August 8, 2002 |
President Bush came here Wednesday to express his sympathy for the thousands of Mississippians who lost their jobs and their savings because of WorldCom Inc., the telecommunications giant headquartered nearby that filed for bankruptcy last month amid accusations that its executives defrauded investors. "You know what it means to be let down by shady corporate practices," he told 1,000 flag-waving, foot-stamping people packed to the rafters in a sweltering high school gym.
August 17, 2002 |
Debt-laden cable giant Charter Communications Inc. said it has received a federal grand jury subpoena demanding information on the company's accounting practices. St. Louis-based Charter, controlled by billionaire Paul Allen, said the subpoena seeks documents about how the company accounts for various costs for current and disconnected cable TV customers. Charter said it intends to cooperate in the probe, which was initiated by the U.S. attorney's office for the Eastern District of Missouri.
August 28, 2002 |
Mutual fund companies will be required to certify their portfolios' financial results, just as corporate executives certify their companies' results, the Securities and Exchange Commission decided Tuesday.
August 26, 2002 |
Corporate governance and accounting reform in America will be on the front burner Tuesday, as new faces at the Securities and Exchange Commission and Chairman Harvey L. Pitt begin implementing the landmark Sarbanes-Oxley Act to clean up big business. The most far-reaching remake of U.S.
December 19, 2002 |
The Securities and Exchange Commission proposed rules Wednesday that would require top corporate executives to file electronically reports of their trades of company stock. The proposed rules, passed unanimously, also call for companies to post the information on their Web sites. The reports would be filed by all corporate officers and directors and owners of more than 10% of a company's shares. The SEC said the new system could be working by spring.
December 19, 2002 |
Government regulators and Wall Street investment banks are nearing agreement on a comprehensive settlement of probes into tainted stock research and could announce a tentative deal within the next few days, a source close to the matter said Wednesday. Regulators have engaged in feverish negotiations this week with a handful of brokerage firms that had been reluctant to pay the penalties sought by regulators.
July 31, 2002 |
Democratic leaders said Tuesday they were winning the battle of ideas with Republicans, accusing President Bush of failing to respond to a wave of corporate scandals and investor uncertainty. "George W. Bush seems to know that things aren't working, so he talks about it and talks about it and talks about it, but he doesn't do anything about it," House Democratic leader Rep. Richard A. Gephardt of Missouri told a gathering of centrist Democrats.
July 30, 2002 |
The Securities and Exchange Commission said it has posted a new Web site naming executives who have certified the accuracy of their companies' financial statements in compliance with a new rule. The rule requires the chief executives and chief financial officers of 947 U.S. companies to attest that financial reports filed with the agency are accurate and complete. The certifications are due by the close of business on the first day on or after Aug.
July 28, 2002 |
The truth about the reforms being rushed into law by Congress or commanded by the New York Stock Exchange is that they will shift power and influence to the true owners of U.S. public companies. The owners are the more than 100 million Americans who hold more than $5 trillion worth of company stock through their pension funds, retirement plans and individual retirement accounts.
November 12, 2002 |
The new board to oversee the accounting industry, steeped in controversy over the selection of former FBI and CIA Director William Webster as its chairman, plans to hold its first meeting behind closed doors Wednesday. The controversy over Webster already has brought the resignations of Harvey L. Pitt, chairman of the Securities and Exchange Commission, and Robert Herdman, the SEC's chief accountant.