He was in on the ENRON disaster from the beginning! Sorry Joe you took the contributions and failed to vote in favor of reforms for the SEC that could have avoided the entire Enron Scandal.
From Business Week Online:
http://www.businessweek.com/magazine/content/02_39/b3801138.htm"Members of Congress who were receiving hefty campaign contributions from accounting, finance, high tech, and other industries defanged attempts to curb the kind of egregious behavior that led directly to the Enron Corp. (ENRNQ ) disaster. Congress should be held accountable for its own conflicts of interest and bad behavior.
In a new book, former Securities & Exchange Commissioner Arthur Levitt, does just that. Take on Wall Street: What Wall Street and Corporate America Don't Want You to Know. What You Can Do to Fight Back (excerpted in this issue) is a history of how Congress betrayed investors in the 1990s. Levitt, a lifelong Democrat, describes how Democratic Senator and Vice-Presidential candidate Joe Lieberman led the charge to block the SEC from enforcing an accounting rule to expense stock options. The accounting profession's own self-policing organization, the independent Financial Accounting Standards Board, had recommended it unanimously in 1993. Lieberman, together with Republican and New Democrat legislators, passed a Senate resolution saying the FASB stock option proposal would have "grave consequences for America's entrepreneurs." It stopped the SEC from enforcing the ruling, and FASB backed down, requiring only the disclosure of stock option grants in the footnotes of income statements. Reasonable people can disagree on the merits of expensing stock options. But the bully-boy tactics by Congress to block the SEC and the accounting profession's own independent board is unconscionable."
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