Behind the Times Select firewall, a New York Times business columnist recently offered a forceful defense of the Sarbanes-Oxley (or "SOX") legislation. Unfortunately, Joseph Nocera's passionate support for SOX led him to disregard Woodrow Wilson's dictum: "The thing to be supplied is light, not heat."
Nocera's piece is billed as a cost-benefit analysis. Yet, on the benefit side, it offers little more than self-serving praise by the law's own authors, while on the cost side it disregards much relevant evidence.
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