
Your government, looking out for the not-so-little guy:
The Justice Department announced new rules yesterday that will make it harder for prosecutors to bring criminal charges against companies, bending to intense pressure from business groups that claim the government has overreached in its pursuit of financial malfeasance.
In presenting the revised rules, Deputy Attorney General Paul J. McNulty called the changes a substantial and direct response to a lobbying drive by the U.S. Chamber of Commerce, the National Association of Manufacturers and the National Association of Criminal Defense Lawyers, among others.
Since devastating bankruptcies at Enron and WorldCom prompted Congress to pass a stringent corporate accountability law four years ago, business interests increasingly have pushed back on efforts to police their operations, arguing that the government has imposed too many costs on companies with too few benefits for investors.
I'm sorry, did you mention the US Chamber of Commerce? Let's have a look at the US Chamber's CEO, Tom Donahue:
If it were possible to pick one person as the representative for American business in Washington, Thomas Donahue is that man. He is the President and CEO of the United States Chamber of Commerce, the most important business lobbying group in the country. He is also on the Board of Directors and the Audit Committee of Sunrise Senior Living, and was caught selling stock ahead of the revelations of accounting problems. That is a serious no-no for any board member or any business executive. It's deeply unethical and possibly illegal, because it's stealing from investors. If there's any indication that the business lobby under Republican rule became unbelievably corrupted, look no further than Thomas Donahue, the man that the business community picked to represent them to the Republican power structure.
I'm a small businessman, and the big business lobbies of big pharma, the US Chamber of Commerce and all the rest do not represent me. They work against my interests and pump a steady stream of lying economic happy talk out through the media. Net neutrality is good for me, but the telcos and cable companies want to sell me out to extract extra money from big corporate citizens who can pay for better access and accessibility online. American big business is against universal health care while those of us doing the hiring and growing in the grass roots business community are much more for it. Big business wants to stifle innovation to protect its markets from little business guys like me. To hell with them. You want to see what their big corporate welfare does for American jobs and prosperity? Look no further than the US auto industry.
We don't need less accountability on our big multinational corporations. We need more. Milton Freidman is dead. Companies have more stakeholders than just shareholders. Companies that do business in the US are not just global citizens, they are accountable to US citizens. In earlier times, you had to have property to have a say in government. That supposedly changed. But now, government is owned almost outright by multinationals writing laws against the interests of the people in the dark of night for bad actors in Congress – Democrats and Republicans - to pass as is, without debate, in exchange for campaign contributions and lucrative lobbying jobs for their families, friends and even themselves.
It's up to us to stop it. What's happening to the little guy? I'm guessing there's a clue in the fact that late mortgage payments increased in the third quarter of this year.




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Figures, Bushco still on the job.
What a mess.
There is no such thing as ‘corporate responsibility’. If it ever really existed, it died a very long time ago. “Wealth of Nations” should, sadly, be retitled. To ‘Greed of Nations”.
Thank you for linking the MyDD stories.
EPU’d: George Carlin speaks up!
http://vids.myspace.com/index……=935607276
raw story:
MSNBC is currently reporting that Senator Tim Johnson (D-SD) has suffered a stroke.
There is no word, currently, on the Senator’s condition.
A call from RAW STORY to Johnson’s was not returned, but the office did issue the following statement to the press:
“Senator Tim Johnson was taken to George Washington University Hospital this afternoon suffering from a possible stroke. As this stage, he is undergoing a comprehensive evaluation by the stroke team. Further details will be forthcoming when more is known.”
If Johnson were to pass away, or be forced to retire, the US Constitution delegates the task of appointing a replacement to South Dakota lawmakers, who in turn, often turn that task over to the Governor. The Governor of that state, Mike Rounds, is a Republican, and both houses of the state legislature are dominated by Republicans.”
“
Maybe we should all stop paying on our mortgages. Now I know that is illogical. Just today I was thinking about the joy of home ownership. What do I really get? A tax deduction, pay the value of the home three or four times over, fix everything, pay property taxes, and pretend that it all feels great. And hope I can keep up the payments so my credit doesn’t go down the tubes. A late payment means my credit card interest goes to 30%!!!!!
But I do get to tap into the equity so I can eat. All so big, fat corps can make more and more dough and f**K us all to death. We are commodities, all.
Got to visit the pooch at the hospital. He has bad diabetes and I will probably have to take out a second mortgage to pay for his treatment. Worth it though!
God I am feeling dark today.
Who was it said ‘the business of America IS business’?
