Saturday, November 07, 2009

Why Abolishing or Weakening Sarbanes-Oxley is Insane! Lessons from the Crazy Eddie Fraud

A message to any Democrat, Republican, or Independent lawmaker who is thinking of abolishing or weakening the Sarbanes-Oxley Act of 2002. As a convicted felon, who committed his crimes in cold blood and with callous disregard for my victims, I will publicly endorse each and every one of you as a champion of the white collar criminal class that are a cancer on the integrity of our great capitalist economic system. If you abolish or weaken Sarbanes-Oxley, you will make it much easier for corporate white collar criminals to cook their books and defraud investors.

According to Floyd Norris's column in the New York Times column:

The House Financial Services Committee this week approved an amendment to the Investor Protection Act of 2009 — a name George Orwell would appreciate — to allow most companies to never comply with the law, and mandating a study to see whether it would be a good idea to exempt additional ones as well.

In a new series of blog posts over the next few months, I will document why Sarbanes-Oxley should be strengthened with added reforms to protect the integrity of our capital markets. For starters, please read a letter that I submitted to the SEC and PCAOB Roundtable on Internal Control Reporting Requirements in 2006.


Sam E. Antar (a convicted felon and former Crazy Eddie CFO)

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