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Strategies & Market Trends : Take the Money and Run -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (7911)	7/9/2002 7:42:38 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 17639

if this is true...it might support the trend reversal doesn't really begin until october theory...the light is switch on the cock roaches are running. O'Neill says any further corporate accounting frauds to be known by August WASHINGTON (AFX) - The public will know whether there are any further cases of corporate financial misreporting by August, said Treasury Secretary Paul O'Neill, thanks to a new requirement for chief executive officers. The new requirement by the Securities and Exchange Commission that CEOs attest to the truth of their firm's accounts on a personal basis will ensure that any further cases are brought to light, he said in an interview on Fox television. The SEC rule takes effect in the mid-August filings due at the SEC, he noted. "If there are any more birds in the tree, they are going to fall out after that filing," he said. "Because I don't think any CEO is going to knowingly certify that last year's results are not true -- unless they've been assured by everyone and anyone that it's all true," he said. He reiterated that CEOs have the "duty and responsibility" to know "everything that's material in their company." This does not include small cases of fraud such as 10,000 usd bribes, but any CEO should be knowledgeable about transactions on the order of 1.0 bln usd, he said. Separately, O'Neill rejected as "a lot of trash" criticism of SEC chief Harvey Pitt for having previous ties with the accounting industry. It does not make sense to exclude individuals with experience in a field from regulatory oversight of that same field, he concluded.