Houston (Feb. 14, 2002) -- Terming this "a watershed moment in the history of our capital markets," KPMG chief executive and chairman Stephen G. Butler called for a number of reforms at a gathering of 1,200 energy industry executives here Wednesday.

Speaking at a special session of the Cambridge Energy Research Associates conference, Butler urged action by auditors, corporate executives and financial management, directors and audit committees, investment bankers and analysts, rating agencies, the SEC, and accounting standard setters. "All of these participants share some responsibility for the current crisis. All of them have an important role in restoring confidence," Butler said. "We can't restore confidence by simply doing better audits of information that is not relevant to investors or can't be understood by them."

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