Is Sarbanes-Oxley a Toothless Dragon?
60 Minutes reports that not a single bankster has been prosecuted on criminal charges over violations of the Sarbanes-Oxley Act (a/k/a Sarbox)—the corpoate ethics law much-ballyhooed by reformers and much-belittled by corporations (on whom it imposed a significant paperwork burden).
As the TV program documents, there’s plenty of evidence of criminal wrongdoing, and there are people who would be perfectly willing to testify. Why the failure of will?
Could it perhaps be related to that other failure: failure to prosecute the leaders of George W. Bush’s administration who lied their way into two wars, passed billions of dollars in sweetheart deals, stole two presidential elections (and likely a few key races in Congress), and approved a regulatory climate that let the banks and polluters run amok?
Just wondering out loud. What do you think?
