• SOX

    Short Sarbanes-Oxley’s Accounting Board

    A federal appeals court, in a 2-1 split decision announced Friday, held that the accounting oversight board created in 2002 as part of the Sarbanes-Oxley reforms is constitutionally permitted. The decision has been described as a victory for supporters of Sarbanes-Oxley and the Public Company Accounting Oversight Board. But it may in fact be its […]

    / Aug 26, 2008 at 2:31 PM
  • Bear Stearns, SOX

    What Good Is Sarbanes-Oxley Anyway?

    Larry Ribstein, who writes on Ideoblog, asks: Is there potential [Sarbanes-Oxley] internal controls liability for Bear executives? If not, and melt-downs like this can happen after SOX (worth $80+/share one day, $2 the next), then what was it, exactly, that SOX did for us? Could it be that SOX didn’t eliminate risk after all? … […]

    / Mar 18, 2008 at 11:06 AM
  • SOX

    The Death Of The Annual Report

    We can’t remember the last time we saw a glossy, informative corporate annual report. These days most seem to be just 10K wraps–SEC filings with a glossy cover–and we read the data on our computer monitors. So who killed the annual report? Sarbanes-Oxley. [READ MORE] Annual Report, R.I.P. [The American]

    / Feb 5, 2008 at 9:19 AM
  • SOX

    Sarbanes Oxley Is Super Great! Really!
    An Enthusiastic Case For A Questionable Regulation

    We’re generally fans of the Wall Street Journal opinion page. But yesterday the page ran an exceptionally unconvincing pair of articles—one by First Trust economist Brian Westbury alleging that business coverage was unduly bearish and the other by former Goldman Sachs partner Thomas Healey arguing that Sarbanes Oxley is an amazing success. Let’s start with […]

    / Aug 10, 2007 at 9:02 AM
  • Conrad Black, SOX

    Black SOX Scandal?

    We like Alan Murray—and not just because he was so easy to beat up on when we were up against him on Squawk Box. He’s a smart guy but he’s a bit too credulous sometimes. And he constantly trips himself up on the grand illusion of our time—that moral problems can be solved by technical […]

    / Mar 21, 2007 at 2:19 PM
  • CNBC, SOX, Warren Buffett

    What Sarbanes-Oxley Cost Warren Buffet

    You know sometimes you walk into a restaurant and you see a couple of people you know. You stroll by the table to say hello and immediately you get that feeling—the one that tells you that you are interrupting something. Something intimate. This isn’t just a dinner. Not just friends out for drinks. This is […]

    / Mar 13, 2007 at 11:39 AM
  • SOX

    Sarbox: It’s A Darker World In Bond Land

    The evidence for the perversity of Sarbanes-Oxley costs keeps mounting. Public companies are losing the most capable executives to privately held firms offering better compensation, less regulatory oversight and less risk of criminal prosecution for business failure. Capital markets are seeing companies exit public markets in favor of ownership by firms funded by pooled private […]

    / Feb 15, 2007 at 11:31 AM
  • SOX, Wall Street Journal

    Everyone Hates Sarbox

    Okay. That’san exaggeration. But one of the most annoying things we hear from a lot of the defenders—think Ben Stein or Thomas Palley—of Sarbanes-Oxley is that critics are just shills for investment banks or corporate executives. That’s never been true. DealBreaker’s long been critical of Sarbox and we can’t even get most corporate executives to […]

    / Feb 8, 2007 at 3:19 PM
  • Board of Directors, Shutterfly, SOX

    Jim Clark Is So Effin Out Of Here: Ditches Shutterfly, Blames SOX

    In perhaps the bluntest statement on Sarbanes-Oxley to date by a corporate insider, Shutterfly founder and (until yesterday) board chairman Jim Clark announced his resignation from the board of directors because Sarbanes-Oxley was taking all the fun out it. As I understand it, Sarbox dictates that I not Chair any committee due to the size […]

    / Jan 9, 2007 at 9:27 AM
  • legal, SOX

    Is Sarbanes-Oxley Unconstitutional?

    That’s a big Yes, according to Kenneth Starr (yes, that Ken Starr). We’ll leave it to others to discuss the legal reasoning behind Starr’s argument. Something to do with the method by which the members of the all-powerful Public Company Accounting Oversight Board (PCAOB) are appointed. What’s really interesting, as Larry Ribstein points out, is […]

    / Dec 20, 2006 at 2:36 PM
  • SOX

    Sarbanes-Oxley Makeover

    A blue-ribbon Capitol Hill panel yesterday rolled out a plan to keep Wall Street the world’s financial center by rolling back rules that hurt small companies and sent others to list their stocks on foreign shores. Run by former Goldman Sachs President John Thornton and ex-Bush administration official and current Columbia University Business School dean […]

    / Dec 1, 2006 at 1:09 PM
  • Business Media, Henry Paulson, SOX, Treasury

    Paulson Either Did Or Didn’t Say Something Yesterday

    Paulson makes case for tougher enforcement of securities laws Boston Globe, November 21, 2006 Paulson says need to apply business rules lightly Reuters, November 21, 2006 Just as long as those guys in Washington are giving the market clear signals.

    / Nov 21, 2006 at 10:03 AM
  • Board of Directors, Companies, Donald Rumsfeld, SOX

    Rumsfeld Watch: Where Will Rummy Go Next?