Harry Potter in Arabic one of the most popular books in Gitmo.
http://www.insightmag.com/Medi…..tanamo.htm
Oh yeah, and U.S. soldiers are being abused by al-Qaeda inmates.
Before you blow your temper about this, let me interject a little bit of mitigating factor.
The Sarbanes-Oxley Act is very well intentioned and I would not dispute for a moment that it was needed. However, the Act has produced some knot tying restrictions with unintended consequences. For one thing, all internal controls are rigorously enforced down to the penny. So, if you need to do a budget for capital equipment and you get a quote for something, that sucker can’t deviate at all. I have to ask and reask and reask for quotes all of the time because quotes expire before the purchasing process is complete. And if something gets ordered, the numbers must match to the penny or quarterly statements may not be accurate and nightmares ensue.
Then there are approved vendors. Let me just say that I think this approved vendors thing is a very dangerous thing. It prevents smaller vendors from competing and unethical kickback schemes can result both at the purchasing agents level and if the approved vendor needs to sub-contract. Pay for play is here to stay.
Finally, even the little nobodies in the cubicle are affected. Security crackdowns caused by Sarbanes-Oxley have been indiscriminate and priveleges have been taken away from people who really need them. Getting them back has been almost impossible and causes productivity problems. It’s a pain in the ass.
So, to recap: the Act is cumbersome and needs to be refined. It’s like dropping an anvil on the silly nail. It’s probably like this at all companies, not just big pharma.
Sparkles the Iguana @ 8
Proof of the prisoners’ godlessness
you know what kills me? The Thompson Memo just got the ball rolling in the right direction.
The Enron Task Force , set up by Jim Comey and including such luminaries as David Kelley and our own beloved Pat Fitz really was making some genuine progress and the bigger and more influential Bar Associations were trying to get this process and the related documents (Court Orders, engagement letters, Deferred Prosecution Agreements) a little more sadardized and were talking about form banking some “best practices” materials so each monitorship would not involve the judge and/or AUSA reinventing the wheel, so
Of course Bushco has to gut the thing. Fuck all, it was actually wotkning ! Bushco can’t allow any part of this government to actually FUNCTION!! What were you thinking ?
Last year in NY the Sate Bar Association, The Asscotion of the Bar of the City of New York and the Federal BAr Council all held major programs on this issue and how to make the practices flowing from the Thompson Memo work more smoothly and evenly.
There was not one complaint at any o f them from practioners or prosecutors or judges that it was not ab effective and salutory program.
The only complaint was that each case involved reinventing the wheel and I had multiple discussions with several heads of prosecuting offices and related BAr groups about form banking and indeed such a project has already begun and i’m working on it with my own little fingures
So you know I am vry very steamed right now.
How could Gonzales gut the best new initiative to come out of DOJ in years? Comey did such a great job of guiding the whole deferred prosecution idea through it’s infancy.
now just when it’s out of baby steps and we were ready to learn to run, they slash the achilles tendon?
I want to know what it is that the DLC REALLY does?
“Milton Freidman is dead.
No, no, no, no
he’s outside, looking in“
Pach wrote: American big business is against universal health care while those of us doing the hiring and growing in the grass roots business community are much more for it.
Medical insurance is one of the big problems one faces when one starts up a business. It’s not just the cost of insurance, either. Inevitably, you have to handle complaints, file forms with the insurance companies and the government, etc. Even when I worked for a company with fewer than 500 employees, they needed to have a full-time person doing this, plus folks who could be reps on the subject at each office. Each year, they also had to consider the question of staying with the current provider, or finding a new one. If you’ve ever seen that process play out at a small firm, you know it can be ugly.
So dems may be about to lose the senate back- shit!
rwcole @ 6
I hope he’s being tested for polonium-210.
Pach,
Nice job elucidating why the interests of mega-business are not the interests of business in general.
Back in the day it used to be “What’s good for GM is good for the USA”.
How’s that been working out for ya?
rwcole @
6
Senator Tim Johnson graduated from high school in 1965. That makes him about 60.
Many american businesses would be in favor of universal health care- they are competing in a world market where the govt. is picking that tab up for their competitors while american firms have to pay for it themselves..
It is a historical accident that health care espenses in this country got laid at the feet of the employer- and the world economy is dictating that we change- or become non-competitive..
I have spent decades working for corporations– it is a mistake to stereotype “their” views..
You may be surprised, for example, at the number of dems in the board rooms.
I suppose Joe lieberman is smoking a cigarrette about now.
rwcole @
6
I don’t have a link for this quote from a South Dakota newspaper, sent to me by one of my friends:
Stephen- let’s hope it was something mild.
