SOX and Mark to Market

[Uno]

Been doing a lot of reading on this since a buddy of mine, who is in accounting for a major firm, mentioned it to me.

Some quick cliff's notes... Sarbarnes-Oxley is the legislation enacted after the Enron, WorldCom, Tyco financial crisis. It's goal was essentially to protect investors by making public companies adhere to certain account policies.

Sarbanes-Oxley was done to keep things like Fannie and Freddy and AIG and Bear Starnes from happening. It is also driving companies to be private or to leave the country.

So the ones we have are not being kept in check with SOX and others are leaving or never coming because of SOX.

Any one else know about all of this? I am still very ignorant when it comes to all of it and could have misrepresented it entirely, if so come beat me down.

I am wondering why things like this and Mark to Market are not being discussed.

 

[Uno]

i am in over my head with all of this accounting nonsense...

 

[Darwinian]

Fannie and freddie didnt have to comply with sarbox

 

[Uno]

why not?

 

[Uno]

is this over everyone elses head? this is a major component of how we got where we are.

 

[C-Gold]

The Liberal asking for financial advice...


One of the unintended consequences of Sarbanes Oxley was that a lot of foreign firms went to London ( without SOX) instead of NY.


Regulation is a form of taxation.

 

[artiesliver]

I'm somewhat familiar with SOX.

It basically was intended to provide more disclosure/info to investors and hold the CEO and CFO criminally responsible for fraud. It has resulted in many companies going private or move outside the US (as referenced above) and hasn't made anything easier for investors.

What specific questions do you have about it?

 

[tiznow]

yeah and the european banks and economy are worse off than we are right now

they are having a huge liquidity issue moreso than the US....and it will be up to the US taxpayer to buy up their toxic assets....not europeans......

deregulation is fine

but not in this federally reserve backed marketplace where they have a free reign to create all kinds of credit and nonsense...and stash all this shit away off the books....

the western fiat based central banking system along with government which promotes massive amounts of deficit spending and socialism is dieing a slow death over time.....

something will have to replace it

will it be

A. fascist/communistic system

or

B. a free market, sound money system, with high disclosure and transparency, where central banksters and the federal reserve are at the very least highly regulated if not flat out removed eventually

i'm fighting for B but i think we might get A

 

[C-Gold]

Or C) Business as usual until the system comes cataclismically crashing down.. ALA 1929



The thing that pisses me off, is we have democrats ( even Obama) saying that the "free market has failed"... Free market... what the fuck do you think we are running here... this sure as shit isn't a free market.... This is an interventionalist state. You aren't saying to regulate to fix the market.. you are talking about regulating to fix the regulated market.

 

[C-Gold]

A = Obama - socialism
B = Ron Paul - capitalism
C = John Mccain - interventionalism 1/2 and 1/2.

 

[tiznow]

Or C) Business as usual until the system comes cataclismically crashing down.. ALA 1929



The thing that pisses me off, is we have democrats ( even Obama) saying that the "free market has failed"... Free market... what the fuck do you think we are running here... this sure as shit isn't a free market.... This is an interventionalist state. You aren't saying to regulate to fix the market.. you are talking about regulating to fix the regulated market.

well A. or B. come after C

although A. in some respects is actually trying to "save us" (aka saving the broken system, bailing out the banks etc...) from C i suppose :lol:

if C happens its anyones guess what replaces it....

 

[tiznow]

also C wasn't a complete collapse they saved their broken system

federal reserve and treasury snatched more power
created SEC
create FDIC
gave us FNM
gave us social security
confiscated gold
and FDR served 4 terms and did other things

in the early stages of this one federal reserve and treasury are snatching more power.....now they can take over investment banks and insurance companies....and soon they will be able to buy up banking assets on a loan curtosy of the taxpayer.....

 

[C-Gold]

C can't last forever... Not with all of these promised social security and medical benefits promised out there. Taxes will either have to be raised to a point where we will have generational warfare... Generations fighting... People wishing old people would just die... old people saying the no good selfish workers need to pay their fair share and work for a living too.


- Roth IRA's won't be tax free anymore.
- Somebody will work and pay for social security their whole life, but when the well is running dry, some politican like Obama will say to only TAKE what you NEED, and to let other less fortunte take from the funds you paid for... He will demand sacrafice ( like Carter did).
- You paid off your mortgage, now pay for somebody elses...

 

[Uno]

The Liberal asking for financial advice...

you consistently miss the point.

 

[C-Gold]

also C wasn't a complete collapse they saved their broken system

federal reserve snatched more power
created SEC
create FDIC
gave us FNM
gave us social security
confiscated gold
and FDR served 4 terms and did other things

I cringe at these thoughts. FDR was a horrible horrible human being and we are still paying for his mess. He PROLONGED the depression and human suffering with higher taxes, a protectionist trade policy, and more government. The great depression basically ran from 1929 to WW II in 1942.

You think 6% unemployment is bad? Try 33% under FDR.

 

[C-Gold]

you consistently miss the point.

Liberals asking for financial advice and then saying the capitalists educating you are "missing the point".

:missingte:missingte:missingte:missingte

 

[Uno]

i never asked for advice... and if i was ever looking for advice i would not seek it out from someone who is always poorly informed.

 

[C-Gold]

i never asked for advice... and if i was ever looking for advice i would not seek it out from someone who is always poorly informed.

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