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Monday, February 20, 2006

Death to Sarbanes Oxley

For those unfamiliar with what this is, Sarbanes Oxley is the sweeping and derisive legislation Congress and the SEC put out in the wake of the Enron implusion several years ago. Every business in America is affected by this corporate 'Versailles Treaty' and it must be repealed immediately. John Tamny at NRO puts out a great piece about this. Read.

Some of the more disturbing facts from this piece are:

"...a recent Wall Street Journal editorial noted that of 80 international companies that went public since 2001 on the London Stock Exchange, “90% decided Sarbanes-Oxley made London more attractive” relative to U.S. exchanges."

and...

"More damningly for Sarbanes-Oxley advocates, as recently as 2000 nine out of every ten dollars raised by foreign companies through new stock offerings was done in New York. Today, nine out of every ten dollars raised is in London or Luxembourg."

...finally

"...companies will on an individual basis abide by internally set controls based on a reasoned assessment of capital markets and what’s required to attract investment. Laws such as Sarbanes-Oxley are superfluous, and for their impact on economic activity, anti-growth."

Sarbanes Oxley is to business regulation what the ADA is to the advancement of handicapped people in the workplace.


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