Mitt Romney is suggesting that investors rely on Corporate America to 'do the right thing' and not steal, overstate earnings, lie to line their own pockets, etc. even though this thinking has been proven inaccurate over-and-over again. Even with Sarbanes-Oxley in place, these types of scandals still exist and he, along with Newt Gingrich, are suggesting that we do away with the requirement for public companies to have internal controls. Internal controls that are in place to prove financial statements are accurate, reliable, and that help fight fraud and the possibility of theft of shareholder assets. My suggestion; let's apply Romney's thinking to his own camp. I'll come in and give all the interns, staff, volunteers, etc. an ATM card and check stock to his campaign contribution account. According to his thinking, everything would be OK, there is nothing to fear, and forcing checks and balances throughout his internal procedures is a waste of time and a job killer (?). Acco! rding to him, Corporate America should not be required to provide proof that their numbers are accurate - it is a waste of money and time. Newt Gingrich even said that repealing Sarbanes-Oxley is a matter of life or death! www.youtube.com Neither of them has obviously spent time in the trenches of an accounting department trying to produce financials for stakeholders, investing public, and/or the SEC. They are suggesting that guessing on these numbers is sufficient. Every number in a financial ...
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