The Treasury Department has released a report on The Changing Nature and Consequences of Public Company Financial Restatements as part of an effort to encourage U.S. capital markets competitiveness. 

"Many respected voices at Treasury's Capital Markets Competitiveness Conference last year noted the drastic increase in financial restatements over the last decade," said Treasury Secretary Henry Paulson (pictured) in a statement. "It is important to take a hard look at the facts behind this rise."

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