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Sarbanes-Oxley: 10 Years Later

snookems Wrote: Nov 11, 2012 8:40 PM
Republicans say this of the Bush era before the Wall Street meltdown of 2007-2009. "Those first six years of Bush were economically sound, with full employment numbers, low inflation, and steady growth. Until the housing bubble burst." YES, it was a BUBBLE economy! The Bush tax cut, two wars, socialist Medicare Prescription, Republican ethanol mandates, Republican pork barrel K-Street spending, Republican "Dream Down Payment Act" over-stimulated the economy. The Bush administration hollowed out finacial regulations. The Republican party is still Keynesian to this day in the fact that they have a slobbering love affair with big government and tax cuts.

Before talking about either the impact or the need for Sarbanes-Oxley, I think it would be helpful to briefly review what the Act covers.

Despite all the talk about transparency and disclosure, most of Sarbanes-Oxley is about the regulation of auditors, from the creation of the Public Company Accounting Oversight Board to requirements on auditor rotation and restrictions on the provision of non-audit services.

(Editor's Note: Remarks at the COMMIT Forum, New York, NY. October 3, 2012)

Yes, there is title 4, the one out of 11 titles, that deals directly with disclosure and perhaps the most infamous section, 404, which...