Sarbanes-Oxley is one of those Congressional classics, passed amid the post-Enron panic, that has done much harm at great cost. Its biggest beneficiaries have been the same accounting firms the law sought to punish and which have nonetheless been able to charge far more money for their services. The law also did nothing to detect problems with the ratings and valuation of subprime mortgaged-back securities. We can only hope the High Court sends Congress back to the drawing board.
Congress may head back to the drawing board but given its current anti-business makeup the best we can expect are a bunch of cute (or not so cute) scribbles from the children.
No comments:
Post a Comment