So Now He Tells Us: Alan Greenspan Doesn't Like Sarbanes-Oxley
from the thanks-for-nothing dept
Despite the major financial scandals from a few years ago, embodied most famously by the collapse of Enron, there's good reason to think that the resulting Sarbanes-Oxley regulation was a poor response to the problem that ultimately had the effect of making the US a worse place to do business. Apparently, ex-Federal Reserve Chairman Alan Greenspan agrees, calling parts of the bill a "nightmare". He also said some interesting things about the nature of financial reporting, noting that it was something of an art form, which makes it hard to believe that we'll ever have real-time financial reporting. Greenspan added that he's optimistic that certain parts of the law will be changed, noting that some of the incoming Democratic leadership are open to the idea. It's good to hear him speaking up, but we wonder why he waited until he was out of office to let his opinions be known. Perhaps at the time he didn't feel it was his place to talk about it, or maybe it's just a matter of now having some hindight. Unfortunately, it's always easier to get things passed than to get them repealed.