http://www.post-gazette.com/pg/09268/1000717-482.stmFormer Canadian Foreign Minister Barbara McDougall, who served in the Brian Mulroney government, said some U.S. regulatory efforts made in crisis mode have not turned out well. She pointed to the relatively speedy passage of legislation in 2002, the Sarbanes-Oxley, also known as the Public Company Accounting Reform and Investor Protection Act, directed at boards and accounting firms in the wake of the Enron, Worldcom and several other major U.S. accounting scandals.
"Sarbanes-Oxley has become a real problem. It affects everyone beyond the United States who wants to make money in the United States," Ms. McDougall said in an interview. "It was a real step backwards in terms of regulatory reform, because it is so bureaucratic and so intrusive. It's an example of what happens when people have a knee-jerk response to a crisis."Just something to think about as we ponder yet more regulation in the wake of financial malfeasance.
Meh, more money for accountants and attorneys. Thanks government!
Think non-profit 5013c companies.