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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: High-Tech East who wrote (13391)	7/14/2002 8:12:38 PM
From: High-Tech East	Respond to of 19219

... this ought to be a giant of a best seller ... I wish it was available now ... Ken ___________ July 15th, 2002 - Barron's The Regulator's Tale Accounting Scandal Could Bite Back Outraged Politicos EDITED BY JAY PALMER Dozens of campaigning congressmen could be confronted with a public relations nightmare in the final weeks before the Nov. 7 general election. A new book by Arthur Levitt, the former chairman of the Securities and Exchange Commission, is scheduled to hit the store shelves sometime in October --and it will contain a chapter or two that will be downright embarrassing for some elected legislators. Levitt promises to tell all. Levitt's "Take On the Street," which will be published by Random House and excerpted by Readers Digest, details how Congressmen from both parties sabotaged his efforts two years ago to crack down on lax accountants -- the same Congressmen who are now scrambling in the wake of recent corporate scandals to tighten up those accounting regulations. Some 46 Congressmen, all allegedly recipients of campaign contributions from accountants, wrote Levitt threatening or intimidating letters in a successful effort to block his proposed new rules. Levitt won't give away his goods yet, but says his book will contain several such missives that have never been made public. Levitt previously identified Rep. Michael Oxley (R-Ohio), who chairs the House Financial Services Committee, as one who originally opposed tighter rules. Oxley saw the light after the Enron debacle, and his committee this year drafted an audit-reform bill that was passed by the entire House. House Democrats Cal Dooley and Ellen Tauscher, both of California, and Jim Moran of Virginia are in the same leaky boat. They all are up for reelection. In the Senate, Democrat Charles Schumer of New York and Republican Robert Bennett of Utah are among those who called Levitt's original proposals to reign in the accountants "a backwards way of doing things." In a bid to enlighten individual investors, Levitt says his book will also take on brokers and Wall Street analysts. He also describes how company's massage their numbers to fool investors and make the company look good.