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Wednesday, April 7, 2010 as of 11:14 AM ET

Sarbanes-Oxley Act

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Sarbanes–Oxley Act

The Sarbanes–Oxley Act of 2002 (), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and more commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law that set new or enhanced standards for all U.S.

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CEOs Bypass the Enron Rule

Remember when the heads of CEOs were supposed to roll when things went sour at their companies?A key part of the Sarbanes-Oxley law enacted to stop future scandals like Enron and WorldCom was that chief executives had to personally certify that all was kosher on their books.

The law was designed to prevent a Sgt. Schultz "I know nothing" defense and make top execs personally responsible for the wrongdoing of everyone at their companies.That should make folks like Jon Corzine and even, to a lesser degree, Jamie Dimon quake in their boots, right?Not really.Turns out there are so many loopholes that market regulators don't even bother trying to hold execs accountable under Sarbox anymore. Which is why the permanent DC rules factory now at full tilt will likely be ignored in the future, as executives continue to do an end run around the rules.  The U.S. government moved quickly after Enron, WorldCom and other companies blew up in accounting scandals where executives had inflated their earn...

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