"He will put the sheep on his right and the goats on his left."
Matthew 25:33

Friday, November 6, 2009

Let Sarbox die

An unusual controversy is erupting as the US Congress panders to business interests and relieves the burdens of those with the right connections. This article describes some of the detail.

Sarbanes-Oxley should not be tweaked. It should be repealed. If Congress wants to help business, and keep the playing field "level", then it should reduce general regulatory burden.

The oversight that Sarbox is supposed to provide is not, and should not be, the province of the federal government, and no regulatory regime will take the place of care and diligence on the part of investors, bankers and customers. The market, competition, and fear of failure are the right mechanisms in business, not law enforcement.

To borrow from Jesse Jackson - "End it, don't mend it."

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