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March 14, 2010



I see the point in arguing about the efficacy of Sarbox, however, at least due to the fact that it was in place, there is now documented liability on E&Y and the Engagement Partners that signed off on the reports.

Should be interesting to see what develops

Joe Erl

Very nice post. Lehman's case is a "perfect" example of not only management fraud and regulatory weakness, but also of poor internal controls, and ineffective internal and external audit.

In 2002, before becoming the US Fed Chairman, Ben Bernanke pronounced that the world is getting more stable... in such a world we could indeed focus on fine-tuning. And this is all what SOX and Basel II did. But Mr Bernanke was very very wrong...

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