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May25

May 25, 2006

Know More: Executives, Jeffrey Skilling, Ken Lay, Executives

Ken Lay's and Jeff Skilling's guilty verdicts today prove something that few people are talking about: we didn't need Sarbanes Oxley.

Lay and Ski

lling, the crooks who ran Enron into the ground, may be sentenced to terms in excess of 100 years each--and they were not prosecuted for any violations of the Sarbanes Oxley provisions they inspired.

The law was an overreaction that is taxing America unnecessarily. It reduces innovation and entrepreneurship at the same time that, in my opinion, it does little or nothing to reduce crime in the board room.

Don't get me wrong, I think that corporate wrongdoers like Lay and Skilling, among many others (I lost money in WorldCom) should be prosecuted to the fullest extent of the law, but I don't think making the same actions criminal in more ways reduces the crime.

Posted at 11:35 PM | Permalink | Comments (2)

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