February 24, 2002

Despite all the calls for

Despite all the calls for new regulations and new oversight boards, the market seems to be finding a way to prevent future Enrons. Anytime there's a hint of an accounting irregularity, the stock market hammers the stock. Disney has said they won't allow accounting firms to perform audit and consulting, and the accounting industry looks to put some teeth into their self-reglulation. Let the politicians preen and pose for the cameras, but they should be very careful when trying to craft a one-size-fits-all fix to accounting practices.

"Accounting's Role in Enron Crash Erases Years of Trust"