When I think of ‘winning’ the Senate, I don’t feel that good. I recall Lieberman, among a few other sordid Democrats are there.
portia.vz @ 9
I disagree, the act is not cumbersome, law firms who misinterpret and over react to the act or don’t know how to write a proper compliance program (read here, don’t understand enough about the nitty gritty of the client’s business before they slap a one size fits all compliance program onto a client and then bill the crap out of that client for a recycle out of the file cabinet) are the problem.
READ MY LIPS corporate lawyers with no white collar prosecution experience have NO BUSINESS trying to write these. i’ll go one furhter, corporations want folks with IG experience B/C IGs originated compliance programs in the first place. It’s the most directly transferrable prior experience.
The big Coprs went to their usual corp law firms, who compleltely over reactted to Sarbanes Oxley and to jsuttify trying to get rid of it wrote these most piss por draconian, yet often ineffective, excuses for compliance programs in the history of the written word.
Utter crap. Which is why the compliance program in you company has made your company so unhappy.
It was a self fufillingprofecy by the corp law firms who did not want to see their clients needed any services they could not provide.
I’m a sole prorietor struggling to provide health care for a couple of employees and my family. Never got the feeling that the local Chamber of Commerce was looking out for us. On the other hand, if I’m looking to schmooze, no problem.
There have been net neutrality commercials on in my area. I’m not sure exactly who has been putting them out, but the issue has not yet died.
kiddo
Hmm- well how do you feel about “losing” it…
No dem committee chairs- no investigations.
No majority on the judiciary committee to keep bad judicial nominees from going to the floor..
Compared to that- putting up with six more years of Lieberman is not much in my opinion.
Think two more fascist supreme court justices- that’s what this is about.
rwcole @
6
How quickly after this story do you think Lieberman was able to get on his knees for Cheney?
Looseheadprop @ 11
And as one of those millions of little investors out there, I just want to thank Abu Gonzalez and President Bush for pissing on our backs one more time. If there’s one thing that discourages people from investing, besides lack of the funds, it’s the feeling that the game’s never an open one. CEOs and boards can engage in insider trading and they can hide the bad news from us until the day their corporations go bankrupt. At least, that’s my perception, and I think it’s one of those rare ones that many people in this country share. How are we going to become an “ownership society” when one of the barriers to ownership is that you just can’t trust the people you’re investing with?
Stephen Parrish– sounds like a transient ischemic attack at worst from what you wrote at 21.
http://www.americanheart.org/p…..ifier=4781
Sparkles the Iguana @ 16
Fuckin’ Cheney; he got my senator too!
He already owns Liarman, isn’t that enough Dick? For god’s sake, when is it ever enough?
Chick- Well if Johson’s seat goes to a gooper- Lieberman has nothing to offer the goopers. His value would plummet to zero.
rwcole @ 32
exactly why he’d be on his knees.
angie @ 30
I’m not very familiar with the classification of strokes–do I take it that you are suggesting a likely favorable prognosis?
punaise @ 25
I’m an S-Corp, looking to provide heathcare for no more than my own family of five. My monthly premiums are generally around thirteen hundred dollars. Minnesota would have greatly benefited from kicking Tim Pawlenty to the curb and Hiring Mike Hatch as gov. I regret my state’s decision in that regard mightily; and, not just for myself, there are plenty of folks who just plain have to go without healthcare.
EvilDrPuma @ 34
I updated my post above.
More on Sen. Johnson from SFGate – they are saying it was caught early.
rwcole @ 27
Well… yes. And “this is about” war, too.
Too bad he can’t pass on his Senate seat dynastic-style, like we do in Chicago.
Suzanne @ 37
Between that and Angie’s contributions, I’m feeling a bit more optimistic.
Looseheadprop @
24
In that case, it is about as restrictive as it could possibly get and it STILL has holes in it. So, it should be fixed before any addiitonal onerous restrictions come down. And, no, I don’t doubt for a minute that some of this is driven by control freaks in certain departments. They are taking advantage of a piss poor situation.
BTW, I think that companies like Accenture deserve a lot more scrutiny than they are getting. Whereever Accenture goes, disaster follows.
Senator Tim Johnson in Hospital
We must pray for the TIA…..
As a sole proprietor, am I afforded the same equal protections and equal opportunities as these corporations under these laws? Could I initiate and pursue a possible class action lawsuit for self employed people who are similarly affected by a discriminatory practice of exclusion and/or prosecution?
