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Sunday, July 14, 2002

Corporate Ethics Roundup - 7/14

This looks like becoming a regular feature, so I will try dating them. If at some point I regret leaving out the year (and millenium), well, hard luck.

OK, filed under "Wake Me From This Nightmare": According to CBS Marketwatch, The Post reports on Saturday that the head of Bush's "financial crimes task force served as a director of a credit card company that paid more than $400 million to settle consumer and securities fraud allegations". The good news: according to his spokesman,

"He then personally took the lead in making the company do the right thing and it was his personal efforts that were a driving force in the company settling over $400 million and in implementing internal reforms and compliance measures".

Man, I feel better. And I'll feel a lot better after this gets kicked around for a week.

And how about the omniscient Dick Cheney while at Halliburton? He knew! Well, you knew he knew, what else is new? The SEC is looking vigorously at the accounting issues, according to Chairman Pitt. But did they do anything wrong? My impression was that Halliburton was following standard industry accounting practice, but my confidence in standard accounting practice is not what it used to be. How's that for no guts?

Quickly, Coke will expense stock options, and Worldcom may have been cooking the books for a while. Republicans definitely want to push this back to the Clinton era.

OK, big finish. The Sunday NY Times lays out their game plan, excuse me, the Democrats game plan, for exploiting this scandal in the fall elections. Not a slam dunk, as patient readers will see.

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