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Bush / Corporate Responsibility / Wall Street Speech / Investor Reaction / Gergen Interview #705042

CNN Evening News for Tuesday, Jul 09, 2002
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(Studio: Aaron Brown) Report introduced.

(White House: Suzanne Malveaux) President Bush's speech on Wall Street featured; extensive details given of the president's guidelines for corporate responsibility. [BUSH - says higher ethical standards are needed.] [Representative Richard GEPHARDT - says words alone will not mean "real effective action."] Moves by Bush's cabinet to "sell" this plan for business reform to the American people discussed.

(Studio: Aaron Brown) Report introduced.

(Studio: Allan Chernoff) The investor reaction to Bush's speech examined. [Legg Mason Capital Markets Richard CRIPPS†- says Bush's address lacked a spark.] [SG Cowen Mike PALOZZI†- says it did not set guidelines for the marketplace.] [Yesterday, BUSH - says his sale of Harken energy stock "is recycled stuff."] [Gruswold Co. Bob McCOOEY†- comments on the criticism of SEC chairman Harvey Pitt.] The view of the market held by stock traders discussed.

(Studio: Aaron Brown) Live interview held with former White House counsel David Gergen about the political fallout. [From Boston, GERGEN - calls Bush's speech disappointing; says the president wants to avoid an overreaction, but the speechwriters wanted to restore a jittery market; recalls that people changed their minds about former President George Bush due to his handling of the economic recession & the president has to be aware of what happened to his father; indicates he is not sure if the Harken story "has legs" & the business corruption story will continue till the November election.]

Brown, Aaron;
Chernoff, Allan;
Malveaux, Suzanne

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