Having been in telecom in the 1990s, this week's news hit home, with WorldCom's Bernie Ebbers being found guilty and now Joe Nacchio and 9 others (one of whom I knew personally) being sued by the SEC.
These former titans of "capitalism" are going down.
People who believe in freedom seem to be in a kind of denial about all this. These were crimes, massive frauds on the public. We need to deal with it, because it's not going to go away. The incindiary combination of greed and hubris WILL grow a new crop of Ebbers, trust me.
Unless...
This Sarbanes-Oxley reform law is pathetic. It makes the CEO sign the financial disclosures. How curious...as if a lier will STOP lying because he or she has to sign documents?!!!
Why not make the NYSE and NASDAQ require polygraphs of the CEOs and CFOs of the companies? No one has a right to have the company they run be publicly traded. The exchanges can set all sorts of rules, why not this?
Probably won't happen, but one can dream....
-Robert Capozzi