discuss executive pay and the ramifications of the SEC's informal investigation
into General Electric Co.'s compensation package for former chair and CEO Jack
Forum: Wall Street Reform
How can the government
restore investor confidence? Do the problems on Wall St. stem from a few rogue
executives or is the entire system flawed? Three
experts answered your questions.
Certification Deadline Passes
hundreds of corporations rushed to file certifications of past accounting reports,
Paul Solman examines the
business practices the new government rules are intending to stop.
Linda Griggs, a former chief counsel to the chief accountant of the SEC, discusses
impact of today's filing deadline. (8/14/02)
SEC's list of CEO and CFO statements.
(12:30pm EDT): Executives at almost half the companies required to certify their
financial statements to the Securities and Exchange Commission have done so ahead
of today's deadline. A handful reported a need to restate their finances by small
The filings come in response
to an SEC order, issued in June, requiring executives at 947 of the largest U.S.
companies to sign affidavits attesting to the veracity of their company's numbers.
More than 700 companies -- those that use a calendar year for reporting results
-- must file their certifications by 5pm EDT. (8/14/02)
ImClone CEO Indicted on Insider Trading Charges
The federal government announced the indictment of Samuel Waksal, former CEO of
ImClone Systems, Wednesday on charges stemming from an alleged insider trading
Admits to Accounting Errors
Qwest Communications, the dominant local telephone company in 14 western US states,
admitted Sunday night it incorrectly accounted for $1.16 billion between 1999
and 2001. (7/29/02)
Andersen is found guilty of obstructing justice when it destroyed Enron-related
A report on how Arthur
Andersen's corporate problems are affecting its employees. (4/3/02)
After the Collapse
Profiles of key
More on Arthur
Andersen and its role in the Enron case.
Happened at Enron?
the Dough: The connection between Wall Street expectations and hyped accounting
Gambles and losses in
the futures market. (3/19/02)
Where were the
Alchemy: A look at how Enron's magic act contributed to its rise and fall.
the wake of the recent corporate scandals, Paul Solman investigates the
role of wealth in democracy. (7/17/02)
Ethics and Wall Street
Solman's three-part series on ethics in corporate America. (6/02)
One: A backgrounder on white collar crime.
Two: A group of veteran business journalists discusses if the term "business
ethics" is really an oxymoron.
Three: Assessing the behavior of stock analysts
companies have to count stock options as business expenses? (7/16/02)
former SEC chairmen -- Arthur
Levitt from the Clinton administration and Richard Breeden from the first Bush
administration -- talk about the Senate accounting bill and restoring investor
confidence in Wall Street. (7/15/02)
Ethics in America: The View from the Top
a week of Congressional debates and presidential speeches, public opinion of corporate
America appears badly shaken. Three leaders
from the corporate community debate whether the recent financial scandals
were caused by a few rogue executives, or a deeper systemic problem on Wall Street.
Bush Proposes Corporate Crackdown
Majority Leader Tom Daschle (D-S.D.) and Assistant
Minority Leader Don Nickles (R-Okla.) debate rival proposals to prevent corporate
Secretary of the Treasury Paul O'Neill talks about the president's proposals.
President Bush calls for tougher penalties for corporate criminals, saying federal
officials will "end the days of cooking the books, shading the truth and
breaking the law." (7/9/02)
president's speech: RealAudio
the Bush administration's recommendations.
President Bush advocates for greater corporate responsibility, new
questions are raised about his own past dealings as a businessman at Harken Energy
Jim Lehrer interviews Harvey
Pitt, chairman of the Securities and Exchange Commission, about the tumultuous
year in business and newly proposed accounting regulations. (6/12/02)
Federal Reserve Chairman Paul Volcker discusses the conflict of interest within
the accounting industry, Arthur Andersen, and restoring corporate ethics on Wall
Former SEC chairman Arthur Levitt and two experts examine the
flaws of current accounting regulations. (1/17/02)
Merrill Lynch, the top brokerage firm in the US, settles
a lawsuit alleging it misled investors. (5/21/02)
Margaret Warner and guests discuss the ways Wall
Street investment firms can influence stock markets. (2/27/02)
Secretary Paul O'Neill answers questions about the Enron collapse and its
affect on investor confidence. (2/6/02)
Forum: What should the government do to protect workers' pension and 401(k) savings?
Two experts respond
to viewer questions on pension reform. (3/02)
Regulators Finalize $1.4 Billion
Settlement Against Wall St. Firms
Donaldson, chairman of the Securities and Exchange Commission, discusses
the settlement between Wall Street regulators and ten of the nation's
largest securities firms. (4/29/03)
Securities regulators announced the final terms of a $1.4 billion Wall
Street research settlement, ending almost two years of investigations
into charges that analysts issued biased research to gain investment
banking business. (4/28/03)
Qwest Executives Face Fraud Charges
The Justice Department charges four former Qwest Communications executives with
crafting a $33 million fraudulent business scheme. (2/25/03)
Street Firms Fined $1.4 Billion
State and federal regulators reached a $1.4 billion settlement with ten of Wall
Street's largest brokerage firms over allegations they provided investors with
misleading stock recommendations for the benefit of corporate investment banking
Webster Resigns from SEC Accounting Board
Former FBI and CIA director William Webster submitted his resignation as chairman
of a new board set up to reform the scandal-tainted accounting industry, according
to a letter released to the press. (11/12/02)
Chief Pitt Resigns Under Pressure
Beleaguered Securities and Exchange Commission Chairman Harvey Pitt resigned Tuesday
night, citing the continuing turmoil surrounding his chairmanship as a reason
for his departure. (11/6/02)
discuss the pressures
that led to Pitt's resignation and also consider whether today's interest
rate cut by the Fed will boost the economy. (11/6/02)
Pitt's letter of resignation.
