Accountability Issues: Lessons Learned from Enron's Fall : Hearing Before the Committee on the Judiciary, United States Senate, One Hundred Seventh Congress, Second Session, February 6, 2002 |
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abuse accounting firms accounting fraud AFL-CIO aiding and abetting Arthur Andersen Arthur Levitt assets Attorney audit auditors bankruptcy law believe bill BRUCE RAYNOR Chairman LEAHY Christine Gregoire client committee Congress corporate counsel criminal Davis Polk disclose documents enact Enron employees Enron executives Enron stock fact federal filed frivolous litigation GAO's Gregoire homestead exemption House House Energy Committee index funds investigation investment issue KONIAK law firms lawsuits lawyers legislation liability Litigation Reform Act LUND magic caps markets memo ment million options pension funds plaintiffs primary violator Private Securities Litigation Professor protect PSLRA questions Raynor reckless retirement savings RICO role safe harbor SCHATZ section 912 securities class action securities fraud securities laws Securities Litigation Reform securitization transactions Senator FEINSTEIN Senator Hatch shareholders shredding statement statute suit testify testimony Thank tion U.S. Senator Vice President Vinson & Elkins workers
Popular passages
Page 51 - But the great security against a gradual concentration of the several powers in the same department, consists in giving to those who administer each department the necessary constitutional means and personal motives to resist encroachments of the others.
Page 28 - ... specify each statement alleged to have been misleading, the reason or reasons why the statement is misleading, and, if an allegation regarding the statement or omission is made on information and belief, the complaint shall state with particularity all facts on which that belief is formed.
Page 27 - ... meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those in the forward-looking statement...
Page 27 - Committees heard evidence that abusive practices committed in private securities litigation include: (1) the routine filing of lawsuits against issuers of securities and others whenever there is a significant change in an issuer's stock price, without regard to any underlying culpability of the issuer, and with only faint hope that the discovery process might lead eventually to some plausible cause of action; (2) the targeting of deep pocket defendants, including accountants, underwriters, and individuals...
Page 34 - Executive had a right, under a due responsibility, also, to withhold information, when of a nature that did not permit a disclosure at the time. . . . If the Executive conceived that, in relation to his own department, papers could not be safely communicated, he might, on that ground, refuse them, because he was the competent though a responsible judge within his own...
Page 45 - ... practitioners would not have made them. But Congress equally could not have intended that men holding themselves out as members of these ancient professions should be able to escape criminal liability on a plea of ignorance when they have shut their eyes to what was plainly to be seen or have represented a knowledge which they knew they did not possess.
Page 16 - ... independent auditor assumes a public responsibility transcending any employment relationship with the client. The independent public accountant performing this special function owes ultimate allegiance to the corporation's creditors and stockholders, as well as to the investing public. This "public watchdog...
Page 11 - Because the securities laws generally provide adequate remedies for those injured by securities fraud, it is both unnecessary and unfair to expose defendants in securities cases to the threat of treble damages and other extraordinary remedies provided by RICO.
Page 5 - Through stricter accounting standards and tougher disclosure requirements, corporate America must be made more accountable to employees and shareholders and held to the highest standards of conduct.
Page 64 - STATEMENT OF HON. MARIA CANTWELL, A US SENATOR FROM THE STATE OF WASHINGTON Senator CANTWELL.