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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (54565)	8/20/2002 9:49:25 PM
From: Dealer	Read Replies (1) \| Respond to of 65232

SEC: Most CEOs Certify Finances By JUDITH BURNS, Dow Jones Newswires Vast Majority of CEOs Swear to Company Finance Reports, Regulators Announce WASHINGTON (AP) -- The vast majority of U.S. corporate executives were willing to swear their firm's finances are accurate, regulators announced Tuesday. Of the nearly 700 companies required to certify results by Aug. 14, the Securities and Exchange Commission found just 16 -- or 2.3 percent -- that weren't able to sign off on their prior quarterly and annual results. SEC Chairman Harvey Pitt said certification is working as intended. "We wanted assurances that senior corporate executives are taking personal responsibility for their companies' filings and personally stand behind the accuracy of their companies' reported numbers," Pitt said. "These objectives were achieved." The SEC said its staff has finished processing the 691 certifications which were due by Aug. 14. In June, the agency ordered 947 of the nation's largest companies to certify results as they file quarterly and annual reports to the SEC. Congress required executives at all public companies to certify results under a new corporate accounting bill. Companies that weren't able to certify results: ACT Manufacturing Inc., Adams Resources & Energy Inc., Adelphia Communications Corp., Alaska Air Group Inc., CMS Energy Corp., Consolidated Freightways Corp., Dynegy Inc., Enron Corp., Gemstar-TV Guide International Inc., Hercules Inc., LTV Corp., McLeod USA Inc., Mirant Corp., Qwest Communications International Inc., TruServ Corp., and WorldCom Inc. Only one company, IT Group Inc., which is in bankruptcy liquidation, failed to file the certification by the Aug. 14 deadline or request an extension. An SEC spokesman declined to comment on what action the agency might take against the firm.