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MARSHALL, Mich., July 1, 2002.—Readers of his long-running (since September 1983) Newsletter on Annual Reports (aimed at producers of the key corporate communiqué) are well aware of the disdain Sid Cato has for the Securities
and Exchange Commission.
Cato in speeches and newspaper and magazine interviews says the SEC "walks loudly and carries a tiny stick." Now, in a June 30 column in Newsday by the newspaper’s chief economic correspondent, James Toedtman, Cato is quoted as saying SEC Chairman Harvey Pitt is "being silly." The SEC head has made several speeches recently in which he has commended a letter appearing in the 1937 annual report of Brockway Glass Co. Cato said that's an era "bearing little if any resemblance to today and today's business world." And, indeed, according to Newsday, Brockway subsequently was found guilty of an antitrust conspiracy. "Nice going, Harvey," said Cato. |