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To: Bill Harmond who wrote (11905)	6/5/2002 4:54:00 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 57684

On that note I decided last weekend to try to dig up the nifty-50, their highs and lows in the bear, vs. the recovery point thereafter. Did anybody get back to, say, 30% of his prior highs once the bull returned. I know different players emerged but a few lasted- IBM and digital, maybe? Both were hot in the 80s I know. L

To: Bill Harmond who wrote (11905)	6/5/2002 4:55:13 PM
From: stockman_scott	Respond to of 57684

Goldman CEO outlines reform agenda By Matt Andrejczak, CBS.MarketWatch.com Last Update: 4:47 PM ET June 5, 2002 WASHINGTON (CBS.MW) -- In a wide-ranging speech Wednesday, Goldman Sachs Chairman and CEO Hank Paulson voiced support for a number of reforms in the areas of corporate governance and accounting to restore investor confidence in the post-Enron environment. Paulson said chief executives should vouch for the authenticity of their companies' financial statements, top executives should be prohibited from selling their stock options over the short-term and shareholders should approve all compensation plans for high-level executives and board directors. The Securities and Exchange Commission is currently preparing a rule for CEOs to certify their financial statements, and the New York Stock Exchange is expected to endorse a rule Thursday that would let shareholders OK all equity-based compensation plans. During an address at the National Press Club in Washington, Paulson said reforms are necessary because investor distrust of Corporate America is at an all-time high and threatens to curtail economic growth. "In my lifetime, American business has never been under such scrutiny," Paulson said. "And to be blunt, much of it is deserved." But he cautioned that new regulations must strike the "right balance" and that companies are taking steps to correct their business practices to reassure investors. In addition, Paulson attributed some of the current corporate ills to the U.S. accounting system, which he said needs an overhaul. He urged the SEC to consider revamping the Financial Standards Accounting Board, the body that sets accounting standards for U.S. companies. Despite widespread concern that some Wall Street research analysts are touting stocks to gain lucrative investment banking business for their firms, Paulson acknowledged the industry's conflicts-of-interest debacle but said top-tier investment houses shouldn't spin off their research units. "Research should be and can be independent," he said. The problem "will be corrected." On another note, the Goldman Sachs (GS: news, chart, profile) chieftain said he expects merger activity to pick up again sometime in 2003. ________________________________ Matt Andrejczak is a reporter for CBS.MarketWatch.com in Washington.