Word: oxley
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Dates: during 2000-2009
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...meltdown, represented about 15% of our server business; servers represent about 20% of our [total] business - so it's not significant overall. And it won't go to zero - everything I'm reading points to more, not less, regulation. That stuff is going to require tracking software. Sarbanes Oxley led to significantly more IT spending...
...regulatory," he says. Meanwhile, Yeshiva's Levine calls in his journal article for what he describes as "an incentive structure in the workplace that would dissuade people from wrongdoing." He gets quite specific, imagining a "carrot and stick" arrangement. One stick would be an expansion of the Sarbanes-Oxley Act of 2002, which mandated greater accountability for CEOs of publicly-owned companies, among other things...
...Sarbanes-Oxley is not popular among free-market advocates. "I know," says Levine, "people involved in all this will say that they wanted to maximize shareholder value." But he thinks that today's capitalism needs to be a little more bounded in order to protect the possible victims of its excesses. That term includes the poor man who mistakenly takes an impossible mortgage. But increasingly it may mean all of us. In regulating, says the rabbi-economist, "we have to imitate God, in the way He shows compassion and mercy when he deals with mankind...
...There has also been mixed success with legislating clawbacks. The Sarbanes-Oxley Act, passed in 2002 in the wake of accounting scandals at Enron and other companies, required CEOs and CFOs of companies that have to restate earnings because of financial misconduct to pay back bonuses and incentive compensation. But that provision proved largely ineffective. The SEC didn't bring a case under this provision for four years, and when it finally found success - UnitedHealth's former CEO was forced to pay back more than $400 million worth of stock options gains, unexercised options and retirement pay after a stock...
...Instead, it promotes free-market values and offers practical help in implementing them. "It builds a climate in which trade liberalization is seen as the right direction," says Heseltine. "To resile from that, to move backward, actually becomes very hard." For a quick measure of APEC's effectiveness, says Oxley, contrast Vietnam and Venezuela. Vietnam, embracing APEC's open-market model, is flourishing; Venezuela, outside APEC and with an anti-free-market government, is an economic mess...