Sarbanes-Oxley

Chapdog said:
different kind.. SOX is to avoid cooking the books. Oversight in the banking, insurance, and mortgage industries should center around limitations on what they the companies can invest in with the money they have on deposit for premiums or savings. Additionally there should be some sort of forced accountability for selling bad mortgages. some scum with shit credit shouldnt be able to buy a home with less then 20% down as regular practice that was going on in the mid 00's..
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SOX suck... whether they be from Chicago, Boston or DC
 
cawacko said:
I don't get the relevance of what you said to anything we are discussing. All I asked was opinions of people who support it and why. That's not a gotcha question or even that partisan. It's simply asking why people like or don't like it.

Purely conjecture but you must think it is a big failure since it seems to be an issue you think not worthy of even discussing. It is has a tremendous impact on business. You can argue postive or negative but it is not benign legislation.

So not sure what it has to do with Bush cutting social spending or not.
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If we sopend all this money on bailing out the finiancial institutions it seems there would have to be cuts some other place ? And who on here supports paygo ?
 
cawacko said:
I don't get the relevance of what you said to anything we are discussing. All I asked was opinions of people who support it and why. That's not a gotcha question or even that partisan. It's simply asking why people like or don't like it.

Purely conjecture but you must think it is a big failure since it seems to be an issue you think not worthy of even discussing. It is has a tremendous impact on business. You can argue postive or negative but it is not benign legislation.

So not sure what it has to do with Bush cutting social spending or not.
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You don't get the relevance of what I'm saying to anything YOU'RE discussing, you mean.
 
Chapdog said:
different kind.. SOX is to avoid cooking the books. Oversight in the banking, insurance, and mortgage industries should center around limitations on what they the companies can invest in with the money they have on deposit for premiums or savings. Additionally there should be some sort of forced accountability for selling bad mortgages. some scum with shit credit shouldnt be able to buy a home with less then 20% down as regular practice that was going on in the mid 00's..
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It almost makes you wonder how bad this mess would have been if SOX weren't so stringent. My guess is they would have cooked the books for years.
 
uscitizen said:
If we sopend all this money on bailing out the finiancial institutions it seems there would have to be cuts some other place ? And who on here supports paygo ?
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None of that has much relation to SarbOx.

But, no spending cuts are needed. They'll just tax us with the printing press.
 
Prob the major change is the CEO and most higher managers have to sign saying they reviewed and agreed to the financials. They can now no longer walk the CFO on the plank and say they we're clueless.
Yes the trillions spent on the triple copies of auditors checking accountants checking auditors is a total waste and could be why we are looking so hard at international financial standards. (which I don't agree with).
 
RStringfield said:
In my previous job I had to spend time on SarbOx compliance. Like I said, some of us prefer to do work that is productive.
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imho keeping Businesses striaght is productive. Just look at the current bailout issue.
If those companies had been properly regulated with proper oversight no bailout would be needed.
 
uscitizen said:
imho keeping Businesses striaght is productive. Just look at the current bailout issue.
If those companies had been properly regulated with proper oversight no bailout would be needed.
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What would that proper regulation and oversight look like?

They would have be dead long ago if government were making all the decisions.
 
RStringfield said:
It does not keep business straight. As I said in the original post, it's not completely worthless but "pretty close."
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Public companies are a lot more stringent and careful about their financial reporting these days as a direct result of SOX. If you don't see the benefit in that than you're really not that bright.
 
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