{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='WRAP Bush signs corporations law, latest on scandals' data-url='/boclips/videos/5c54c0fdd8eafeecae14ef14' data-video-url='/boclips/videos/5c54c0fdd8eafeecae14ef14' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWRAP Bush signs corporations law, latest on scandals\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Bush walks into East Room2. Crowd applauds and sits down3. SOUNDBITE: (English) US President George W. Bush:\"Now with a tough new law we will act against those who have shaken confidence in our markets. Using the full authority of...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Bush walks into East Room\u003cbr/\u003e2. Crowd applauds and sits down\u003cbr/\u003e3. SOUNDBITE: (English) US President George W. Bush:\u003cbr/\u003e\"Now with a tough new law we will act against those who have shaken confidence in our markets. Using the full authority of government to expose corruption, punish wrongdoers and defend the rights and interests of american workers and investors.\"\u003cbr/\u003e4. Cutaway of Bush talking\u003cbr/\u003e5. Cutaway of audience\u003cbr/\u003e6. SOUNDBITE: (English) US President George W. Bush\u003cbr/\u003e\"This new law sends a very clear message that all concerned must heed. This law says to every dishonest corporate leader, you will be exposed and punished. The era of low standards and false profits is over. No boardroom in America is above or beyond the law.\"\u003cbr/\u003e7. Cutaway of Treasury Secretary Paul O'Neil\u003cbr/\u003e8. Wide cutaway of Bush speaking\u003cbr/\u003e9. SOUNDBITE: (English) US President George W. Bush\u003cbr/\u003e\"Every corporate official who has chosen to commit a crime can expect to face the consequences. No more easy money for corporate criminals, just hard time.\"\u003cbr/\u003e10. Cutaway\u003cbr/\u003e11. Bush walks over to signing table, signs bill\u003cbr/\u003e12. Wide shot of Senator Sarbanes in the White House driveway\u003cbr/\u003e13. SOUNDBITE: (English) US Senator Paul Sarbanes/D-Maryland\u003cbr/\u003e\"We think this is a good, strong, balanced bill. We think it will make an important difference. It will put in place a framework, statutory framework within which the regulatory agencies, both the public ones like the SEC and others, and the private sector ones, like the stock exchange and the NASD, can carry out their responsibilities.\"\u003cbr/\u003e14.Wide shot of the Senate Commerce Committee\u003cbr/\u003e15. Cutaway of FCC Chairman Michael Powell at hearing\u003cbr/\u003e16. SOUNDBITE: (English) US Senator John McCain/R-Arizona\u003cbr/\u003e\"Mr. (?), 1.5 billion, Mr. Slater, 18 million, Mr. Naccio, 226 million...The list goes on and on. The numbers are really staggering. At the same time, thousands of employees are now out of a job and in many cases, retirees have had their entire retirement wiped out. This strikes many American citizens as patently criminal.\"\u003cbr/\u003e17. Wide shot of Michael Powell testifying\u003cbr/\u003e18. SOUNDBITE: (English) Michael Powell/Federal Communications Commission Chairman\u003cbr/\u003e\"Protecting consumers from service disruption is the first and highest priority of the government and the Federal Communications Commission. But I do want to say from the beginning, I am confident that we are not facing a crisis in the provision of services stemming from this (Worldcom's) bankruptcy.\"\u003cbr/\u003e19. Wide shot of Merrill Lynch executives taking the oath before Senate subcommittee\u003cbr/\u003e20. Cutaway \u003cbr/\u003e21. SOUNDBITEL (English)Robert Furst/Former Merrill Lynch Managing Director \u003cbr/\u003e\"I intend to assert my constitutional priviledge under the 5th ammendment in response to the subcommittee's questions today. Thank you.\"\u003cbr/\u003e22. Wide shot of Furst and cuurent managing director Schuyler Tilney\u003cbr/\u003e23. Senator Levin dismisses the witnesses\u003cbr/\u003e24. Furst and Tilney leave committee room\u003cbr/\u003eHoping to restore investor confidence, President George W. Bush signed into law Tuesday the most far-reaching government crackdown on business fraud since the post-Depression era.\u003cbr/\u003eSpeaking at an East Room signing ceremony while lawmakers from both parties looked on, Bush said the new legislation issues a warning to corporate criminals: \"No more easy money...just hard time\".  \u003cbr/\u003eA wave of corporate accounting scandals in an election year helped propel the reforms to approval in Congress with extraordinary speed.\u003cbr/\u003eThe administration was eager to enact new laws after the scandals threatened to damage the White House politically, and drove markets down. \u003cbr/\u003eThe records of Bush and Vice President Dick Cheney, both former corporate executives, have come under intense scrutiny in recent weeks as well.\u003cbr/\u003eHouse Republicans last week accepted most of the stricter parts of a bill passed by the Democratic-controlled Senate to create the final version. \u003cbr/\u003eThe measure tightens regulation of companies' financial reporting and provides new oversight of independent auditors.\u003cbr/\u003eIt does so by adding criminal penalties and prison terms for corporate fraud and destroying evidence such as document shredding, imposing restrictions on accounting firms that do consulting work for corporations whose books they audit, requiring top company executives to vouch personally for the accuracy of their companies' reports and creating new rules for financial analysts designed to prevent conflicts of interest. \u003cbr/\u003eThe measure also establishes an independent board, with subpoena power, to oversee the accounting industry.\u003cbr/\u003eMeanwhile, on Capitol Hill, the leaders of three big, troubled telecom companies and a top government regulator told Congress they didn't expect major phone or Internet disruptions as a result of the companies' financial conditions.\u003cbr/\u003eAs the chairman of the Federal Communications Commission assured the Senate Commerce Committee that services will continue without disruption, senators of both parties decried excesses of telecom company executives at a time when tens of thousands of employees were losing their jobs.\u003cbr/\u003eLawmakers also voiced concern about possible disruptions of service to consumers as a result of the financial turmoil in the industry and a potential danger, later on, of reduced competition bringing fewer choices for consumers.\u003cbr/\u003eInvestigators with another Senate panel spent the morning examining now-bankrupt Enron Corp.'s ties with Merrill Lynch \u0026amp; Co., saying the nation's biggest brokerage firm knowingly participated in deals that Enron used to mask its true financial condition.\u003cbr/\u003eThe Justice Department is investigating one of the transactions in question, in which Enron sold an interest in barges in Nigeria to an offshore company established by Merrill Lynch, according to the brokerage and Senate sources. \u003cbr/\u003eAt issue is whether the transaction allowed Enron to artificially inflate its profits.\u003cbr/\u003eA former and current Merrill Lynch executive both refused to testify before the committee, pleading the 5th ammendment.\u003cbr/\u003eIn testimony prepared for the committee, the nation's biggest brokerage firm said it never knowingly helped Enron hide its true financial condition.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource 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