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Investing

Want to Curb Market “Speculators”? Lots of Luck

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published

John Tamny of RealClearMarkets

 Back in 2002 and in the aftermath of the Enron and Worldcom implosions, former Sen. Paul Sarbanes, D-Md., and former Rep. Mike Oxley, R-Ohio, created the Sarbanes-Oxley bill, meant to curb allegedly funny accounting and business practices. As President George W. Bush asserted in signing the bill, “There will not be a different ethical standard for corporate America than the standard that applies to everyone else.”

Nice political theater for sure, but then reality set in.

Fast-forward four years, and the joke was on politicians naïve enough to believe that corporations with aspirations of going public would lie prostrate before tough new accounting rules. Most–to the extent that they did go public–just floated their shares overseas.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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Time to Ease Up, John & Barack

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Citigroup (C) And Bank Of America (BAC) Score A Victory In Parmalat Case — At Expense Of Ripped Off Shareholders

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