Comment If Sarbanes-Oxley isn't working (Score 3, Insightful) 368
Then they need to get rid of it because it isn't working, but they are going to need to replace it with something else that does work.
Currently, part of the problem is that the financial world is hidden. Oh just trust us, we know what we are doing. Well after 2 bubble bursts, people are really wary of investing in anything, because there isn't any reliable information and there isn't any repercussion if someone lies about financial dealings.
So I don't think repealing Sarbanes-Oxley is the answer, unless something is put in its place that will help give investors confidence in their investments.
I for one have pulled completely out of the market and I know of others that have also. Now the big question is if and when do we get back in. Right now there is nothing happening in the financial market, that indicates to me that things are going to improve. So why should I put my money into something that is going to crash again in 2 or 5 or 7 years.
Currently, part of the problem is that the financial world is hidden. Oh just trust us, we know what we are doing. Well after 2 bubble bursts, people are really wary of investing in anything, because there isn't any reliable information and there isn't any repercussion if someone lies about financial dealings.
So I don't think repealing Sarbanes-Oxley is the answer, unless something is put in its place that will help give investors confidence in their investments.
I for one have pulled completely out of the market and I know of others that have also. Now the big question is if and when do we get back in. Right now there is nothing happening in the financial market, that indicates to me that things are going to improve. So why should I put my money into something that is going to crash again in 2 or 5 or 7 years.