Sparkles the Iguana @ 39
Sparkles, I have to be in Chicago next week. Any good places to eat up north and west. I have to go to some places called:
Mount Prospect
Arlington Heights
Buffalo Grove
Italian’s a favorite. Sushi is good. Thai is better and Mexican in a pinch. Any suggestions are appreciated.
though it is never good to have Johnson’s symptoms, I’d say it’s WAY early to assume he will be disabled or dead from his condition…
treatment for any stroke-y conditions has gotten pretty darn good… ’specially when it’s caught right away.
OldCoastie @ 46
All true. Still, in Johnson’s position, I’d be making some changes in my diet.
johnSwifty
my condolences.
I am certain there are some decent offerings out there, but if you head into the city proper I have tonnes of recomendations.
I just checked Bill Frist’s web-site; no prognosis given for Sen. Johnson yet.
punaise @ 49
…choking…
punaise – you bad!
:-)
punaise @ 49
In light of Frist’s past prognostic track record, I’ll call that a good thing. If he was out buying a sympathy card, I’d call it great.
johnSwifty @ 45
I don’t spend much time in those places so I can’t really advise you, but if you’re willing to drive about 15 min. there’s a good sushi place in Park Ridge, Maki Sushi. 12 S. Northwest Highway, 847-318-1920. Park Ridge is SE of the places you mention.
That rates somewhere between a full on 707 and a KOBRBMAO!
:-)
Pun–That’s FUNNY!!
Matsuya, a block from Wrigley Field is amongst the best Japanese/Sushi restaurants I have found anywhere in the US
rumi @ 44
You would be exempt. Sarbanes Oxley applies to corporations not sole proprietors. And they din’t bring a class action lawsuit, they just
whinedlobbied the shit out of Abupunaise @ 49
I actually hesitated to throw my 2 cents in just because of that! I have no video, though.
LOL!
(I almost wrote a disclaimer, but did not b/c of the seriousness of the situation.)
A lot of the stoke hysteria started on MSNBC whereby they mentioned incapacitation quite early on. The commentators on cable news have also suggested that the Repub governor could appoint a senator until “2008″. I dont know a lot about SD politics but their relevant statutes say this:
12-11-1. Special election to fill congressional vacancy–Time of election of representative. If a vacancy occurs in the office of a senator or representative in the United States Congress it shall be the duty of the Governor within ten days of the occurrence, to issue a proclamation setting the date of and calling for a special election for the purpose of filling such vacancy. If either a primary or general election is to be held within six months, an election to fill a vacancy in the office of representative in the United States Congress shall be held in conjunction with that election, otherwise the election shall be held not less than eighty nor more than ninety days after the vacancy occurs.
Source: SL 1890, ch 84, 19; RPolC 1903, 1956; SL 1915, ch 182, 2; RC 1919, 7214, 7308; SL 1929, ch 117, 5; SDC 1939, 16.0602, 16.1401; SDCL, 12-11-2; SL 1974, ch 118, 46; SL 1979, ch 99, 5.
punaise @ 49
He’s probably waiting for the video to download.
In 2008. I don’t want McCain, Romney, Newtie or Hillary. I want Gore.
Dr Bong what does
KOBRBMAO!
mean?
…we’re gonna miss ole Fristy, eh? he provides such easy pickins
I am avoiding commenting on the Senate because, franly, it is just too depressing.
Bad enough that LIEberMAN is still there
Looseheadprop @ 62
I’m guessing the first part is’kick over bong’….
Looseheadprop @ 57
That’s what gets me. If S-O is so bad, then why not get the Rubber Stamp Congress to change it? Oops – too late, so let’s get the AG to gut it! Grrrr . . .
Was Johnson’s stroke brought on by exposure to polonium 210?
-GSD
Re: The Tim Johnson feeding frenzy.
You know, I appreciate wild speculation as much as the next person, but all we know is that Johnson is being worked up for a “possible stroke”. The ONLY description I’ve seen so far of his clinical status lists him as “conscious”. The media’s already prepping for his funeral. All they really seem to know at this point is that he went to the hospital for tests. Could it be a serious, possibly life-threatening problem? Certainly. But it could also just be a migraine. All this talk about his successor is a bit premature, I think.
Bustednuckles @ 65
. . . and the last part is “my ass off”, but in between . . .
Sparkles the Iguana @ 53 I don’t spend much time in those places so I can’t really advise you, but if you’re willing to drive about 15 min. there’s a good sushi place in Park Ridge, Maki Sushi. 12 S. Northwest Highway, 847-318-1920. Park Ridge is SE of the places you mention.
Thanks, I’ll give it a shot.
