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1/25/2018 7:38:29 AM
Posted: 7/8/2002 8:21:46 AM EST
Some of the scariest questions are the ones that are never asked. So I'm askin'. SINCE WHEN does Congress have teh "enumerated power" to bring in accounting firm partners, business execs etc etc of WorldCom, Enron, Global Crossings, etc. to grill them for countless hours???? At the very least, this seems to violate the separation of powers doctrine, and encroach on the judicial branch. Further, it makes business and industry accountable to the Fed gov't, which is a MAJOR step toawrd teh Marxist principle of "control of the means of production." I'm NOT saying gov't doesn't have the authority (I suspect it doesn't) I just have never heard the question asked, or the topic addressed. Anyone???????????
Link Posted: 7/8/2002 8:28:48 AM EST
Legally, I don't believe they have the right, but in the best interest of the stock holders ([i]being public companies[/i]), and the pension plan participants, Federal guidelines must be adhered to...
Link Posted: 7/8/2002 8:30:17 AM EST
dont quote me on this, i dont have my constitution handy. but isnt there something in there about congress regulating interstate commerce?
Link Posted: 7/8/2002 8:33:54 AM EST
They probably feel it derives from their power to regulate interstate commerce. Also, Congress is not prosecuting anything in these hearings, just trying to gather information about what happened and hopefully rope someone into saying something that gives evidence for a prosecution. Now that isn't saying that they aren't PERSECUTING these executives, merely that they aren't prosecuting them. Frankly, I think the executives in the Enron, and Worldcom cases need to be closely questioned and prosecuted if wrongdoing is discovered. What their companies have done is defrauded their investors, customers, employees, creditors, etc. out of their hard earned money in order to make profits for major stockholders and board members at the very top of the food chain. Now I have no problem with the folks at the top of the food chain making as much money as they want off their investments, so long as they do it honestly and ethically. To me that doesn't mean stripping the company down to bare bones to line your own pockets, then selling off the husk and leaving teh workforce and customers out to dry. That's not ethical behavior.
Link Posted: 7/8/2002 8:35:27 AM EST
[Last Edit: 7/8/2002 8:37:51 AM EST by garandman]
Originally Posted By lurker: dont quote me on this, i dont have my constitution handy. but isnt there something in there about congress regulating interstate commerce?
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Yes , they can pass legislation. No question. I'm talking about the Inquisitions happenning this ELECTION YEAR. Is ANYONE idiotic enuf to think accounting fraud is a new thing????? "Gee, let's just cook the books, and make our P&L look better. Why didn't we think of this YEARS ago???? Being profitable is EASY." Or is Congress so stupid to have only discovered the existence of accounting fraud in the last six months???
Link Posted: 7/8/2002 8:48:19 AM EST
Originally Posted By garandman: Or is Congress so stupid to have only discovered the existence of accounting fraud in the last six months???
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hmmm, let me think about that for a minute...
Link Posted: 7/8/2002 8:51:29 AM EST
They do not represent the people anymore. Anyone else hear on one of the Sun news programs that something like 40% of Congress is comprised of millionaires? Yeah, guess they understand and have the common mans goals in mind!
Link Posted: 7/8/2002 8:58:38 AM EST
enron et al. is excellent cover for NOT answering the questions about 9/11...let's pass the patriot act and then go have coffee with our partners---I mean executives....
Link Posted: 7/8/2002 11:58:07 AM EST
It's all grand-standing and media attention for their campaigns. "Look at how much I care for the 'little people' who get ripped-off from these nasty corporations. It's a vast Right-wing Conspiracy I tell you...and George W. Bush is the ringmaster!!!!!!" Sheeeeesh.
Link Posted: 7/8/2002 12:14:37 PM EST
[Last Edit: 7/8/2002 12:15:50 PM EST by Code39]
Yeah it's kinda scary how Congress has made themselves into some sort of a "court" and can put whomever they decide on trial. Oh yeah..I bet Clinton would have bailed out Enron . And his party along with the news media would have made him a "GOD" for saving all those peoples jobs and pensions. Again, where is the news media and why are they not asking this same question. I swear the media is the most evil of all and are allowed to pursue their agenda 24/7.
Link Posted: 7/8/2002 9:59:23 PM EST
Link Posted: 7/8/2002 10:12:02 PM EST
Better Congress than some commie freak 9th Circuit judge. But that's not saying much I guess.
Link Posted: 7/8/2002 11:31:04 PM EST
Originally Posted By garandman: SINCE WHEN does Congress have teh "enumerated power" to bring in accounting firm partners, business execs etc etc of WorldCom, Enron, Global Crossings, etc. to grill them for countless hours????
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US Constititution. Article I. Section 8. The Congress shall have power... To regulate commerce with foreign nations, and among the several states, and with the Indian tribes; Bummer.
Link Posted: 7/9/2002 2:53:50 AM EST
Originally Posted By DoubleFeed: Where were you when Congress was holding hearings on the level of customer service in the airline industry? I am surprised I saw NOBODY else raise a fuss when it was happening.
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Like I said, the question JUST occurred to me. Where was I??? I suspect I was at work trying to make a living. [rolleyes]
Link Posted: 7/9/2002 2:54:47 AM EST
Originally Posted By The_Macallan: US Constititution. Article I. Section 8. The Congress shall have power... To regulate commerce with foreign nations, and among the several states, and with the Indian tribes; Bummer.
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I DO NOT think "regulate" equates to "hold Inquisitions" or be a pseudo-judiciary.
Link Posted: 7/9/2002 5:22:28 AM EST
The supreme court case of McGrain v. Daugherty (1927) affirmed that congress has the power to form committees for the purpose of investigation to aid it in legislating. The case involved a banker named Mally S. Daugherty who was subpoenaed before the senate regarding allegations of misconduct in the Department of Justice. Mr. Daugherty did not show up and was held in contempt of Congress
Link Posted: 7/9/2002 5:38:07 AM EST
Link Posted: 7/9/2002 5:40:26 AM EST
Actually in a back handed way its in the interest of national security imo. Largely thanks to NAFTA & GATT and institutionalized socialism The business of the USA is no longer manufacturing..the business of the U.S. is now the stock market. Outside of videos music cds and other easily pirate-able products we dont export very much...witness the trade deficite. The market is pretty much our economy (other than the inward recircuation of service economy and govt beaurocracy) The Govt has an interest in protecting the stock market and more importantly consumer confidence...which keeps the foreign money here vs in Asia or Europe..(not to mention tons of bonds payable in gold to some foreign holder...rumored to be the case with the Saudis).... We can thank the Clintons and the cutural and moral relativism for the "creative accounting" of various fortune 1000s... If foreigners get shaken out of the SM due to confidence or a falling dollar we are TA imo...and that is in the interest of National Security...imo
Link Posted: 7/9/2002 5:40:48 AM EST
Originally Posted By Atencio: The supreme court case of McGrain v. Daugherty (1927) affirmed that congress has the power to form committees for the purpose of investigation to aid it in legislating. The case involved a banker named Mally S. Daugherty who was subpoenaed before the senate regarding allegations of misconduct in the Department of Justice. Mr. Daugherty did not show up and was held in contempt of Congress
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That's more what I was looking for. Strange the judiciary would give Congress the power to pre-empt the judiciary with regard to investigations.
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