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Article: The creeping federalization of corporate law: the Saroanes-Oxley Act extends Washington's oversight of corporate governance practices but offers questionable benefits to investors. (Securities & Exchange).
- Article from:
- Regulation
- Article date:
- March 22, 2003
- Author:
CopyrightCOPYRIGHT 2003 Cato Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE NEW MILLENNIUM HAS NOT BEEN kind to Wall Street. In 2000-'01, the stock market recorded back-to-back years of losses for the first time since 1973-74. With a further loss in 2002, the market fell for three consecutive years for the first time since the Great Depression.
On top of the continuing retrenchment of the economy following the late '90s bubble, concerns over terrorism and the Middle East, and uncertainty over oil, investor confidence remains shaky in the wake of last year's corporate governance revelations. We all know the litany: repeated accounting scandals, of which Enron and WorldCom are merely the most notorious; a high profile investigation by ...