Or if you’re gonna be downtown, Oysy at 888 S. Michigan. Pronounced o-ee-shee.
Busted: Close but no cigar…
Ahem – From the deep coffers of the FDL library:
Kneeling On Bearskin Rug Birthing My Ass Off
Graphic courtesy darkblack.
Don’t remember who came up with the acronym, though.
:-)
Just make sure Johnson doesn’t take any planes to the hospital.
Also, let’s not forget the Wyoming twist.
Republican Larry Craig has leukemia.
-GSD
Looseheadprop @ 62
http://www.haloscan.com/commen…..69/#428115
tee hee – forgot about that one….
(miss ya, darkblack!)
Dr. Bong @ 72
Who died and made you Britney Spears?
Oh yeah. It also looks like Bush is going with the neo-cons again and will bump up troop levels and launch some large scale operations to end the insurgency.
I wonder who the insurgents have been getting advice from and what their plans are?
It was really wonderful to see Ken Adelman, the man who referred to the Iraq war as a “cakewalk” is leading the new charge. How can he be totally wrong twice.
-GSD
Heard Terry Gross interview Lincoln Chaffee today on NPR. Great interview- she’s damned good..
He made me a little nostalgic for the OLD Gooper party- (and I’ve NEVER been a gooper)
He was talking about fiscal responisibility– individual liberties and the bill of rights–staying out of foreign entanglements- etc..
Chaffee claims that the gooper party was destroyed by southern dems who came over and turned it on it’s head…interesting point of view- and likely true.
(I DID like Barry Goldwater when I was in high school- confession)
If the Chamber of Commerce and BigCorp, Inc think that “the government has imposed too many costs on companies with too few benefits for investors,” they have a poor understanding of the value of (1) reliable information in the marketplace, (2) an even and level playing field for all businesses, (3) a stable system of markets for goods and services, (4) enforcable contracts and recourse for fraud, and (5) much more.
Kind of reminds me of Monty Python’s Life of Brian when John Cleese wants to stir up his revolutionaries against the Romans: “What did the Romans ever do for us?” Alas, the response what not what he expected: roads, aqueducts, . . .
BigCorp, Inc. is apparently focused solely on short term, superficial financial statements. This is yet another symptom of their myopia, and BushCo’s willingness to cater to it rather than address it.
you know you’re getting old when french fries aren’t nearly so much fun to eat because you know what it might do to you… (so you eat the damn carrots instead)
:~
Looseheadprop @ 57
But it sounds like there are certain protections under those laws that might not be afforded to sole proprietors.
from the first link in the post
Will these revisions apply to businesses like me or is this an unequal application of justice between 2 people and discriminatory?
RWCole,
The last gasp of the confederacy is what runs the GOP. Lookat that leadership.
-GSD
Dr. Bong @ 72
Ah yes. As a commenter named William Gibson wrote on FDL way back when, “Remember Nazi state art? All of it, *all* of it, had exactly this Franklin Mint glaze of terminally repressed sexuality…..”
Now that the world (not counting the Santorum children) has seen Britney’s knish, the bear rug birthing seems almost quaint I suppose.
GSD @ 77
Oh, but I saw him on some show correcting the record. He only said the invasion would be a cakewalk. Not the occupation. See how that works?
punaise @ 75
Seconded
Great topic Pachacutec.
My first notice of the San Francisco, chamber of commerce was in ‘90, they wanted me to join up. Shortly after the invitation along came the first invasion of Iraq and tens of thousands of patriots were arrested protesting. The SF Chamber took out full page ads in the NYT (and WSJ, I think) apologizing for the protesters.
Maenwhile in AR,
Our small but busy tourist town is constantly fighting the desires of chamber supporters who would kill the very charm and the very spirit of this town which they rely on for profit. It just doesn’t stop with these folks, does it?
GSD @ 77
I live to see the day when these people figure out that “large scale operations” against an insurgency are typically about as effective as swatting flies with a sledgehammer. This couldn’t work out much worse if Bush directly asked what would be the best way to have a nice bloodbath and went with that.
Elliot Spitzer for attorney general.
The Chamber of Commerce can bite me.
-GSD
GSD @ 2:43 pm (#88)
Seconded. Too bad he just got a new job.
GSD @ 88
he’s kinda busy fighting off chuck schumer to get in front of the TV cameras right now.
POTENTIALLY VERY BAD NEWS: 1 minute ago….
WASHINGTON – Democratic Sen. Tim Johnson (news, bio, voting record) of South Dakota suffered a possible stroke Wednesday and was taken to a Washington hospital, his office said. If he should be unable to continue to serve, it could halt the scheduled Democratic takeover of the Senate.
