Corporate Fraud Under Siege
Washington, after a radical reform, as Corporate America is set.
Barely 48 hours after President Bush briefed on Wall Street on its get-tough plan, the Senate is a sign of dialogue on its own version of reform - which in many points, goes further than Mr. Bush’s. Senate Democrats have the drive, even if support for Republicans has increased in recent days.
The bill establishes an independent oversight powers overboard on discipline and standards for the auditors. The new rules cover everything, as is often the accounts must be rotated (every five years) that if the documents can be without risking jail time geschreddert.
In an effort to curb conflicts of interest, the law also limits advice to listeners of the clientele, as you pay their taxes or their financial services. Analyses storage could no longer publish research reports on companies that their customers subscribe.
If the bill is rightly, Corporate insiders lose certain advantages: more better management of enterprises can sell stocks in the meantime, if workers. Similarly, few companies can they accept the disclosure of loans without them. Who is the head also, more stringent rules: In accordance with the provisions of this Act, the Presidents and CFOs must personally certify that their company financial reports are fair and correct. If the accounts are not accurate - and this is also a violation of securities rules - it risk of forfeiture of profits and bonuses. If changes are added to this law, they could also be a felony conviction and 10 years in prison.
In all, it’s a much more intrusive to solve the problem of corporate governance is seen as likely, even a few weeks. Indeed, at the end of last year, according to preliminary information provided by financial Enron at fault, it looked as if Congress is not much about the hearings and sensational finger.
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