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Enron’s last victim: American markets

Enron’s last victim: American markets

by Toby Lucich on January 3, 2007

When the new Congress begins its session this week, two familiar faces will not be present: Senator Paul S. Sarbanes and Representative Michael G. Oxley, who are both retiring. Their main legacy will be the joint attack on corporate corruption that bears their names — the Sarbanes-Oxley Act of 2002.

The act, which was passed hastily in the wake of the Enron scandal, was surely well intentioned. But it has proven counterproductive in the extreme, and Congress would best honor the departing lawmakers by repealing it.

Sarbanes-Oxley has seriously harmed American corporations and financial markets without increasing investor confidence.

Enron’s last victim: American markets

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