Most Americans Support Holding Wall Street and Corporate Wrongdoers More Accountable to Investors by Bolstering Investors' Legal Rights, an Opinion Research Corporation Survey Finds
/PRNewswire/ -- Sixty-two percent of Americans believe Wall Street executives were not honest with the public during the recent financial meltdown and 59 percent of Americans do not believe corporate CEOs and financial officers provide accurate information in financial statements. And, most Americans favor additional legal rights for investors that would allow them to seek compensation for loss from any deceptive conduct by Wall Street or corporate officers -- even if it did not involve a public misstatement.
These are among the findings of a national Opinion Research Corporation (ORC) survey of public attitudes toward financial fraud and investor protection. The telephone survey, conducted December 10-13, and sponsored by the National Association of Shareholder and Consumer Attorneys (NASCAT), also found that nearly all Americans feel that those who commit fraud should be held accountable to investors who lose money as a result of the fraudulent behavior. Similarly, nearly all Americans think that those who engage in fraud but do not admit it publicly should still be held accountable to investors.
"The survey findings reveal that the public is very aware that financial and corporate officers have been engaged in conduct that is not just reckless, but that has been deceptive and dishonest before and during the financial meltdown," explained Ira Schochet, Esq., NASCAT's president. "Americans understand that Congress and the Administration must substantially increase accountability in our financial markets in order to protect investors and reduce the likelihood of another systemic crisis."
As reported by Opinion Research Corporation, some of the key findings are explained below:
-- ORC explained to survey respondents that the law allows investors to seek compensation from executives who knowingly make misrepresentations to the public. They were then asked if there was a need for additional legal rights that allow investors to sue for compensation from executives who knowingly engage in any form of deceptive conduct, even if it does not involve a public misstatement. Three-fourths (74%) agree that investors should have these additional rights. One-in-five (21%) do not.
-- Practically every respondent (94%) feels that those who commit fraud should be held accountable to investors who lose money as a result of those fraudulent actions. Only 5% do not think they should be held accountable.
-- Support is also strong for keeping executives accountable to investors when they perpetrate financial fraud even if they do not publicly admit their wrongdoing. Nine-in-ten (90%) support this idea with only 7% saying no.
-- Ninety percent of Americans believe people who participate in financial fraud - such as knowingly engaging in a sham transaction or telling others how to prepare fake financial statements or otherwise deceive investors - should be held accountable to investors. Only 7 percent oppose, while 2 percent had no opinion.
-- And, respondents were asked about the current ability of corporate managers to avoid accountability to shareholders by limiting disclosure of a wrongdoing. When asked, only a quarter (25%) agree that this should happen while 73% disagree.
Findings Support Congressional Action on Anti-Investor Court Decisions
"These findings show overwhelming public support for Congress to restore liability to investors for those who aid and abet fraud and those who can currently escape liability by manipulating public disclosures," NASCAT's Ira Schochet continued. "Congress can accomplish these goals by rolling back two radical Supreme Court decisions (Central Bank in 1994 and Stoneridge in 2008), which eliminated private liability for aiding and abetting securities fraud; and, clarifying another Court decision (Dura in 2005), which inadvertently empowered some conservative lower courts to throw out valid investor fraud claims whenever sophisticated executives and their professional advisers disguise the impact of wrongdoing by manipulating the timing and content of news releases."
Investor Demographics and Survey Methodology
About half of American adults own stock and half do not. A typical owner is older, wealthier and better educated than someone who does not own stock. Stock owners are just as likely to have the investment as a result of an employer plan as to own it on their own without any employer involvement.
These findings are from a telephone survey conducted of 1,017 adults comprising 509 men and 508 women. Interviewing for this survey was completed during the period December 10-13, 2009. The results have a margin of error of plus or minus three percentage points among the total sample. Opinion Research Corporation, based in Princeton, NJ, conducted the fieldwork.
The National Association of Shareholder and Consumer Law Attorneys is a nonprofit organization comprised of about 100 law firms representing consumers and investors - including pension funds and individuals - in cases of securities fraud and other forms of "white collar" wrongdoing and criminal activity.
