World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

President Bush Promises WorldCom Investigation

For Immediate Release
Office of the Media Affairs
June 26, 2002

President Promises Worldcom Investigation


Excerpts from President Bush and Prime Minister Blair press release

President Bush: I am deeply concerned about some of the accounting practices that take place in America. Today the revelations that Worldcom has misaccounted $3.4 billion is outrageous. We will fully investigate and hold people accountable for misleading not only shareholders, but employees, as well.

There is a need for a renewed corporate responsibility in America. Those entrusted with shareholders' money must -- must -- strive for the highest of high standards. The good news is most corporate leaders in America are good, honest, open people who care deeply about shareholders and employees. And our economy is strong.

When we find egregious practices, such as the one revealed today, we'll go after them. And need to.

Question from reporter: Do you believe that there is a crisis in confidence among the American people, vis a vis the economy, and particularly the stock market in view of yet another failure of an American corporation?

THE PRESIDENT: Let me answer the second question first. The market isn't as strong as it should be for three reasons. One, corporate profits. There's no question some sectors of our economy are recovering from the slow-down, but they'll recover.

Secondly, there are still some concerns as to whether or not the United States and our friends and allies will be able to prevent further terrorist attack. In other words, there's some concerns about the capacity of the enemy to hit us again. And I want to assure American investors and our friends that we're doing everything we possibly can -- the government is on full alert, attempting to run down every hint and every lead.

And, thirdly, there are some concerns about the validity of the balance sheets of corporate America -- and I can understand why. We've had too many cases of people abusing their responsibilities. And people just need to know that the SEC is on it, our government is on it -- after all, Arthur Andersen has been prosecuted. We will pursue within the full -- within our laws those who are irresponsible.

Having said that, I do believe the economy is strong and I know that most people that run businesses in America are aboveboard, honest, care deeply about their employees and their shareholders.

ENDS

© Scoop Media

 
 
 
World Headlines

 

Swing States: Gordon Campbell On Why The US Needs MMP

After the bizarre events this week in Helsinki, the world will be hoping and praying that the US midterm elections in November can put a restraining brake on the presidency of Donald Trump. This may happen, but there’s a highly undemocratic reason why such hopes may be frustrated. More>>

ALSO:

putin, trump scalpGordon Campbell: On The White House Romance With Russia

Tough on Europe over trade, at the G-7. Tough on Europe over defence, at NATO. And utterly smitten as usual by Vladimir Putin at the Helsinki summit. More>>

ALSO:


Gordon Campbell: On This Week’s NATO Debacle

For someone routinely cast as a clown presiding over an administration in chaos, Donald Trump has been very consistent about his agenda, and remarkably successful in achieving it, in the short term at least. More>>

ALSO:

NZ Law Society: Rule Of Law Threatened In Nauru

“The recently enacted Administration of Justice Act 2018 is another clear sign of the deterioration of civil rights in Nauru,” the Law Society’s Rule of Law Committee convenor Austin Forbes QC says. More>>

ALSO:

'Fixing' Family Separation: Executive Order Imprisons Families Indefinitely

Amnesty: President Trump signed an executive order today mandating for children to stay with their parents in detention while their asylum claims are processed. More>>

ALSO:

 
 
 
 
 
 
  • Pacific.Scoop
  • Cafe Pacific
  • PMC