Word: sec
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Dates: during 1970-1979
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Ford was not entirely clear of potential hazards either. He seems to be marginally involved in two investigations. The SEC is looking into U.S. Steel's entertaining of legislators, possibly including Ford when he was a Congressman; meanwhile, the special prosecutor's office in Washington is examining Republican Party records in Ford's home county in Michigan and the political contributions of the Marine Engineers' Beneficial Association, a union that has long been a big contributor to his campaigns. Whether either of these will turn out to be a real campaign problem remains uncertain, but the point is that there...
...equivalent of a gold was winning an entry in the Guinness Book of World Records. The show's Bruce Jenner was Tory Roy Hatter, 25, vice chairman of the Young Conservatives and new holder of the world record for nonstop political speeches-29 hr. 12 min. 30 sec. of peroration on codfishing, women's rights and other matters. "Like most politicians," gasped Hatter after his champion performance, "I like to get my name in print." Said a Guinness spokesman sagely: "Mr. Hatter should go far in his chosen career...
...switch from one method to another, which would enable a company to report the greatest immediate profit. In an effort to provide more uniformity, the Financial Accounting Standards Board (F.A.S.B.), a body set up by the industry itself, has been setting out consensus guidelines for accountants to follow. The SEC, which watches over corporate financial statements, had generally been content to let accountants follow any methods that they themselves chose. But since the creation of the F.A.S.B. in 1973, the SEC has promulgated rules that in effect require auditors to follow the standards laid down by the F.A.S.B. or demonstrate...
Which might seem reasonable enough-but not to Andersen. In late July the company filed suit in federal court to invalidate the SEC regulations. Andersen's essential point: the Government should leave accountants to police themselves. By backing the F.A.S.B. rules, Andersen contended, the SEC is imposing a heavy bureaucratic burden on accountants. Andersen fears the agency might penalize auditors who switch from one accounting method to another in the belief that they are best representing the financial conditions of the companies whose books they keep. Says Senior Partner George Catlett: "You let the Government in a little...
Nitpicking Rules? One question is why Andersen, of all firms, should assail the SEC's effort to back up the F.A.S.B. Andersen has long argued for more uniformity in accounting procedures, and its executives played a key role in setting up the F.A.S.B. But the company also has long been an aggressive maverick. Some competitors grumble privately that it is merely seeking publicity, and Price Waterhouse's brief publicly refers to "Andersen's past attacks on the accounting profession." Andersen Chairman Harvey E. Kapnick Jr. protests that his company is merely trying to preserve the profession...