ADVERTISEMENT
Democrats won a 51-49 majority in the November election. South Dakota’s governor, who would appoint any temporary replacement, is a Republican.
If you never prayed before, start now….
Sparkles the Iguana @ 84
Good thing he cleared that up. Otherwise, he’d look like a total dumbass right now.
GSD @ 88
Or Supreme Court. Or President.
It should be noted that Duke Cunningham, and other convicted and/or otherwise disgraced rethugs, are collecting up to $84,000 PER YEAR in pension benefits (depending on their years of “service” in Congress) AND lifetime free healthcare (presumably while sitting in jail).
These criminals spend their whole careers pillaging the treasury and defrauding their constituents, and then they get to keep on stealing even after they’re caught and convicted.. for the rest of their unnatural lives.
Apparently, only members of congress who are convicted traitors, spies or terrorists forfeit their pensions.
I’ve written my two senators asking that action be taken on this in the new year. It is beyond galling that the Dukestir (and Tom Delay when he’s convicted) will continue to take our money year after year. As far as I’m concerned, these people are worse than traitors or terrorists, for the breach of public trust they have committed.. and should be treated accordingly.
Spouse & I have had a small business for close to 19 years (14 to 18 employees) & health care coverage has been a huge headache.
Several months ago a US Chamber of Commerce guy vistied businesses in our tiny town & didn’t get the reception he was hoping for from some. Left kinda cranky from more than one business whose owners gave him an earful. Poor baby.
Should Big Dawg be storming the steps of SD Gov. mansion with a team of rabid lambs and lawyers about now?
Dr. Bong @ 72
You mean the Britney Spers sculpture? OMG
WASHINGTON – The Bush administration warned Wednesday against threats by terrorist groups and other nations against U.S. commercial and military satellites, and discounted the need for a treaty aimed at preventing an arms race in space.
Undersecretary of State Robert G. Joseph also reasserted U.S. policy that it has a right to use force against hostile nations or terror groups that might try to attack American satellites or ground installations that support space programs. President Bush adopted a new U.S. space policy earlier this year.
“We reserve the right to defend ourselves against hostile attacks and interference with our space assets,” Joseph said in prepared remarks to the George C. Marshall Institute.
Joseph, the senior arms control official at the State Department, said nations cannot all be counted on to use space purely for peaceful purposes.
“A number of countries are exploring and acquiring capabilities to counter, attack, and defeat U.S. space systems,” Joseph said
Here’s a piece of a story linked at Huffington- just in case you forgot to be shit stain scared about terrorist- think about what they’re gonna do to US assets in space!!
I really can’t believe these fuckheads—they have no shame.
rwcole @ 98
It’s not bad enough they can fuck every thing up down here.
Hey Clusterfuck- the first time you find a terrorist group with a rocket capable of taking out a satelite- give us a call huh? Till then- SHUT THE FUCK UP!!!!!
Peterr @ 79
it’s not investors who got the shaft fromSarbanes Oxley, it’s the overpaid executives and corporate insider and arbitrageurs and hedge fund people and their tippies (like martha) that get shafted by decent compliance programs
local newspaper update, via TPM:
GSD @ 88
Elliot Spitzer is now a new Dem governor of a state with w whole mess of electoral college votes. Nope
Fitz for AG. No matter which party wins the WH.
Undersecretary of State Robert G. Joseph also reasserted U.S. policy that it has a right to use force against hostile nations or terror groups that might try to attack American satellites or ground installations that support space programs. President Bush adopted a new U.S. space policy earlier this year.
This could possibly be broad enough to protect the private contractors involved in illegal domestic surveillance if they also somehow provide support for or with related networks.
I know nothing about Sarbanes/Oxley.
It’s possible that there are some onerous reporting provisions that really do no good- if so they should be modified- but don’t throw out the baby with the- ya know.
Few people have the capacity to sit through an in depth discussion of accounting practices and stay both awake and sane- Congratulations if you can Pacha!
rwcole @ 98
Brilliant.. real brilliant. They apparently don’t realize (or, in their desire to hand tankers-full of cash to the Carlyle-affiliated defense contractors that will build their weapons, they don’t care) that the Chinese are dedicating the largest gob of their defense R&D money to space-based weapon systems, in the view that killing our satellites will be the best way for them to hurt us in any future conflict… that’s right, China, the country with the world’s fastest growing defense budget and, within 15 short years, the world’s biggest economy. Which means.. in the longterm (which is how long these weapon systems take be developed), unlike the Sputnik-era Russians, we can’t even outspend them. They’ll be able to outspend us.
