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Technology Stocks : Internap Network Services Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Jibacoa who wrote (488)	10/24/2002 1:41:31 PM
From: Dave B	Respond to of 1011

biz.yahoo.com Interesting to be quoted in something like this... Reuters Georgia CEOs see downside to corporate reforms Tuesday October 22, 5:52 pm ET ATLANTA, Oct 22 (Reuters) - Corporate reforms spurred by accounting scandals have given executives less time to devote to developing products or engaging in other activities that would help their companies grow, leaders of several Georgia technology firms said on Tuesday. ADVERTISEMENT Thomas Chapman, chief executive of U.S. credit reporting agency Equifax Inc. (NYSE:EFX - News), said further debate was needed on the potential impact of the Sarbanes-Oxley Act, a new federal law that forces the Securities and Exchange Commission to set up a board to police corporate accountants. The act, which gives the board power to inspect and discipline auditing firms by revoking their registrations and imposing fines, represents the biggest shakeup of U.S. securities laws since the 1930s. "Some of these reforms are necessary, but I would ask where is the debate, where is the expiration of the impacts of some of this legislation," Chapman told a technology conference in Atlanta. Chapman said he was concerned the act would deter companies from taking some risks that could be beneficial in the long term, adding that the legislation might keep some talented people from pursuing executive positions. Accounting has become a hot issue as authorities try to restore investor faith after the scandals of U.S. energy trading firm Enron Corp. (Other OTC:ENRNQ.PK - News) and telecommunications giant WorldCom Group (Other OTC:WCOEQ.PK - News) shattered trust. Greg Peters, chief executive of InterNAP Network Services Corp. (NasdaqSC:INAP - News), a supplier of high-speed Internet data services to businesses, said new finance rules had caused executives to spend more time double-checking financial statements and less on developing technologies that would grow business. "We all have to sign off on the financial statements, which I think is a good thing," Peters said. But "it's taken a disproportionate amount of my time away from running a business and into current events issues associated with corporate governance."