    Last week we asked you where you thought Donald Rumsfeld would head next. Nearly thirty percent of respondents said “Halliburton”—which is pretty disappointing since that seems the least likely of choices. You don’t really think Rumsfeld wants that kind of heat do you? Usually, we defer to our readers votes on these matters but this […]

    / Nov 13, 2006 at 3:08 PM
  • SOX

    SOX As A Job Program For Ex-Congressmen

    Christopher Byron’s column in today’s New York Post asks why ousted members of Congress try so hard to land seats on corporate boards when they typically land positions on penny-stock companies in an age when Sarbanes-Oxley has upped the risks of sitting on a board. But the analysis is mostly backward looking and not half […]

    / Nov 13, 2006 at 10:37 AM
  • Regulators, SEC, SOX

    Is Sarbanes-Oxley Reform On Its Way?

    Since the new Democratic chairman of the House Finance Committee, Barney Frank, has already given notice that he doesn’t expect any legislative reforms of Sarbanes-Oxley to come out of his committee, attention has turned to the SEC for possible regulatory reforms. Today the Wall Street Journal reports that regulators have said they will “propose guidance […]

    / Nov 10, 2006 at 3:28 PM
  • politics, SOX

    Maybe The Coming Democratic Congress Won’t Wreck Wall Street

    The Republican controlled Capitol Hill brought us Sarbanes Oxley. With more and more frequency, we’re hearing talk that maybe it will take Democrats to reform it. Like Nixon going to China, its possible that only a party not seen as already in bed with business will be able to muster the votes necessary to scale […]

    / Nov 3, 2006 at 10:19 AM
  • legal, New York City, SOX

    Schumer Calls For Re-Examination of Sarbanes-Oxley

    Today’s Wall Street Journal bring us a column jointly written by New York mayor Michael Bloomberg and Senator Charles Schumer calling for reforms—such as re-examination of Sarbanes-Oxley and a taming of our shareholder class-action litigation frenzy—to make New York at least as friendly to finance as London. With the benefit of hindsight, the Sarbanes-Oxley Act […]

    / Nov 1, 2006 at 9:29 AM
  • Hank Paulson, SOX, Treasury

    Hank Paulson Delivers Another Blow to Sarbanes-Oxley

    Our heads are still aching from drinking one (okay, three or four) too many margaritas in honor of Jeff Skilling, the guy at the helm when Enron hit the iceberg of its financial gambles who yesterday got hit with a sentence of 24-years or life (whichever comes first). So it is comforting this morning to […]

    / Oct 24, 2006 at 2:51 PM
  • Back Dating, SOX

    Options Timing May Prove a Boon To Hedge Funds

    The tone of this Bloomberg story on how dozens of companies are finding that their options timing shenanigans are getting them in hot water with bondholders strikes us as a little bit one-sided. Here’s the lede, with emphasis added. As soon as Vitesse Semiconductor Corp. said it was under investigation for securities law violations that […]

    / Sep 12, 2006 at 4:26 PM
  • SOX

    Are SOX Compliance Costs Going Up or Down?

    Going Private chides us for saying that the costs of compliance with Sarbanes Oxley should be expected to decrease over time. We didn’t have any real data on this but figured that maintaining compliance should be easier than getting compliant. Not so, protests GP—the costs keep going up and the accountants keep getting wealthier. She […]

    / Aug 30, 2006 at 5:13 PM
  • SOX

    How to Make Money From Sarbanes Oxley

    One of the things we’ve heard Tim Carney, the author of The Big Ripoff: How Big Business and Big Government Steal Your Money and brother of DealBreaker’s John Carney, argue is that market regulation can be viewed as a subsidy to certain publicly listed companies (and, of course, to investment banks). Some companies may use […]

    / Aug 29, 2006 at 9:48 AM
  • SOX

    Happy Birthday Sarbanes-Oxley!

    Has it been four years already? The little monster brought into the world following the financial scandals and collapsing business in the first years of the twenty-first century turns four today. This column describes the business world’s evolving reaction to SOX in the language of a grief counselor—“first shock and anger, then acceptance, and […]

    / Jul 31, 2006 at 9:02 AM
  • SOX

    Sarbane-Oxley Blues and other Deal Songs

    It’s multi-media day today at DealBreaker. Thus we bring you the “Sarbanes-Oxley blues” and the more gleeful “I Love this Deal“–both from Headwaters MB. Have fun.

    / Jun 5, 2006 at 5:40 PM
  • Regulators, SEC, SOX

    SEC to Small Companies: Keep Your SOX On!

    Earlier today the SEC released its plan for dealing with some of the problems with Sarbanes-Oxley an SEC advisory panel highlighted last month. Jack Ciesielski has the goods. One of the biggest concerns raised by the advisory panel was the disproportionate impact of tougher accounting requirements on smaller companies. According to the plan released today, […]

    / May 18, 2006 at 1:39 PM
  • PCAOB, Regulators, SEC, SOX

    Big News for SOX Fans

    This Wednesday the SEC and the Public Control Accounting Oversight Board are throwing a party for hosting a roundtable on Sarbanes-0xley. Of course we already know that the PCAOB thinks SOX is wonderful. And not just because PCAOB members will be stacking serious cheese while public companies attempt to comply with the law. Last week, […]

    / May 8, 2006 at 3:30 PM

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