Show A2 — The Herald Journal Logan Utah Tuesday July 16 2002 i V - ‘i ( W lV ' L' y i Lawmaker saysconvictions i jU'VV were government vendetta !:kj3C Ohio’s Traficant expects to be booted froip House & J ' WASHINGTON j VjjT j vj ' i a : vi' i “ -- r ‘ f-- ' - V f j - y rX' AP photo to&QSgflto Mi taSDiro®©© ffrawocO 25 Dow claws back from Depression creating stiff penalties and jail terms for company fraud and tightening oversight of the accounting The vote was 97-- 0 for the bipartisan bill lifted byarisr ing tide of unease over a ' string of corporate accounting scandals that have shattered Americans’ confidence in business and the markets and threatened the fragile econom- Garden 99 HM CMtWUr L(ITLE BEAR RIVER RESCRT It PuaJin! — — ‘ 'jJ-'j' - ' rrTTi me sept litenor anacux ' jossoi 4oor3 percent mtdoiuts wayjpitajftb S STfie Nasdaq waa down tuft 4fes & loss in kix rions when it turned around Cie-lan- trqde-dig- Ga R-Io- ’ sea-Vth- an it earfiery 5$ pants The Standard & Boor’s 500 index fell 346 or OAMi percent Id 91793 recover-- ’ ! mgfrom a km of newly 45 pants The SAP ended last week down $7j64 or 63 M& ‘ trading But the recovery was due more to attractive prices rather than a change in investor sentiment'’' The Dow recovered to a loss of 4534 or05 percent at' 833919 Combined with ''‘jpeioeriti': Investors seem to be in throes w Of -- ' aT : J T‘ A ' Jv-- ' i"' -- - At ‘Jfc J '"'i I iV Y&r die "I a deep depression r h r Bush has been dogged in for their children's education recent weeks by adccade-d- d or for retirement — that they g can look ahead confidently to investigation the future1” said Sen Paul by the Securities and chairman of Exchange Commission into Sarbanes d ' his $848000 sale of stock in the Senate Banking Commit-tee and the bill’s top sponsor ' his former oil company The measure drew praise Harken Energy Corp where from groups as diverse as tbe he was a directa Business Roundtable Additionally Vice President Dick Cheney’s fomer conipa-n-y CEOs of major corporations and the Consumer Halliburton Co is being Federation of America investigated by tbe SEC fa its Bush’s Birmingham speech accounting practices while he was its dun executive ' was an attenmt to restore The Senate bill would ban investa confidence but die markets dropped even further personal loans from compa-nies to tiheir top officials and after his remarks The Dow directors and would require Jones industrials were down about 400 points inarly company insiders to notify the SEC more promptly when afternoon trading but rallied ' late in the session to dose they buy tell company v v: S stock down 45 points' : insider-tradin- pass-law- D-M- getyou”’ Bush urged Congress to get him a bill to sign before adjourning forits summer recess Congressional leaders indicated they would try to do that “I am pleased the Senitte has how acted on a tough bill that shares my goats” Bush said in a statement issued after the vote “We owe it to Amer- ica’s workers and shareholders to crack down oq wrongdoing and fix the system to prevent future abuses” A spokesman for House Speaker Dennis Hastert R- Hi said lawmakers would try today to take initial procedural stepstpwfard resolvingdiffer- ences between tbe bill in the iepre-senti- Come celebrate T$ new power ’ ng - !l -- ' CI Senate and a version passed in April eary B u i i di n g Corp OPEN TIh'HOUSE ml Id : House The by the GOF-le-d House measure is widely cm- - t sidered weaker ' Senate Majority Leader Tom Daschle asked ' Republican leader Sen TYtrU' : Lott join him Uf request to Hastert tq have the House to vote on the newly': passed Senate meiasdie Senatoca voted last wieekto ' add a series of new penalties ?’ including prism terms for securities fraud Chief "t executive officers and chief financial officen who certr- - y fied fdre company financial reports would he shqrped with' pnsm terms of five to 10 years snd fines Of $500000 tq 31 million “Americans must know that they can save with confidence : D-S- D - AUGUST 2 1 1 2 2112 ATriS-- 6 t-- j fun jS HI SSXD VKIMO a d t UAii - : : o £ g pet and hold them d responsible” Sen Max D-declared on the Senate floor before the vote Sen Charles Grassley denounced '‘the crooks running these corporations” As the Senate neared passage of the legislation after nearly a week of debate and votes on amendments President Bush told business leaders “We intend to hold people accountable” “We can’t pass a law that says ‘You will be honest”’ the president said in a speech at the University of Alabama at Birmingham “We can that say ‘If you’re not 1 Ve Cater Cor all Occasions j ic recovery — "TTisliigh time lire call cor p&rite executiV&'TMi’the car- - f 435760 1247 NEW YORK (AP) —The iessions Lari ' drama continued m Writ weekmarkedt the Dow’a Street Monday a desponrp largest weeldy point decline dent investors sent stocks since Sot 21 when they skidding and die Dow Jones vf dropped 16970 following :yj Industrials falling nearly 440 the terrorist attado ihdibefore market’s baroain hunters The broader points surfaced in late afternoon:? cators having already fallen rj The blue chips ended wida " tbrough their SqX 21 Iowa ' ' moderate Ion of 45 while " v were mixed after recovering V techatocks posted a modest U: from their sessim krws advance The Nasdaq indm rpiai The Dow was hear the P12 or 07 percent ' Democratic-controlle- stock slide 439-poi- nt For RmwwBom Call Off & church groups corporate retreats weddingsreceptions Andenonsml ' -- family reunions at Seed 1 Come stay witk us at our Lodge or Recreation Area and let us kelp you GET AWAY! : ’ WASHINGTON (AP) — Without dissent the' Senate approved on Monday die most sweeping changes in corporate accountability since the members of Congress known for his wild hair loud clothes and animated floor speeches — “Beam me up!” heregu- lariy exclaimed — Traficant Selected Fruit Trees m All remainlna Annuals fr Perennials Bush gives upbeat assessment of economy honest-we’l- l ' m forced witnesses to fie on the stand “Every single witness was in jeopardy and harm and got a ‘get out of Jail free’ card for implicating ’naficant in some crime” he said of die federal criminal trial in Cleveland Just like then Traficant though not a lawyer repre- - t t could become only the second member of the House since the Qvil War to be expelled' ' “I had no intent to commit a crime but I will do the time and expect a long time to try 0 and shut me up? said Trafi- ' canL He contends federal prosecutors have been out to get him since 1983 when as a sheriff he successfully defended himself against - v bribery charges ' “But let me teQ you there r: will be some smoking gun that will come out before iti over in the 'fraficant case and you wiU recognize that you let a ' member of Congress be con- victed” he told the panel c President Bush emphasizes his point as he addresses an audience at thsi Alys Stephens Performing Arts Center on the University of Alsbama campus in Birmingham Ala on Monday Bush coupled an upbeat assessment of the economy with a warning to corporate America to Irehave responsibly " an attempt to restore investor confiddnce in the wake of a wave of business scandals industry (AP)— er eight-memb- rrv : sentedhimself MoodayThe ethics panel will decide if the convictions represents “continuing pattern and practice of offidalmis- Traficant conduct” and if so whether they warrant the House expelling me nine-ter- Shouting invective convicted Rep James Itaficant pro- claimed himself the victim of a government vendetta Monday declaring he is innocent ofbribery fraud and tax evasion charges but conceding he expects to be kicked out of Congress and sent tq prison This Ohio Democrat pleaded with an panel of the House ethics committee - i ' v I l ( vV'1"- : ! 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