By John Tamny, RealClearMarkets
It’s in many ways a distant memory now, but on June 25, 2002 the communications firm Worldcom failed. The day is presently notable because Worldcom’s failure insured the passage of the much-reviled corporate-governance legislation, Sarbanes-Oxley.
When it came to Sarbox, the press and politicians seemed to join hands in their glee. President Bush described it as "the toughest piece of anti-fraud legislation since FDR." More broadly, the press and the political class embraced legislation that would make companies more "transparent" for the professional and individual investor alike. Corporate America would "finally clean up its act."
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