Sarbanes-Oxley Concerns SEC Ex-Chairman (Harvey Pitt)

[Khephra]

CHICAGO -- The Sarbanes-Oxley Act eliminates the advantages of self-regulation in the securities industry, forcing firms to rely on the Securities and Exchange Commission for direction, former SEC Chairman Harvey Pitt said Thursday.

"Government is a poor substitute for self-regulation and establishing ethical" practices, said Pitt, echoing other critical statements he's made in the past on the 2002 act aimed at curbing corporate fraud.

more.................

http://www.newsday.com/business/nationworld/wire/sns-ap-pitt-regulation,0,1241127.story?coll=sns-ap-business-headlines

[salin]

1. rotfl...

"Government is a poor substitute for self-regulation and establishing ethical" practices, said Pitt, echoing other critical statements he's made in the past on the 2002 act aimed at curbing corporate fraud.

Er Harvey... when you were at the SEC didn't you notice an abundance of NON self-regulation? Er.. notice that market plunge - and the slow recovery - thats because after the plundering due to nonself-regulation of some companies the public started wondering if any selfreported earnings reports and the like had any basis in reality - YOU at the SEC had to threaten CEOs/CFOs to turn in revised numbers...

And the repubs say that democrats are the revionist history folks... oh... then again what pitt says isn't revisionism its down right fantasy.