| Participants Mr. Thomas Sung Chen 1989 Managing Director Head Diversified Financial Services, Banc America Securities Llc Ms. Barrie G. Christman 1974 President and Chief Executive Officer, Principal Bank Ms. Kimberly Tillotson Fleming President, Hefren-Tillotson Inc. Mr. Robert Marchman 1980 Vice President, NYSE, Division of Enforcement |
Monday - March 31, 2003 - 4:00 PM Quigley Hall Auditorium Room 101 |
| "What is the right way to resolve this issue? If you look at markets over time, they are really driven by two factors, fear and greed. We were clearly in the greed stage in the late 90's and the pendulum clearly has swung to the other end of that spectrum. We are clearly operating in the environment of fear. How do we manage that fear back to some level in the middle? It is human nature that somewhere down the road the pendulum will swing back." |
Mr. Thomas Sung Chen '89 |
| "Boards should be independent, boards should be taking active roles in the setting of strategy for the companies they are overlooking. They should be looking at internal control issues, and having conversations with the auditor about where the areas of contention between the auditors and the management of the company. They ought to be looking very hard at corporate compensation issues and the other share holders ought to be looking at other board members incentive to own stock and really have vested interest in these companies." |
Ms. Barrie G.
Christman '74 |
Ms. Kimberly
Tillotson Fleming |
"The issue of corporate ethics is critical. More interaction between companies and analysts is needed. The change in research analysts roles between investment banking and research particularly in Wall Street firms has just been redefined and I think many firms will either be stopping the research they do or making a decision to stay in investment banking or to do research recommending buying and selling securities." |
| "It's important that when we start the process of rebuilding investor confidence, we have to keep in context that there are many lists of corporations that do not engage in this type of behavior which became public and was flagged and was clearly inappropriate. Being involved in the investigation with regards to research analysts, and investment bankers, it was clear that some, not all, were clearly involved in inappropriate activity as a result of conflicts of interest in connection with trying to generate investment banking revenues for their firms. I think it's important we educate the public in terms of what steps have been taken in order to remedy some of the abuses that we've found." |
Mr. Robert Marchman '80 |
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