Title
Commending the United States Sentencing Commission who on April 8, 2004 voted to strengthen existing sentencing guidelines for corporations by implementing more rigorous standards thus requiring that executives and boards of directors of corporations, and other similar organizations, play an aggressive role in the development and operation of their company's compliance and ethics programs.
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WHEREAS, Many large American corporations including Enron, WorldCom, and Adelphia have been accused of defrauding shareholders by disseminating flagrantly fraudulent accounting information; and
WHEREAS, Many hardworking Americans have lost their retirement funds as a result of their company's fraudulent activities; and
WHEREAS, Millions of Americans are employed by corporations; and
WHEREAS, A large majority of the American public is invested in the stock market through individual investments, pension plans, 401k plans, and other retirement plans; and
WHEREAS, The American public is concerned that corporate executives are manipulating financial accounting information in a manner that fails to demonstrate their company's true financial status; and
WHEREAS, The success of this country's economy is based on the integrity of the stock market; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the United States Sentencing Commission be commended for voting to strengthen existing sentencing guidelines for corporations by implementing more rigorous standards thus requiring that executives and boards of directors of corporations, and other similar organizations, play an aggressive role in the development and operation of their company's compliance and ethics programs.
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