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New SEC says it's time to get tough
[link|http://money.cnn.com/2002/01/17/news/sec_pitt/|Harvey Pitt makes the right noises]

Excerpt:

NEW YORK (CNN/Money) - Securities & Exchange Commission Chairman Harvey Pitt called Thursday for reform of the way accounting firms are monitored and regulated in the United States in an effort to restore public confidence in the profession in the wake of scandals involving Enron Corp. and other companies.

"This commission cannot and will not tolerate a pattern of growing restatements, audit failures, corporate failures and massive investor losses," Pitt said in a news conference. "Somehow we have got to put a stop to the vicious cycle that has now been in evidence for far too many years."

Pitt proposed the creation of a new body, composed mostly of representatives from the public sector, to oversee and discipline accounting firms, and he called for a reform of the triennial peer review process, which has been criticized "with some merit," Pitt said.

[link|http://www.angelfire.com/ca3/marlowe/index.html|http://www.angelfir...e/index.html]
Sometimes "tolerance" is just a word for not dealing with things.
New Heard part of that speech.
IF he means it, then does it - has the power / immunity to stick with it [???] nice speech.

OTOH - I'd bet that a *majority* of Muricans see nothing wrong with the way Billy n'Bally conduct bizness - still. Enron was just bigger - but no more corrupt than Msloth [?]

I'd say that we are, generally inured to the kind of crap he mentions - because we are obsessed with $$ and especially ready to embrace any one==Hero or group that gets the Most of it, by any means. This is not a hopeful environment for house-cleaning.

Or for election finance reform. Or for Golden Parachute reform: tell me how those proceeds shall be distributed (in future) to the ripped-off workers first.. (there IS no Labor party, nor much concern about mere 'workers' in the One Party - not even lip service)

I'll be *shocked* if his fine words produce much substance.. in my lifetime anyway.


A.
til then, for me - screw DJIA, NYSE, NASDAQ. Dice loaded.
New It is more than just "bad accountants"
It is bad managers as well. Enron was majorly mis-managed, about as mis-managed as my previous employer. The only difference is my previous employer contracted out to hire accountants from a contracting firm. As long as the books add up, they can stay in business. Even with an army of PHBs who hardly know what they are doing.

Plus the managers sold their shares before the sh*t hit the fan. Can you say Insider Trading, and criminal offenses?

"Will code Visual BASIC for cash."
     SEC says it's time to get tough - (marlowe) - (2)
         Heard part of that speech. - (Ashton)
         It is more than just "bad accountants" - (nking)

It squealed like Steve Ballmer on a canoe trip, unexpectedly pressed into entertaining hillbillies.
75 ms