President George W Bushs Wall Street speech was a much-needed
effort to help restore investor confidence in Americas
capital markets, says Nasdaq CEO, Wick Simmons.
presidents proposals to establish a
corporate fraud task force, to double maximum prison terms
for mail and wire fraud and to enhance prison time for
criminal fraud are tough but necessary actions that must
be taken in the current climate of investor skepticism.
Bushs recommendations are consistent with the reform
principles Nasdaq has set forth and which it expects executives
of its listed companies to faithfully adhere to, says
adds: The effectiveness of the worlds capital markets
depends on personal integrity and public trust. Ultimately,
its all about character and values. Nasdaq fully shares
the presidents belief that free and fair capital markets
demand a renewed commitment to a higher corporate ethic,
true board independence, information
transparency and swift, harsh and certain punishment of
acts of corruption. Those principles deserve the support
of each and every capital market participant.