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To: The Duke of URL© who wrote (2380)	7/26/2002 12:53:42 PM
From: greenspirit	Respond to of 3602

A bit of history, courtesy of the internet archives... U.S. Senator Christopher J. Dodd The Golden Leash Award publicampaign.org The Golden Leash is a symbol of the ties between special interest money and elected officials. It is awarded to Members of Congress who demonstrate egregious conduct in the quid pro quo practice of dollar democracy. This award serves as a reminder of Senator Dodd’s acceptance of $910,304 in campaign cash from January 1993 to December 1997 from the Securities, Investment, Accounting and High-Tech Computer industries, and in turn, using his position as ranking Democrat on the Securities Subcommittee of the Senate Banking, Housing, and Urban Affairs Committee to promote special favors for his "cash constituents" at the expense of his real constituents back home, and the American people. April 29, 1998 Read the Report Read Ellen Miller's Statement FOR IMMEDIATE RELEASE April 29, 1998 Contact: Jodie Silverman, 202-293-0222 SECOND "GOLDEN LEASH" PRESENTED FOR THE QUID PRO QUO PRACTICE OF DOLLAR DEMOCRACY Sen. Chris Dodd Cited for Contributions from Wall Street, Accounting and High-Tech Computer Industries WASHINGTON – Democratic Senator Christopher J. Dodd of Connecticut became the second recipient of the "Golden Leash Award" from Public Campaign today, a dubious honor recognizing his ties to wealthy special interests who help fund his campaigns. Dodd has been handsomely rewarded with $910,304 from the securities, investment, accounting and high-tech computer industries since 1993. Meanwhile, there is no Senate Democrat who has done more for Wall Street and these related industries at the expense of consumers from his position as ranking Democrat on the Securities Subcommittee of the Senate Banking, Housing and Urban Affairs Committee. The Golden Leash Award is a new incarnation of former Senator William Proxmire's legendary Golden Fleece, infamous for spotlighting government waste, fraud and abuse. "The Golden Leash is a symbol of the tight hold that special interests have over our elected officials through their campaign contributions," said Ellen Miller, executive director of Public Campaign. "Senator Dodd serves as a shining and shameful example of the daily practice of dollar democracy, where special interests and their campaign contributions seem to have more influence over politicians than the public interest." "The people of Connecticut and this country have placed their trust in Senator Dodd who in turn has appeared to place his trust – and his votes – with the fat cats on Wall Street." As examples of Dodd's generosity toward his major campaign financiers, Public Campaign's report cites the following examples: Dodd was an original cosponsor of the Private Securities Litigation Reform Act of 1995, and he helped to organize the Senate's override of President Clinton's veto. It ultimately became law in 1995. While the industry said the law would cut down on frivolous securities lawsuits, many say the new law would make it easier to commit securities fraud on unsuspecting investors and more difficult for the victims of fraud to recover their losses. The National Securities Market Improvement Act, another bill that Dodd fought earnestly for, was supposed to provide oversight of the mutual fund and securities industry. While it contained some good consumer provisions, it ultimately weakened oversight that would have protected investors. And, in October of last year, Dodd lined up as a cosponsor of the Securities Litigation Uniform Standards Act, an extension of the earlier securities litigation legislation. The bill was strongly supported by The Uniform Standards Coalition, an ad-hoc group of securities, accounting and high-tech computer firms. Even trial lawyers who opposed such securities litigation legislation, and heavy givers in their own right, especially to Democrats, could not compete with the industry's donations or lobbying efforts. Rather than beef up consumer protections and enforcement for investors – at a time when more people are investing in stocks and mutual funds for their retirements – Congress is busy protecting Wall Street, with help from Senator Dodd. The Investment Company Institute, the main trade association for the mutual fund industry, reports that Americans currently have more than $1 trillion earmarked for their retirements invested in mutual funds. Most investors lack a basic understanding of financial terms and how investments work. Meanwhile, securities fraud is on the rise. Of the $910,304 in campaign contributions that Senator Dodd received between January 1993 and December 1997, Wall Street and other investment firms came in as the heavy hitters, with firms like Goldman, Sachs & Co., Morgan Stanley, Salomon Brothers and others donating $523,551 in PAC and individual contributions. The accounting industry – perhaps the biggest winners in the 1995 securities litigation reform law – donated $345,903 in PAC and individual contributions. This includes such giants as Price Waterhouse, Ernst & Young and Coopers & Lybrand, among others. Deloitte & Touche's contributions to Senator Dodd increased nearly five-fold from 1995 to1996 soon after Congress passed the reform law the industry championed. The computer industry – a fairly new player in the campaign contribution field – ponied up $40,850 in contributions. Public Campaign's Golden Leash Award focuses public attention on politicians who do particularly egregious favors for their cash constituents, highlighting their captivity to special interests at the expense of average voters, taxpayers and the public at large. Representative Bill McCollum of Florida was the first recipient of the Golden Leash last month. Senator William Proxmire is a member of Public Campaign's National Advisory Board and has bequeathed to us his legendary Golden Fleece Award. It was Senator Proxmire himself who said that Congress has a "golden leash" around its neck and that he sees a connection between the pork-barrel politics he highlighted years ago and the special interest campaign contributions that have grown exponentially through the years. Public Campaign is a non-partisan, non-profit organization working on behalf of comprehensive campaign finance reform

