Nasdaq chief rejects calls for market reforms
The chief executive of the technology-heavy Nasdaq index says it is not necessary to reform financial markets in the wake of the collapse of Enron.
Speaking to the BBC’s World Business Report, Hardwick Simmons said: ‘I don’t think more reforms are needed – I think everyone knows full well what their responsibilities are.’
Instead Simmons blamed the demise of what was once one of America’s most successful company’s on a failure in Enron’s corporate structures.
‘Enron knew full well that it should be transparent…it was really a failure of character in Enron’s corporate office.’
Simmons comments fly in the face of overwhelming investor calls for Wall Street analysts, auditors and credit rating agencies to change the way they operate given the fact that none of them picked up on problems at Enron before its sudden collapse.