Watchdogs Fear Red-State Rollback

The voters have spoken, and many corporate watchdogs are worried about what policymakers in Washington heard.

The re-election of President Bush and the strengthening of the Republicans' majority in Congress have put pro-business politicians firmly in charge. That could spell the end of the post-Enron movement to reform corporate governance via new laws and regulations, many observers believe.

"The reforms are over. It's going to be problematic as to what you're able to hang on to," said Lynn Turner, the former chief accountant of the Securities and Exchange Commission and the director of research for proxy adviser Glass Lewis. ...