So Chris Cox is supposed to reverse much of Oxley-Sarbanes...

[salin]

and the press that followed the 2002 two rounds of corporate implosions - is pretty much silent today?

We forget all accounting gimmicks used to inflate earnings for companies - making it near impossible for investors to make sound investment decisions - because nothing any company was reporting meant anything thus making the stock market even more risky and more like a crap shoot?

We forget all the ways that corporate leaders and board members tried to dodge - and claim they had no idea and thus shouldn't be held accountable (what due diligence?)

And bush still makes mention here and there about the glories of privatizing social security?

Less anyone think (though I doubt that here this is the case) that things have been so improved in terms of corporate reform that the "extreme" (watered down) Oxley Sarbanes law can be relaxed... recall that conservative (and respected - not neoconnish/thuggish) Paul Voelker, who had been brought on to work with reps of the top accounting firms to revise standard practices, quit that job rather hastily - publically avering that it was clear that noone in the accounting world saw ANY NEED to change their practices (re: they saw no wrong doing - and no responsibility to investors to improve their practices).

Given Cox's reality - should we start predicting the next implosion? As many corporate execs recognize that things are back to the wild-west days... how long does it take - how many years - for their companies to begin imploding? 2006? 2007? 2008? And how many more Americans investments will be lost with no recourse - as while we have "strengthened" credit card companies ability to collect from bankrupt filed individuals - no reciprocal measure has been taken to protect individuals.

How long with this next floor of house of cards (and the whole apartment building of cards) hold up?

[fortyfeetunder]

1. Guess we can't lesiglate ethics, eh?

One of the reasons for SOX was to get a grip on the corporate greed and unethical behavior. Looks like that ain't going to happen. Can't put legislation on ethics!

[salin]

2. Especially not if it impedes our cronies

from stealing even more wealth (and if they weren't stealing - then the legislation wouldn't have been needed in the first place.)

Meanwhile at the FCC - let's go after cable tv on "morality" grounds....