Article Review of 'The Sarbanes: Oxley Debacle'

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Article Review: SOX The article entitled "The Sarbanes - Oxley Debacle" written by Henry Butler and Larry Ribstein discusses their viewpoint of the eponymous piece of legislation. From the adjective that the two use in describing the Sarbanes Oxley Act, it is obvious that they are critical of the legislation and believe that it fails in its endeavors to create accountability or punishment for organizations and businesses that fail to perform ethically and legally. In 2002, the United States government passed a law which is called the Sarbanes-Oxley Act (SOX). It is also known as the "Public Company Accounting Reform and Investor Protection Act" or the "Corporate and Auditing Accountability and Responsibility Act." The intention of the legislation was well-intentioned and the authors do not deny this point. What they believe is that the issues that are discussed in the Sarbanes-Oxley Act are not being properly resolved with the piece of legislation and that it requires substantial alterations if not outright abolition. One of the major issues that Butler and Ribstein (2006) take with the Sarbanes-Oxley Act is that the law was put into place quickly and in response to current economic disasters. Instead of allowing time to pass and for substantial amounts of analyses to be conducted in order to determine the best course of action, legislators were responding to several high-profile cases of business malfeasance, such as in the case of the Enron Corporation. People of the

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