Some of these companies have known for a while they had problems, wasn't Sarbanes-Oxley designed to bring criminal and civil punishment to Executives that knowingly falsify information about their company's financial health?

The only thing SOX has accomplished is SERIOUSLY stifling IPOs in this country.

We haven't had a major IPO since SOX, and that's because accounting costs are simply too damned high. It makes it more profitable to remain a private company and instead seek VC.

SOX is awful - as usual, it only seems to hold back those of us doing things right.

Much of SOX deals with the reporting of financial information. While it is a pain in the ass, I don't think it requires a company to specifically list what percentage of assets are in things like collateralized securities incorportating subprime mortgages, etc.

Maybe this whole mess is a blessing in disguise. There were plans to trade "carbon credits" and such, which IMO is just another scam. I don't think that will be happeneing now.

I've been reading that "naked shorting" from hedge funds contributed to alot of this.

Can't say for sure, but seems like another case of enforcing the laws that exist, instead of creating new ones.

and SOX is a great example of new, complicated laws.

SOX is the one of the greatest things to happen in terms of job market for my industry. Accountants are in high demand because of it which makes me happy since I graduate this fall.