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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: JBTFD who wrote (276082)	7/16/2002 1:36:20 PM
From: Baldur Fjvlnisson	Respond to of 769670

Scamkeepers until the bitter end ...a new regulatory board with investigative and enforcement powers to oversee the accounting industry, limit the amount of consulting work auditors can perform and prohibit Wall Street investment firms from punishing honest research analysts whose reports anger clients of the firm... ...While Coca-Cola announced on Sunday that it would begin to include stock options on its expense reports, most other companies — especially in high technology — oppose that requirement. They lobbied heavily, and today the Senate blocked an amendment offered by Senator Carl Levin, the Michigan Democrat, calling on the Financial Accounting Standards Board to review the issue within a year. In 1994, the board, which sets the accounting rules for American businesses, proposed forcing companies to record stock options as an expense — but it backed down under extraordinary pressure from senators. "The use of a technical blocking tactic to prevent a vote on my stock option amendment leaves one of the most important post- Enron reforms unaddressed," Mr. Levin said. "Huge amounts of stock options, which benefited mainly top executives, helped fuel Enron-type accounting deceptions." Tom Daschle of South Dakota, the Senate majority leader, said, however, that he planned to bring up the Levin amendment soon...