Clinton Says Republicans Blocked His Audit Reforms

The New York Times ^ | 7/24/02 | DAVID M. HALBFINGER

[GiovannaNicoletta]

LITTLE ROCK, Ark., July 24 — Former President Bill Clinton today hailed his own efforts to increase the oversight of corporate governance and criticized Republicans and Harvey L. Pitt, currently the chairman of the Securities and Exchange Commission, saying they had frustrated Mr. Clinton's efforts at reform.

He said Republicans thus deserved some of the blame for the current flight of foreign capital from United States markets.

Asked about President Bush's handling of the economy and his attempts to rally investor confidence, Mr. Clinton, who was touring the construction site of his presidential library here, avoided criticizing his successor directly. Instead, he chided Republicans, who he said had blocked his administration's efforts to, among other things, bar accounting firms from working as auditors and consultants for the same companies.

"I'm sure that some of the people in Congress that stopped a lot of the reforms I tried to put through are probably rethinking that now," Mr. Clinton told reporters.

"Arthur Levitt, my Securities and Exchange commissioner, tried to stop the Enron accounting issues — using the same accounting company being consultant and accountant — and the Republicans stopped it." Later, Mr. Clinton added that Republicans had fought Mr. Levitt's effort, "and Harvey Pitt was the leader trying to stop us from ending those kind of abuses. That is a matter of record." Mr. Pitt, who was a securities lawyer before being appointed by President Bush to head the S.E.C., counted accounting firms, including Arthur Andersen, among his clients.

When asked if he agreed with senators and representatives who have called for Mr. Pitt's resignation, Mr. Clinton demurred. "I don't have to make those decisions anymore," he said.

Mr. Clinton also said he had been overridden by Republicans when he vetoed a securities-industry bill he said would have "basically cut off investors from being able to sue if they were getting the shaft." And he recalled that his Treasury secretary, Lawrence H. Summers, had tried to crack down on the use of offshore accounts to conceal corporate financial information, but that Senator Phil Gramm of Texas "and other Republicans stopped that."

"And that is one of the things that has caused all the European money to leave the markets, because they see that the government is in the hands of the party that stopped all of this stuff," Mr. Clinton said. "And so I think they've got a burden on their hands, and they seem to be trying to turn it around. We'll see."

Mr. Clinton again criticized Republicans in the White House and Congress when he was asked about investor confidence, suggesting that they ask the opinions of market-moving investors like George Soros and Warren E. Buffett. Those investors, Mr. Clinton said, disapproved of last year's tax cut and "knew it was a mistake to start running deficits again, that it would run long-term interest rates up and again undermine confidence."

But Mr. Clinton said the underlying American economy would "reassert itself sooner or later."

[Joe Boucher]

This pervert is so full of crap. Nothing but lies to try to enhance his past. This guy ought to be hung and the devil whore he is married to also.

[Arthur Wildfire! March]

He he. I Wanted to audit them all right. I saw how Jess Jackson audited them. Get money from them. I couldn't help my friends sell blood from Arkansas prisons anymore. Already gave away the store with US nuclear and military technology, already made Hugh Rodham fat and happy with the tobacco lawsuit. What was I to do? I need to get millian dollar bikinis to draw in the chicks when I'm older. I need that cash.

Could this be what he was saying?

[primeval patriot]

The Old Gray Whore goes on record against the peaceful transfer of power.

[JZoback]

As normal, we will find out these are bald faced lies sometime in the future when the facts are actually looked at.

Damage already done. though

It's ALWAYS about Billy Bob and the redemption of his legacy.

[chiefqc]

This comes from a pervert who is unable to tell the truth.

Yea sure, willie the pervert, we believe you.

[backhoe]

"Has that clinton "legacy" made you feel safer yet?"

Lest Americans ever forget why the clintons, and all their enablers need to be hectored, hounded, and harried into silence, until "clintonese is only spoken in Hell," look here:

Hodgepodge O' Hillary

The Holiday *Best* of Bill Clinton & his Friends!

-Some old strange clinton "stuff"--

To find all articles tagged or indexed using clintonscandals, click below:
	click here >>>	clintonscandals	<<< click here
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[The Great Satan]

Juanita Broaddrick's rapist says what?

[DeaconRed]

"Juanita Broaddrick's rapist says what?"

The truth would be: "If I had gotten my way, this country would be in a economic mess, and almost impossible to fix"
But we all know the scum and the truth are never together. NEVER! ! ! !

[Ann Archy]

I thought it was Joe Lieberman's and Chris Dodd's stonewalling Arthur Levitt.

[leadpenny]

. . . . avoided criticizing his successor directly.

Yeah, right! Indirectly, that's all he has been doing since he left office. The scumbag can't help himself.

[weegee]

Pass the buck? "The buck never got here..."

[weegee]

Take your pic:

Bill can't he'p it, he was born with a silver forked tongue in his mouth

- or -

Bubba can't he'p it, he was born with a silver dagger in his mouth.

[olliemb]

Well there goes Bill again...

Do a google search and get more information. Yeah, the repubs were in the majority but they needed the help of the demos to pass and veto bills.

In 1993, 88 senators led by Connecticut Democrat Joseph Lieberman thwarted the expensing of stock options. (And he is in charge of the investigations?)

In 1995, nearly half of senate democrats and 89 house democrats helped enact a law (er Clinton's veto) that hindered agrrieved investors' efforts to win lawsuits agisnt firms and auditors that may have misled them. The law also eased penalties on misbehaving CEOS. A prime backer was Connecticut democratic senator Christopher Dodd, an accountng industry favorite and cochairman of the national party.

In 2000, many key democrats went against SEC Levitt whe he sought to end the big accounting firms; practice of consulting for lucrative fees with companies on business strategy while auditing their books in a supposedly objective manner. New Jersey democrats Sen. Robert Torricelli (himself under investigation for fraud) helped the GOP erect roadblocks, including threats to slash Levitt's budget. AT an ARthur Andersen's hearing, Torricelli told Levitt, "We were wrong, you were right."

In 2002, Democaratic chairman, acquired his GlobalCrossing stock before he firm went public, with an assist from frounder Gary Winnick. The belief is that McAuliffe got this perk b/c of his ties to President Clinton.

[GiovannaNicoletta]

I hope you don't think I posted this because I agree with Bill Clinton. I despise Bill Clinton more than anyone I know.

[steve50]

I'm no fan of klintoon myself. There's enough blame for both parties here.

When they walk Lay off in cuffs I might think they are serious about doing something about it

[AZFolks]

I did not know that Dodd and Lieberman were Republicans.

[G.Mason]

Excuse me....pardon me....shouldn't this be posted under "humor"?

I'm tellin Mom!

[chemainus]

Clinton is a lying, treasonous, thieving rapist and possibly murderer. Time will vet his crimes ; we will pay. His library is just a sinkhole for hundreds of millions in payoff monies. I wonder how much he counted, shifted, and transferred from the Asian banks on his recent trip? How much was fifty years of nuclear, missile technology and telemetry worth to the Red Chinese? $$$1 billion for Clinton in Pacific banks is not a bad guess ; put there for him by Red China as part of the sell-out-your-country-deal. He's a crook and a liar. I try not to even read what the bastard says.