"CORPORATE ETHICS"
Let us suppose that, for the sake of argument, I know someone who was recently caught shoplifting a $10 pair of sunglasses. Under the theoretical example, said person would have had to wait hours for the police to show up to book him, eventually go to court, and possibly lose up to $1,000 in fines and court fees. But, had that same person fleeced $3.8 billion from investors in a company, he would probably be treated with more respect and be in less trouble.
President Bush's recent condemnation of the lack of 'corporate ethics' and promise to hold execs at companies like Enron and WorldCom accountable are a step in the right direction. But, they're just a step. If the President really wants to reform the way companies do business, the first thing he should do is fire Harvey Pitt, the man Bush appointed as SEC Chairman. Chairman Pitt the Elder's past is a perfect example of "the appearance of impropriety" that the President once said he would not tolerate. As a lawyer who once represented all of the major accounting firms, Pitt's lack of action against Arthur Andersen is, at best, highly suspect.
Though I usually think of myself as an idealist and an optimist, I don't see much coming of Bush's promised reforms. 'Sound and fury, signifying nothing', you know? Perhaps that's because of the President's own past that may have involved insider trading. For those who don't know, when W. was on the board at Harken Energy Corp., he 'coincidentally' sold his stock for $848,560 only one week before the company was forced to disclose large losses (after which, stocks tanked). Bush's appeal for "a new era of integrity in corporate America" is as hypocritical as Clinton advocating monogamy and sexual fidelity.
It bothers me that, once again, the bad guys are probably going to get away with fraudulent claims and insider trading -- not only because I'm an investor -- but because of the principle. This is supposed to be a country by, of, and for the people, not "just the affluent people". Men like Kenneth Lay make me sick, for they don't hesitate to break the law because they know that they won't be prosecuted. Well, you know what, Mr. Lay? I know of only one man who's Above the Law, and his name is Steven Seagal.
And you, Mr. Lay, are no Steven Seagal.
