Vernon Ehlers: “Some corporate executives have been lying and cheating. They have betrayed their companies, their stockholders, their…”

“Some corporate executives have been lying and cheating. They have betrayed their companies, their stockholders, their employees, and the public. I am angry about it. They are as bad as the previous speaker said, as bad as a street punk who mugs someone. It is totally unacceptable behavior. At the same time, we have to recognize this is just a small fraction of the corporate executives in the country, just as the aberrant priests in the Catholic Church are a very small fraction of that church. Or the number of Members in this body who are accused and convicted of breaking the law are a small number of this body. Nevertheless, their behavior is totally unacceptable, and we have to take action. It is not simply a matter of changing the law or strengthening the law, although that may be part of it. What we need is enforcement of the law. I am pleased President Bush went to Wall Street yesterday and spoke to them about the need for enforcing the law and enforcing regulations. We must do that. It is not just a matter of punishment, but we also should seek retribution from these highly paid executives who have cheated employees out of their 401(k) accounts, who betrayed stockholders and reduced the value of the company; and not only that, have scared the American public from participating in the stock market. Mr. Speaker, it is high time that our Nation take action against these individuals, both through regulation and enforcement of the law. I hope it happens soon.”