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CNN LOU DOBBS MONEYLINE

President Bush Puts Corporate World on Notice; Democrats Accuse Bush, Republicans of Soft Stance on Corporate Abuse

Aired June 28, 2002 - 18:00 ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

LOU DOBBS, HOST: Tonight, President Bush puts corporate America on notice: Shape up or face the Justice Department.

Democrats accuse the president and Republican lawmakers of being too soft on corporate abuse.

We'll have live reports for you from the White House and Capitol Hill.

WorldCom's CEO sends a letter to the president promising cooperation and reform.

Xerox admits it made a $4-billion mistake but says, nonetheless, it is no WorldCom.

We'll have a special report there as well.

The Arizona wildfire is even stronger tonight. It's broken through fire containment lines. Two additional towns tonight are in jeopardy.

And former Enron employees are now the women of "Playboy" magazine.

ANNOUNCER: This is LOU DOBBS MONEYLINE for Friday, June 28th. Here now Lou Dobbs.

DOBBS: Good evening.

President Bush today lashed out against corporate misbehavior. Mr. Bush said companies need to raise the bar and not fudge their numbers. Tomorrow, the president will use his radio address to urge corporate leaders to clean up their acts.

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8/22/2002

CNN.com - Transcripts

Page 22 of 25

whether you think this market has finally hit bottom.

And, how the collapse of Enron has given three women the chance to
profit from corporate failure. Stay with us.

(COMMERCIAL BREAK)

DOBBS: And this just in to CNN. The Walt Disney company, according to Reuters, will restate its 2000 and 2001 earnings. That according to SEC filings. The Reuters again reporting that Disney will restate its earnings. And the reason for that restatement, according to those SEC filings, is a math error.

Turning now to another developing story, explosions heard tonight in the West Bank town of Hebron. Palestinian security sources say 75 percent of the Palestinian complex was destroyed. Israeli troops have been outside the complex for several days now trying to negotiate the surrender of Palestinians.

Meanwhile, President Bush's Middle East plan has met with some skepticism at the G-8 summit this week. As you know, G-8 leaders agreeing with the call for Palestinian statehood. But some saying it's up to the Palestinians to choose their leaders. Joining me now to talk about this new initiative is the former Secretary of State Henry Kissinger.

Henry, good to have you with us here.

HENRY KISSINGER, FMR. SECRETARY OF STATE: Always
good to be with you.

DOBBS: I know you were in Europe when the president put forward the initiative. First, what is your reaction? Is it a reason for hope?

KISSINGER: Well, the president made clear that there isn't one plan you can put forward for a negotiation until you have partners that you can have some confidence in. And I think that was an important contribution.

And in the next phase, once some progress is made in that direction, I think in the next phase, there will be progress in negotiations. And I think what needs to happen next is that the moderate Arab countries assume some responsibility for the domestic changes that the president spelled out for the Palestinians.

Because the Palestinians will not be able to do it by themselves under present conditions. And that way, there would be created a negotiating partner.

DOBBS: Is it your sense that Saudi Arabia, in particular, Egypt,

8/22/2002

CNN.com - Transcripts

Jordan, have both the capacity and the will right now to be a positive influence on any reform that the Palestinian Authority must undergo to make it possible for statehood, even on an interim basis?

KISSINGER: Well, they have the ability. And I think they are developing the will to do this. Probably they will insist that there's some progress in negotiation -- or some negotiations being conducted. before the whole process of internal change in the Palestinian areas is completed. But I believe that they are becoming very restless with the impact on them of the continuation of suicide bombing and turmoil.

DOBBS: And for the Israelis, the president's insistence that the settlements, the construction of settlements, stop on the West Bank and in Gaza, that there be effectively a roll-back to the pre-'67 war borders. Is that a reasonable, and do you think possibly productive, initiative?

KISSINGER: I think perhaps, yes, I think it is. I think the president has called attention to the fact that you cannot go from here to a final settlement. You have to begin by restoring conditions in which normal life can start again.

And this is why he's urged the Israelis to go back when the Palestinians have made their changes, to the conditions that existed when this whole crisis started. And also to end any new settlement activity. I think this is a reasonable basis on which to begin negotiations.

DOBBS: Dr. Henry Kissinger, thank you very much for being with us, as always.

KISSINGER: Pleasure to be on.

DOBBS: Let's take a quick look now at the results of our MONEYLINE poll. Tonight's question: do you believe that this stock market has finally hit bottom? Twenty percent of you said yes, 80 percent said no. And, while not scientific, a fair indication. And I must say that the market doesn't seem to be arguing with the results of this poll.

Coming up next, the "Dobbs Report." A few thoughts about the rising political temperature and posturing in Washington about corporate scandals. Stay with us.

(COMMERCIAL BREAK)

DOBBS: Well, after the scandals at Enron, three enterprising former Enron women have decided to exploit their misfortune by trying to improve their fortunes, appearing in "Playboy" magazine. And they're cashing in rather neatly in a whirlwind media tour which has led them,

8/22/2002