Mark Shields and David Brooks discuss the timing and implications of Harvey Pitt's
Orders Probe Into Webster Appointment
Securities and Exchange Commission Chairman Harvey Pitt on Thursday asked the
agency's inspector general to investigate William Webster's selection to head
a new audit oversight panel.
The move follows word
that Pitt had concealed potentially damaging information about Webster from other
SEC commissioners ahead of last Friday's vote. (10/31/02)
Selects Webster to Head New Accounting Oversight Board
Suarez first looks at the controversy surrounding the new federal board created
to oversee the accounting industry. Then he talks with Joseph Grundfest, a former
commissioner at the Securities and Exchange Commission, and Nancy Smith, former
director of the SEC's investor education office. (10/29/02)
In a party-line vote, the Securities and Exchange Commission appointed William
H. Webster, former FBI and CIA director, to head a new agency to oversee the troubled
accounting industry. (10/25/02)
Ex-Chief Pleads Guilty to Insider Trading Charges
Samuel Waksal, the former chief executive of ImClone Systems, pleaded guilty Tuesday
to six charges, including securities fraud, obstruction of justice, perjury and
Waksal still faces charges that he disclosed
confidential information to his family and friends that caused them to dump millions
of dollars worth of ImClone stock ahead of a Food and Drug Administration rejection
of the company's cancer treatment drug, Erbitux.
close to the case say Waksal's guilty plea is designed to keep investigators from
going after his father and daughter.
are reportedly considering a prison sentence of up to 10 years, but the six counts
alone carry a maximum penalty of 65 years in prison.
Department officials are also looking into businesswoman and Waksal friend Martha
Stewart's sale of some 4,000 ImClone shares a day before the FDA announcement.
Stewart has denied she acted on insider information. (10/15/02)
Former Adelphia CEO and Executives
Plead Not Guilty
John Rigas, former CEO of the Adelphia cable company, and two of his sons pleaded
not guilty to charges of conspiracy and securities, wire and bank fraud on Wednesday.
Rigas and his sons Timothy and Michael, who formerly
served as Adelphia's senior executives, were accused of defrauding investors,
inflating corporate profits and unlawfully using company funds for their own personal
expenditures, which allegedly included constructing a $13 million golf course.
Adelphia Executives Arrested
Five former senior executives of Adelphia Communications, including founder and
CEO John Rigas, were arrested today for federal securities fraud charges. (7/24/02)
Lehrer and Ron Grover from BusinessWeek magazine discuss
the high-profile arrests and cable provider Adelphia's massive bankruptcy.
Former Controller Pleads Guilty
WorldCom Inc.'s former controller pleads guilty to securities fraud, saying he
was executing the orders of "senior management" in falsifying records for the
telecommunications giant, a misstep that helped create one of the biggest accounting
scandals in US history. (9/26/02)
WorldCom Executive Pleads Innocent
Scott Sullivan, WorldCom's former top finance executive, pleads innocent to charges
he hid billions of dollars of the phone company's expenses. (9/4/02)
Former WorldCom Executives Charged
former top financial executive for telecommunications giant WorldCom has been
indicted on securities fraud charges.
40, is accused of conspiring to conceal some $3.8 billion in company expenses.
The grand jury also indicted Buford Yates, WorldCom's former director of general
Two former executives of bankrupt telecommunications giant WorldCom are arrested
and charged with securities fraud and conspiracy. (8/1/02)
WorldCom files the
largest bankruptcy in US history. (7/22/02)
Former WorldCom executives refuse to answer questions
hearings examining the company's accounting problems. (7/8/02)
WorldCom officials say they'll review past financial statements for other accounting
Examining how the WorldCom matter and other corporate scandals are affecting investor
Finds Another $3.3 Billion in Accounting Errors
WorldCom, parent company of MCI, said it discovered another $3.3 billion in misstated
earnings dating back to 1999. This new accounting error comes in addition to the
$3.8 billion in inflated earnings WorldCom disclosed last June, bringing the total
to $7.1 billion. (8/9/02)
Bush Signs Corporate Reform Bill
Aiming to restore investor confidence in US financial markets, President Bush
signed the corporate reform bill passed by Congress last week. (7/30/02)
Passes Compromise Bill
approves a corporate reform bill
that would impose tougher penalties for white-collar fraud and create an independent
board to oversee the accounting industry. (7/25/02)