Bush Pledges to Introduce Stiff Penalties to Financial Wrongdoers

Home>>World

Last updated at: (Beijing Time) Wednesday, July 10, 2002

Bush Pledges to Introduce Stiff Penalties to Financial Wrongdoers

US President George W. Bush on Tuesday pledged to regain people's trust by introducing stiff penalties to wrongdoers in a major speech.

DISCUSSION

CHINESE

SEND TO FRIEND

US President George W. Bush on Tuesday pledged to regain people's trust by introducing stiff penalties to wrongdoers in a major speech.

In his speech delivered at Wall Street in New York on Tuesday morning, Bush spoke harshly against corporate frauds which have resulted in huge savings losses for tens of thousands of employees.

Bush said the vast majority of the investors are honest, but some corporate executives cooking the books are shaking people's trust, leaving investors and retired people suffer.

He went on to say that those wrongdoers should be held accountable, and there is a need to enforce the law in order to restore people's trust.

Bush, who also pledged to strengthen the Securities and Exchange Commission, vowed to introduce heavy penalties for corporate criminals. "We will use the full weight of the law to expose and root out corruption," he said.

Longer jail time for corporate criminals and more strict restrictions were widely expected even before Bush's speech.

Bush, aiming to restore the sagging corporate confidence in thecountry, came to New York to deliver his special speech.

Questions?Comments? Click here

Bush Vows to Crack Down on American Corporate Frauds

Bush Lashes Corporate Frauds for Fourth Time

Iraq Vows to Foil Hostile US Plans ( 3 Messages)

China to Boost the Service Sector to Create More Jobs ( 105 Messages)

Chinese Satellite TV Hijacked by Falun Gong Cult ( 3 Messages)

Shanghai Plans Asia's Biggest Shopping Center ( 64 Messages)

Ways China's Wealth Flows into the US ( 5 Messages)