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Showing posts with label fraud. Show all posts
Showing posts with label fraud. Show all posts
Tuesday, January 19, 2010
Wednesday, November 25, 2009
American Association for Homecare Endorses New U.S. Senate Bill, the 'Prevent Health Care Fraud Act of 2009'
/PRNewswire/ -- The American Association for Homecare endorses the new "Prevent Health Care Fraud Act of 2009," S. 2128, which is designed to substantially improve tools and resources available to prevent fraud in Medicare. The bill was introduced by Sen. George LeMieux (R-Fla.).
The LeMieux bill contains several provisions the American Association for Homecare outlined in its 13-point anti-fraud action plan, which the Association proposed to Congress in February. Those provisions include calling for real-time audits and screens to catch fraudulent claims, more site inspections to ensure that Medicare allows only legitimate home medical equipment providers to file reimbursement claims, and a dedicated office at the federal government level to combat Medicare fraud. The Association has also recommended that more funding be made available to federal fraud fighters. See the Association's full 13-point plan at www.aahomecare.org/stopfraud.
"This association has been on record for a long time in support of new measures designed to root out fraudulent activity within Medicare," said Tyler J. Wilson, president of the American Association for Homecare. "That's why we are very pleased that Sen. LeMieux and the cosponsors on his bill have demonstrated leadership in proposing an aggressive, proactive approach to stopping fraud. The current pay-and-chase system is not effective."
Wilson said he hopes that Congress will incorporate the Association's entire 13-point plan into the LeMieux legislation. The American Association for Homecare will continue to work with key congressional committees and members of Congress to find ways to curtail criminal activity within Medicare and at the same time preserve the ability of legitimate home medical equipment providers to serve Medicare beneficiaries.
The American Association for Homecare represents providers of durable medical equipment and services, manufacturers, and other organizations in the homecare community. Members serve the medical needs of millions of Americans who require oxygen equipment and therapy, mobility assistive technologies, medical supplies, inhalation drug therapy, and other medical equipment and services in their homes. Medicare reimbursement rates for durable medical equipment have been cut dramatically three times over the past six years, on top of a freeze on CPI increases during the same period. The Association's members operate more than 3,000 homecare locations in all 50 states. Visit www.aahomecare.org/athome.
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The LeMieux bill contains several provisions the American Association for Homecare outlined in its 13-point anti-fraud action plan, which the Association proposed to Congress in February. Those provisions include calling for real-time audits and screens to catch fraudulent claims, more site inspections to ensure that Medicare allows only legitimate home medical equipment providers to file reimbursement claims, and a dedicated office at the federal government level to combat Medicare fraud. The Association has also recommended that more funding be made available to federal fraud fighters. See the Association's full 13-point plan at www.aahomecare.org/stopfraud.
"This association has been on record for a long time in support of new measures designed to root out fraudulent activity within Medicare," said Tyler J. Wilson, president of the American Association for Homecare. "That's why we are very pleased that Sen. LeMieux and the cosponsors on his bill have demonstrated leadership in proposing an aggressive, proactive approach to stopping fraud. The current pay-and-chase system is not effective."
Wilson said he hopes that Congress will incorporate the Association's entire 13-point plan into the LeMieux legislation. The American Association for Homecare will continue to work with key congressional committees and members of Congress to find ways to curtail criminal activity within Medicare and at the same time preserve the ability of legitimate home medical equipment providers to serve Medicare beneficiaries.
The American Association for Homecare represents providers of durable medical equipment and services, manufacturers, and other organizations in the homecare community. Members serve the medical needs of millions of Americans who require oxygen equipment and therapy, mobility assistive technologies, medical supplies, inhalation drug therapy, and other medical equipment and services in their homes. Medicare reimbursement rates for durable medical equipment have been cut dramatically three times over the past six years, on top of a freeze on CPI increases during the same period. The Association's members operate more than 3,000 homecare locations in all 50 states. Visit www.aahomecare.org/athome.
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Thursday, November 5, 2009
RetireSafe Calls AARP's Support of House Bill the Greatest Fraud Against Seniors in the 21st Century
/PRNewswire/ -- In a statement released today, RetireSafe President Thair Phillips calls AARP's endorsement of the House health care bill the greatest fraud against seniors in the 21st century. He said, "AARP, easily the most influential seniors lobby, is using their clout to get a bill passed that will slash Medicare and ration the health care of seniors."
