Here’s how to translate this move: companies are saying they can’t attract investment unless they can hide their financials from investors. So the CEOs and gazillionaires on Obama’s Jobs Council want the politically-vulnerable president to give them license to cook the books in exchange for support for his jobs program. From the Pittsburgh Post-Gazette:
"All you’re going to do is have more fraud. The ultimate losers are going to be investors," said Jeff Klink, a former federal prosecutor whose Gateway Center firm helps clients prevent and detect fraud.
If the financial crisis proved anything, it’s that Wall Street companies in particular have been serial offenders in the area of dishonest accounting and book-cooking. Sarbanes-Oxley is obviously no panacea, but removing it in exchange for a temporary, election-year job boost is exactly the kind of myopic, absurdly irresponsible shit that got us into this mess in the first place. For Obama to pull this in the middle of these protests is crazy.
If anyone thought OWS has already done its job, and Washington has gotten the message already, think again. They’re not going to change until the protesters force them to change, it seems.