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Much Tug of having -- I thank you.
It was ten years ago today.
Today -- sign the most far reaching reforms.
Of American business practices.
Since that time of Franklin Delano Roosevelt.
And with that president George W.
Bush signed sarbanes Oxley and the law in the wake of Enron Tyco WorldCom scandals.
The law was aimed at reining in Wall Street corruption.
I'm restoring investor confidence on this ten year anniversary we're joined now on the phone.
By Michael Oxley co author of sarbanes.
Thank you -- being with -- syrup I guess one quick question -- a very fast band aid over a gaping melt down wounded.
And maybe it did the trick -- say actually it's -- capitalism do you have any regrets.
But none whatsoever and in fact -- our chartered -- -- to restore investor confidence.
Thought through more accountability and transparency you -- what the law was all about.
I didn't approve of the bush -- pyramid beating a great day and we've gone ten year -- about a major scandal like Enron WorldCom a lot of people forget.
They're carnage it was caused -- job losses.
Investor confidence destroyed.
When you hello scandals.
This -- about accounting fraud.
-- -- I think they've built from a standpoint of not having these kind of large accounting fraud did that -- -- there's certainly been a success.
-- you know loved before your law was passed sir.
Well US markets were doing 360 IPO's a year they had almost 50% of all the world's IPOs today.
US markets have less than 10%.
And that we're doing something like only a hundred a year down sort of 360.
Some people say that impedes job growth and economic growth.
Should anything be done to the law to changed some of those -- facts.
Well it back there's been basically out because the economy.
-- quit -- because of the Enron scandal because the bursting of the tech bubble.
Well back out late in the mid late nineties.
What the recent sell Wall Street scandals.
These data at a retreat by the individual investor that is quite extraordinary and it has had a softening effect I think on overall capital formation.
The fact is a lot of countries.
We birds over the -- to like developed capital markets and and help our exchanges and that's what David that's what they've done.
And a lot of countries of course of adopting similar provisions.
That sarbanes Oxley has so I think a lot of this has gone up at -- hyped up.
And I think getting back to -- the basics in terms of getting about investor that they're kind of information they need yes and the best way to restore investor confidence.
Yet congress already has loosened the law so that companies with a market cap of 75 million dollars and below don't have to follow sarbanes Oxley.
And now other proposal to loosen it further so the companies with a quarter billion dollar market cap don't have to follow sarbanes often because that.
It's best just to hi -- smaller companies do you support or oppose that further loosening.
Well I think it was a good idea by the congress -- it SEC should have done that.
That is brigade of flexibility at -- -- -- -- are exempt accompanied 175 million.
I think the recent jobs bill that you refer to take -- -- still allow the question is well investors who have become do expect.
Our solid information from -- company going public.
But they'll begin I get information for as much as five years.
The question is whether the market well respondents favor our -- that I really don't know at this point I think it's worth experiment.
Oh OK one last -- -- you're all well and that is what did nothing to stop the Bernie Madoff scandal did nothing to stop MF global nothing to stop the paragon financial.
Are we always fight in the last battle.
Well somebody out -- Tommy went bad Bernie Madoff went public.
There's about public companies.
Had absolutely nothing -- upon these it has been a proper.
It's fifty years so I think that people that don't.
I heard that criticism -- I just don't simply don't look -- -- you are right.
Thank you very much -- on apologetic and still proud Mike Oxley appreciate your being here with -- -- the special.
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