NEW YORK (CNN/Money) - A few thoughts tonight on Treasury Secretary Paul O'Neill's statement that the worst of the corporate scandals is behind us. While I thank the secretary for his reassurance, I'm not entirely sure why he's offering it.

He made his comment, he said, based on the fact that the August 14th deadline for CEO and CFO certification of financial statements is past. Now, Secretary O'Neill is responsible for many things, but corporate governance isn't one of them...that's the purview of SEC Chairman Harvey Pitt.

As far as criminal investigations of corporations, that's the purview of the Justice Department...not the Treasury Department. And it's clear that the Justice Department is in the early stages of many investigations, not at the end. For example, the Enron investigation...we've been told by the Justice Department is far too complex for ready resolution.

That we'll have to be patient. And we will be, of course...but we'll also be paying close attention to the course of all the investigations. To see whether the course of that investigation goes to the banks that put together round-trip financing that ended up looking like less debt and more revenue...to see what the Justice Department view is of the law firms that gave professional opinions on the legality and propriety of the partnerships and financing that were used to manipulate Enron's financial statements.

So, Mr. Secretary, I'm not entirely sure what you know about these investigations and where they're leading...but I sure hope you're not over-promising...and I sure hope the Justice Department and the SEC won't be under-delivering.