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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Don Lloyd who wrote (83235)	8/26/2000 1:07:07 PM
From: Thomas M.	Read Replies (1) \| Respond to of 132070

interactive.wsj.com The Theory of Holes Hoping to improve financial reporting, the SEC has dug up the wrong solution By John O. Whitney The theory of holes is simply this: If you want to get out, stop digging. The SEC, in its commendable quest for better financial reporting, is digging deeper and deeper. Chairman Arthur Levitt recently proposed making accounting firms more independent by restricting their ability to consult for audit clients. The "hole" is the concept of independence. Auditing firms are not, have not been, and never will be independent from clients who pay their salaries. If we acknowledge this, the consulting issue becomes moot . . . <continued>