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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: ChinuSFO who wrote (135320)

7/31/2013 6:32:12 PM

From: one_less

Respond to of 149317

I am happy with any consequence that can be shown to be effective. Like you, I believe the policies should start with the least restrictive (yet effective) consequence.

We know the consequences to victims is devastating and we have a hard time even catching up with perpetrators, who slip from one elaborate con scheme to another.

In this case we have been shown we do not have effective measures in place for policing crime when it comes to high finance Banking, Investments, and Wall Street.

Through public announcement of their crime, their reputation will be hurt anyway and that itself should be more than it would do to a street criminal.

Definitely, but is it an effective approach at deterring the next guy from trying the same thing, or for the corporation to come down hard on it's internal operatives?

"The main pillar of our capitalistic free market economic system, which is a cornerstone of democracy, is the integrity of financial information. Without reliable financial information, capitalism cannot and will not survive. However, the integrity of financial information can only be achieved through building blocks such as sound internal controls and independently verifiable financial information. The well educated, skilled, and experienced accountant is the first line of defense for the capitalist system." --- May 10, 2006: Sam E. Antar comments submitted to the Securities and Exchange Commission and the Public Company Accounting Oversight Board for its Conference on Sarbanes Oxley and Internal Controls

How to Combat White Collar Crime (A Powerful Punch 5 P's)

We require a comprehensive approach by law enforcement, the accounting profession, the education establishment, government, and private industry to effectively deal with the issue of white collar crime. To effectively combat white collar crime we require:

Prevention - Strong internal controls reviewed by competent and independent external auditors. Strong internal controls are barriers to crime for criminals. Internal controls help businesses operate more efficiently and effectively too.
Power - Legislation like Sarbanes-Oxley and standards issued by the Public Company Accounting Oversight Board (PCAOB) and the American Institute of Certified Public Accountants (AICPA).
Professionalism - A better educated, skilled, trained, experienced and independent accounting profession. All efforts at prevention, any legislation, and any standards issued will not be fully effective unless the accounting profession addresses its educational issues.
Prosecution - Aggressive prosecution of white collar criminals. Such criminals must know that they will be prosecuted for their actions.
Prison - Strong punishment and accountability for those convicted of white collar crimes. Such criminals must be held fully accountable for their actions.