Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.81

0.0%

Dec 26 9:30 AM EST

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To: kech who wrote (121165)	7/2/2002 9:06:44 AM
From: Art Bechhoefer	Read Replies (2) of 152472

Where is the conflict of interest? One might argue that there was a conflict of interest if Krugman had written articles FAVORABLE to Enron. The SEC fails on two major issues: (1) Its enforcement arm (and budget) is woefully inadequate. It has done virtually nothing to use more of the filing fees it gets for this purpose. Its filing fees greatly exceed its entire budget. (2) The SEC takes a band-aid approach by filing mainly civil instead of criminal actions. Most of the problems we have been reading about lately concern only one issue: fraud on the market. That's the real issue, not obstruction of justice or filing false statements. The real victims are investors, both individual and institutional. If fraud on the market were pursued as the MAIN issue, and if the consequences were a minimum of two years in jail, there would be a marked improvement in company reporting. Finally, in cases of fraud on the market, the entire corporate board of directors, including all officers, should be held personally accountable (irate shareholders going after corporate assets--which they already own--is counterproductive). Currently corporate officers and directors are almost never held personally accountable. Additionally, no corporate funds or assets should be used to defend any officer or director accused of a criminal violation. There is about a 90 percent probability that this solution will not be adopted. There's too much influence on the administration and Congress to go easy on big campaign contributors. So one might also say that there is no chance of a major improvement in corporate behavior as long as corporate executives think they can get away with it, meaning as long as there is no true campaign finance reform. Art Bechhoefer

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