We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
How Sarbanes-Oxley has been destroying NYC as a financial capitol. Quote from John Fund in Op. Journal:
Perhaps the top culprit in New York's relative decline as a trading center is the Sarbanes-Oxley corporate accountability rules that were put in place in 2002 in the wake of the Enron and WorldCom scandals. Henry Tang, Hong Kong's financial secretary, couldn't be more blunt on the good fortune Sarbanes-Oxley has brought his city. "Our success is giving [Treasury Secretary] Hank Paulson a few raised eyebrows," he told a delegation from the Fraser Institute, a Canadian free-market think tank, last week. "Thank you, Mr. Sarbanes and Mr. Oxley," he said, referring to Democratic Sen. Paul Sarbanes and GOP Rep. Mike Oxley, the law's chief sponsors.
It's that pesky old Law of Unintended Consequences. Whole piece here.
Sarbanes Oxley and acts like it are purposely designed to tighten control
over free enterprise which makes enterprise, of course, less free. Sooner or later
the entrepreneurs who fuel the economic engine get tired of funding
parasitic government bureaucrats and rapacious "global elite" banking interests.
They quit working and that is the end of an economy and the civilization.
It has happened before. It can happen again and the trend of burdening
actual producers with "one size fits all" regulations is accelerating not
Once Basel II takes hold in the U.S. adding to Sarbanes Oxley, the super
control agenda of the "very best global elite" will be fulfilled and we can
expect economies and civilization in general to deteriorate very rapidly.
What's the answer?
Well, we think it is financial literacy. How many people engaged in
business really understand an Income Statement? A Balance Sheet?
A Cash Flow Statement? Every one engaged in business should understand
these financial reports and their personal responsibility to ensure reporting
But the % of individuals engaged in business that truly understand
financial reporting is probably very small. And so they make mistakes
or are open to fraud perpetrated by ethics deficient "experts".
The market crashes, the public is shorn and their savings harvested.
Some politicians rise up on their hind legs, wring their hands and
pass legislation to "protect the public". The law gets applied
to everyone whether they had an ethics problem or not. Usually,
the fox in placed in charge of the chicken coop as was the case
with Joe Kennedy being made the first SEC chairman by Roosevelt
after Kennedy made a fortune short selling before the created crash
The "global elite" pay their 100 million or so in fines
negotiated by their global elite attorneys and then carry on
business as usual working their fines and cost of compliance
into their numbers.
The true entrepreneur gets squashed further.
The only way the "global elite" get away with this racket is
to make the subject of finance so complex that us ordinary beings
can't confront it.
The answer is to simplify the subject matter so a critical
mass of businessmen will truly understand the language
of finance and its rules, will see how they are getting ripped
off by parasitic elements and will "throw the rascals out".
Our latest course - Sarbanes Oxley Simplified make that
actual act understandable and fun to learn.
Maybe enough people will spot the super control agenda
behind acts like Sarbanes Oxley and Basel II and take back
ownership of their countries and economies from the parasites.