Free Republic

HOUSE MOVES TO BAR PAYMENT TO OGILVY FOR AD CAMPAIGN The House of Representatives passed a bill that would effectively bar the U.S. from paying Ogilvy & Mather Worldwide for its work on the prestigious White House advertising campaign to eradicate youth drug abuse. The decision could be a setback to the Madison Avenue powerhouse agency, a strategic adviser in the U.S. advertising effort aiming to turn teens and preteens against drugs . Only three weeks ago, the unit of WPP Group PLC of London won a new $762.1 million multiyear contract with the government. The victory appeared to assure...

WASHINGTON, Jul 25, 2002 (AP Online via COMTEX) -- A senator leading an investigation into big investment banks' ties with now-bankrupt Enron Corp. has asked the heads of Citigroup Inc. and J.P. Morgan Chase & Co. to answer questions on their use of offshore companies in deals with Enron. Sen. Carl Levin, D-Mich., sent letters Thursday to Citigroup chairman and chief executive officer Sanford Weill and J.P. Morgan Chase president and CEO William Harrison, setting a Monday deadline for them to personally provide the information. Levin heads the investigative panel of the Senate Governmental Affairs Committee. At a hearing...

For Immediate ReleaseOffice of the Press SecretaryJuly 13, 2002 Radio Address by the President to the Nation      Audio THE PRESIDENT: Good morning. Congress came back to Washington this week and they have a lot of work ahead of them before the August vacation. I urge the Congress to join me in acting to achieve three big goals: We need to win the war, we need to protect our homeland, and we must strengthen our economy. Winning the war and protecting the homeland require a sustained national commitment. More than 100 days ago, I asked Congress to pass emergency funding to...

The wave of corporate fraud did not emerge in a vacuum. It's in part a consequence of a society that refuses to recognize absolute standards of right and wrong Did Scott Sullivan really think he could get away with it? Did the now-fired chief financial officer of WorldCom believe that he could forever disguise nearly $4 billion in expenses? Did he even realize that what he allegedly was doing was objectively wrong? We don't know, because Mr. Sullivan isn't talking to the press, and he pleaded the Fifth Amendment before the House Financial Services Committee last week, along with former...

Adelphia is filing for Chapter 11 By Deborah Solomon THE WALL STREET JOURNAL NEW YORK, June 25 — Adelphia Communications Corp. is in the process of filing for bankruptcy court protection in New York, according to people familiar with situation. The company has secured $1.5 billion in debtor-in-possession financing. THE BANKRUPTCY FILING, which had been expected for about a week, was preceded late last week by a deal that gave Adelphia financing of as much as $1.5 billion to allow it to continue operating. The lender banks, which include J.P. Morgan Chase & Co., Citigroup Inc. and Bank of America...