[BC] Happy Holidays ?

[Cowboy]

On Tuesday 06 December 2011 09:56:46 pm Mike McCarthy wrote:
>  Sarbanes/Oxley requires companies to protect their assets and intellectual property, including all kinds of things which a terminated employee might contaminate or do irreparable harm when "leaving". 

 Well, no !

 Sarbanes/Oxley requires accounting firms to accurately account, and public ( but not private ) companies
 to *accurately* disclose what they choose to disclose, making it illegal to report bad debt as an asset,
 for instance.
 It in no way requires companies of any kind to protect intellectual property, but merely
 prohibits them lieing about it later.
 I've heard Sarbanes/Oxley used to "justify" many, many things when in truth it
 doesn't apply at all.

 Sarbanes/Oxley is supposed to prevent things like *public* companies counting 
 paper profits that are actually real losses, as justification for large real dollar
 bonuses to the managers tweeking the numbers.
 Clearly, it doesn't even do what it was intended to do.


-- 
Cowboy