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Sarbanes-Oxley News & Developments
Sarbanes-Oxley Is Business DisasterSarbanes-Oxley goes where the federal government has never gone before in securities regulation.
> > In the first weeks of 2004 the government released a job-growth report that many took as disappointing. Just 1,000 new jobs had been netted in the month of December. The news was not all bad. The mass layoffs had all but stopped, and employment appeared to have stabilized.
Sarbanes-Oxley passed overwhelmingly in the summer of 2002 in the weeks after the bankruptcy of Worldcom followed by the bankruptcy of Enron. Accounting that misled and disguised the companies debts prompted President George W. Bush and Rep. Michael J. Oxley (R-Ohio), chairman of the House Financial Services Committee, to adopt with very minor adjustments the sweeping proposals of Sen. Paul Sarbanes (D-Md.), then chairman of the Banking, Housing and Urban Affairs Committee.
Sarbanes-Oxley is creating some jobs. The requirements for specific internal-control processes and 48-hour disclosure of any material information have been a boon for software builders, consulting firms and, ironically, the very Big Four accounting firms that were blamed for the corporate scandals.
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Source: Insight on the News
Published:2004-01-26
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