Bankrupt energy giant Enron today selected Stephen Cooper, a business restructuring expert, to lead the company out of the largest corporate bankruptcy in U.S. history.

On the same day bankrupt energy giant Enron fired its accounting firm, the head of the U.S. Securities and Exchange Commission pledged to reform the regulation of the financial accounting system to prevent the abuses alleged in the Enron case.

The following is the full statement of the Chairman of the Securities and Exchange Commission proposing reforms for the accounting industry in effort to prevent another Enron disaster.

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