> Whoosh, unawares I was at a bar and someone mentioned
> the Dow dropped 400 today. Huh? And narry a comment on LBO-list.
>
> I guess the system is just "correcting itself." And "dealing
> harshly" with those miscreants who misrepresented
> their basics to the market. Meanwhiles, retirees' savings
> are being wiped out. I hope Democrats water down
> anti-corporate legislation, as they appear to be doing.
> Sooner or later they'll reap the shitstorm.
>
>
Proposals of installing yet another layer of bureacracy such as a fraud task
force, or additional auditing committee (the FASB already exists to set
accounting standards, and the SEC is supposed to read the filings they
receive from corporations to detect fraud), and higher penalties for white
collar crime (which is useless cause no CEO or CFO is being indicted for
anything beyond minor art collection tax fraud) will not correct the market
and will not help retirees. The Democratic suggestions are as much window
dressing as the Republican ones (i.e 'citizen' McCain). Neither have given
the market confidence as indicated not just by yesterday's fall, but by the
11% drop since Bush's corporate integrity speech last week. True reform might
start with slicing a percentage of every CEO's cash-out and giving it back to
the employee retirement funds they raped, or how about even freezing their
assets?
Nomi -------------- next part -------------- An HTML attachment was scrubbed... URL: <../attachments/20020720/40c76926/attachment.htm>