According to Phillips, it's a sham for AARP to throw its weight behind a bill most seniors do not support. He said, "AARP gets the major amount of its revenue from selling insurance and they DO have a dog in this fight. Instead of protecting their insurance coffers, AARP should be protecting the health of seniors, the very ones they are supposed to help."
Phillips contends that backing the 10-year, tax-hiking, $1.2 trillion House bill is a deceptive move for AARP, and its endorsement in today's highly politicized atmosphere will anger many of its members.
RetireSafe represents older Americans who are concerned about cuts in Medicare payments to medical providers. Visiting Congressional offices this week, the seniors' advocacy group is making a last ditch effort to impact the legislation. They met with senior advisors at the White House last month.
In a recent RetireSafe survey in their Listens campaign, over 1,500 older Americans expressed concern about the health care reform bill. Over half of the respondents, 60%, said there are not any groups who represent their interest in Washington; 93% said being able to choose the doctor they want is a top priority; while 64% felt having a public option was their lowest priority. RetireSafe launched the Listens campaign to give seniors across the country a chance to voice their strong opinions.
Phillips encourages older people looking for someone to turn to now, to visit RetireSafe's website at www.retiresafe.org, and get their voice heard and counted in the online survey.
According to Phillips, our leaders should listen to seniors as well as to common sense views of officials like Tennessee Democratic Governor Phil Bredesen, who was one of the governors who didn't sign a letter supporting the House bill. A former HMO executive, he has been perhaps the party's sharpest critic in the funding debate.
Said Phillips, "Gov. Bredesen, in an interview this September, called the potential expansion of Medicaid in health care reform 'the mother of all unfunded mandates... We can't print money. We can't borrow money. A lot of staffers in Congress really don't understand this idea of a balanced budget.' RetireSafe agrees."
With the help of AARP, House leaders may have the votes they need before the gavel falls Saturday. Said Phillips, "If so, older Americans are in for the sham of the century."
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According to Phillips, it's a sham for AARP to throw its weight behind a bill most seniors do not support. He said, "AARP gets the major amount of its revenue from selling insurance and they DO have a dog in this fight. Instead of protecting their insurance coffers, AARP should be protecting the health of seniors, the very ones they are supposed to help."
Phillips contends that backing the 10-year, tax-hiking, $1.2 trillion House bill is a deceptive move for AARP, and its endorsement in today's highly politicized atmosphere will anger many of its members.
RetireSafe represents older Americans who are concerned about cuts in Medicare payments to medical providers. Visiting Congressional offices this week, the seniors' advocacy group is making a last ditch effort to impact the legislation. They met with senior advisors at the White House last month.
In a recent RetireSafe survey in their Listens campaign, over 1,500 older Americans expressed concern about the health care reform bill. Over half of the respondents, 60%, said there are not any groups who represent their interest in Washington; 93% said being able to choose the doctor they want is a top priority; while 64% felt having a public option was their lowest priority. RetireSafe launched the Listens campaign to give seniors across the country a chance to voice their strong opinions.
Phillips encourages older people looking for someone to turn to now, to visit RetireSafe's website at www.retiresafe.org, and get their voice heard and counted in the online survey.
According to Phillips, our leaders should listen to seniors as well as to common sense views of officials like Tennessee Democratic Governor Phil Bredesen, who was one of the governors who didn't sign a letter supporting the House bill. A former HMO executive, he has been perhaps the party's sharpest critic in the funding debate.
Said Phillips, "Gov. Bredesen, in an interview this September, called the potential expansion of Medicaid in health care reform 'the mother of all unfunded mandates... We can't print money. We can't borrow money. A lot of staffers in Congress really don't understand this idea of a balanced budget.' RetireSafe agrees."
With the help of AARP, House leaders may have the votes they need before the gavel falls Saturday. Said Phillips, "If so, older Americans are in for the sham of the century."
-----
www.politicalpotluck.com
Political News You Can Use
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