In a news conference yesterday evening (EDT), President Bush called on Congress to help strengthen the economy by enforcing corporate accountability. The president said he is worried that recent events concerning corporations have shaken faith in the American economy and capitalist system. He intends to present extensive remarks on the subject today before Wall Street.

 

Separately, former WorldCom CEO Bernard Ebbers and former CFO Scott Sullivan both invoked their Fifth Amendment rights and declined to testify before the House Financial Services Committee. More on this story.

 

Also Monday, lawmakers took a moment during the House Financial Services Committee hearing to question Harvey Pitt's role as SEC chief, who has had to recuse himself from several SEC investigations due to conflicts of interest. More on this story.

 

As the latest company to enter the corporate reporting controversy, pharmaceutical titan Merck fiercely defended its accounting practices as its stock slipped on news that its pharmacy-benefits unit had booked 12.4 billion dollars in revenue it never collected. More on this story.

 

Finally, the chief executive officers of The Business Roundtable, representing many of the largest companies in the United States, released a statement expressing its alarm at the stream of revelations which have emerged in the past six months. "Where there have been violations of law, we believe that the violators should be prosecuted -- promptly and to the fullest extent possible," said the group. More on this story.

 

SmartPros will continue to keep you updated as these events unfold.  Meanwhile, to help you understand the numerous investigations into companies' questionable accounting practices, SmartPros has compiled a quick reference guide that highlights: