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Mallory Factor on Sarbanes-Oxley on NRO Financial

Mallory Factor on Sarbanes-Oxley on NRO Financial

by Rick Turoczy on October 6, 2006

During Prohibition, the time of gangsters, speakeasies, and Al Capone, the government appointed the “National Commission on Law Observation and Enforcement” to judge the effectiveness of the liquor ban. The commission in fact determined that Prohibition was not working, but it refused to call for repeal.

This piece of history came to mind last week while listening to a congressional hearing on the fourth anniversary of the Sarbanes-Oxley Act (Sarbox). Chairman Christopher Cox of the Securities and Exchange Commission testified that Sarbox “Is not perfect in every respect. But the vast majority of its provisions are net contributors to the nation’s economic health. And those parts of SOX that aren’t working as well as they should–notably Section 404–can be made to work better through better implementation.”

Well, the vast majority of the Washington Nationals may be great baseball players, but if they can’t bring in the runs, the team isn’t going to win. It’s the same with Sarbox.

Mallory Factor on Sarbanes-Oxley: Sarbox Is a Disaster and Chris Cox Is For It

{ 1 comment… read it below or add one }

M.D. Fatwa October 6, 2006 at 11:58 pm

An interesting contrast to Mallory Factor’s argument is a recent speech by the PCAOB’s Charles Niemeier (see here).

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