Nasdaq response to President Bushs speech

By Our Markets Bureau | 10 Jul 2002

New York: US 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.

The 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 Simmons.

Simmons 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.