Friday, March 9, 2007
The Big Four accounting firms' latest push to get caps on damages is reported in the Washington Post, with the establishment of a Public Policy Center and talks with SEC officials, who have been meeting with unnamed "outside experts" to consider safe harbors or arbitration of claims. A breath of fresh air comes from Bevis Longstreth, a former securities and exchange commissioner during the Reagan administration: "It's just unacceptable to cap liability and not even look at profit. No one knows what the profits are because there is no transparency." See WPost, Accounting for the Future.