Securities Sleuth Takes a Look at Need for "Stricter Accounting Standards"

WASHINGTON, Jan. 30, 2002 (PRIMEZONE) -- The Securities Sleuth, http://www.securitiessleuth.com, takes a look at accounting revisions beyond the Enron scandal and the President's desire for more corporate accountability. Specifically, in the last two days PNC Financial Services Group, Inc. (NYSE:PNC) announced that it would be revising its reported net income for 2001 downward by approximately $155 million, Williams Companies (NYSE:WMB) delayed its fourth-quarter results until it assesses its financial relationship with Williams Communications, Anadarko Petroleum Corporation (NYSE:APC) announced it would correct financial results for the third quarter 2001, and Tyco International (NYSE:TYC) revealed in a proxy statement it had paid $20 million to an outside director and a charity for help in securing its acquisition of CIT Group Inc.