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Strategies & Market Trends : Scam Sniffing, Ball Busting Vigilantes -- Ignore unavailable to you. Want to Upgrade?

To: Bud G who wrote (174)	2/1/2002 11:05:28 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 292

Bud G, Re: Now Bush will be forced to undertake a major overhaul of the SEC which was allowed to rot under the Clinton administration. Before you get all indignant about how Clinton is to blame, consider this. Arthur Levitt, the SEC chairman in the Clinton years, was trying very hard to change the rules for accountants so that they could no longer do both auditing and consultancy work for the same corporate clients. The result was that at least 10 REPUBLICAN Senators told Levitt that if he continued to push for this change that they would axe his budget. Levitt caved in. Today, the head of the SEC, Harvey Pitt, is a lawyer who represented Arthur Andersen before the SEC in the Clinton years. Pitt is in favor of self-regulation for the accounting industry. Don't expect him to lift a finger to look out for the little guy. He's working for the other side. There is zero likelihood of the Bush Administration doing any major reform that would be aimed at protecting the interests of the retail investor. Zero. -Ray