Michael Perelman wrote:
Whatever happened to the rabid calls for eliminating Sarbanes Oxley? Does
anybody
even Enron, Tyco, Worldcom, etc? After calls for strong regulation to
prevent such
things from happening again, we Congress gave us the weak Sarbanes Oxley.
Not long
after, the business press was squealing about the excessive requirements
of Sarbanes
Oxley.
Now that the subprime mortgage scam is imploding, Sarbanes Oxley has
fallen from
notice.
Any thoughts?
==============================
We all know the system responds to crisis through regulation until the
crisis has passed and state intervention is again seen as a drag on
investment. Private sector pressure on the state-supported housing agencies
like Fannie Mae has also eased. This from yesterday's NYT, echoing the new
climate of the times which has also made itself felt elsewhere of late in
the financial press:
http://www.nytimes.com/2007/12/30/weekinreview/30goodman.html?ei=5088&en=15542f8a36e19c01&ex=1356670800&partner=rssnyt&emc=rss&pagewanted=print
