Bush Readies Corporate Scandal Plan

WASHINGTON (AP) - Jailing crooked executives and strengthening laws against corporate wrongdoing are needed to restore Americans' confidence in big business, lawmakers said Sunday as they surveyed the wreckage of companies such as Enron Corp. and WorldCom Inc.

The drive for change was taking center stage this week: a House committee hearing Monday on WorldCom and President Bush ( news - web sites)'s speech Tuesday to Wall Street about his ideas for tougher penalties on corporate officials.

"Some of these corporate criminals need to go to jail," said Rep. Billy Tauzin, chairman of the House Energy and Commerce Committee, which is investigating the massive bankruptcies of energy trading giant Enron and the telecommunications company Global Crossing.

"As soon as one of these major corporate leaders is indicted, confidence will generally come back," Tauzin, R-La., told NBC's "Meet the Press."

Current and former WorldCom executives were summoned to appear Monday before the House Financial Services Committee. The big telecommunications company is battling to avoid bankruptcy since the recent disclosure that it disguised nearly $4 billion in hidden expenses.

The committee chairman, Rep. Michael Oxley ( news, bio, voting record), said he thinks the corporate world is placing too much emphasis on the bottom line, a drive for profits that can lead companies to act irresponsibly