Powell Ready To Fight Corporate Crime

President Bush has appointed FCC Chairman Michael Powell to serve on a new interagency Corporate Fraud Task Force. “The commission stands ready to offer its expertise to assist in the effort to investigate and prosecute significant financial crimes and restore credibility to the market,” said Powell. “During my recent visit with investors, credit rating services, analysts and telecom companies in New York after the WorldCom situation was made public, I gained a heightened appreciation for the vital role investor confidence plays in the successes or failures of companies in the telecom sector, particularly in the critical area of companies obtaining capital to finance operations and technological improvements.”