Barrett, "Former CEO Of ImClone Systems Arrested On Insider-Trading Charges," The Associated Press, June 13, 2002)

ARRESTED AND INDICTED: Former Tyco Executive. Tyco CEO Dennis Kozlowski resigned, and was arrested and indicted for sales tax evasion. ("Tyco Falls As S&P, Moody's Confirm Co. Credit Still Under Review," AFX-Asia, September 18, 2002; Devlin Barrett, "Former CEO Of ImClone Systems Arrested On Insider-Trading Charges," The Associated Press, June 13, 2002)

SOON TO BE INDICTED: Former Enron CFO. "Federal prosecutors are expected to announce an indictment of former Enron chief financial officer Andrew Fastow as soon as next week . . . . [T]he government has recently secured a sealed grand jury indictment with fraud charges and other allegations against Fastow and subordinates who enriched themselves through Enron's partnership deals." (Greg Farrell and Edward Iwata, "Indictment Of Former Enron CFO Fastow Expected Soon," USA Today, September 25, 2002)

INDICTED: Two WorldCom Executives. The Justice Department charged Scott D. Sullivan, the former chief financial officer, and Buford Yates Jr., the former director of accounting, with "falsely and fraudulently" reducing expenses to inflate earnings by $5 billion. They also made false statements to the Securities and Exchange Commission. Earlier this year, WorldCom acknowledged that it had falsely booked $7.7 billion in expenses. (Carrie Johnson and Jonathan Krim, "Ex-Finance Chief, Colleague Indicted," The Washington Post, August 29, 2002)

INDICTED: Five Adelphia Executives. Adelphia Communications Corp. Founder John J. Rigas, two of his sons, and two former executives were indicted on charges of conspiracy, securities fraud and wire fraud. The Justice Department is seeking to have the men forfeit $2.5 billion they received from the "large-scale accounting fraud and corporate looting." (Devlin Barrett, "Adelphia Founder, Four Others Indicted On Securities Fraud," The Washington Post, September 23, 2002)

CONVICTED: Arthur Andersen. Marking the first time a major accounting firm has ever been convicted of a felony, a jury found Arthur Andersen LLP guilty of destroying documents related to the collapse of Enron. The company faces up to $500,000 in fines. (Carrie Johnson and Peter Behr, "Andersen Guilty Of Obstruction," The Washington Post, June 16, 2002)

PLED GUILTY: Former Enron Executive. Former Enron managing director Michael Kopper pled guilty to participating in a conspiracy against the company and its shareholders. Kopper agreed to forfeit $12 million. (Deputy Attorney General Larry Thompson, Press Conference, August 21, 2002)

Daschle Said "Uncertainty About Pensions" Is "What Concerns Most Americans," But 174 Days After The House Acted, Pension Reform Has Fallen Off The Senate Agenda. On September 10, 2002, Daschle said, "What concerns most Americans today, still, is the state of the economy, the uncertainty about pensions . . . ." With Iraq becoming the focus of debate and homeland security being dragged out, pension reform has fallen off the Senate agenda. (Senator Tom Daschle, Press Conference, September 10, 2002; Alan K. Ota and Bill Swindell, "Union Priorities Get Short Shrift In Press To Move Senate Pension Bill," CQ Weekly, September 14, 2002)

Lawmakers "Are Growing Doubtful" About Whether The Senate Will Ever Take Up Pension Reform. At the beginning of September, Senator Daschle said, "[A]s soon as we complete our efforts on homeland security, it's my intention to move to pension security." As of September 23, "with no end in sight for the homeland security bill, lawmakers are growing doubtful about the pension bill's fate." (Senator Tom Daschle, Press Conference, September 5, 2002; Alan K. Ota, "Gregg Working To Get Pension Protection Bill To Senate Floor," CQ Monitor News, September 23, 2002)

It Took A Republican To Get Negotiations Moving Forward, But With Democrats Still Delaying, Pension Reform Is "A Long Shot." Senator Judd Gregg (R-NH) is close to a deal with Senator Ted Kennedy (D-MA) that would clear the way for action on the pension reform bill. Unfortunately, Gregg said that delivering pension reform to the President's desk for a signature is still "a long shot." (Alan K. Ota, "Gregg Working To Get Pension Protection Bill To Senate Floor," CQ Monitor News, September 23, 2002)

Senator Jon Corzine (D-NJ) "Is Questioning" Whether The Senate Should Address Pension Reform At All Before The Election. "At least one Senate Democrat is questioning whether the Senate should take up a pension reform bill before the end of the session . . . . 'There's some serious questions about it on the part of some of our folks,' said Sen. Jon Corzine, D-N.J. . . . Corzine said he wonders whether 'other changes we could make would be worth the effort.'" (April Fulton and Charlie Mitchell, "Objections Voiced As Pension Bill Outlook Still Unclear," National Journal's CongressDaily P.M., September 25, 2002)

