The Sarbanes-Oxley Act and the freight transportation implication

Trucking
Originally uploaded by governancefocus.

Contrived success, fueled by financial fraud was the soup from which the Sarbanes-Oxley Act of 2002 (SOX) sprung forth. Perhaps driven by a new business model or old fashioned greed or Wall Streets demands for short term profits at any cost, manipulated financial information satisfied all bases. The corporate wreckage and financial devastation of real people, young and old, rich and poor that were left in the wake of the schemes looked like a highway strewn with the destroyed promises of tomorrow.

Viewed from the highest observation point, it might appear that fraud was the sole cause, but the significant impact on the general population, the effects of which were felt around the world, would clearly implicate complexity and complicity. Certainly, deceit is no stranger to fraud and this unholy alliance, when coupled with opportunity forms the essential mix necessary to easily attract opportunistic predators and investors alike. The combined power of egregious financial abuse, and the publics aggressive stock purchasing response produced an environment ripe for global financial devastation. The significant public losses coupled with the corporate demise of some of Wall Streets shooting stars demanded swift government intervention which resulted in the enactment of the Sarbanes-Oxley Act of 2002.

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