Obama jobs group raps fraud-busting Sarbanes-Oxley

[brentspeak]

http://www.post-gazette.com/pg/11289/1182208-435-0.stm

Obama jobs group raps fraud-busting Sarbanes-Oxley

Sunday, October 16, 2011
By Len Boselovic, Pittsburgh Post-Gazette

Sweeping reforms enacted after investors lost millions because of accounting fraud at Enron, WorldCom and other publicly traded companies are stifling jobs creation.

At least that's the opinion of President Barack Obama's Council on Jobs and Competitiveness. It wants to provide relief from the accounting regimen to a wide swath of corporate America. The advisory group believes that easing the regulations will reduce companies' costs and make it easier for entrepreneurs to raise money by selling stock.

Critics say rolling back the protections will create something other than jobs.

"All you're going to do is have more fraud. The ultimate losers are going to be investors," said Jeff Klink, a former federal prosecutor whose Gateway Center firm helps clients prevent and detect fraud.

[Armstead]

1. Lets solve the problem with more of the problem

Great freaking logic.

[Autumn]

2. I finally get it. We must have fraud to create jobs

.:banghead: I'm thinking someone had to lift a lot of rocks to find these worms.

[xchrom]

3. +1

[Hydra]

4. According to them

The only jobs that count are those that are based on fraud. From that fraud, supposedly milk and honey will flow down to the lower classes before it is again grabbed by the people up top.

O M G! It all makes sense now! We live to be defrauded by them! That's our sole purpose in life!

[Dragonfli]

5. True to form, another of the US COC's bullet points is championed by Obama

Quite a while ago I predicted he would push this entire "plan" through or try like hell for them his real bosses.

This is their plan and his marching orders http://www.uschamber.com/sites/default/files/110905_jobs_letter.pdf

[johnaries]

6. I was part of the team for our company charged with becoming

SOX compliant. It was a very daunting project. Some of it I thought did go a little too far. Most of it I was amazed that we weren't doing all ready! A lot it it made a company more efficient.

So, I think it should be re-visited and some parts reformed - but absolutely NOT repealed. As much for the sake of keeping companies efficient as much as avoiding fraud.

[OhioBlue]

7. I think it is appropriate to revisit SOX

The law is almost 10 years old now and it should be revisited. They are only recommendations. A full debate should take place on them.

The council didn't recommend repealing SOX according to the article:

The council's report states that "nearly all members" recommend that companies with market values of less than $1 billion be spared from complying with all of SOX, or at least with its internal controls provisions. If that's not possible, companies should be exempt from the law for the first five years after they sell stock to the public, the report states.

Read more: http://www.post-gazette.com/pg/11289/1182208-435-0.stm#ixzz1bf670nXA

I don't agree with the Council's recommendations, but I do agree with looking at SOX again. I do think some parts are a bit onerous for smaller companies. I can also see a benefit to an exemption for the first few years.

[Jakes Progress]

8. And the neocons staff another Obama think group.