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Change Sarbanes-Oxley with caution

Change Sarbanes-Oxley with caution

by Toby Lucich on January 29, 2007

The Sarbanes-Oxley Act was passed in haste in July 2002, less than a month after WorldCom Inc. revealed that it had grossly overstated its earnings during the previous five quarters and less than a year after Enron Corp. filed for bankruptcy protection.

Now there are moves afoot to ease some of the provisions of the act. Last week, even the former scourge of Wall Street, Eliot L. Spitzer, now governor of New York, joined Sen. Charles Schumer (D-N.Y.) and New York Mayor Michael Bloomberg in calling for SOX to be revised.

They and others argue that the legislation has placed such burdens on public companies in the United States that the U.S. capital markets have become uncompetitive. Foreign corporations won’t list on U.S. stock exchanges, because they then have to comply with SOX, which they find too onerous.

Change Sarbanes-Oxley with caution

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