He raised the question: "(Are some) CEOs slippery, loose with the truth (or) downright dishonest? Or all of the above?"

The four well-known companies he took to task: CEMEX, "one of the world’s largest cement companies," based in Mexico; U.S. telecommunications titan AT&T; media conglomerate Gannett, and insurance giant American General.

He said they have "one thing in common in addition to their exalted status in the business community: What these big-time outfits…need is a dose of truth serum."

That, Cato said, "or new standards of integrity and honor."

Each of the four, according to Cato, a long-time observer of corporate annuals produced by companies here and abroad, "at a minimum was less than forthright." He called AT&T’s CEO dishonest, gave CEMEX similarly "no points for honesty," zinged Gannett’s John J. Curley for seeing "profitability moving ahead sharply; I see a 24% earnings falloff." And the Texas-based insurance company? "The boss sees record-setting results. I see a 17% earnings decline."

He hailed the executive vice president and chief financial officer, Paul J. Liska, of St. Paul Cos. as saying he would "insist" his CEO be up front with news, even when it’s bad. "Because that’s what all constituencies would need to know..."