Siem-Enron

[Lasthorseman]

http://www.dw-world.de/dw/article/0,2144,2243450,00.html
Europe may be on the verge of having their own Enron.

http://www.dw-world.org/dw/article/0,2144,1655535,00.html
http://business.guardian.co.uk/story/0,,1725168,00.html
http://www.iht.com/articles/2006/08/02/business/parts.php
Gee, it would seem like there is a rash of European business scandals.
Here in the US though the response to Enron was the Draconian Sarbanes Oxley, a bill which added millions of non-productive man hours to American businesses making us non-competitive. Well, American business responded, by eliminating pensions, good health care and any number of previous "perks". I thought this article spelled it out.
http://news.bbc.co.uk/1/hi/business/2066962.stm

"And the scandal comes just as the Social Democratic government is discussing important reforms to make the German economy more competitive-among them a complex package of tax cuts and a long postponed overhaul of Germany’s pension and welfare systems."

I get it, high level shenanigans but workers get the shaft.
One of several phrases in the Orwellian doublespeak dictionary that cause me to throw up.
"In this post 911 world"
"In this global marketplace"

[lapfog_1]

1. Are YOU saying that Sarbanes-Oxley is causing American

business to be non-competitive and to eliminate pensions, health care, and other "perks"?

From wikipedia:
Costs associated with SOX 404 compliance have proven to be significant. According to the Financial Executives International (FEI), in a survey of 217 companies with average revenue above $5 billion, the cost of compliance was an average of $4.36 million. The high cost of compliance throughout the first year can be attributed to the sharp increase in hours charged per audit engagement.

So, yes, .1 percent of revenue is significant, but hardly the type of impact that has caused corporate America to eliminate pensions or the other impacts you list.

BTW, welcome to DU. I think.

[Lasthorseman]

2. Yes

I work in R&D at a major global company. The regulations go far past proper business accounting and have created untold obstacles in the creation of innovation and launching any new products. This redefines the word anal but does have the benefit of job creation for accountants chasing fictional figures. My comtempt for government has never been higher. They enforce this crap yet they have completely ceased enforcing any semblance of anti-trust. The FCC fails to enforce media consolidation.
The real cost of Sarbanes Oxley is the massive loss of any hope of regaining what used to be
"America's technological edge".

[lapfog_1]

3. the facts don't support your assertions.

If we are losing our technological edge, it's likely related to the absolutely dismal state of education here. All we need to prove this is look at all the anti-science religious based "learning" being promoted by the theocrats.

[Lasthorseman]

4. More than that

it is a business climate that refuses to invest in new technology. It's all return on investment.
You know why play station 3 is not rolling off the shelves?
They can't make enough of the blue laser diodes for the high definition DVD player.