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Sarb-Ox critics have short-term memories

Sarb-Ox critics have short-term memories

by Rick Turoczy on June 22, 2006

To Enron’s investors, employees and customers the verdicts were little consolation. It’s been nearly five years since thousands of jobs were lost, retirement accounts were wiped out, and our naiveté exposed.

It’s also been long enough that the type of people who created the cancerous environment that fostered Enron now feel free to come out from under their rocks and begin tearing away at post-Enron reforms. Their No. 1 target is Sarbanes-Oxley, the 2002 law that required greater accountability from CEOs, independence and expertise on corporate boards and deeper levels of disclosure from public companies.

Backed by the usual suspects, the anti-SarbOx movement is gaining momentum. The U.S. Chamber of Commerce, the Securities Industry Association and now the heads of the two major U.S. stock exchanges are criticizing Sarbanes-Oxley.

They say the law is too cumbersome, too expensive — especially for small companies — it’s too restrictive and it puts U.S. corporations at a disadvantage to foreign competitors who aren’t burdened with having painful and needless requirements such as “internal controls.”

Sarb-Ox critics have short-term memories

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