Table 7: The many roads to failure* Day Event Market Reaction
January 22, 2002 Bush speech assails Enron executives who heavily contributed to his campaign Down 0.73%
January 27, 2002 SEC chair Harvey Pitt announces proposal to require CEO certification of annual report Down 0.08%
April 24, 2002 House passes weak bill on accounting regulations Down 0.15%
June 20, 2002 SEC unanimously approves auditor oversight system Down 1.34%
July 9, 2002 (early) Bush gives speech on Wall Street outlining proposals to deal with crisis Down 2.47%
July 9, 2002 Sarbanes bill tightening corporate management and accounting regulations introduced in Senate Down 3.39%
July 15, 2002- July 16, 2002 Senate unanimously passes Sarbanes bill
Fed Chair Alan Greenspan gives speech to Senate Banking Committee that is upbeat on economy Down 1.84%