Democrat Senator Jeff Bingaman (D-NM) Admits The Democrat Senate's Failure To Act On Pension Reform. "We intend to bring it up," Senator Jeff Bingaman (D-NM) said, "but it keeps getting pushed back." (Alan K. Ota, "Gregg Working To Get Pension Protection Bill To Senate Floor," CQ Monitor News, September 23, 2002)

. . . WHILE PRESIDENT BUSH AND THE REPUBLICAN HOUSE WORK TO PROTECT WORKERS' PENSIONS

President Bush Proposed A Five-Point Pension Reform Plan That Would Grant Workers Greater Freedom In Their Retirement Portfolios. The President's plan required companies to: (1) set one standard for executives and employees; (2) give a 30-day notice before any blackout period; (3) hold company executives responsible for treating workers' assets as carefully as they do their own; (4) provide independent investment advice for workers; and (5) regularly give information to workers about their accounts. (President Bush, Radio Address To The Nation, February 2, 2002)

The Republican-Led House Quickly Passed A Bi-Partisan Pension Reform Measure Based On President Bush's Proposals With The Support Of 46 House Democrats. House leaders said the bill was "based on principles President Bush outlined for pension reform" and "responds to Enron by making it easier for employees to obtain investment advice and encourage diversification of their stock options." ("House, Senate Begin To Take Measure Of Fallout From Enron," National Journal's CongressDaily, April 11, 2002; H.R. 3762, Roll Call #92: Approved 255-163: R 208-2; D 46-160; I 1-1, April 11, 2002)

The Bush Securities And Exchange Commission Required The Executives Of 945 Companies To Personally Certify Their Books. Calling it "an unprecedented step," the Securities and Exchange Commission "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 [the] Commission are both complete and accurate. Officers who make false certifications will face personal liability." (Securities And Exchange Commission, Press Release, June 28, 2002)

NOTE: The DemocRAT Senate is stalling pension reform, putting American Worker's Pension at Risk!

Please forward this to everyone you know!

Thanks!

VOTE REPUBLICAN IN NOV 2002
ELECT A BUSH MAJORITY IN THE HOUSE AND SENATE
DEFEAT DASCHLE/CLINTON/GEPHARDT DEMOCRATS!

LOL!!!! Sharon, my FRiend...please slow down and Focus on ONE DemonRAT Scandal At A Time!!!

The Sheeple ain't up to speed yet...MUD

It would be refreshing to hear a politician make the same statements on the waste, fraud, corruption and abuse within our own government.

Well, let's see. So far it looks like one guy has been punished so far, by being forced to forfeit some of the money he stole. But he gets to keep the rest! Isn't that nice? My confidence in our legal system is fully restored now! HAHAHAHAHAHAHAAHAHAHAHAHA!

When one of these guys gets put in a cell with hostile inmates, and left alone to be abused and raped and infected with AIDS like anyone else busted with a joint would be, THEN I'll believe that there is "equal" justice in America. Like that is going to happen in ten million years!

What a joke.

Heh heh heh...I will be bookmarking this thread, though...it'll save quite a bit of RAM.

FReegards...MUD

Don't see any Global Crossing execs on this list. I hope that clinton-loving Winnick goes down hard and takes terry mc down with him.

Hoping to read everything you send my way, PKM ... good for those who have low blood pressure! Thanks for your pings ...

LOL!!!! Sharon, my FRiend...please slow down and Focus on ONE DemonRAT Scandal At A Time!!!

Nah...let's him them with everything we've got!

LOL!!!!!!!!

Good thing that Jim doesn't charge me by the article these last few days!

This should be it for the night! (I Hope)

No more pings! (I Hope!)

Pretty soon people are going to be saying -- not her again! LOL!

"I hope that clinton-loving Winnick goes down hard and takes terry mc down with him."

Yer wish is my command, cc...T-MAXXmudzB!+c#!!

FReegards...Steve

"Nah...let's hit them with everything we've got!!"

Yes, my FRiends...let's.

Utmost FReegards...MUD

"This should be it for the night!"

Please, my FRiend, grab a glass of vino or a stiff mixed drink, put yer feet up on the OU Sooners ottoman, and help them threads unfold.

FReegards...MUD

Fire Democrats, hire Republicans !!

GWB Is The Man !!

Snuff Saddam, NOW !!

Death To all Tyrant's !!

The Second Amendment...
America's Original Homeland Security !!

Freedom Is Worth Fighting For !!

Molon Labe !!

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