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Sarbanes-Oxley and the Ebbers Conviction

Sarbanes-Oxley and the Ebbers Conviction

by Toby Lucich on June 13, 2005

The recent conviction of Bernard Ebbers, the former chairman of WorldCom, has once again raised the question of whether the Sarbanes-Oxley Act was necessary or cost-effective.

Supporters of the act have argued that Ebbers’s wrongdoing demonstrates the need for a law that mandates strict oversight of corporate managements. Opponents note that imposition of civil or criminal penalties after the fact–the way that financial fraud has traditionally been handled–would have been sufficient, and that it is not good policy to burden all businesses in order to catch a few wrongdoers.

Sarbanes-Oxley and the Ebbers Conviction

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