Sunday, August 04, 2002
Spin City?
You may have seen Tim Russert on NBC's "Meet The Press" this Sunday, August 4th, 2000, holding up a list of Senators who signed a letter in opposition to former SEC chairman Arthur Leavitt's Jun. 30, 2000 proposal to force more distance between auditors and consultants at the big accounting firms.
Russert read some names off the list -- mostly Democrats -- and then overtly suggested it was Democrats who blocked the measures.
Not exactly.
As today's issue of The Hill shows, of the 11 Senators who signed the letter, 8 were Republicans and 3 were Democrats.
The Republicans were: Sens. Robert Bennett (R-Utah), Phil Gramm (R-Texas), Richard Shelby (R-Ala.), former Sen. Rod Grams (R-Minn.), Wayne Allard (R-Colo.), Jim Bunning (R-Ky.), Chuck Hagel (R-Neb.) and Rick Santorum (R-Pa.).
The Democrats were: Sens. Charles Schumer (D-N.Y.), Evan Bayh (D-Ind.), and Robert Torricelli (D-N.J.)
Leavitt's rule would have prevented the sort of accounting laxity that allowed Arthur Anderson and Enron to do what they did. And the accounting industry fought them tooth and nail -- and won. Enron's employees and shareholders lost. As did Worldcom's and Tyco's and Rite Aid's and...
Over in the House: Rep. Henry Bonilla (R-Texas) "planned to sponsor the rider that would have frozen the funds the commission needed to implement its rule."
In other words, the Republicans in the House were threatening to cut SEC funding if Leavitt went ahead with the rule changes.
Some Democrats -- Rep. John Dingell (Mich.), Edolphus Towns, (D-N.Y.), and Ed Markey (D-Mass.) -- tried to prevent the House Republicans from hamstringing the SEC's efforts, but were unsuccessful.
These are the indisputable facts. But Tim Russert suggested to the whole nation that it was Democrats that did it.
Why?
Thanks to John H for the tip on this.
Russert read some names off the list -- mostly Democrats -- and then overtly suggested it was Democrats who blocked the measures.
Not exactly.
As today's issue of The Hill shows, of the 11 Senators who signed the letter, 8 were Republicans and 3 were Democrats.
The Republicans were: Sens. Robert Bennett (R-Utah), Phil Gramm (R-Texas), Richard Shelby (R-Ala.), former Sen. Rod Grams (R-Minn.), Wayne Allard (R-Colo.), Jim Bunning (R-Ky.), Chuck Hagel (R-Neb.) and Rick Santorum (R-Pa.).
The Democrats were: Sens. Charles Schumer (D-N.Y.), Evan Bayh (D-Ind.), and Robert Torricelli (D-N.J.)
Leavitt's rule would have prevented the sort of accounting laxity that allowed Arthur Anderson and Enron to do what they did. And the accounting industry fought them tooth and nail -- and won. Enron's employees and shareholders lost. As did Worldcom's and Tyco's and Rite Aid's and...
Over in the House: Rep. Henry Bonilla (R-Texas) "planned to sponsor the rider that would have frozen the funds the commission needed to implement its rule."
In other words, the Republicans in the House were threatening to cut SEC funding if Leavitt went ahead with the rule changes.
Some Democrats -- Rep. John Dingell (Mich.), Edolphus Towns, (D-N.Y.), and Ed Markey (D-Mass.) -- tried to prevent the House Republicans from hamstringing the SEC's efforts, but were unsuccessful.
These are the indisputable facts. But Tim Russert suggested to the whole nation that it was Democrats that did it.
Why?
Thanks to John H for the tip on this.
