It may be true that there are only a few dozen bad guys, I doubt it.
The problem is that their actions brought into question all activities and, given that there was a clear impression that companies were not interested in addressing these issues, the whole concept of self-regulation was discredited. As a result, there was a need for more formal rules and regulations and penalties.
OAM
See article:
A few bad guys screwed it up for all American public companies, but collective punishment is outlawed in the Geneva Conventions.
OK, maybe there were several dozen bad guys - fraudulent officers of large public companies.
So, why does that justify Section 404 of Sarbanes-Oxley, which requires thousands of public companies to assume all their officers are fraudulent and requires wildly expensive and redundant systems to catch needle-in-the-haystack fraud?
See full Article.
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