Word: sec
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Dates: during 1990-1999
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Many lawmakers want to change that practice. Democratic Congressman Ron Wyden of Oregon wants to force accountants to blow the whistle on lawbreaking clients. In 1990 Wyden introduced legislation that would have required auditors to report to the SEC any client found engaging in fraud. Though it passed the House, the bill failed to clear the Senate. Says Wyden, who plans to try again this year: "They're called certified 'public' accountants because they're accountable to the public. But accountants are not living up to their public duty. If they find wrongdoing, they have an obligation to come forward...
...power of the Viper are outright provocative. Made only in bright red with curves and scoops that echo past roadsters, the Viper reeks of speed. Underneath the hood is Chrysler's most powerful engine, an eight-liter V-10 that can explode from 0 to 60 m.p.h. in 4.5 sec. While some environmentalists argue that the car is an energy hog, its overall performance has impressed auto enthusiasts. "The Viper makes your lips curl, and your eyes bulge with the terror of taking such a beast to the edge," gushes Guide to Muscle Cars magazine...
Even though he had a 40-sec. head start, Moroccan El Hassan Mahta was "lapped" in the men's giant slalom by Lebanon's Raymond Kayrouz, who careered past the slower Mahta. Both skiers missed gates and were disqualified...
Under the SEC's plan, shareholders will be allowed to have a say in corporate pay. Anyone who owns $1,000 or 1% of a company's stock can insert a proposal in a firm's proxy statement that calls for a vote on an executive's compensation package. Corporate boards were formerly permitted to block such a referendum. Though the results of the vote will not be binding on management, shareholder sentiment could pressure executives to settle for something more modest...
Corporate leaders unnerved by the latest SEC action won't find much sympathy from the White House. President Bush has been struggling to shed his image as a friend of the wealthy this election year, and Breeden's reforms were cleared in advance by the Administration. Even Congress's staunchest critic of executive pay, Michigan Senator Carl Levin, was impressed: "I'm elated. The SEC did the right thing for stockholders and the American public...