Main Street investors nationwide beware. In a recent move, President Bush has made it very clear that he values the likes of Enron's crooked CEOs over Main Street investors.
This fall the U.S. Supreme Court will consider Stoneridge Investment v. Scientific-Atlanta.
The case which will determine whether investors can recover investment losses when fraudulent corporate collusion is proven, like the fraud committed in the Enron and Worldcom scandals. In an effort to protect the corrupt executives, President Bush ignored the Securities and Exchange Commission's recommendation to file a brief on behalf of investors.
Perhaps he underestimates America's resiliency. After all, the same U.S. markets he is disparaging in his decision remain the strongest in the world, despite his administration's dismal performance. For example:
€ Fourteen percent of all IPOs conducted in 2005 were conducted in the U.S. - more than any other country.
€ In 2005, the U.S. topped the list of countries for percentage of total IPO proceeds with 20 percent. Those proceeds were valued at $33.086 billion.
€ U.S. IPO volume increased by 22 percent from 2005 to 2006.
€ During the last quarter of 2006, there were 94 registered IPOs on the American exchanges - the highest quarterly level since 2000.
This case pits Main Street against Wall Street, and Bush has made his loyalties abundantly clear.
Andrea Neal
Cortland
The case which will determine whether investors can recover investment losses when fraudulent corporate collusion is proven, like the fraud committed in the Enron and Worldcom scandals. In an effort to protect the corrupt executives, President Bush ignored the Securities and Exchange Commission's recommendation to file a brief on behalf of investors.
Perhaps he underestimates America's resiliency. After all, the same U.S. markets he is disparaging in his decision remain the strongest in the world, despite his administration's dismal performance. For example:
€ Fourteen percent of all IPOs conducted in 2005 were conducted in the U.S. - more than any other country.
€ In 2005, the U.S. topped the list of countries for percentage of total IPO proceeds with 20 percent. Those proceeds were valued at $33.086 billion.
€ U.S. IPO volume increased by 22 percent from 2005 to 2006.
€ During the last quarter of 2006, there were 94 registered IPOs on the American exchanges - the highest quarterly level since 2000.
This case pits Main Street against Wall Street, and Bush has made his loyalties abundantly clear.
Andrea Neal
Cortland
