Obama willing to gut Sarbanes-Oxley to get corporate support for jobs bill

[nichomachus]

http://www.rollingstone.com/politics/blogs/taibblog/occupy-wall-street-washington-still-doesnt-get-it-20111021

This will allow corporations to cook their books and hide their financials in order to attract investors. Of course, this doesn't bode well for the investors -- or for the economy.

It will be Enron all over again.

[LonePirate]

1. Say no to corporate extortion!

[roguevalley]

22. honest to god. he's completely full of shit.

[ProSense]

2. Not

"Obama willing to gut Sarbanes-Oxley to get corporate support for jobs bill"

...buying it. Taibbi's piece is based on some report in a Canadian news outlet citing vague language in a Jobs Council report.

US Department of Labor finds Bank of America in violation of Sarbanes-Oxley Act whistleblower protection provisions

[elleng]

3. Thanks for the facts, Pro.

Was also going to say, 'So what? 'Corporate support' certainly doesn't guarantee repug support.'

[chill_wind]

4. Like banks haven't been doing that. Cooking their books.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2158291

[banned from Kos]

5. More yellow journalism from Taibbi

Reel em' in, Matt!

[nichomachus]

6. I trust Taibbi a hell of a lot more than I trust Obama

As far as I know, Taibbi has never lied. From Obama all we get is bait and switch

[banned from Kos]

8. A logical person would ask why that $75 trillion is being ignored by Krugman

yet bloggers are whipping it like a poor helpless mule.

[msongs]

14. yes but does Taibbi walk on water. Will worshipping him get you into heaven? probably not nt

[roguevalley]

23. sad. just sad. Tell facts about why Tiabbi's wrong. the rest is just junior high

[Dont call me Shirley]

9. Clear to see why you were banned from Kos.

[RufusTFirefly]

12. That's right. Shoot the messenger. Good strategy.

Desperate times require desperate measures.

[defendandprotect]

7. Obama is still making deals with the RW? ROFL

[SammyWinstonJack]

13. Shocking isn't it? nt

[Poll_Blind]

21. Tell me about it...WTF.

What a fucking mess.

PB

[Ruby the Liberal]

10. Moving SO from $1mm to $1bn?

:rofl:

Money quote: "Companies are saying they can't attract investment unless they can hide their financials from investors. So the CEOs and gazillionaires on Obama's Jobs Council want the politically-vulnerable president to give them license to cook the books in exchange for support for his jobs program."

[OhioChick]

11. Very Bad Idea n/t

[RufusTFirefly]

15. Jobs council would weaken key law

For those who have some irrational Taibbi aversion, perhaps a New York Times editorial (reprinted in the Minneapolis Star-Tribune) would be more compelling.

Jobs council would weaken key law
(Note: This is the Minneapolis Star-Tribune's headline for an NYT editorial)

Along with several sensible proposals, a recently issued report says that "nearly all" council members want Congress to end important accounting and auditing safeguards in Sarbanes-Oxley, claiming they make it unduly difficult for companies to raise money from investors, impeding their ability to grow and hire.

...

Specifically, the report calls for compliance with Sarbanes-Oxley to be made voluntary for public companies worth less than $1 billion.

That would relieve some 6,000 companies -- or 75 percent of all publicly traded companies -- from various requirements, including the rule that corporate boards have independent audit committees, that corporate executives attest to the accuracy of the company's financial statements, and that bonuses based on fraudulent statements be subject to clawback.

Jobs council would weaken key law

[Kaleko]

18. So there it is... out of a different horse's mouth.

Try to spin this one too, Obama idolaters.

[uponit7771]

16. Instead of attacking KKKons DUrs attack Obama? Wow!! The hate is seething

[RufusTFirefly]

17. The push for gutting SOX is coming from the President's own Jobs Council, not from Republicans

Here's a suggestion: Try reading the article.

[chill_wind]

19. Unbelievable, isn't it?

[TheKentuckian]

20. Dangerous and stupid policy has to be opposed from where ever it comes.

Or are you going to pretend this is anything like wise?

[woo me with science]

24. There's a new one every day, it seems.

Support OWS.

K&R