What happened to SOX? (Sarbanes Oxley)

[underpants]

Read here specifically Sections 302 and 404. And Section 1107 Criminal penalties
http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act#Sarbanes-Oxley_Section_302:_Internal_control_certifications

Sarbanes-Oxley Section 1107: Criminal penalties for retaliation against whistleblowers

Section 1107 of the SOX 18 U.S.C. § 1513(e) states:<32>
“ Whoever knowingly, with the intent to retaliate, takes any action harmful to any person, including interference with the lawful employment or livelihood of any person, for providing to a law enforcement officer any truthful information relating to the commission or possible commission of any federal offense, shall be fined under this title, imprisoned not more than 10 years, or both.


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Yeah I know it is wikipedia but that is a very accurate summary.

SO what happened to SOX? Cassano and the rest of the crew at AIG (including the highpaid executives) clearly knew that what they were holding and buying was of no value at some point. Did they sign off on SOX for a monthly or quarterly report? I knew several people in the accounting world who deal with this indirectly every month. Suddenly everyone had to stay late for month end closing after SOX passed, why? because the executives now had to be SURE that they were signing reports that were accurate. How do you make informed decisions if you DON'T know if the balance sheet is accurate but that is a question aside from the original.

WHAT HAPPENED TO SOX?

[johnaries]

1. Honestly, SOX created more problems than it solved.

I was involved in many SOX-compliant programs. Although it was very ambitious and many of the requirements SHOULD have been considered nothing more than responsible business practices, it wasn't very practical.

[marketcrazy1]

2. it only applies to small business

apparently!!!!!!