Yup. There seems to be a breakdown in governance. ------------------------
Turning and turning in the widening gyre The falcon cannot hear the falconer; Things fall apart; the center cannot hold; Mere anarchy is loosed upon the world, The blood-dimmed tide is loosed, and everywhere The ceremony of innocence is drowned; The best lack all conviction, while the worst Are full of passionate intensity. Surely some revelation is at hand; Surely the Second Coming is at hand; The Second Coming! Hardly are those words out When a vast image out of Spiritus Mundi Troubles my sight: somewhere in sands of the desert A shape with lion body and the head of a man, A gaze blank and pitiless as the sun, Is moving its slow thighs, while all about it Reel shadows of the indignant desert birds. The darkness drops again; but now I know That twenty centuries of stony sleep Were vexed to nightmare by a rocking cradle, And what rough beast, its hour come round at last Slouches towards Bethlehem to be born? -----Original Message----- From: Tom Walker [mailto:timework@;vcn.bc.ca] Sent: Thursday, October 31, 2002 11:44 AM To: Cordell, Arthur: ECOM; [EMAIL PROTECTED]; [EMAIL PROTECTED] Subject: Re: Moral hazard (was Re: Or poorer Another coop, another fox. But hey, there's an election on in the U.S. and the accounting fraud story has no legs. The stock market boomed in October. If we have to learn these lessons over and over, we will have to do so every six months or maybe every seven seconds -- the reputed memory span of a goldfish: Audit Overseer Cited Problems in Previous Post By STEPHEN LABATON WASHINGTON, Oct. 30 - Shortly before William H. Webster was appointed to head a new board overseeing the accounting profession by the Securities and Exchange Commission last Friday, he told the commission's chairman, Harvey L. Pitt, that he had until recently headed the auditing committee of a company that was facing fraud accusations, Mr. Webster recounted today. Mr. Pitt chose not to tell the other four commissioners who voted on Mr. Webster's nomination that day, according to S.E.C. officials. White House officials said they, too, were not informed about the details of Mr. Webster's work for the company... http://www.nytimes.com/2002/10/31/business/31ACCO.html?todaysheadlines Arthur Cordell wrote, > The fox guarding the chicken coop and setting the rules and everyone hailed > deregulation of financial institutions. We seem to have to learn these > lessons over and over. > > arthur
