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A costly nightmare for corporations
Ask nearly any business executive to name the biggest menace facing corporate America, and the answer is apt to be a number: '404.'
That refers to Section 404 of the Sarbanes-Oxley Act, which requires massive reporting by publicly held companies to prevent recurrences of WorldCom, Enron, Tyco and other scandals. For honest corporate officers, this is classic governmental over-regulation -- a dagger aimed at the heart of the U.S. economy.
The implementation of 404 by the Securities and Exchange Commission has created painful demands that drain corporations, large and small, of funds. This is springtime for auditors, with requirements for more of their number to perform the investigations. The most dangerous aspect of this regulatory overkill is a further inclination by corporations to hold onto money rather than put it into productive investment, thereby threatening to stifle economic growth.
External Source - For the complete article click here
Source - Chicago Sun-Times
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Date Listed: 2005-04-07
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