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To: Mike Buckley who wrote (53565)	1/29/2003 7:59:37 PM
From: paul_philp	Respond to of 54805

Mike, I did not lay out a very thorough argument for exchange based auditing. I think the idea is quite good but I will save you the time reading and arguing. There is no chance of anything of the scale happening. Due to the political climate, we have a large set of little dutch boy reforms. Really, non-reforms reforms. Of course, you should take my opinion with a grain of salt. I favor allowing most insider trading with timely disclosure and I think the way to get around the quarterly focus is for companies to release results monthly. So, many would consider me crazy (many already do!). Paul

To: Mike Buckley who wrote (53565)	2/4/2003 2:42:20 PM
From: Jacob Snyder	Read Replies (1) \| Respond to of 54805

<the idea of independant audits is a fiction> The goal should be accountability, not independance. That is, someone has to guarantee the numbers, and personally stand behind them, with draconian financial and legal penalties. Here's my solution: end all mandated oversight (internal or external auditors). Just say that top management goes to jail, and has to reimburse investors out of their own pockets for resulting damages, if the numbers are wrong. Ultimately, it's up to stock investors. Having regulators watch the people who watch the people who do the numbers, isn't a solution, no matter how many iterations. Stock investors have to weed out managements who can't be trusted, by refusing to buy stock in those companies. The government is always trying to make the world idiot-proof. If you go to Home Depot and buy a ladder, it is literally covered with warning labels, telling you not to do any of 157 actions that a very creative and very stupid person could do with a ladder. Doesn't stop people from doing them. Same thing with the stock market.