Catherwood LibraryILR School

By a landslide 97-0 vote, the U.S. Senate yesterday passed an amendment adding strict punishments for corporate executives who destroy subpoenaed evidence and documents or commit securities fraud that destroys people’s finances, to anti-corporate fraud legislation. Realizing the consequences of publicly opposing anti-corruption reforms in the current political climate, even the staunchest of business allies have done little more than accuse Democratic politicians of hypocrisy and taking advantage of widespread suspicion of corporations to further their election campaigns. Likely to be voted on in the coming week, the overall legislation is significantly tougher than a corresponding House bill and may force the president to choose between business-lobby supporters and a general public outraged by the recent string of accounting scandals at such corporations as Enron and WorldCom