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...Cindy Fornelli, executive director of the Center for Audit Quality, which is a Washington-based public-policy organization that represents public-company auditors, contends that all the Madoff case amounts to is a lack of sufficient regulation, not a failure of the accounting profession. "It is not the responsibility of the accountant for a capital-management firm to audit the underlying investments of the firms it invests in," says Fornelli. "The auditor is not in a position to test the existence of the underlying securities - especially in a fund-of-funds situation...
...Each of the car companies had adequate capital entering the fall, but when Treasury and the Fed "brought down the house" by letting Lehman Brothers fail, worldwide credit markets froze, preventing Americans from buying cars, since most people use loans or leases to do so. Financial markets and the lack of available consumer credit--not a lack of appealing car designs--are the reasons for this crisis, and piling the blame on Detroit is simply not balanced. Steven M. Friedman, NEW YORK CITY...
...Iraq reconstruction concluded that the five-year, $117 billion project has been largely ineffective. The report, compiled by the Office of the Special Inspector General for Iraq Reconstruction, also found that most of the positive work done has simply brought the nation back to preinvasion levels. Poor planning, lack of oversight and a security vacuum--former Secretary of State Colin Powell is quoted as saying that the Defense Department inflated Iraqi security-force numbers--also played major roles...
...what we really need to do is treat water as the limited resource it is, first by limiting pollution, then by reusing it as much as possible. The U.N.'s Barlow - whose mandate is to increase access to clean water for the 1.7 billion people worldwide who now lack it - is doubtful about the cost of recycling programs like Orange County's, especially for poorer countries. She'd like to see more focus on keeping water sources clean in the first place. But she knows recycling is a necessity. "Water is far, far too precious to waste," she says...
They also suggested the government's role in spurring scientific innovation should include improving infrastructure - from labs to computer networks - and making long-term funding commitments to researchers. "Funding for science is so shaky, scientists themselves end up being risk-averse," says Holt - a lack of certainty that he feels tends to stifle innovation...