From MSNBC, 11/5/03:
http://www.msnbc.com/news/989734.asp?0si=-
Wealthy losing faith in Wall Street
Survey finds 79 percent do not trust corporate management
MSNBC STAFF AND WIRE REPORTS
Perhaps the rich are not that different from you and me after all.
A survey of some of the nation’s wealthiest individuals, released
Wednesday, strongly suggests that the wave of corporate scandals has
shaken their faith in the credibility of corporate managers.
ACCORDING TO THE SURVEY by U.S. Trust, 79 percent of the nation’s
super-rich "question the reliability" of corporate financial
statements and do not trust the recommendations of equity analysts.
A slightly smaller number, 67 percent, said they do not trust
corporate management, and 65 percent do not trust independent
auditors.
"There have been a number of scandals that have affected general
investor confidence," the report noted.
"These scandals continue to have a profound impact on the investment
attitudes of the affluent."
And even though the survey respondents generally had millions of
dollars in assets, many said they would have to work at least five
years longer than they previously had planned before they are able to
retire.
The survey of affluent Americans, which U.S. Trust has been doing for
22 years, also revealed that rich people have grown significantly more
nervous about terrorism and long-term economic prospects over the past
year.
The survey found that 86 percent of respondents were worried that
terrorism here and abroad will have a negative impact on the economy
and financial markets, up from 76 percent last year.
And 77 percent said they were worried about threats to the personal
security of their family and friends in the aftermath of 9/11, up from
63 percent in 2002.
Terrorism ranked as the No. 1 concern in both surveys conducted after
the 9/11 terror attacks, followed by the concern that "the next
generation will have a more difficult time financially" than the
current generation.
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Harry
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