Sarbannes-Oxley does to double entry accounting, what the Occupy Movement did to poop control.
Sarbannes-Oxley was correctly predicted to be a gigantic job killer and an obstacle to innovation. It has also turned out to be a license to steal, as has been demonstrated dramatically in the collapse of MF Global.
You know how the Occupy crowd is calling for personal bailouts and high status government funded virtue jobs. In Europe, by and large, their equivalents have government funded virtue jobs. President Obama and company tell each other that this is an investment in our future, and after they say it enough times, they start to believe it. And so, when MF Global’s clients thought they were investing in gold futures or such, Jon Corzine (former Democratic party Governor of New Jersey) being wiser than his social inferiors who do not know that investing in gold is politically incorrect and investing in Greek bonds is politically correct, and thus bound to be highly profitable, took their money and invested in loan guarantees to governments without telling them, which were ultimately investments in virtue jobs for the kind of people who at Occupy encampments are apt to poop in grossly inappropriate places, thus ultimately “investments” in people inadequately toilet trained and disinclined to do any real work.
And Jon Corzine’s accountants and auditors, PricewaterhouseCoopers, in accordance with Sarbanes-Oxley, somehow neglected to tell anyone the money had gone. Read the rest of this entry »