Washington Week Show - # 4204
Washington Week Show - WW 4204 - "Show Open"
Washington Week Show # 4204 - Washington / Wall Street, Homeland Security. Hosted by Gwen Ifill, with guests Alan Murray, Joan Biskupic, David Sanger, Ceci Connolly. Composite footage (unclean) with Washington Week title and text: New York Stock Exchange building; indicted men being escorted by police; President George W. Bush waving while exiting helicopter on White House lawn; airport security; people waiting to go through airport security; sign reads "Absolutely No Knives Beyond This Point" ; cargo crate being unloaded; yellow pills traveling down machine (pharmaceutical industry); elderly person taking prescription medication from kitchen cabinet; 10mg Lipitor prescription bottle.
Washington Week Show - WW 4204 - "Financial Regulations"
Gwen Ifill starts show with news of Congress and the White House trying to stay a step ahead of politically troublesome news, i.e. Wall Street and business practices. U.S. President George W. Bush speaking to press, Tom Ridge at his side: "I believe people want to come back in the market. But, listen, I'm not a stock broker, I'm not a stock picker. My attitude of Wall Street is they'll buy you or sell you depending upon if it's in their interest." Ifill notes a Corporate Accountability Bill is in Congress, and the President is eager to sign it. Alan Murray of CNBC remarks that the bill represents a big turnaround in thinking for Congress, the President, and lobby groups. He details what passage of the bill would do to the financial market, why such a bill became necessary.
Washington Week Show - WW 4204 - "SEC/Treasury Department"
Alan Murray of CNBC on what the role of the Securities and Exchange Commission will be under the Corporate Accountability bill, and how commission head Harvey Pitt is weathering criticism for comments he made about his status and pay. Murray contends that Pitt is the most qualified person but lacks political common sense. Murray talks about the backlash U.S. Treasury Secretary Paul O'Neill has received over the market downturn from corporate CEOs for not doing enough. Murray notes Secretary O'Neill told him the economic fundamentals remain strong. He adds that O'Neill will be on more talk shows shortly to push the message of economic stability. Gwen Ifill jokes by saying that the "full Ginsburg" is five talk shows, while the Secretary will be on only three.
Washington Week Show - WW 4204 - "White Collar Crime"
Gwen Ifill begins the segment by talking about the recent arrests of high powered executives as full screen footage of Adelphia Communications business executives being taken into custody by police is shown. Ifill asks Joan Biskupic of USA Today if further arrests can be expected or if this will be a rare occurrence. Joan doesn't think it will be common but the sight of wealthy CEOs doing a perp walk is personally humiliating. She talks about white collar crime, how it will be more difficult to prosecute given the amount of evidence and testimony necessary to bring up a case. She also points out that because these aren't hardened criminals, just the prospect of being arrested or being dragged to Congress to testify plays a role in scaring other CEO/CFOs. Hopefully, that will send a message to Wall Street.
Washington Week Show - WW 4204 - "White Collar Crime"
Alan Murray of CNBC says the Justice Department does not need to win every case. They only need a few victories to scare others on Wall Street straight. Joan Biskupic of USA Today agrees, says these types of criminals have never been inside prison, are used to a rich lifestyle. There is pressure on the Justice Dept to prosecute offenders to the fullest extent of the law. She talks about how long investigations run before arrests happen. Gwen Ifill wonders why arrests can't happen faster. Biskupic says even whistle-blower testimony needs to be corroborated.
Washington Week Show - WW 4204 - "Homeland Security Legislation"
Gwen Ifill segues to battle between Congress and the White House. Senator Joe Lieberman (D-CT) says, "This bill that we reported out of our committee gives President Bush I'd say more than 90% of what he asked for in his proposal for a Department of Homeland Security. Let's not turn the critically important, profoundly important quest for greater Homeland Security for the American people into a labor management dispute." Ifill asks David Sanger of the New York Times what the stand-off is about. He says the fight is over civil service rules but really boils down to the White House's effort to use the DHS to strengthen the Executive Branch without appearing to grow the government. It seems an unreasonable hold-up that the White House will not actually go through on their veto threat.
Washington Week Show - WW 4204 - "Legislation/Negotiation"
David Sanger of the New York Times explains how the fight between federal agencies that would and would not be moved under the Department of Homeland Security umbrella has been settled. Gwen Ifill asks what the President was doing on Capitol Hill talking about Trade Promotion Authority. Sanger explains, why it is a important symbolic issue for each side of the aisle.
Washington Week Show - WW 4204 - "Prescription Drug Legislation"
Gwen Ifill introduces segment on Congress' inability to pass a bill on prescription drug coverage for the elderly. Ceci Connolly of the Washington Post explains why this is such problem in Congress, given obvious benefits. Alan Murray of CNBC says this is a battle, an issue to be raised and used by the Democrats against Republicans in the upcoming elections.
Washington Week Show - WW 4204 - "Prescription Drug Legislation"
Cici Connolly of the Washington Post agrees that Democrats are bringing this is up as an issues bill with little intention of it actually getting passed, and notes that in this case Sen. Tom Daschle (D-SD) was the one who kept wanting more in the bill, which is interesting since he is the one always blamed for not wanting to cut deals. Shot of the entire panel and Gwen Ifill as David Sanger of the New York Times asks Cici about the President's thoughts on the bill. From the President's side, he does not want to spend the bill's proposed amount, but is an issue that can haunt him if he comes out against it. Gwen Ifill asks what are the odds of a possibility that a comprise is reached. Cici says the possibility exists if the bill is significantly reduced in scope.
Washington Week Show - WW 4204 - "Show Wrap Up"
Gwen Ifill wraps the show up. Credits roll.