The Price of Loyalty the Bush Files


The Bush Files : Policy Shop

Corporate Reform: No New Lawsuits (4 Pages)

On March, 5, 2002, Larry Lindsey and several other economic officials met with President Bush and Vice President Dick Cheney in the Oval Office to discuss proposals that had been developed within the administration for corporate reform in the wake of the Enron scandal. Treasury official Peter Fisher, who attended the meeting, sent Secretary O'Neill a report later that day on their discussion. The President and vice president, Fisher wrote, feared that some of the proposals from the President's Working Group chaired by O'Neill went too far. They were particularly concerned with a recommendation they believed "would set too high a standard for CEO's and would lead to excessive litigation." Expressing skepticism, both men also "wondered whether the ideas reflected in the memo had been shared with 'real' CEOs." A few days later, the President's plan for corporate reform offered ten recommendations -- many of which were already being worked on by regulators -- only one of which required any legislation.

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© 2004 Ron Suskind