Magazine

"Restoring Trust in Corporate America" (Cover Story, June 24, 2002)


In "Restoring Trust in Corporate America" (Cover Story, June 24), we incorrectly reported that Fannie Mae CEO Franklin D. Raines urged his colleagues in the Business Roundtable to oppose the New York Stock Exchange's proposal to put all stock-option plans to shareholder votes. It was General Mills Inc. Chairman Stephen W. Sanger who did so.

We also incorrectly reported that Microsoft Corp. was required to restate its financial results. Microsoft reached a settlement with the SEC earlier this month into the company's accounting reserve practices during fiscal years 1995-98, but is not required to restate its financials. Microsoft did not admit or deny any wrongdoing in the settlement. "Merrill: Is Stan the man?" (Finance, June 17) incorrectly said that Salomon Smith Barney brokers manage more assets per head than those at Merrill Lynch & Co. in the U.S. In the first quarter, Merrill brokers averaged $84 million each, vs. $78 million at SSB. Also, Merrill now calls its brokers "financial advisers." "Covering your behind at Tyco" (Up Front, June 24) should have clarified that although Tyco International Ltd. General Counsel Mark Belnick's employment contract entitles him to a termination payment of up to $10.6 million for being terminated with cause, he is entitled to only one-third of that amount if terminated before October 1, 2002.


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