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07-20-2007, 08:46 AM
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Ron Paul Drops Knowledge on SOX
Ron Paul on the tyranny that is Sarbanes-Oxley:
The damage inflicted on American businesses and capital markets by Sarbanes-Oxley has strengthened my conviction that this legislation should be repealed. In 2000, nine of every ten dollars raised by foreign companies were raised in the United States. In 2005, nine of the ten largest offerings were not registered in the United States, and, of the largest twenty-five global offerings, only one took place in the US. The number of public companies going private increased from 143 in 2001 to 245 in 2004. Sarbanes-Oxley is a, if not the, major reason companies are fleeing America’s capital markets. Furthermore, according to some estimates, Sarbanes-Oxley has cost the very investors the law claims to protect at least $1.4 trillion. How could anyone regret voting against such a harmful bill? Emphasis mine. Paul goes on to cite reform/repeal of SOX as one of his top priorities. |
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