Crackdown Needed, Not New Laws (Editorial)

With corporate scandals now almost a daily occurrence and politicians ranting about the need for the government to do this or that to fix the problems, maybe it’s time to ask:

What’s the matter with the existing standards and regulations? Not much really.

Greed and the hiding of funds have brought about the scandals. The Securities and Exchange Commission already has the authority to regulate accounting and disclosure by public companies.

While some may look to the government for an answer, we remain steadfast in capitalism’s camp.

President Bush is right in his belief that economic fundamentals are sound despite the stock market dive.

He has called for a crackdown on corporate fraud, including doubling prison terms for corporate crooks. That’s fine, but it isn’t as if these things weren’t already illegal.

While we expect the clamor to pass more regulations protecting consumers and investors will continue, we think the laws to prove fraud and punish the guilty are already on the books.

With apologies to Nike, “Just apply it.”

Stop the Carnage, Costs

While we’re on the subject of corporate reform, we’re noticing more and more paper waste from local companies with which we do business. Does it really take four separately mailed follow-up packages and letters for a bank to properly inform customers about their new mortgage?

What about the utilities and telecommunications companies that offer customers automatic bank drafting, but still send them return payment envelopes through the mail. Or even the insurance companies that send us notices stamped “this is not a bill” to notify us that they’re only noting what costs they will or won’t cover?

Bills that are prepaid require a receipt either in person or via mail, not a restatement of charges that’s followed days later by another 37-cent shipment, and another, and …

Our all-time favorite is still the medical bill that first arrives six or more months after treatment, then is quickly followed by a “second notice.” If you’re in that big of a hurry to get your money figure out a rational billing procedure in the first place.

Where are Mary Lightheart and Julia Butterfly when we need them?

Perhaps the tree-sitting duo could stage a protest on the desks of a few of our creditors.