PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Arthur Radley who wrote (260689)	6/3/2002 3:32:31 PM
From: Arthur Radley	Read Replies (1) of 769670

How Sad! America doesn't trust the coporate world.... "Stocks Lower on Credibility Fears Jun 3 2:41pm ET By Chelsea Emery NEW YORK (Reuters) - Stocks were pinned lower in early-afternoon trade on Monday on worries about Corporate America's trustworthiness after the chairman of conglomerate Tyco International Ltd. abruptly quit amid news he is under investigation for possibly avoiding personal taxes. Natural gas pipeline and energy trading company El Paso Corp. heightened fears after saying its treasurer died in an apparent suicide. A source told Reuters the treasurer had serious health problems and the company said there is no undisclosed information about corporate performance or credit. Wall Street's faith in corporate management suffered a blow after an accounting scandal led to the implosion of energy trader Enron Corp. , one of whose executives committed suicide on Jan. 25. The deepening mistrust is helping overshadow a raft of robust economic data, including a new report on Monday that showed U.S. manufacturing activity grew at its fastest pace in two years in May. "When you invest in these companies, it's important that there is credibility. If there's any kind of uncertainty, people aren't going to invest," said Stephen Carl, head of domestic equity trading at Williams Capital. In addition, he said, "We're not seeing robust corporate earnings or continually strong economic numbers (which creates) a negative pall in the market."

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