Why don't these idiots in the Senate see what the Sarbanes bill will do?

[**DONOTDELETE**]

The Senate has finished and will vote on monday on the Sarbanes bill, WITH ALL AMMENDMENTS> they voted 97-0 to put this bill to the floor for a vote.

This means Dems AND Republicans!!!

Some of the provisions this bill includes are:

<UL TYPE=SQUARE><LI>Each and every boardroom in America will have a prosecutor in attendence.

<LI>No statute of limitations on prosecution of corporate officers for malfeasance. Also no limitation on keeping all paperwork.

<LI>Double auditing

<LI>IRS and Treasury scrutiny of all financials.[/list]

Does anyone understand what this means?

Only businessmen are now to be presumed guilty and have to prove their innocence.

[**DONOTDELETE**]

<BLOCKQUOTE><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><HR>Originally posted by Edmund Dantes:
The Senate has finished and will vote on monday on the Sarbanes bill, WITH ALL AMMENDMENTS> they voted 97-0 to put this bill to the floor for a vote.

This means Dems AND republicans!!!

Some of the provisions this bill includes are;

Each and every boardroom in america will have a prosecutor in attendence.

No statute of limitations on prosecution of corporate officers for malfeasance. Also no limitation on keeping all paperwork.

Double auditing

IRS, and Treasury scrutiny of all financials.

Does anyone understand what this means?

Only businessmen are now to be presumed guilty and have to prove their innocense.<HR></BLOCKQUOTE>


Yes it means I certainly would like to see the reference that verifys this information.

[aaron11]

The DEM'S know exactly what their doing. They are going to force Bush to axe the bill! Then they can say Bush and the republicans are againts accounting reform.
images/icons/tongue.gif
aaron11

[PaulRevere]

Bush will cave on this piece of crap legislation.

This is a big expansion in the power of the federal bureaucracy. The Rats are making a kneejerk overreaction and cynically exploiting the current abuses by a few to forever grow the power of the Feds.

[**DONOTDELETE**]

<BLOCKQUOTE><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><HR>Originally posted by BigJohn68:

Yes it means I certainly would like to see the reference that verifys this information.<HR></BLOCKQUOTE>

John, I was listenning to Rush this afternoon, and he was reading from this account of the bill, however I dont have a link for the bill.

Perhaps the Congressional Record

[**DONOTDELETE**]

<BLOCKQUOTE><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><HR>Originally posted by aaron11:
The DEM'S know exactly what their doing. They are going to force Bush to axe the bill! Then they can say Bush and the republicans are againts accounting reform.
images/icons/tongue.gif
aaron11<HR></BLOCKQUOTE>

That is my take on it as well.

if that is the case, Bush needs to hold a press conference, and simply read the relevant sections of the bill, and explain why this is not right.

And then ask... Would YOU like to be presumed guilty BEFORE you ever do anything?

This is an abrogation of our entire judicial system, and Congress should know that rather than pandering for votes!

If he says that, he cant lose!!!

And Congress looks like shit!

[2nd_Amendment]

Have we ever, with the possible exception of the War Between the States, ever seen a more sweeping series of power grabs and government expansion before in such a short period? That's not a slam on Bush, per se, so much as a general condemnation of the Socialist minority in power and the spineless majority which just goes along to get along.

[**DONOTDELETE**]

The astute and erudite 2nd writes:
"Have we ever, with the possible exception of the War Between the States, ever seen a more sweeping series of power grabs and government expansion before in such a short period? That's not a slam on Bush, per se, so much as a general condemnation of the Socialist minority in power and the spineless majority which just goes along to get along."

Amen, brother.
But I think Bush is a weenie. He aint got any balls when it comes to sayin "NO" to the opposition.

[aaron11]

If Bush wants my vote , He better figure out when enough is enough !

images/icons/mad.gif AARON11 images/icons/mad.gif

[**DONOTDELETE**]

Bush and the Republican controled House can come up with their own bill and push it in conference to minimize the Sarbanes bill.

If they dont then they are actively cooperating with the Democrat bill and hiding behind the scandal to allow it to pass.

[**DONOTDELETE**]

<BLOCKQUOTE><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><HR>Originally posted by Edmund Dantes:
John, I was listenning to Rush this afternoon, and he was reading from this account of the bill, however I dont have a link for the bill.

Perhaps the Congressional Record<HR></BLOCKQUOTE>

Thanks Edmund there are so many biased interpretations of things that I just like to see for myself. Some time I read the article and still don't know what it says..

[aaron11]

I realy cant see Bush letting this through.
He has already cut to many ties. He's got to start putting pressure on those republican wieners in congress! They've done nothing to help or protect Bush from this crap since He took office !

"bbl" aaron11

[Venus]

If this passes, it will be the greatest windfall for the trial attorneys in the history of this country and a death knell for what we have left of the free market.

This one makes the medical reform and patient's BoR that the 'rats proposed look like child's play in comparison.

[DoctorDoom]

Info from various sources:

The Sarbanes Bill (http://money.cnn.com/2002/07/10/news/confidence_bills/sarbanes.html)

FINANCE: Accounting Industry Reform (http://www.opensecrets.org/payback/issue.asp?issueid=AC1)

AeA Letter to Senate (http://www.aeanet.org/GovernmentAffairs/gamb972_WTA_AcctgReform.asp)

Full text of S.2673 (http://www.senate.gov/~banking/pss/acctrfm/s2673.pdf) (PDF file, 116 pages - requires Acrobat Reader)

[Nemo]

Current abuses by the few?

17000 companies have had to restate their 1990s earnings.

I don't know wether this is a few or not, but it sounds like a big number.

Why doesn't america just get proper auditing standards?

Love

Roy

[**DONOTDELETE**]

Why dont you define what 'proper' is in your opinion, Roy.

BTW, I would compare America's auditing standards to any other nation's, and of the millions of businesses in this country and the multiple trillion dollar comerce that we have, 17,000 companies redoing their records over the course of an entire decade, as you state, is a damned good record.

[Nemo]

If 17000 is good then 1700 is a lot better, which is the number I meant to type.

What I mean by a good audit is one that ends with a judgement about whether the accounts are a fair description of the comanies finances (like what we use in UK).

I expect there are some reasons why that would not be compatible with the legal process in the USA (tort) though.

Love

Roy

[RCRichards]

if Bush signs this, let me say "told ya so"

images/icons/rolleyes.gif

[**DONOTDELETE**]

Are businessmen, who, as a group have given so much over the decades to our countrry the ones, that we want to indict, before they have committed the act?

And how honest is Congress to even be discussing writing laws to keep business honest?

When will the same accounting standards, be applied to Government?:

When will Senators, who knowingly, and with full intent, give fraudulent information to their shareholders(read taxpayers) be tried, and imprisoned for fraud?

[**DONOTDELETE**]

<BLOCKQUOTE><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><HR>Originally posted by Edmund Dantes:
Are businessmen, who, as a group have given so much over the decades to our countrry the ones, that we want to indict, before they have committed the act?

And how honest is Congress to even be discussing writing laws to keep business honest?

When will the same accounting standards, be applied to Government?:

When will Senators, who knowingly, and with full intent, give fraudulent information to their shareholders(read taxpayers) be tried, and imprisoned for fraud?<HR></BLOCKQUOTE>

Good Questions Edmund and Thanks.