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Guest Commentary July 9, 2002
Corporate Responsibility
The Honorable Mark Udall
It seems that every week we hear another story of a corporation cooking the books, too often with the help of accountants who are supposed to be protecting investors and the public. And while they cook the books, they burn the American people and the economy suffers.
Some of those involved say, these are just technical details, or they act like the piano player in the bordello, saying they did not know what was going on upstairs. But it is becoming clear that many knew all about it and it is nothing but plain, old-fashioned fraud.
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Congress needs to clean up this mess by passing stronger corporate accounting and pension protection legislation than the version the House passed this spring.
Talk is cheap, but the cost to the public has been high, and will be higher yet if we do not act.
Corporate CEOs need to be accountable with criminal and financial penalties when they falsify financial reports or mislead the public about company stock. CEOs should not be allowed to sell company stock in an executive plan during a lockdown period when the employees are prohibited from doing so.
We need to set up a strong, independent watchdog over the accounting industry. For markets to work fairly, the American public needs the truth.
Strong legislation is crucial to restoring the truth and trust in corporate America and faith in our markets.
Mark Udall, a Democrat, represents the 2nd Congressional District of Colorado in the U.S. House of Representatives. The above commentary has been adapted from a speech Rep. Udall delivered on the floor of the House, July 9, 2002. To contact him, Click Here.
The above column has been distributed by PoliticsOL.com.
