企业管理在经历最近的一些风波之后，无疑地已经在某種程度强化的市场规范，
但对于國会却很明显地暗示应该要做有更多的动作，他则表示政府在对于现在发
生的問題所提的扩张立法规范的做法，应该要特别地谨慎小心。
Noting that ‘’Congress is clearly signaling that more needs to be done，‘’
he added that the government should be careful ‘’not to look to a
significant expansion of regulation as the solution to current
problems。‘’
Regulation， he said， has ‘’proven only partially successful in dissuading
individuals from playing with the rules of accounting。‘’
立法规范很明显的只能对于避免让少数人玩弄会计数字游戏
The Fed chairman endorsed President Bush's call for chief executives to
be held more directly accountable for corporate financial statements‘
accuracy。 The president's call to define ’‘more clearly the duties of
C。E。O。’s with respect to accounting and disclosure appears
appropriate，‘’ Mr。 Greenspan said。 The Bush position was largely based
on recommendations from the President's Working Group on Financial
Markets， a senior economic policy group including Mr。 Greenspan。
身为联准会主席的他也呼应布希总统主张应让CEO对于企业财务报表的正确性
承担更多的责任（编按这好像是巴菲特最先提出的主张），明确定义CEO在会计
报表与附注揭露上所应承担的责任，据了解布希的这些主张主要是来自于总统背
后的资深经济政策智库－金融市场工作小组所提出的建议。
Addressing the matter of relentlessly upbeat recommendations by stock
analysts， he noted ‘’the proclivity of firms that sell securities to retain
and promote analysts with an optimistic inclination，‘’ especially when
the brokerage firm also acts as an investment banker for the company
whose stock it is recommending。
对于股票分析师不断地提高企业买进评等这件事，他表示发行股票的企业倾向让
分析师维持其买进的乐观评等，尤其是当证券经纪商同时身兼推荐客户买进该公
司股票的投资银行时更是如此。
But he said Wall Street was responding on its own to deal with the
problem through initiatives like a requirement that brokerage firms
include in research reports the distribution of their ratings among buy，
sell and hold recommendations。
但他表示华尔街对于这種现象也提出方法要求经纪商必须提出研究报告，并将其
分等为买进、卖出与持有等建议。
In time， he said， earnings projections by analysts will be more closely
scrutinized by investors after the fact， allowing them to judge more
accurately which analysts are worth listening to。 ‘’I venture to say that
with such transparency， the current upward bias of analysts‘ earnings
projections would diminish rather rapidly，’‘ Mr。 Greenspan said，
’‘because investment firms are well aware that security analysis without
credibility has no market value。’‘
他表示事件發生后投资人一定会更谨慎的检视分析师所发表的盈余预测，这将可
以让他们判断那些分析师是真正值得信赖的，我敢说只能能维持足够的透明度，
那些明显偏颇的分析师盈余预测一定很快就会消失在市场上，因为投资银行也很
清楚没有信誉的分析师将很难继续在市场上生存下去。
