🚀 go-pugleaf

On Tue, 30 Jul 2002 07:49:15 -0700, "Baxter"
<baxter.spamblock@baxcode.com> wrote:

>--
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>"Brian" <Witch*Dr@usa.nojunkemail.net.ru> wrote in message
>news:3d460313@nntp0.pdx.net...
>>
>> "Baxter" <baxter.spamblock@baxcode.com> wrote in message
>> news:ukbm9bdrhoq144@corp.supernews.com...
>> > "Arthur Levitt, my Securities and Exchange commissioner, tried to stop
>the
>> > Enron accounting issues - using the same accounting company being
>> consultant
>> > and accountant - and the Republicans stopped it." Later, Mr. Clinton
>added
>> > that Republicans had fought Mr. Levitt's effort,
>>
>> Republicans like Joseph Lieberman. Face it, it was BOTH parties that sunk
>> corporate accounting reform. At the time the stock market was soaring and
>> campaign donations were coming into both sides. As much as no one wants to
>> admit it, both parties are responsible. Clinton is also responsible. He
>> claims Levitt tried but I never saw Uncle Bill using his bully pulpit to
>> push for reforms.
>>
>-----------------
>Former President Clinton says the bull market of the 1990s bred corporate
>corruption but that President Bush's laying blame on his predecessor twists
>the truth.
>
>``There was corporate malfeasance both before he took office and after,''
>Clinton told a Washington television reporter. ``The difference is I
>actually tried to do something about it, and their party stopped it'' in
>Congress.
>
>``And one of the people who stopped our attempt to stop Enron accounting was
>made chairman of the Securities and Exchange Commission,'' Clinton said.
>``That is a fact; an indisputable fact.''
>
>http://www.guardian.co.uk/uslatest/story/0,1282,-1912132,00.html

It's also a fact that the financial reporting problems now coming to
light involve accounts that were reported under Levitt's SEC.

Levitt had a view of himself as capitalism's enforcer, at odds with
the companies his agency regulated.  He was not someone who invited
open, candid discussion.  Rather, he was someone with whom a CFO or
audit firm partner would meet for five minutes and say "I'd better
shut up and hire a lawyer."

This was bad, because financial accounting is immensely complicated
these days -- much, much more so than it used to be.  Good solutions
can only come from within a collegial, collaborative environment,
albeit one in which all interests are well and fairly represented.
IMO.

Charlie