From out of the mouth of the same criminal V.P. that sold over $50 million of his personal haliburton stock while in possession of material adverse informaion about the billions of dollars in unreported asbestos liabilities.
WASHINGTON -- Vice President Dick Cheney became the latest member of the Bush administration to weigh in against the Sarbanes-Oxley Act, saying in an interview on CNBC that the 2002 corporate governance law may have gone "too far."
Passed following the Enron and other corporate scandals, Sarbanes-Oxley added new accounting requirements and required executives to sign off on their firms' financial reports. The law, however, has been criticized by business groups, who believe it hampers innovation.
"I think you can make a case that Sarbanes-Oxley went too far," Mr. Cheney said in an interview on CNBC's "Kudlow & Company."
President Bush told CNBC last week that he would like to fine-tune Sarbanes-Oxley to retain good corporate governance but relax some rules that could put U.S. capital markets at a disadvantage to their global competition.
On CNBC, Mr. Cheney said, "We have to be very careful about slapping on new regulations or trying to respond to the political pressures of the moment by making life even more burdensome than we have. And I am generally not a big advocate of regulation. You need a certain amount, obviously, and you need a certain amount of oversight by government authorities, but we have to be very careful here not to choke off the creativity and the entrepreneurial spirit of the American economy."
Treasury Secretary Henry Paulson also has said he believes the regulatory pendulum "may have swung too far" in response to corporate scandals. As head of the President's Working Group on Financial Markets, which coordinates government policy on financial markets, Mr. Paulson has indicated he will look at the effect that Sarbanes-Oxley has had on the competitiveness of the U.S. capital markets. He has also expressed support for a private-sector effort to recommend changes to laws and rules that critics say handicap U.S. financial markets.
-->http://online.wsj.com/article/SB116227003796608718.html?mod=politics_primary_hs
1 comment:
Let's face it there will be many many charges against Cheney when the Dems take over. This guy has been making deals from day one. Ha you might even find out where Ken is hiding if you follow the notes and names. Look for the coroner on the list that did Ken's autopsy. You never know mistakes do happen.
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