Word: oxley
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...much of Europe, no such single body exists.) The fsa's remit: working with firms to pinpoint potential risks long before things go wrong, rather than simply prescribing rules. While the U.K. watchdog listens, suggest industry representatives, U.S. regulators prefer to bark. The U.S. Sarbanes-Oxley Act, a 2002 response to the accounting scandals that toppled Enron and WorldCom, was intended to stiffen standards of corporate governance in public firms. In reality, the cumbersome auditing requirements - not to mention the cost and time involved in complying - have put many firms off listing on U.S. stock exchanges...
London's continued rise is by no means assured, of course. Efforts to unclog its congested transport network are long overdue, and Wall Street may be reenergized when proposals aimed at making it cheaper for firms to comply with Sarbanes-Oxley come into force, perhaps as early as this year. And consolidation among other exchanges - the New York Stock Exchange's $14.3 billion deal with pan-European operator Euronext is just one of a string of mergers in recent months - could make it tougher for the lse to stay ahead. For now, though, with two dozen of Broadgate Tower...
...when it's all over, you often end up with new laws, like the Sarbanes-Oxley reforms, which have made illegal much of the unsavory behavior of the go-go years. New laws aren't retroactive, of course, and what was on the books didn't seem sufficient to convict Quattrone. "I am very pleased that the case will be concluded," he said, emerging from the courthouse last week. "I plan to resume my business career." Northern California's tech investors, many of whom wrote letters of support during Quattrone's two trials, seem poised to embrace...
...which has won 1,063 convictions, including guilty verdicts against 36 chief financial officers and 167 corporate CEOs and presidents. "Behavior has clearly changed since the Enron crisis," says Roman Weil, a professor of accounting at the University of Chicago. Part of that is a result of the Sarbanes-Oxley bill, which holds bosses criminally responsible if their company's accounting is faulty. So CEOs are paying closer attention to financial statements--and passing that responsibility down the line. "The criminalization has made executives more alert to what they're signing," says Weil...
...stop abuse is being naive," says Pablo Eisenberg, founder of the National Committee for Responsive Philanthropy. "There is a need to ask big questions, to say, 'Are pieces of the charitable sector still legitimate?'" But few people, even regulators, are willing to saddle nonprofits with a version of Sarbanes-Oxley. California's Lockyer hopes states can help nonprofits develop better management skills rather than simply throw a raft of new rules at them. "The next step ... would be to try to figure out how to provide those [accountability] skills to people who are devoted but don't have a history...