Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: crdesign who wrote (826)	6/28/2002 12:21:17 AM
From: stockman_scott	Respond to of 89467

Debt is mankind's second greatest invention Message 17667300

To: crdesign who wrote (826)	6/28/2002 5:38:32 AM
From: stockman_scott	Respond to of 89467

Jail time would deter corporate fraud OUTRAGEOUS SCANDALS ARE ERODING CONFIDENCE IN THE MARKET Posted on Thu, Jun. 27, 2002 The Mercury News IT is hard to see an end to the outrageous corporate scandals that are steadily eroding confidence in the American financial system. Just last week, the Wall Street Journal declared on its front page that "the scope and scale of the corporate transgressions of the late 1990s ... exceed anything the U.S. has witnessed since the Great Depression." Now WorldCom, the huge telecommunications company, has revealed what could be one of the largest cases of accounting fraud in history. Once again, investors and employees have been betrayed, and the fallout will damage the economy. It's not enough for prosecutors to hand out a few indictments, reach a couple of settlements and extract some fines. Financial fraud is a crime committed by individuals who ought to be punished. Fines won't deter others. Jail terms will. For their part, regulators and legislators must shore up a system of checks and balances that is broken and has allowed some executives to run public companies as if they were their private slush funds. Clearly, many auditors and corporate boards have failed to fulfill their role as investor representatives. Without rules to strengthen oversight and do away with conflicts of interest, investors will not regain confidence. It's unfortunate that it took the WorldCom disaster to prompt Senate Majority Leader Tom Daschle to move up a planned vote on sound accounting reform legislation approved by the Senate Banking Committee last week. The bill, which limits consulting work by auditors and sets up an independent board to oversee and investigate accountants, deserves to be passed. WorldCom also prompted the Securities and Exchange Commission to finally approve an order requiring chief executives and chief financial officers at the nation's 1000 largest companies to certify the accuracy of their financial statements. The stock exchanges have proposed sensible reforms. A rule-setting committee of Nasdaq, meeting today in San Francisco, should push those reforms further and adopt rules requiring a majority of independent directors on corporate boards, and only independent directors on committees that set pay for executives. If WorldCom's debacle puts new life into these and other overdue reforms, it will have, perversely, played a useful role. bayarea.com

To: crdesign who wrote (826)	6/28/2002 3:23:36 PM
From: Jim Willie CB	Respond to of 89467

article: Those nuggets have leverage, by Thom Calandra CBS.MarketWatch.com Gold mutual funds add to year's gain marketwatch.com SAN FRANCISCO (CBS.MW) -- Gold mutual funds compiled returns of as much as 32 percent in a second-quarter stock market that behaved like a very naughty child. an excerpt: Against a U.S. equity landscape devoid of profits, precious metal funds dominated the top ranks of second-quarter performers. If short-selling mutual funds are set aside, the gold names made up nine of the top 10 equity funds for the quarter ending Friday. See fund results on CBS MarketWatch. "Clearly, gold was the place to be, but I can't say I am entirely pleased," said Caesar Bryan, manager of the $98 million Gabelli Gold Fund (GOLDX: news, chart, profile), which rose 13 percent for the quarter, as of Thursday. "I think the gold price should be higher right now, so I am a little disappointed." / jim