Political Quotes

“Mr. Speaker, obviously in light of the financial mismanagement of some of the major corporations of this country and the investor losses we have seen, this Congress has got a lot of work to do. Thank goodness we have our ranking member, the gentleman from New York (Mr. LaFalce), still at the helm of the minority in the Committee on Financial Services as we undertake these difficult challenges. We are called a nation of investors in light of the broad participation of private retirement dollars in the stock market. What that means is, as you look at the Enrons, as you look at the WorldComs, as you look at the other failed corporations due to executive mismanagement, we are a nation of financial losers because we have not had adequate protections in place to protect the investing public. And something needs to be done. Let us take a look at the dollars lost. Today's Washington Post headline, 'Workers' 401(k)s Lost $1.1 Billion' on the misstatement of liability with WorldCom and the attendant misstatement of their stock price. Their egregious accounting practices have impacted retirement income portfolios across the Nation.”