October 2002

Lots To Do

This is to express my dismay at the behavior of fellow CPAs who were at the top of our profession in terms of high-paying jobs, well-known public companies, and large CPA firms.

I am certain the high public trust in our profession has been severely damaged. One has only to listen to the sudden torrent of “crooked CPAs” and “cook the books” jokes to assess the current public measure of our profession.

So far, the NYSSCPA has done nothing to rebuild our damaged profession. In my opinion, the time is now for the NYSSCPA to champion a Federal Securities Insurance Corporation. Simply put, this agency would operate like the FDIC. For a few pennies on every stock transaction, the investor would have some protection against the fraud that cannot be recovered in the normal course of events. I am certain there are experts within and without the NYSSCPA who can develop the framework and the details of this agency.

Would it not be a credit to our profession to lead the way in restoring the financial confidence in our country? The people need to have the same security in securities investments that they have in bank savings.

The NYSSCPA might also champion a Federal Pension Insurance Corporation in order to create confidence in those who administer and manage our pensions.
There’s lots to do, so let’s get going!

Burton Grusky, CPA
Croton-on-Hudson, N.Y.