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

To: KLP who wrote (278208)	7/20/2002 1:14:39 AM
From: MSI	Read Replies (1) \| Respond to of 769667

You are still mistaken that the CEO is personally liable for any actions of subordinates. It takes knowledge and/or a high level of negligence as determined by usual trade practices to be culpable. The Harvey Pitt signature doesn't say the CEO is responsible, except for the usual care of industry best practices. The idea is to limit the "gee, I wasn't told about that" excuse, since industry practice requires that you review and ask appropriate questions. If you get lied to, and have no reason to know that, you're off the hook. The egregious problems are clearly obvious to a CEO, such as he Harken insider sale, the Halliburton trading with the enemy, ENRONs obvious criminal actions that Lay claims he didn't know about, but hasn' been even indicted yet. Disgusting.