Spring Break
Securities and Exchange Commissioner speaks at LeBow
Brendan Meighan
Issue date: 3/11/05 Section: News
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Cynthia Glassman, a commissioner for the Securities and Exchange Commission, spoke at the University March 8.
Glassman, a guest of the LeBow College of Business, spoke to a group of about 60 in the Matheson building and focused mainly on the topics of government regulation of business and the role the government should play in an economic landscape which has been rocked by a series of high profile scandals over the last several years.
Cynthia Glassman is one of five commissioners for the Securities and Exchange Commission, which is an independent government agency whose job it is to "protect investor's and maintain the integrity of the securities market," said Glassman.
"Glassman, as one of five commissioners at the Securities and Exchange Commission, brought a unique perspective as one of the highest ranking officials at the agency entrusted with the protection of investors," said Joseph Lisella, director of College Relations for LeBow.
Glassman was appointed to the Securities and Exchange Commission in 2002 by President Bush and was sworn into office Jan. 28, 2002. Before becoming a commissioner, she spent 30 years working in both the public and private sectors. This includes the 12 years she spend with the Federal Reserve, first at the Federal Reserve Bank of Philadelphia, and then later at the Board of Governors. She also has her M.A. and Ph.D. in Economics from the University of Pennsylvania.
To help the Securities and Exchange Commission with their work in creating an investor friendly market place, the Sarbanes-Oxley act was passed in the summer of 2002. The act was drawn up in response to the accounting scandals at companies such as Enron and WorldCom. The intent of Sarbanes-Oxley is to restore the publics trust in the accounting procedures employed by firms, hold high ranking executives responsible for the actions which go on under their watch, and to improve disclosure and financial reporting.
The most controversial part of Sarbanes-Oxley is section 404, which requires auditors to report on the internal controls of the company. Glassman fears that required disclosure of problems with a companies internal controls may lead the market to mistranslate the report to say that the company has not been honest with their accounting.
Glassman, a guest of the LeBow College of Business, spoke to a group of about 60 in the Matheson building and focused mainly on the topics of government regulation of business and the role the government should play in an economic landscape which has been rocked by a series of high profile scandals over the last several years.
Cynthia Glassman is one of five commissioners for the Securities and Exchange Commission, which is an independent government agency whose job it is to "protect investor's and maintain the integrity of the securities market," said Glassman.
"Glassman, as one of five commissioners at the Securities and Exchange Commission, brought a unique perspective as one of the highest ranking officials at the agency entrusted with the protection of investors," said Joseph Lisella, director of College Relations for LeBow.
Glassman was appointed to the Securities and Exchange Commission in 2002 by President Bush and was sworn into office Jan. 28, 2002. Before becoming a commissioner, she spent 30 years working in both the public and private sectors. This includes the 12 years she spend with the Federal Reserve, first at the Federal Reserve Bank of Philadelphia, and then later at the Board of Governors. She also has her M.A. and Ph.D. in Economics from the University of Pennsylvania.
To help the Securities and Exchange Commission with their work in creating an investor friendly market place, the Sarbanes-Oxley act was passed in the summer of 2002. The act was drawn up in response to the accounting scandals at companies such as Enron and WorldCom. The intent of Sarbanes-Oxley is to restore the publics trust in the accounting procedures employed by firms, hold high ranking executives responsible for the actions which go on under their watch, and to improve disclosure and financial reporting.
The most controversial part of Sarbanes-Oxley is section 404, which requires auditors to report on the internal controls of the company. Glassman fears that required disclosure of problems with a companies internal controls may lead the market to mistranslate the report to say that the company has not been honest with their accounting.
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