Corporate America today is falling apart because of lack of ethical values and standards. And this serious absence of morality in business has resulted in complete collapse of some major corporations in the United States and has also give birth to acute public mistrust. The government has thus implemented new accounting regulations to bring an end to corporate corruption in the country. I strongly support these regulations because I firmly believe that absence of laws in connection with accounting practices was largely responsible for current crisis in corporate America. President Bush has also promised to impose long prison terms for corrupt executives along with careful scrutiny of all accounting practices currently being followed by large corporations. These regulations will certainly go a long way in introducing positive changes in business practices. But it would be naive to assume that these changes will appear within a short period of time. Corporations will take a long time to adjust to new regulations or to incorporate them in their policies and operations. But the formulation of regulations indicates seriousness on the part of the government to do something concrete about corruption in American business world. Enron crisis revealed how easy it is to take advantage of naive American public and totally unconcerned government. It is thus clear that governmental intervention is important and thus latest regulations proposed by Bush administration must be appreciated and actively supported. But we, the American public, on our part should carefully monitor the implementation of these regulations because we can lo longer trust the corporate executives or our politicians for that matter. Our lack of knowledge about business practices is what earlier gave large corporations a chance to violate public trust. Therefore while we must extend our full support to new governmental regulations, we should also make sure that they are followed in spirit too.
