Re: Back and a Question

  • From: Nuno Souto <dbvision@xxxxxxxxxxxx>
  • Date: Thu, 17 Aug 2006 22:58:19 +1000

ryan_gaffuri@xxxxxxxxxxx wrote,on my timestamp of 17/08/2006 10:50 PM:

Even though SOX may be flawed, something was necessary. There was a $7 billion accounting fraud case against Worldcom. It cost people their life savings. They basically bullied some mid-level account into changing the books.
Then there is the enron case where they took over companies and moved their losses to those companies to hide the losses.
There was another case(i forgot which company) where the CEO treated company money like it was a kingdom that he reigned over and stole money from the company.
People put their retirments and pension plans into the stock market. Something was needed to help restore trust. The problem with the market is that the owners of the company do not run the company. So the interest of those who run the company may differ from those who own it.

No need to tell me of the need for corporate accountability
and financial control.
If that includes computer security in its stride, is a completely
different subject and matter.

Nuno Souto
in sunny Sydney, Australia

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