Word: oxley
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What does this mean for future prosecutions? The Sarbanes-Oxley corporate-reform law, passed in 2002, supersedes the one under which Andersen was tried-and it broadens the criteria that determine who may be prosecuted for obstruction of justice. Still, says Todd Jones, a corporate litigator at the Atlanta law firm Powell Goldstein, the SEC and the Justice Department are likely to be more cautious about pursuing such cases now, having been warned against prosecutorial overreach. One prominent white-collar litigant, former financier Frank Quattrone, above left, is appealing his conviction on similar grounds and has argued that...
...shareholders' lawsuits aren't enough to scare execs straight, they also face a raft of new regulations. Under the Sarbanes-Oxley law, chief executives must now personally sign off on financial statements. Auditors are poking around with greater impunity, and public companies must certify that they're documenting and testing internal accounting procedures, resulting in "an unprecedented level of scrutiny" for investors, according to a recent report by Huron Consulting. Finally, more cops are on the beat. From a budget of just under $400 million in 2000, the Securities and Exchange Commission's haul this year is estimated...
...role as CEO of PricewaterhouseCoopers, Sam DiPiazza is in a position to check the pulse of corporate America, hearing firsthand from other executives what they think of the effects of Sarbanes-Oxley on the business world. Lately he has been hearing quite a bit of griping. DiPiazza recently talked with TIME's Dorinda Elliott about his concerns. Excerpts...
...Last week, Rep. Michael Oxley, a Republican from Ohio, came to the White House to hear another pep talk about Social Security, this one from President Bush himself. But he first he bumped into a much more popular person - at least in New England. "Seeing Johnny Damon in a suit was an interesting sight," he joked. And the World Champion Boston Red Sox weren't the only athletes on the Hill last week. Virginia Reps. Bob Goodlatte (R), Virgil Goode (R) and Jim Moran (D) were there as Shaquille O'Neal was sworn in as an honorary deputy U.S. marshal...
...Members of Congress could use a little primer too, say White House aides, who believe that elected officials wouldn't freeze behind the microphone if they did their homework a little more diligently. ?The members need to get up to speed,? admitted Rep. Mike Oxley of Ohio. But the ?education? better happen soon...