Sen. Paul Sarbanes (D.-Md.) seems determined to retire from the Senate next year leaving the American economy an unprecedented legacy of huge costs.
His Sarbanes-Oxley “corporate reform” law, which Republicans latched onto in a panic in 2002 after the Enron and WorldCom bankruptcies, is costing American businesses $35 billion a year, according to the American Electronics Association. The average public company is also spending more than 70,000 man-hours devoted to complying with new accounting mandates, according to Financial Executives International, rather than creating productive ventures and new jobs. Even Sarbanes’ former boss, ex-Senate Democratic Leader Tom Daschle (D.-S.D.), recently wrote in the Wall Street Journal that the law goes too far.
See full Article.
Posts
