Word: fraud
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...Malcolm Forbes Sr. was on his Harley. But when the article went on to credit Treasury Secretary Paul O'Neill and Bush's Council of Economic Advisers with deep thinking about the economy, I didn't know whether to laugh or cry. Perhaps George W.'s message on corporate fraud would be less garbled if he could get that silver spoon out of his mouth. STEVEN HAWLEY Issaquah, Wash...
Still, optimists are getting easier to find. Investors generally are encouraged by tough new laws on corporate fraud. Widely admired General Electric gave investors reason for hope last Wednesday, when it joined a growing list of companies that plan to treat stock options as an expense. Accounting rules don't require this, but not doing so has helped executives hide the truth about their companies' profits. And Stanley Works has scrapped plans to relocate in tax haven Bermuda. Though the decision sent its stock lower, it's likely to lead other companies to reconsider that ethically shaky strategy...
...Bush buddies (and supporters) such as former CEO Ken Lay. "There hasn't been anyone in handcuffs from Enron, and we don't know why," Senate majority leader Tom Daschle said last week. While declining to comment on the specifics, Deputy Attorney General Larry Thompson, who heads the corporate-fraud strike force, said that "some cases are more complex than others." Even with prosecutors laboring on the Enron Task Force, getting a handle on the company's complicated structure and litany of off-balance-sheet partnerships is no small feat...
...photographers chased Princess Diana. The real blow came at an outdoor show in Mexico City: in the middle of her fifth song, Spears stopped and said, "I'm sorry, Mexico. I love you. Bye," and slipped away. The crowd of 50,000 hurled Britney merchandise and shouted, "Fraud! Fraud!" Spears later apologized, promised tickets would be refunded and blamed her walk-off on the risk that lightening would strike the metal stage. She then announced she would take six months off--just enough time for the average 12-year-old to forget her completely...
Capuano was asked one question about the Corporate Fraud Reform Bill passed recently by the Senate. Capuano said the bill that passed was almost identical to a Democrat-proposed bill voted down in the House...