'We've created a system that encourages disclosure directed more at averting liability than at informing'
'We've created a system that encourages disclosure directed more at averting liability than at informing.' So believes SEC head Harvey Pitt, and many people agree. Meanwhile, the demands for this disclosure system to change grow ever louder.Companies are finding themselves waging a war for the investing public's confidence. They are involved in a PR campaign as much as anything else. Enron inverted the old Wall Street credo, 'Buy on rumor, sell on fact.' Now the motto is, 'Sell on rumor, hold
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