Subject: [NEXTEL-1] Senators: Hold individual executives accountable

From: Marcel <[email-masked]>
Date: Thu, 08 May 2003 12:14:18 -0400

Senators: Hold individual executives accountable

CEOs and top executives of Wall Street firms must be held personally accountable for
biased stock research, key U.S. senators argued at a hearing on last week's $1.4 billion
Wall Street settlement. Senate Banking Committee Chairman Richard Shelby told
securities regulators that the agreement's fines and structural changes do not go far
enough. The hearing will likely add pressure on regulators to bring action against
individuals. Recall that the SEC has previously criticized Citigroup CEO Sanford Weill and

Morgan Stanley CEO Philip Purcell for their roles in the analyst-conflict issue. At the
hearing, SEC Chairman William Donaldson pledged to "double our efforts" and focus the
continuing SEC investigation on the "supervisory chain of command'' at the securities
firms.

Bloomberg:
http://quote.bloomberg.com/apps/news?pid=10000006&sid=aOeOI6aJuUWA&refer=home

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