Word: reformer
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...creating the risk of a vicious circle of price declines and forced liquidations." U.K. regulators have a similar fear, and they've responded by lowering the amount of assets insurers need to hold above their liabilities to policyholders - and crossing their fingers. CORPORATE ACCOUNTABILITY Making Scandals Add Up to Reform Faster than a plunging Enron share, tougher than a bear market, the U.S. Congress last week whisked through the biggest changes to business oversight in 60 years, creating harsh penalties for fraud and an independent board to regulate accounting. But the legislation is silent on one controversial accounting trick, treating...
...from the Saudis, it didn't ask for it. On sensitive internal matters-such as the radical indoctrination of schoolchildren by the Wahhabists-the U.S. has not pressured the royal family directly. "There has been no table pounding," admits a senior U.S. official. "When the Saudis get hectored about reform, they get their backs up and say, To hell with it-we're not going...
...European and Arab diplomats have been conferring for the past two weeks on mechanisms to reform the Palestinian Authority and restore its capacity to police its territory. Israeli and Palestinian officials have also been discussing ways of easing the humanitarian suffering that results from Israel's closure of the West Bank's cities. But even such meager progress on the diplomatic front will likely be frozen now as the region braces for a new wave of Palestinian rage. And moderates looking to revive peace efforts and demilitarize Palestinian politics are likely to find themselves drowned out by the hard...
...without guardrails, the whole contraption can take us over a cliff. On Wednesday the Senate voted 97-0 for a program far tougher than the one the President had proposed and even the Republicans in the House were climbing aboard. Unless Congress and the President get serious about reform, Senator John McCain warned in a combative speech, "the damage done by these scandals will outlive most of us in this room...
America's gilded ages have reliably ended in scandal, followed by soul-searching and reform. But investors are divided over what needs to be done. The gentle, self-policing era that SEC chairman Harvey Pitt proclaimed last October is dead and gone, but even some battered investors don't trust grandstanding lawmakers to distinguish between reforms that are needed and those that will cramp the recovery even more. That was the argument Dick Cheney and others made to the President--that in the long run, Bush will suffer more if he gets a quick political boost from reforms that strangle...