What Good Is Sarbanes-Oxley Anyway?

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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? ... So two possible lessons from Bear: We didn't need SOX, and it didn't do any good.
Lessons from Bear on SOX [Ideoblog]