-Caveat Lector-
>From http://www.washtimes.com/national/20020727-566014.htm
The Washington Times
www.washtimes.com
GOP eyes seizing mansions, yachts of corrupt executives
Dave Boyer
THE WASHINGTON TIMES Published 7/27/2002
House Republican leaders, heading home to face voters anxious over retirement
security, announced
yesterday they will introduce legislation to seize the mansions and yachts of corrupt
corporate executives.
"We need to do more to strip corrupt corporate kingpins of their ill-gotten
gains," said House Majority Whip
Tom DeLay, Texas Republican. "We're taking the mansion. We're draining the accounts.
And we're coming
after the yacht."
Mr. DeLay was flanked at his news conference by an enlarged photograph of a $15
million Florida mansion
under construction for Scott Sullivan, the former chief financial officer of WorldCom,
which stands accused of
defrauding investors out of billions of dollars. Republican leaders said they will
introduce their bill in
September, after lawmakers' monthlong August recess that begins for the House today.
Democrats said the Republicans' latest move, coupled with their support of a bill
to increase the criminal
penalties for corporate wrongdoers, is more evidence that Republicans feel vulnerable
politically on the issue.
"Nothing is more pitiful or more funny than a flock of repentant politicians in
full flight," said Rep. David R.
Obey, Wisconsin Democrat.
And Rep. Jose E. Serrano, New York Democrat, boasted to reporters that he will
control the
Appropriations subcommittee that holds the purse strings for the FBI next year when
Democrats win back the
House. Mr. Serrano has been critical of the FBI's surveillance of Puerto Rican
nationalists from the 1950s to
the 1970s.
"Is this a great country or what?" Mr. Serrano said, referring to himself as
"chairman-to- be."
But Mr. DeLay said internal polling that he reviewed yesterday shows all
incumbent Republicans in
competitive districts with comfortable leads. Republicans hold a 12-seat advantage in
the House.
"I don't know where all this comes from, that it's unsettling out there and that
we're in danger and we're
going to lose the House," Mr. DeLay said. "This notion that we haven't been doing
anything, that the voter is
going to blame the Republicans for what crooked CEOs do, is just not appearing
anywhere we have been
able to find."
Rep. Mike Pence, a freshman Republican from Indiana, said passage this week of
the corporate-
accountability bill will shield incumbent Republicans against Democrats' charges that
the GOP is too cozy with
big business.
"I think we put the pin back in the hand grenade on this," said Mr. Pence, adding
that his Democratic
opponent "has been talking about nothing else" for the past three weeks.
The Republicans' "investor relief" bill is not yet written, but lawmakers said it
will contain provisions to seize
assets of corrupt corporate executives, prevent those assets from paying the fees of
lawyers in such cases,
and reduce taxes on retirement investments.
Current law allows the Securities and Exchange Commission to collect civil fines
and other penalties for
corporate malfeasance and distribute that money to aggrieved investors. Total
collections in 2001 exceeded
$500 million, and Rep. Richard H. Baker, Louisiana Republican, said that total "will
likely go up rather
dramatically."
Mr. Baker said he hopes the legislation will give the SEC seizure powers much
like the Drug Enforcement
Administration.
"If you happen to be selling drugs and you're in somebody else's car, that car
gets impounded, put in a lot
and protected until the issues have been resolved," Mr. Baker said. "So, we seize
assets so that they don't
run off to the Caribbean or off to trial lawyers, that they stay in a bank account so
that they can be
allocated to their rightful owner."
Copyright � 2002 News World Communications, Inc. All rights reserved.
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