This is what the Wall St. Journal quotes Greenspan as saying at New York University yesterday: "We have to be careful ... not to look to a significant expansion of regulation as the solution to current problems, especially as price/earnings ratios increasingly reflect the market's perception of the quality of accounting. Regulation has, over the years, proven only partially successful in dissuading individuals from playing with the rules of accounting."
If we don't need new regs, perhaps somewhat stiffer penalties could be in order. I suspect if these corporate frauds were drawn, quartered, and had their rotting body parts left on permanent display at the corner of Broad and Wall Streets, there might be considerably greater success at dissuasion going forward :)
Carl
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