Word: donaldson
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...corporate-reform movement took two body blows last week: the Supreme Court overturned the conviction of accounting firm Arthur Andersen for obstruction of justice, and Securities and Exchange Commission (SEC) chief William Donaldson quit under pressure...
...Donaldson resign? The Bush nominee, above right, often clashed with two fellow Republicans on the commission who thought he was too keen to regulate and punish. During his tenure, the SEC levied hefty fines against corporate transgressors and, among other things, established a rule requiring that mutual funds have chairmen independent from the firms they oversee...
...will this affect market regulation? The President has picked Representative Christopher Cox of California, a former corporate lawyer and staunch supporter of business interests, to replace Donaldson. Cox will come under pressure from the business lobby to dilute a measure in Sarbanes-Oxley that requires that firms institute strong internal financial controls and have auditors assess their adequacy. "It has turned into a boondoggle for the accounting industry," contends John Berlau, a fellow at the pro-business Competitive Enterprise Institute, who cites an American Electronics Association study that put the cumulative costs of complying in the first year alone...
When Thomas and ABC Correspondent Sam Donaldson insisted on publicly ferreting out the reasons for the lack of candor, Speakes could not very well explain what had gone on behind the scenes. "Why did you handle it that way?" asked Thomas. "Well, I don't think that's any of your business," replied Speakes. "It is our business," said Donaldson. "If you had two grains of salt for sense," said Speakes, "you could figure it out." Though Speakes claims that he intentionally lashes back at reporters in order to keep combative questioners at bay, the reporters' criticism stung...
...answer to persistent requests for Reagan's precise temperature, Speakes said, "It was below a hundred yesterday. It's below 'below a hundred' today." ABC News Correspondent Sam Donaldson kept asking why reporters could not interview Reagan's doctors after they gave their briefings to the press corps. "Go fly a kite," Speakes replied to the audience. Asked if he was wearying, Speakes said, "I'm not tired, I'm just tired of you people." U.P.I. Correspondent Helen Thomas shot back, "Why don't you send in a pinch hitter who can talk...