Word: accountably
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...York Stock Exchange. But when Porsche chief executive Wendelin Wiedeking saw the tough new Sarbanes-Oxley Act that President Bush signed into law this summer on the heels of the Enron and WorldCom scandals, he had a fit. The new law, which seeks to safeguard against fraudulent accounting, requires CEOs and CFOs to vouch for the accuracy of their company's books under oath. That "makes no sense," Wiedeking said last month. A company spokesman explains that hundreds of employees are involved in finalizing Porsche's accounts and that under German law the management board is collectively responsible for them...
...curricular review will have to take into account much that has changed in human knowledge since the Core curriculum was adopted, including extraordinary developments in science and technology. But just since Sept. 11, there has been an unprecedented recollection of this country’s founding principles of freedom and equality. In the next review, how will the Harvard Faculty balance the reality that the U.S. is one nation among many in an ever smaller and more interconnected world, with a recognition that the particular “free society” in which Harvard exists is founded on ideals...
...misconduct—which includes behavior ranging from unwanted touching to rape—must provide “sufficient independent corroboration” or “proof” before the College will launch an investigation. Previously, an investigation would begin after a student submitted a written account of the misconduct. This old method is the way things should be done. And it is the way things are done in the real world and in campuses around the country. When people report crimes, the allegations are investigated, period. Imagine how it would feel to walk into a police...
...fall of Ferdinand Marcos, the corrupt former President of the Philippines, led to the first major break with the secrecy tradition. Under enormous worldwide pressure, the Swiss in 1986 froze accounts belonging to Marcos, and later transferred more than $600 million into an escrow account in Manila. The case marked the start of Swiss cooperation in international criminal cases and the advent of tough laws against money laundering. Any suspicions of money laundering must now be reported to a central monitoring agency in Bern. Strict rules hold senior bank managers accountable for the accounts of politicians, whatever country they come...
...bank spokesman says that transition is now over. According to Hans-Peter Bauer, a managing director in charge of regulatory affairs at UBS, the bank has established separate due-diligence officers for every geographic region as well as a small full-time intelligence team that checks account names against databases of politicians and criminals. "You can?t totally prevent accidents, but you can systematize the risk," Bauer says. And for Swiss banks, touching hot money has certainly become a risk...