Yep. Just brilliant, George. Brilliant. Reagan was smart to scare the Russians into bankruptcy with his star wars mcguffin, but you’re gonna do it for real, because you’re probably a fracking scifi nut. You got a regular brain trust working for us there… idiot.
rwcole @ 105
Nah. they just want you to believe that. Corporate Boards used be rubber stamps and executives would move heaven and earth to stack these boards with people who would just show up, collect their yearly directors fee and very nice travel perdiem, rubber stamp everything w/o reading it in many cases, and approved ever sillier compensation packages and golden parchutes.
S/O made directors personally liable if they failed to perform oversight
See why it has to go? Snark
short OT directed at those in the windpower discussion a few days back.
Congress just extended several renewable energy credits, including the Production Tax Credit for windpower. This will secure the US market until 2008, allowing for a reasoned approach to further replacement incentives, such as the Renewable Portfolio Standard.
More important, it will mean that the US remains the largest windpower market in the world, which could surpass Germany by 2008. It also means that stability has returned to the market, enough to countenance favorable manufacturing facility investment.
We now return you to your regularly scheduled thread.
rwcole @ 2:51 pm (#98)
Attacks on our space assets aren’t going to happen overnight, and thanks to our Star Wars research, I doubt it would take long at all for us to deploy sophisticated anti-satellite technologies quickly.
And we’d tell you how we know this, but that’s just what they’d want us to do.
I wonder if there’s any proof at all of Joseph’s claim. It’s such a sweeping statement you’d almost think he’s accusing China of deliberately ignoring FCC regulations about garage door openers or some such thing.
Yes, I’m shaking in my boots whenever I think that maybe the Dish Network won’t be there.
rwcole @ 106
Whaddya talkin bout? This is riveting stuff!
Oklahoma kiddo @
7
Calvin Coolidge. Who else?
Looseheadprop @ 111
and the outcome is looking Rosie
In the parade of grim news. George W. Clusterfuck-Bush has begun using body counts in public.
Whoo boy. Great stuff you war mongering asshat.
-GSD
Loosehead– I worked with one board that was very management controlled and another that was totally investor controlled..
I actually preffered the investor controlled board- they were there to talk business..
There must be many parts of the law aren’t there? Perhaps a few of em are stupid- it wouldn’t be the first time- but if you’ve looked the whole thing through- I trust your judgement.
OK heading out for home. catch you guys later
So they’re going to abrogate the only treaty regulating it.. giving to the Chinese just what they want.. carte blanche to spend more money that we could developing weapon systems to shoot down our stuff. Our government seems to think it lives in some kind of autarchy, where nothing do has any consequence whatsoever internationally.. and everybody else just stands still and waits for us. Bush’s diplomacy and defense strategy is the equivalent of playing chess with a baseball bat.. or perhaps knitting with an assault rifle.
> The big Coprs went to their usual corp law
> firms, who compleltely over reactted to
> Sarbanes Oxley and to jsuttify trying to get
> rid of it wrote these most piss por draconian,
> yet often ineffective, excuses for compliance
> programs in the history of the written word.
>
> Utter crap. Which is why the compliance program
> in you company has made your company so
> unhappy.
Actually, it is usually the auding firm that writes these in order to (1) increase billings (2) help the CFO of their client regain power that he lost to other CxOs during the dotcom era.
As far as I have been able to determine, SarbOx requires that you have a reasonable set of controls in place, document them, and audit them. Nowhere in the law does it state, for example, that computer passwords must be changed every 90 days (a practice which can actually _decrease_ security), but once that requirement is added to the documented procedures by the CPA firm it must be audited forevermore – by the CPA firm. And the CFO can use that requirement alone to bring the IS Dept back under his control after the CIO escaped during the late 90s. Double play!
Cranky
btw.. anybody else catch our Saudi friends’ threat today to enter the Iraq conflict on the side of the Sunnis? So the Sunnis, with Saudis at their side, wage genocide against the shiias. Prompting Iran to invade Iraq.. ka-boom.. the great war of our time.. all of the oil producing nations slugging it out…
Again, the strategic brilliance of our leaders is mindnumi
Abrogators- that’s what they are- fuckin abrogators!
sorry.. hit post too early there..
..mindnumbing.. unless, of course one points out the corruption. Our oil baron rulers will get filthy rich when oil prices are $150 per barrel … and we can sell weapons to both sides.
