Louise Slaughter: “Mr. Speaker, our constituents are reeling from the daily headlines that highlight the corporate implosions. Companies…”

“Mr. Speaker, our constituents are reeling from the daily headlines that highlight the corporate implosions. Companies like Enron, Tyco International and Adelphia Communications, once the darlings of Wall Street and 401(k) managers, are now threatening the retirement security of thousands of Americans. I know of which I speak. Global Crossing's North American headquarters were located in my district of Rochester, New York. I am sure my colleagues know Global Crossing. This is the company that plummeted from a net worth of $22 billion to just $750 million in a span of less than a year. In the wake of its collapse, the lives of thousands in my district were shattered, all because promised safeguards failed at every level. My constituents got a hard lesson in how companies cheat, overstate or obscure their financial disclosures in an effort to charm analysts and manipulate investor expectations. Many of our constituents were also stunned to learn the top executives from many of these failing companies walked away with millions, while the pensioners and employees were left penniless.”