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Suitably Flip: Thinking Outside the SarbOx

Suitably Flip: Thinking Outside the SarbOx

by Rick Turoczy on June 19, 2006

This morning I had the opportunity to attend a Wall Street “field hearing” held by the House Government Reform Subcommittee on Regulatory Affairs, examining the effects of the Sarbanes-Oxley Act of 2002, the jerky-kneed, ill-defined legislative reaction to high-profile securities scandals like Enron and WorldCom.

Given the lofty financial burdens and the risk of civil and criminal penalties associated with SarbOx compliance, many growing businesses are finding it no longer makes sense to go public on U.S. stock exchanges. The resulting fall-off in public offerings and migration of such offerings overseas has led some legislators to question whether it may be time to revisit and better define some of the provisions of the well-intentioned, but perhaps overreaching legislation.

Suitably Flip: Thinking Outside the SarbOx

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