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Non-Tech : The Enron Scandal - Unmoderated
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To: stockman_scott who wrote (3562)6/28/2010 11:51:45 AM
From: Glenn Petersen   of 3602
 
The Supreme Court does some minor tinkering to Sarbanes-Oxley:

Supreme Court Orders Change to Sarbanes-Oxley Act

By THE ASSOCIATED PRESS
Published: June 28, 2010

WASHINGTON (AP) — The Supreme Court on Monday struck down part of the antifraud law enacted in response to Enron and other corporate scandals from the early 2000s, but said its decision has limited consequences.

The justices voted 5 to 4 that the Sarbanes-Oxley law enacted in 2002 violates the Constitution’s separation of powers mandate. The court said that the president must be able to remove members of a board that was created to tighten oversight of internal corporate controls and outside auditors.

Congress created the board to replace the accounting industry’s own regulators amid scandals at the Enron Corporation, WorldCom, Tyco International and other corporations. The board has power to compel documents and testimony from accounting firms, and the authority to discipline accountants.

Chief Justice John Roberts, writing for the court, said that Sarbanes-Oxley law would remain in effect, with one change. The Public Company Accounting Oversight Board will continue as before, but the Securities and Exchange Commission now will be able to remove board members at will.

That change, Justice Roberts said, cures the constitutional problem.

nytimes.com
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