The Securities and Exchange Commission this week charged Joseph P. Nacchio, former co-chairman and chief executive officer of Qwest Communications International Inc., and eight other former Qwest officers and employees with fraud and other violations of the federal securities laws.

Most investors applaud recently instituted reforms intended to prevent corporate abuse, however they express deep reservations about the costs to implement them, according to a poll of institutional investors conducted in February by Broadgate Consultants LLC.In addition, with bonuses soaring for CEOs at the nation's top corporations, investors also believe that transparency surrounding executive compensation is not sufficient and should be improved.An overwhelming majority (83%) of the 105 institutional analysts and portfolio managers from across the U.S.

Hoping to stem the future tide of overwhelming credit card debt, personal bankruptcies and foreclosures, seven states are now requiring high school students take a personal finance class, the Associated Press reported.A survey by the National Council on Economic Education found that the seven states require the basic finance course as a prerequisite for graduation, which is up from four states in 2002.

Large companies almost never get back the bonuses they paid to CEOs who used questionable methods to earn them, a new survey says.The New York Times reported that 414 companies restated earnings in 2004 alone, but a review of the restatements shows that large corporations rarely get bonus money back from executives, even when the bonuses were based on numbers that were questionable, inflated or inaccurate.For example, William A.

The Financial Accounting Standards Board (FASB) will propose that companies change the way they account for professional fees associated with mergers and acquisitions.According to the Wall Street Journal, the FASB will release a draft proposal this summer that would require the fees to be booked as expenses.

The U.S. auto industry, previously untouched by scandals that have rocked other sectors, was brought into the fray on Friday when Delphi Corp., the nation's largest auto-parts company, disclosed accounting errors that led to the resignation of its chief financial officer.The Detroit Free Press reported that an investigation showed accounting errors have occurred in every year since Delphi spun off from General Motors Corp. in 1999.

A group of international regulators is seeking to restore investor confidence by forming the Public Interest Oversight Board to set auditing standards, the New York Times reported.The new body was established by the International Organization of Securities Commissions, the Basel Committee of Banking Supervisors, the International Association of Insurance Supervisors, the World Bank and the Financial Stability Forum.

Where were the auditors?That is the question being asked as more than 60 companies face the prospect of restating their earnings after apparently incorrectly dealing with their lease accounting, Dow Jones reported.Companies in the retail, restaurant and wireless-tower industries are among those affected in what is being called the most sweeping bookkeeping correction in such a short time period since the late 1990s.Among the companies on the list are Ann Taylor, Target and Domino's Pizza.

Fannie Mae's federal regulator has raised new concerns about the mortgage giant's accounting practices and internal controls.Fannie Mae announced Wednesday that its regulator, the Office of Federal Housing Enterprise Oversight, is raising questions about how it classifies and transfers securities, the Washington Post reported.These concerns are in addition to the accounting problems revealed last year that have already resulted in a $9 billion restatement of earnings and the resignation of two top executives.Specifically, OFHEO is questioning whether Fannie Mae has classified some of