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Non-Tech : The Enron Scandal - Unmoderated
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To: James Calladine who wrote (1242)2/4/2002 11:40:20 AM
From: stockman_scott  Read Replies (1) of 3602
 
O'Neill wants to boost penalties for CEOs - WSJ

NEW YORK, Feb 4 (Reuters) - Treasury Secretary Paul O'Neill said he favors strengthening penalties for chief executives who release misleading financial statements, including barring them from using insurance to cover the costs of some shareholder lawsuits, the Wall Street Journal reported on Monday.

Responding to criticism over the collapse of Enron Corp. (NYSE:ENE - news) , whose disclosure statements were seen as inadequate or misleading, O'Neill said in an interview with the Wall Street Journal at the World Economic Forum meeting in New York that rules governing corporations should be changed to make clearer the responsibility of corporate executives.

O'Neill said one way to strengthen the certification of financial results that a chief executive officer makes on behalf of the company would be to bar the CEO, other senior executives and directors from having insurance that pays for legal costs and judgments arising from situations where a firm doesn't release adequate financial information.

O'Neill told the Wall Street Journal that such an insurance ban would apply ``to all cases, whether there is a wrongdoing or whether there is a wrongful statement.'' He said a total ban on insurance is important ``so there is no ambiguity about the responsibility of executive officers -- that they have a responsibility to know and a responsibility to share'' information.
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