“Where is Sarbanes-Oxley?”
Do we like SarbOx on FR now?
Do we like SarbOx on FR now?
SarbOX is BS but the law must be applied equally. Get it now?
I don’t give a fat rat’s ass whether we like it here on FR.
The fact is that it passed the US Senate by a vote of 99-zip and Bush signed it into law. It passed the House by an overwhelming margin. This was in 2002, when the GOP was running the show, remember?
SarbOx is now the law of the land. One of the requirements of SarbOx is that a CEO/CFO of any public corporate certify their earnings under penalty of criminal charges. There’s a whole host of bankers on WallSt who knew their business models were going to blow up as soon as the short term money got tight or the curve seriously inverted. There’s plenty of charges that can be brought against these clowns... and the SEC has done nothing. Since SarbOx was passed, Bush’s two feckless idiots in charge of the SEC have allowed banks to more than double down on a bogus business model as well as peddle landmines to everyone as if they were as safe as US Treasuries.
And no one has been charged, despite there being abundant evidence that there was a priori knowledge that they were lying to investors.