Pay no attention to the CEOs behind the curtain
“Less than three months ago, President Bush signed with great fanfare sweeping corporate antifraud legislation that called for a huge increase in the budget of the Securities and Exchange Commission to police corporate America and clean up Wall Street. Now the White House is backing off the budget provision and urging Congress to provide the agency with 27 percent less money than the new law authorized.”
Apparently the President is once again counting on the possible war with Iraq to distract Americans from the corporate fraud that cost thousands of people their retirement savings (and cost thousands of others their jobs). In fact, it’s the need to fight the war against Iraq and the “war on terror” that is the reason given for this proposed cut. Don’t believe it. Once again the President is demonstrating that he cares only about his corporate cronies, and even the modest plan for the SEC laid out in the original bill is more than they want to have to deal with.
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