New York governor-elect Eliot Spitzer has attacked members of the Bush administration and business lobbyists for trying to roll back Sarbanes-Oxley.
In an interview with the Financial Times, Spitzer said SOX critics had it around the wrong way.
American industry was not falling behind because of regulation, the former attorney-general said. No, it was because the strategy sucked.
"We're failing in competitiveness because of failed business models and the lack of smart investment in technology. General Motors is not failing because of regulations but because it hasn't produced good products."
Sure Sarbanes-Oxley needed fine-tuning. But, he said, let's not overdo it because the ones wanting the changes are Running agendas contrary to the public interest.
"Look at the pushback…just a few years ago, many of those same individuals were acting in ways that fundamentally misled the market and investors."
Let's just rewind. Back in March, Spitzer came out saying the Sarbanes-Oxley rules had gone too far and were hurting small business.
But he was running for Governor then. The agility of politicians never ceases to amaze me.
Interesting shift…The back forth on SOX in Washington never ceases to amaze.
We discussed what the Dems may be likely to do with SOX now that they control Congress on http://www.publiccompnayhell.com. Let us know your thoughts!