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6th Annual Corporate Governance Conference: Securities Markets After Global Crossing and Enron

PROFESSOR PAINTER: Good morning. I’m Richard Painter, Professor of Securities Regulation and Lawyers’ Ethics at the University of Illinois College of Law. I’ll be moderating this panel as an information discussion and roundtable type of panel, very similar to what we did in the previous panel. I want to very briefly introduce our speakers. To my extreme left is Edward Fleischman, who is a senior counsel to Linklaters but formerly a Commissioner of the Securities Exchange Commission. Sitting next to him is Uttam Dhillon, who is the Policy Director for the Republican House Policy Committee. He also has had extensive experience both in the private sector with Milbank, Tweed, Hadley & McCoy, and also with various jobs in government. Over to my right is Edward Labaton, who is a very well-respected plaintiff’s lawyer with the firm of Goodkind Labaton Rudoff & Sucharow. He will discuss many of these questions from his extensive experience representing plaintiffs in class-action and derivative suits. I am going to lead off with the observation we’ve seen from the last panel that there is a perception out there of a loss of investor confidence. That’s certainly what you hear a lot about in the news. Is there really a loss of investor confidence, question number one? If so, what principal factors would you see behind that loss of investor confidence. Those are two questions I would be most interested in, but there are other issues as well, and I want to allow each of our speakers, perhaps starting with Commissioner Fleischman, to give us some of their thoughts.