TIA supports president's stance on corporate crime

July 16, 2002
July 16, 2002 -- Association says Wall Street address hit the nail on the head

The Telecommunications Industry Association has thrown its support behind the president's efforts to get tough on corporate crime.

Telecommunications Industry Association (TIA) President Matthew J. Flanigan supported the president's Wall Street address, which he made on July 9.

Flanigan says he agrees with the president, and that it is time for corporate CEOs to develop a new set of ethics.

"We support President George W. Bush and the Congress in their efforts to ensure corporate responsibility and regain the trust of investors," says Flanigan. "As the president told Wall Street, CEOs must lead with a new ethic of responsibility and those who refuse to play by the rules will face stiff new penalties."

President Bush went to Wall Street to make a speech responding to the recent run of corporate scandals. During the July 9 speech, Bush proposed the creation of a corporate crime swat team to investigate and prosecute such crimes. He also said Congress should increase from five to 10 years the maximum sentence for each count associated with a financial fraud, and that there should be a law criminalizing document destruction. The president also said corporations should consider passing a rule preventing officers or directors from receiving loans from their own companies.

Flanigan says he believes the president's proposed reforms will gain the support of corporate leaders.

"Having served as a CEO, I believe corporate leaders are angered by the actions of a few and will readily step up to support targeted reform," Flanigan says. "Rebuilding confidence is vital to growing the economy and to encouraging the investments needed to keep the U.S. telecom sector a world leader of innovation and growth."

The TIA is the leading trade association serving the communications and information technology industry. For more information visit www.tiaonline.org.

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