on Tuesday of this week, President Bush gave a major speech on his administration's plan to curb executive greed and corporate misgovernance in America. Why was the President's speech so poorly received? Why did the markets drop by several hundred points in the 2 days following the speech? Why did so many Wall Street workers who attended the speech ask, How much of this speech was politics, and how much of it is about real change? Because despite his calls for corporate America to clean its act, President Bush, at the behest of his corporate sponsors, his major contributors, his political base, his political friends, continues to oppose real reform on Capitol Hill. He has refused to support pension and accounting reform and takes millions of dollars from the securities and accounting professions. He will not support legislation to halt offshore tax avoidance, while receiving contributions from many major companies who have moved offshore to avoid paying those taxes. His budget severely underfunds the Securities and Exchange Commission. To make matters worse, the President has pushed to turn the public program of Medicare over to the health insurance industry and to HMOs, again while receiving millions of dollars from that health industry for his campaign and for Republican campaigns in the House and Senate.
Editor's note · Context
Criticizing President Bush's speech on corporate reform and his lack of support for real change.
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