If you missed it, Congress gutted Sarbanes-Oxley on Friday. Yes, it can be argued that the existing law hurt small business. But the real reason it was overturned was because it forced the big banks to admit bad news they’d rather keep hidden. S-O could have been fixed rather than repealed. It seems the red ink from the current crisis isn’t even dry before they’re sowing the seeds of the next financial calamity.
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