President Clusterfuck is up to his ass in Abrogators—(and Abu Ghaborators too).
see ya later, abrogator
in a while, crock o’ sh*t
Deep crap regarding Hamden via Big Orange
That on top of Tim Johnson, on top of Mess O Potamia. I think I’ll crawl into a hole now.
Digby has a must-read post today – “Removing the Stinger”.
http://digbysblog.blogspot.com…..3968182071
Though it didn’t get much attention here, it seems that Israels’ Ehud Olmert let the nuclear cat out of the bag and it has much of the Arab world in a lather.
You mean Isreal has WMD’s?
-GSD
RevDeb @ 124
Terrible news Revdeb. Terrible.
-GSD
If you don’t like the ruling…change the jurisdiction:
oh.. one piece of good news (assuming this SD thing doesn’t result in the worst).. Leahy today threatened to use the power of the purse to starve out the abrogators if they don’t start acting sanely on surveillance and privacy.
I want to buy tickets to his hearings…
http://today.reuters.com/news/…..1_[Feed]-7
blub @ 107
yeah, about that China threat and Carlyle
Carlyle focuses on private Chinese firms
…But he also noted that Carlyle will appoint at least one director to the board of any Chinese company that it invests in to ensure a measure of influence.
Carlyle’s companies are getting HUGE, open-ended space defense contracts
new thread.
scarecrow is back on top.
Great.. so we’re saying that since Carlyle is now investing in both Chinese and American defense companies, they’ll get rich from BOTH sides’ increase in space-based defense spending once Bush declares his new extraterrestrial arms race. Cool.
I think Bush Sr should give every American citizen equity kickers in Carlyle deals.. or use such kickers to finance that national healthcare system we’re still waiting for… that’s probably the only way they could pay us back for his son’s depredations.
rumi @ 130
yeah, about that China threat and Carlyle
well, maybe not. Now you see it. Now you don’t.
hey.. why are my comments getting moderated?
portia – SOX notwithstanding, all of the prosecutions and rollbacks of prosecutions that they seem to be referencing are pre-SOX. So they are saying they want to do LESS than they have been doing bare-ankled (without sox).
Keep in mind that under the original common law, where most of our ideas of law originated, there was simply no such thing as the corporate concept we have today of “limited liability.”
IOW, no one could engage in wrongdoing through their business enterprise and then say – well, sorry, but you know, you can’t send my business to jail and it was really the one that did wrong – not individual “real” people but the corporate “person.” And if you fine it, a) it can just file bankruptcy and b) all kinds of people not involved in the wrongdoing get hurt. While it’s board and officers keep collecting monies.
YOu know, in several countries it is a crime for a company to go into bankruptcy – one where the people running the company can go to jail. In many countries the persons making the decisions for companies have much more direct liability for their decisions than here in the states. Responsiblity for decision making is not some new concept that the rest of the world has never addressed.
Here, the existence of an OPM entity like a corporation, with insulation from direct responsibility of its board and officers for fiscal and other wrongful acts, is an invitation for wrongdoing.
I really thought the heading was going to be “DOJ Comes Out In Favor Of Protecting Rights – of Fictitious People.”
???
132 blub says: Your comment is awaiting moderation.
December 13th, 2006 at 3:25 pm
Blub – happens to everyone from time to time- you may have used a “magic word” so the bird flew down and shit on yer post.
It will be here soon.
HAH!!! Timmeh just called the President’s condition “grave and deteriorating”!!!
Too funny!!
Was just thinking of Mary after RevDeb posted the Hamdan/kos link.
Sure hope the decision turns up an internationl fuss, at long last.
Hamdan shows why we needed to rollback corp and securities based prosecutions. We need those lawyers free to write more memos allowing more kidnap and torture.
I think these days they get t-shirts instead of medals.
“My memo got 40 Afghani non-combatants bought like slaves and tortured for years and all I got was this lousey t-shirt.”
Hi Mary– Scarecrow is evoking you on the next thread!
If their business practices are proper and transparent, the new laws should not be an additional burden to them.
Proposed Democratic solutions-
1)Education- more government.
2)Health care- more government.
3)Retirement- more government.
4)Trade policies- more government.
The Party of re-elected(”Dollar”) Bill Jefferson asks for more of the same…
Marx died over 100 yrs ago.
I guess some people never forget their heroes…
Most small business people are solidly Republican. It is almost impossible for an average person in Europe to start a small business, due to punitive taxation and regulation. If Democrats had their way, they would construct the same system. Americans have a higher percentage of people who own their own businesses than any place in the world. Higher taxes and regulations would decrease, not increase, that number.