To: The Duke of URL© who wrote (2380)	7/26/2002 1:09:02 PM
From: greenspirit	Read Replies (1) \| Respond to of 3602

This is funny. Check out this press release from 1998. In this revised bill the President voiced no objection to the auditing exemptions laid out in the 95 bill. Another lie from the chronic liar that inhabited the White House for 8 years. What else is new...LOL THE WHITE HOUSE clinton6.nara.gov Office of the Press Secretary ---------- For Immediate Release November 3, 1998 STATEMENT BY THE PRESIDENT Today I am pleased to sign into law S. 1260, the "Securities Litigation Uniform Standards Act of 1998," (Uniform Standards Act). This country is blessed with strong and vibrant markets, and they function best when corporations can raise capital by providing investors with their best, good-faith future projections. This legislation will help stabilize the enforcement scheme of the Private Securities Litigation Reform Act of 1995 (the Reform Act) by ensuring that parties obtain the benefits of the protections that Federal law provides. The Uniform Standards Act reinforces our national capital markets by promoting uniform national standards for information generated for and used in national capital markets. If firms know that they can rely on the Reform Act's "safe harbor" for forward-looking information, they will provide the public with valuable information about their prospects, thus benefiting investors by enabling them to make wiser decisions. The Reform Act substantially revised both substantive and procedural law governing private actions under Federal securities laws. It was designed to end litigation abuses and ensure that investors receive the best possible information by reducing the litigation risk to companies that make forward-looking statements. In addition to the safe harbor for forward-looking statements, the Reform Act created, among other things, a stay of discovery pending a defendant's motion to dismiss; limited the exposure of certain defendants by establishing proportionate liability, rather than joint and several liability, for parties not found to have "knowingly" committed violations; and required courts to assess whether all parties complied with Rule 11 of the Federal Rules of Civil Procedure, prohibiting frivolous legal filings. Although I supported the Reform Act's goals, I vetoed the Act because I was concerned that it would erect procedural barriers and keep wrongly injured persons from having their day in court. In particular, I objected to certain statements in the 1995 Conference Report's Statement of Managers that created ambiguity with respect to whether the bill was adopting the pleading standard in private securities fraud cases of the U.S. Court of Appeals for the Second Circuit -- the highest pleading standard of any Federal circuit court and a standard that I support. When the bill returned to the House and Senate floors after my veto, the bill's supporters made clear that they did in fact intend to codify the Second Circuit standard. After this important assurance, the bill passed over my veto. Since passage of the Reform Act, there has been considerable concern that the goals of the Reform Act have not been realized. In particular, there was testimony that firms are not using the Federal safe harbor for forward-looking statements because they fear State court litigation over the same representations that are protected under Federal law. In addition, concerns have been raised that State actions are being used to achieve an "end run" around the Reform Act's stay of discovery. In signing the Uniform Standards Act, I do so with the understanding, as reflected in the Statement of Managers for this legislation and numerous judicial decisions under the Reform Act adopting the pleading standard of the Second Circuit, that investors with legitimate complaints meeting the Second Circuit pleading standard will have access to our Nation's courts. This point was critical to my veto of the Reform Act in 1995; it was reaffirmed before ultimate passage of the 1995 Act over my veto; and its assurance was a prerequisite to my signing this legislation today, as indicated in the April 28, 1998, letter from my staff to Chairman D'Amato, Senator Gramm, and Senator Dodd. Since the uniform standards provided by this legislation state that class actions generally can be brought only in Federal court, where they will be governed by Federal law, clarity on the Federal law to be applied is particularly important. The Statement of Managers confirms that the Second Circuit pleading standard will be the uniform standard for pleading securities fraud. Thus, the uniform national standards contained in this bill will permit investors to continue to recover losses fairly attributable to reckless misconduct. I am aware of and agree with the expert views on this issue of the Securities and Exchange Commission (SEC), which, along with my staff, worked hard in shaping this legislation. With these assurances in the Statement of Managers that reckless conduct will continue to be actionable and that complaints meeting the Second Circuit pleading standard will permit investors access to our Nation's courts, I believe that the uniform national standards created by this bill will generate meaningful information for investors and further reduce frivolous litigation without jeopardizing the critically important right of defrauded investors to obtain relief. I do, however, object to one provision in this bill. Section 203 provides separate authority for job classification and pay of SEC economists. This provision was added to the bill at the last minute without any time for review or comment. There is no justification to treat SEC economists differently from other Federal employees. With that one exception, I am pleased to sign the Securities Litigation Uniform Standards Act of 1998 into law. WILLIAM J. CLINTON THE WHITE HOUSE, November 3, 1998.