Comments on: The Supremes and Sarbanes-Oxley… http://www.footnoted.com/earnings-quality/the-supremes-and-sarbanes-oxley/ Michelle Leder's guide to what's hiding in SEC filings Fri, 23 Jul 2010 18:06:29 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: epc http://www.footnoted.com/earnings-quality/the-supremes-and-sarbanes-oxley/comment-page-1/#comment-10566 epc Wed, 09 Dec 2009 06:56:57 +0000 http://www.footnoted.com/?p=4418#comment-10566 According to this Times article, Thomas had not asked any questions during USC hearings since February 2006 (as of April 2009): http://www.nytimes.com/2009/04/14/us/14bar.html?_r=1 According to this Times article, Thomas had not asked any questions during USC hearings since February 2006 (as of April 2009): http://www.nytimes.com/2009/04/14/us/14bar.html?_r=1

]]> By: Joey http://www.footnoted.com/earnings-quality/the-supremes-and-sarbanes-oxley/comment-page-1/#comment-10556 Joey Tue, 08 Dec 2009 20:30:44 +0000 http://www.footnoted.com/?p=4418#comment-10556 “Is there any other situation in the vast federal bureaucracy, where you have this two-level situation that we have here?” Yes, the Financial Accounting Standards Board. It has much larger, more direct impact on corporations than the PCAOB (which only governs accounting firms), and FASB's nominees and proceedings are, ultimately, governed by the Securities and Exchange Commission. I'd say that's the best analogy. Someone else needs to help me out here, but I believe the Fed works along similar lines. The president appoints the chairman, but don't other groups have more influence on the local bank presidents? The PCAOB is not a unique creature in the federal government. “Is there any other situation in the vast federal bureaucracy, where you have this two-level situation that we have here?”

Yes, the Financial Accounting Standards Board. It has much larger, more direct impact on corporations than the PCAOB (which only governs accounting firms), and FASB’s nominees and proceedings are, ultimately, governed by the Securities and Exchange Commission. I’d say that’s the best analogy.

Someone else needs to help me out here, but I believe the Fed works along similar lines. The president appoints the chairman, but don’t other groups have more influence on the local bank presidents? The PCAOB is not a unique creature in the federal government.

]]> By: Frank Graham http://www.footnoted.com/earnings-quality/the-supremes-and-sarbanes-oxley/comment-page-1/#comment-10554 Frank Graham Tue, 08 Dec 2009 18:46:07 +0000 http://www.footnoted.com/?p=4418#comment-10554 Don't count on the credit rating agencies for any help in warnings. Oh and CIT just out of bankruptcy leading to one of first TARP taxpayer money losses. BACK TO BUSINESS Debt Raters Avoid Overhaul After Crisis By DAVID SEGAL NY Times As Washington rewrites the rules of Wall Street, how is the overhaul of the Big Three credit rating agencies coming? Experts say it isn’t. Don’t count on the credit rating agencies for any help in warnings. Oh and CIT just out of bankruptcy leading to one of first TARP taxpayer money losses.

BACK TO BUSINESS
Debt Raters Avoid Overhaul After Crisis
By DAVID SEGAL NY Times
As Washington rewrites the rules of Wall Street, how is the overhaul of the Big Three credit rating agencies coming? Experts say it isn’t.

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