(Host) Congressman Bernie Sanders is introducing legislation to deal with what he calls "the culture of corporate greed." Sanders serves on the House Banking Committee. The Committee held a special hearing Monday on the finances of WorldCom Â– the nation’s second largest telephone company. The company is immersed in an enormous financial scandal.
Sanders says it’s critical that the major executives of companies like WorldCom are sent to jail if they knowingly mislead the public about their company’s financial condition:
(Sanders) "There is a real cancer in this country of corporate greed and these people who make unbelievable compensation packages and they get stock options and they get all kinds of retirement benefits and all kinds of golden parachutes. These are the same people who are not only lying to their stock holders, they’re ripping off their employees. They’re moving to China…and that is ultimately the issue that has to be dealt with."
(Host) Later this week, the U.S. Senate is expected to consider legislation that would make significant changes in accounting and financial reporting laws for corporations. The bill does include new penalties for executives who defraud the public.