The ENRON Scandal Message Board

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Non-Tech : The ENRON Scandal

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To: ksuave who wrote (4620)	10/24/2002 1:41:26 PM
From: Mephisto	of 5185

Muzzling the SEC PRESIDENT IS IRRESPONSIBLY TRYING TO CUT AGENCY'S BUDGET BY 25%, WHICH WOULD CRIPPLE FIGHT AGAINST CORPORATE FRAUD Posted on Wed, Oct. 23, 2002 bayarea.com IT was always a little hard to believe that President Bush really meant it when he vowed to get tough on corporate crime. He first tried to derail a sweeping corporate reform law in the Senate and threw his weight behind it only after a sudden rash of corporate scandals backed him into a political corner. So it's not surprising that Bush now is trying to chip away at that law. He's using the oldest trick in the politician's book: cutting from the budget money needed to enforce the law. That's irresponsible. Bush is trying to downsize by more than a quarter the budget for the Securities and Exchange Commission authorized by the Sarbanes-Oxley Act of 2002, the tough corporate reform law enacted last summer. The SEC, whose job is to police the financial markets, has long been underfunded. During much of the 1990s, as investors jumped into the market in unprecedented numbers, Congress doled out meager budget increases that barely covered raises for the SEC's overworked staff. Under pressure from the generous and politically powerful accounting industry, Congress repeatedly threatened the SEC with outright budget cuts unless it became more business-friendly. Lacking resources and political backing, securities cops were left unable to police crimes they knew were taking place. It's no wonder that corporate criminals schemed to defraud investors without fear of getting caught.

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