Accounting reform teetering on brink. (Editorial).

Investment News, June, 2002

The message from investors is clear, the need is overwhelmingly obvious, and the stakes are about as high as they can be. Yet the chances that Congress will enact meaningful accounting reform are anything but great. A few weeks ago, with the heat from the Enron Corp. fiasco still giving people the sweats on Capitol Hill, Sen.

Paul Sarbanes, D-Md., introduced legislation that would have imposed sweeping reforms on the accounting industry. Mr. Sarbanes vowed to get the bill through the Senate before it recessed on May 24. As chairman of the Senate Banking Committee, his word on finance legislation is usually as good as gold. ON THE SHELF But four days before Congress adjourned for the Memorial Day holiday, Mr. Sarbanes was forced to...

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