Post by unlawflcombatnt on May 14, 2007 14:42:44 GMT -6
Just when you thought the U.S. was finally starting to crack down on Corporate corruption, Enron accounting, and fraudulent financial reporting, Treasury Secretary Paulson wants to take 10 steps backwards. Though Corporate profits are at record levels, following 20+ years of elimination of regulatory burdens, Paulson believes the current minuscule regulations are impeding further growth of Corporate America's already exorbitant profits. Though U.S. capital markets are already touted as being the best in the world, it still isn't good enough to satisfy greedy CEOs and greedy Corporate America. Though Corporate profits are the largest percentage of GDP ever recorded, this still isn't enough for those at the top.
Now that the economy is circling the drain, and Corporate profits are at record levels, Paulson wants to be sure to protect those record profits from the impending economic nosedive. This is just another example of how our government has become one of "by the rich, for the rich, and of the rich."
Below are some excerpts from an article describing the deregulatory plans of Paulson. The article is titled US poised to ease regulatory burden.
"By Jeremy Grant in Washington
May 12 2007 01:04
Hank Paulson, US Treasury secretary, will next week unveil the first stage of a plan to sweep away regulatory and legal impediments to the competitiveness of US capital markets.
The move is the first sign that the US administration is responding to a series of calls for reform of the regulatory landscape.
Three high-profile reports in recent months, including one backed by Michael Bloomberg, New York mayor, have warned that excessive litigation and regulation are driving stock market listings to London.
Mr Paulson’s plan will include examining the possibility of caps on the liability of big auditing firms – a key demand of a report issued by the US Chamber of Commerce in March which warned that the continued viability of the four main firms could be threatened by catastrophic litigation...."
Yes, indeed. We certainly do need to protect big auditing firms from liability from fraudulent accounting activity. Honest accounting might reduce profits and stock prices. We can't let that happen now, can we. Profits are certainly more important than such trivial things- like the law.
The entire article from the Financial Times can be found at
US poised to ease regulatory burden.
Now that the economy is circling the drain, and Corporate profits are at record levels, Paulson wants to be sure to protect those record profits from the impending economic nosedive. This is just another example of how our government has become one of "by the rich, for the rich, and of the rich."
Below are some excerpts from an article describing the deregulatory plans of Paulson. The article is titled US poised to ease regulatory burden.
"By Jeremy Grant in Washington
May 12 2007 01:04
Hank Paulson, US Treasury secretary, will next week unveil the first stage of a plan to sweep away regulatory and legal impediments to the competitiveness of US capital markets.
The move is the first sign that the US administration is responding to a series of calls for reform of the regulatory landscape.
Three high-profile reports in recent months, including one backed by Michael Bloomberg, New York mayor, have warned that excessive litigation and regulation are driving stock market listings to London.
Mr Paulson’s plan will include examining the possibility of caps on the liability of big auditing firms – a key demand of a report issued by the US Chamber of Commerce in March which warned that the continued viability of the four main firms could be threatened by catastrophic litigation...."
Yes, indeed. We certainly do need to protect big auditing firms from liability from fraudulent accounting activity. Honest accounting might reduce profits and stock prices. We can't let that happen now, can we. Profits are certainly more important than such trivial things- like the law.
The entire article from the Financial Times can be found at
US poised to ease regulatory burden.