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Pelosi, Kleiner Perkins Push for Overhaul of Sarbanes-Oxley Law

Pelosi, Kleiner Perkins Push for Overhaul of Sarbanes-Oxley Law

by Toby Lucich on November 13, 2006

For Silicon Valley venture capitalists eager to weaken the Sarbanes-Oxley corporate- governance law, it may pay to have friends in high places. The speaker’s rostrum of the U.S. House of Representatives, for instance.

Nancy Pelosi, the leader of newly empowered House Democrats, received more campaign money this year from partners at Kleiner Perkins Caufield & Byers, the venture capital firm that helped launch Google Inc. and Amazon.com Inc., than she got from Democrats’ traditional friend, the AFL-CIO labor federation. She in turn has already identified revising the 2002 Sarbanes-Oxley law as a top priority when she becomes House speaker in January.

Venture-capital firms have been lobbying the White House, Washington lawmakers and regulators for months to water down the law, arguing that higher auditing and legal fees are driving companies to take initial public offerings overseas.

Pelosi, Kleiner Perkins Push for Overhaul of Sarbanes-Oxley Law

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Anonymous November 17, 2006 at 1:58 pm

Is there a silver lining in Michael Bloomberg effort to water down the Sarbanes & Oxley act of 2002 under the excuse of maintaining New York City in a competitive business environment?

I wonder if Mr. Michael Bloomberg is really concern with keeping New York City in a competitive business environment, or is he more concern with the multitude of none compliance issues with his own company Bloomberg LP and all of his subsidiaries are facing at this very moment.

Lets take a look for example the cost associate with maintaining all of his companies in compliance do to the fact that the very nature of his company business requires that he maintains full compliance with Sarbanes & Oxley.

Many legal battles will be fought and before the day is over there is at least one legal case if not more pending against Bloomberg LP for none compliance with regulatory requirements in the middle of it all, according to court public records there is case against Bloomberg LP in Florida State Court Southern District, Broward County for absolute negligence among many other charges, the case seems to indicate that the Bloomberg Data System is suffering with severe negligence and other issues of data security as well as production of fraudulent Bloomberg data screens, One of the many reason for the creation of the regulatory compliance meant to protect the average American that was made part of the Sarbanes & Oxley act of 2002.

Let’s not forget the past, for those of us who have lost our entire nest egg to Enron’s financial debacle, let’s ask Mr. Bloomberg what he is doing to clean up his own back yard. Before he tries to water down the regulatory requirements with S&O; or should I say is there a silver lining by reducing regulatory compliance for others so you don’t have to comply?

Why should the average hardworking American have to bear the losses? That Enron has brought upon us and now we have billionaire Michael Bloomberg trying to water down the vary same law that has been put in place to protect us.

I wonder how much sleep he looses at night wondering if he will ever be able to retire or should I say is he really concern at all with the publics well fare?

Samuel B. Smith

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