Stateside: Three little things

::Dear American::
I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transaction is 100% safe.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully
Minister of Treasury Paulson

(From http://angrybear.blogspot.com/2008/09/your-urgent-help-needed.html)

::The Set-up::
President George W. Bush
State of the Economy Report, Federal Hall, NY, Jan. 31, 2007:

One important step we've taken in Washington is to pass litigation reform like the Class Action Fairness Act. It's important for people in Congress to understand that excessive lawsuits will make it hard for America to remain the economic leader that we want to be. Another important step we've taken is to strengthen our business institutions by passing the Sarbanes-Oxley Act in 2002. This law helped boost investor confidence by establishing high standards for transparency and corporate governance. The principles of Sarbanes-Oxley are as important today as when they were passed. Yet complying with certain aspects of the law, such as Section 404, has been costly for businesses and may be discouraging companies from listing on our stock exchanges.

We need to change the way the law is implemented. America needs a regulatory environment that promotes high standards of integrity in our capital markets, and encourages growth and innovation. And I'm pleased of the progress that Hank Paulson and Chairman Chris Cox are making to make sure the regulatory burden is not oppressive, and fair, and helps us meet a great national objective to keep the United States the economic leader in the world.

::The race to the bottom::
President George W. Bush
State of the Union Address, Jan. 29, 2002:

Members, you and I will work together in the months ahead on other issues: productive farm policy -- (applause) -- a cleaner environment -- (applause) -- broader home ownership, especially among minorities -- (applause) -- and ways to encourage the good work of charities and faith-based groups. (Applause.)
>>>>>>>>
President George W. Bush
State of the Union Address, Jan. 20, 2004:

The pace of economic growth in the third quarter of 2003 was the fastest in nearly 20 years; new home construction, the highest in almost 20 years; home ownership rates, the highest ever.

::What happened?::
Wasn’t the 2002 Sarbanes-Oxley Act—passed after the Enron scandal--supposed to strengthen oversight of corporations? Seemingly it didn’t, and perhaps the rulemaking and interpretation by members of the Financial Accounting Standards Board are to blame.

rosalea.barker@gmail.com

--PEACE—

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