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Dump This Destructive Deadweight

Dump This Destructive Deadweight

by Rick Turoczy on August 18, 2005

The conviction of and subsequent 25-year sentence given to Bernie Ebbers make an excellent case for repealing or substantially modifying the Sarbanes-Oxley Act, a destructive piece of legislation rushed through Congress three years ago in the aftermath of the WorldCom collapse. This ill-thought-out, hastily written law has cost shareholders and the U.S. economy infinitely more money than Bernie Ebbers and his ilk ever did.

The stock market quickly recovered after the WorldCom collapse. Stocks plummeted only when it became clear that Washington was going to pass the Sarbanes-Oxley Act. In a matter of days equity values shrank by several hundred billion dollars. It was only after the passage of the Bush tax cuts in the spring of 2003 that equities–and the economy–firmly recovered.

Dump This Destructive Deadweight

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