* The Public Company Accounting Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) was passed by a House vote of 423-3 and by the Senate 99-0. It puts explicit personal responsibility on a corporation's board of directors and the CEO and CFO. Compliance with this new law is costing American industry hundreds of millions of dollars and crippling many small businesses, although it is presumably a gravy train for accountants.
* Because of Sarbanes-Oxley, many capable and gifted executives are opting not to become board members of public corporations because of the personal liability risk. The eventual result will be second- and third-rate board members who can be manipulated by greedy, charismatic CEOs who have the ethics of a snake.
In short, plus ça change, plus c'est la meme chose.
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Letters to the Editor
In response to, "The Train(ing) Wreck of America," which was published 6/28/05:
Denny, your article about Army training is the best one you've written so far that I've read. You raised a very good point: that business doesn't train enough.
Our company pays for employee education (i.e., junior college courses, seminars) so long as the employee receives a passing grade.
--Arnold Howard, with Paragon Industries, L.P.
Denny, I agree with you on this one. As a result of spending a yr in SE Aisa in 1969 and 2 yrs 8 mo 13 days of domestic service, the GI Bill paid for my 4 yr college education. Our military provides the best training for life there is.
--John Kennedy, with Hammerstone Direct