My Diigo Bookmarks 11/16/2008

@Dennis, that was part of my point. These activities were already illegal and the system dealt with many of them quite severely. They deserve it by the way!

All SOX has done is put undue burden of the vast majority of companies that were already following the law. As a result they has less money to innovate and therefore, create new wealth. (Here is one of many article on SOX from The Cato Institute --> http://www.cato.org/pub_display.php?pub_id=6624)

IMHO, SOX was a $52 billion boon to the very people who created the problem by not doing their job in the first place, the accountants.

@Ed - that's true but you can put deterrents in place that actively threaten to jail senior directors.

Re-your comment on what replaces SOX.

Why does it need replacing. Everything SOX intended to prevent was and is illegal activity. Repealing SOX does not repeal the laws against fraud. SOX would not have prevented Enron, WorldCom, et al.

You cannot legislate against greed.