When former WorldCom CEO Bernard Ebbers was convicted last week of the $11 billion in accounting frauds that destroyed his company, the reaction from some quarters of the business establishment was predictable. An editorial in the Wall Street Journal put it this way: "Now that the man at the center of the biggest accounting fraud in U.S. history will pay for his own crimes, it is only fair that the rest of American business shouldn't have to.''
The editorial criticized as excessive the 2002 Sarbanes-Oxley law, Congress' response to the scandals at WorldCom, Enron and other companies. Many corporate executives and business organizations have taken pot-shots at this and other reform efforts.
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