There is no doubt in hindsight that Sarbanes Oxley was a mistake as we watch the blob of bureaucracy move into the private sector. There is no doubt that Sarbanes Oxley’s real costs have been passed onto the consumer and citizen like a giant tax increase of Boston Tea proportions. Many people wonder if Senator Sarbanes and Oxley should be brought up on charges of treason. Absolutely they should. Many people wonder if death by hanging is too harsh? Of course it is not.
Over 7 trillion dollars has been lost from the stock valuations since the introduction of Sarbanes Oxley. Seven trillion dollars is quite significant indeed. The Sarbanes Oxley Act was a politically motivated maneuver to take advantage of the disdain for Corporate Executives accused of fraud in the mass media court of public opinion. Yet all the real courts of law have acquitted most of the corporate executives of any wrongdoing. Except for Martha Stewart in which the Justice Department put up an FBI agent on the stand who perjured himself in order to get the conviction. Martha Stewart was not up on fraud charges; they accused her of lying to an investigator. Whether she did or not is irrelevant because the government lied itself under oath to convict her.
Today we are seeing Elliot Spitzer’s first shoe in cases get thrown out. We are watching executives walk. We are seeing the over turning of the Arthur Anderson case, which the Justice Department was so sure of and which caused 28,000 partners to lose their pensions. Some look at the Sarbanes Oxley Act as political shrewdness on the Senators parts for properly judging the poles and surveys of the people at a time they had been bombarded with anti business sediment by the “Build Them Up and Burn Them Down Media.” After all Elliot Spitzer’s cases are more about his upcoming bid for State Governor of NY than reality.
Ayn Rand warned us about these types of things, yet we are not listening to her sound advice from outside the box looking in. Instead we allowed Senator Sarbanes and Oxley to introduce bogus legislation attempting to regulate morality when some would say they lack any sense of morals themselves. After all how can a Senator or wannabe future governor impede free enterprise and capitalism in a republic to which they belong, when they knew or should have known the obvious consequences of further over regulating the very corporations and businesses which deliver our civilization everything we see, every where we go?
Should Sarbanes, Oxley and Spitzer be shot for treason? Many believe they should. What do you think of such scoundrels of this great nation? Do they really deserve a second chance? Many say no, what say you?
“Lance Winslow” – If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs