Posted on 12/04/2009 8:58:39 AM PST by mrreaganaut
Congress wants to wallop business with even more regulation in the wake of the financial panic, but perhaps the Members should pause on Monday and visit the Supreme Court. The Justices will hear arguments on whether major portions of the last great Congressional overreaction, the 2002 Sarbanes-Oxley Act, are constitutional.
(Excerpt) Read more at online.wsj.com ...
BTW, each of the members of the Public Company Accounting Oversight Board makes more money than the President!!!
Are you saying we should be the President more?
As an IT compliance and governance specialist SOX has been...
Fun.
Yeah, that's it.
Sarbanes-Oxley is the most tyrannical, business-killing garbage POS law I have ever seen inflicted upon honorable businessmen. It’s a scan on a level near that of Flat-Earth Global Warming. Whoever enacted and supported that law is either painfully ignorant or intentially tried to kill business in the USA. Yes, I know who signed the law...
Sarbanes-Oxley is the most tyrannical, business-killing garbage POS law I have ever seen inflicted upon honorable businessmen. It’s a scam on a level near that of Flat-Earth Global Warming. Whoever enacted and supported that law is either painfully ignorant or intentially tried to kill business in the USA. Yes, I know who signed the law...
With votes of 423 to 3 in the House and 99 to 0 in the Senate , I just about know who . Ron Paul was one of the nays IIRC .
SOX = jobs program for the Big Accounting firms
That was absolutely typical of congress. First they let all the rational regulation lapse. Then they passed Sarbanes-Oxley, a stupid, pointless piece of business destruction that had nothing to do with rational regulation. Meanwhile, banks were merging with investment companies, swallowing up all the local banks and getting huger and more dangerous (as well as lousy to their customers). Fannie Mae was put into the hands of the Congressional Black Caucus and their pals, and subprime loans were encouraged—indeed forced by lawsuits. And nothing was done about the derivative bundling of all this garbage—which the government agreed to guarantee.
Regulation run amok, designed to satisfy leftists and corrupt politicians, and nothing more.
Too bad EPA isn’t similarly handicapped - that administrator is responsible to the President.
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