Right man at the right time. (Off The News).You don't have to be much of a Washington insider to recognize the extent to which the Bush high command is nervous about the U.S. economy. Their greatest concern: whether the long-awaited capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. surge kicks in this summer, setting up the foundation for a more broad-based 2004 expansion. Originally, Bush strategists had bet that the corporate CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. community would start their capital spending plans once the Iraq war and other geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. uncertainties were settled. What has become clear is that other factors have also been at work in restraining corporate risk-taking, including the uncertainties relating to corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and accounting issues. That's where former President of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Federal Reserve William McDonough comes in. Bush insiders have quickly concluded that the faster corporate governance issues can be settled with credibility, the sooner the U.S. corporate community will move ahead with capital spending. McDonough, who had planned to retire from public life beginning this summer, jumped to the top of the list of candidates with the stature and respect to spearhead an effort to resolve the thorny complications of the accounting profession. The requirement was for a high-profile individual of universal respect who could achieve a crucial balancing act--being sensitive enough to work with the accounting firms but tough enough to achieve credibility as their regulator. Bush insiders talk of McDonough's international reputation achieved in recent years while taking on many entrenched en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. interests here and overseas in an effort to enhance the global system of risk-based capital standards. That is why they were very happy when Securities and Exchange Commission Chairman William Donaldson was able to woo the central banker into spending several years as chairman of the Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (or PCAOB) (sometimes called "Peekaboo") is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. . Interestingly, White House insiders told TIE that McDonough, a moderate Democrat, had been their choice for Treasury Secretary to replace Paul O'Neill had the Republicans not taken control of the Senate. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion