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Thursday, November 09, 2006
67 - Right-Wing Plots To Reverse Post-Enron Anti-Corporate Fraud Reforms, Even Without Control Of Congress
Most of you are familiar with the many recent corporate and accounting scandals, with Enron, Tyco and Worldcom among the most notorious.
In response to these events, even the right-wing controlled Congress felt compelled to act, and they passed the Sarbanes-Oxley Act of 2002. The Sarbanes-Oxley Act is one of the pieces of legislation that the SEC enforces, with these purposes: truthful disclosure by corporations, and honest dealing by brokers and others who sell and trade securities.
The right-wing, which advocates and rules in the interests of the richest Americans, is not happy with Sarbanes-Oxley. They don’t want more protection for the general public.
More protection means the public will keep more of its wealth, instead of losing it to the already too-rich in Enron-type schemes.
How can right-wingers continue to increase the share of the nation's wealth owned by the richest among us, if the public has all these Sarbanes-Oxley protections?
Such a concern has led the right wing to openly plot not only to reverse Sarbanes-Oxley post-Enron reforms, but even to go beyond that, and develop plans to jettison decades-old rights in the financial arena that the public has enjoyed.
Since the right knew it might lose Congress, all of this has been fashioned so that it can be accomplished without Congressional approval.
Also: a correction to last week's podcast concerning what position "Death Squad John" Negroponte currently holds.
Jack Clark 3:22 PM
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