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...floating in the ocean off the Dominican Republic on Oct. 12, then plunged below the surface. The Frenchwoman, 28, dropped rapidly, one hand pinching her nose to help equalize the pressure in her ears, the other clinging to a metal-frame sled weighing 200 lbs. After 1 min. 42 sec., she reached 561 ft., the deepest any human has ever dived on one breath of air. A spokesman for Mares, the diving-equipment manufacturer that sponsored the event, said the water pressure Mestre endured was "akin to having an NFL linebacker standing on every single square inch of her body...
...Accounting Reform Act included sweeping measures dealing with financial reporting, conflicts of interest, corporate ethics and the oversight of the accounting profession. It called for increasing the Securities and Exchange Commission (SEC) budget by 77 percent and creating a U.S. accountancy regulatory board. The increased budget was going to be used to hire up to 300 new enforcement and inspection specialists and to begin upgrading information technology, all in an attempt to better protect investors from rampant financial fraud...
While the Act requires a $726 million budget to implement changes, President Bush has decided instead to recommend a funding increase of just 21 percent, to $568 million. This amount is simply not sufficient for the new U.S. accounting regulatory board to operate. Even SEC Chair Harvey Pitt says that the administration’s level of financing will not allow the agency to take on key initiatives. It seems unreasonable that Bush is more than willing to invest tens of billions of dollars to fund a questionable war with Iraq when he cannot seem to scrounge up another...
...actions of Congress prove no better. A budget stand-off between Congress and the president threatens efforts to crack down on corporate wrongdoing. Congress has not yet funded the SEC for fiscal year 2003, which began Oct. 1, nor has it approved any future funding for the new Public Company Accounting Oversight Board, which the Accounting Reform Act created to monitor the accounting industry. In fact, the House, where appropriations bills originate, has yet to even introduce a bill to fund the SEC for 2003, let alone vote...
...Accounting Reform Act allowed for transition funding for the Public Company Accounting Oversight Board to come from unused SEC funds. However, with the president and Congress continuing to argue over budget priorities, the SEC is not likely to have any funds to spare. “The worst case scenario is that [the accounting board] or we will have to slow down if we find the budget is unresolved by early next year,” the agency has said. Without a budget decision from Capital Hill, all this summer’s reform rhetoric will be in vain...