Securities and Exchange Commission Chairman Harvey Pitt is developing an increasingly tough regulatory agenda as fallout from Enron Corp's bankruptcy mounts, many investors and former regulators say.
Pitt, who yesterday said the SEC would investigate conflicts of interest by Wall Street stock analysts, responded to the energy giant's collapse by proposing rules aimed at accounting fraud and corporate conflicts of interest. The SEC also more than doubled its inquiries into accounting irregularities at companies.
Those actions, taken amid criminal investigations and Congressional calls for reform, are different from the vision of a "kinder and gentler" SEC Pitt articulated after taking office in August, many investors say.
"To look at Pitt in 2001 was probably to assume he was not going to be a reformer," said Peter Clapman, chief counsel for corporate governance at TIAA-CREF, the biggest teachers pension fund in the US. "Enron forced an agenda of corporate responsibility on the chairman." Some say Pitt, who spent two decades as a private lawyer for accounting and securities firms, still hasn't gone far enough.
They cite, for example, his opposition to banning accounting firms from earning consulting fees from companies they audit.
"He is not the kind of chairman of the SEC that recognizes the critical import of the SEC's responsibility to society for the highest standards of corporate governance," said Abraham Briloff, emeritus professor of accounting at Baruch College in Manhattan who has testified before Congress on accounting issues. "His proposals have been reactive, instead of proactive." Pitt has proposed creating a new oversight body for accountants, requiring shareholder approval for executive stock options.
The Taiwanese passport ranked 33rd in a global listing of passports by convenience this month, rising three places from last month’s ranking, but matching its position in January last year. The Henley Passport Index, an international ranking of passports by the number of designations its holder can travel to without a visa, showed that the Taiwan passport enables holders to travel to 139 countries and territories without a visa. Singapore’s passport was ranked the most powerful with visa-free access to 192 destinations out of 227, according to the index published on Tuesday by UK-based migration investment consultancy firm Henley and Partners. Japan’s and
NATIONAL SECURITY THREAT: An official said that Guan Guan’s comments had gone beyond the threshold of free speech, as she advocated for the destruction of the ROC China-born media influencer Guan Guan’s (關關) residency permit has been revoked for repeatedly posting pro-China content that threatens national security, the National Immigration Agency said yesterday. Guan Guan has said many controversial things in her videos posted to Douyin (抖音), including “the red flag will soon be painted all over Taiwan” and “Taiwan is an inseparable part of China,” while expressing hope for expedited “reunification.” The agency received multiple reports alleging that Guan Guan had advocated for armed reunification last year. After investigating, the agency last month issued a notice requiring her to appear and account for her actions. Guan Guan appeared as required,
Japan and the Philippines yesterday signed a defense pact that would allow the tax-free provision of ammunition, fuel, food and other necessities when their forces stage joint training to boost deterrence against China’s growing aggression in the region and to bolster their preparation for natural disasters. Japan has faced increasing political, trade and security tensions with China, which was angered by Japanese Prime Minister Sanae Takaichi’s remark that a Chinese attack on Taiwan would be a survival-threatening situation for Japan, triggering a military response. Japan and the Philippines have also had separate territorial conflicts with Beijing in the East and South China
A strong cold air mass is expected to arrive tonight, bringing a change in weather and a drop in temperature, the Central Weather Administration (CWA) said. The coldest time would be early on Thursday morning, with temperatures in some areas dipping as low as 8°C, it said. Daytime highs yesterday were 22°C to 24°C in northern and eastern Taiwan, and about 25°C to 28°C in the central and southern regions, it said. However, nighttime lows would dip to about 15°C to 16°C in central and northern Taiwan as well as the northeast, and 17°C to 19°C elsewhere, it said. Tropical Storm Nokaen, currently
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