What is the Sarbanes-Oxley Law?

In the USA, in the year 2002, the Sarbanes and Oxley Law is a law on the reform of the accountancy of the companies and the protection of the investors. This famous lax is known under acronym SOX, Sarbox, SOA or according to the name of its promoters Loi Sarbanes-Oxley. It is a federal law voted in response to the various financial scandals (Parmalat, Enron, Worldcom, etc.) occurred recently which revealed at the great day the faults of the countable and financial legislation of the companies. The law of July 31, 2002 (Pub L No 107-204, 116 Stat. 745) known as Sarbanes-Oxley Act introduced:

• obligation for the presidents and the financial directors to certify the accounts personally
• obligation to name administrators independent at the committee of audit of the board of directors
• the framing of the particular advantages of the leaders (loss of the profit-sharing in the event of diffusion of inaccurate information, possibility given to the SEC - Securities and Exchange Commission, authority of regulation of the American stock exchange markets - to prohibit any social mandate for the leaders suspected of fraud).

This law also obliges to implement an internal audit being pressed on a conceptual framework. In practice the COSO is the reference frame more used. Because a number of non-American companies with dimensions in the New York Stock Exchange, largest of the world purses, and fact are subjected to this law, SOX has repercussions beyond the borders of the United States. It is besides why one speaks about extraterritoriality about the repercussions of law SOX.

Tags: Parmalat, Enron, Worldcom, Sarbanes, Oxley, SEC

Who is Sarbanes?

Paul Spyros Sarbanes was born on February 3, 1933 with Salisbury, Maryland, wire of immigrant parents from Greece. He is an American politician, member of the democratic Party and senator of Maryland to the Congress of the United States since 1977. Graduate of Princeton in 1954, it obtained a school purse Rhodos to study in Oxford, then finishes his studies at the school of right ofHarvard. In 1966, Sarbanes was elected with the room of delegated of Maryland. In 1970, he was elected with the Room of the Representatives of the United States, re-elected in 1972 and 1974, year when it wrote the first article of the procedure of Impeachment against president Richard Nixon. In 1976, Sarbanes was elected with the Senate of the United States beating the republican senator outgoing John Glenn Beall Jr.. Sarbanes was re-elected in 1982, 1988, 1994 and 2000. In 2005, Sarbanes announces its decision not to be represented in 2006. Sarbanes, of orthodoxe Greek religion, is married since 1960 in Christine Dunbar, native of Brighton in England. They have three children and six grandchildren. But now his name is world well known because he is one of the author of the Sarbanes-Oxley Law, which was passed after the scandal of Enron and Worldcom.

Tags: Congress, Princeton, Oxford, the Room of the Representatives, Impeachment, Nichard Nixon, Senate, John Glenn Beall Jr, Sarbanes, Christine Dunbar, Sarbanes-Oxley, Enron, Worldcom

Residents urged to leave homes over asbestos risk

I have just read this article... In one hand, you can consider that it is a good thing that those people have to leave this houses full of asbestos... Actually asbestos can lead to disease asmesothelioma (mesothelioma is a rare cancer, usually found in those exposed to asbetos ). In the other hand, at the end of the article, it is claim that it is only a way to get rid of these houses to build something new... One more time this is a bit spooky... Do our leader only think to money and not to our welfare. But I am for The Imperative of Responsibility (Hans Jonas), if people can die of mesothelioma, they should move to another house. So I agree with the decision. Nevertheless if some clues show that it was only to feed the greed of some politics... Thesemen deserve a good trial.

Wealth of the World, Poverty of Nations

I have just finished this book again, I say "again" because I have already read it 3 times, over 3 years? It is a small pocket book but all the essential ideas to understand the phenomenon of globalization are there.





it is read almost like a novel. The author Daniel Cohen makes us cross all the currents of thought of economic sciences, from Smith to Ricardo, and Keynes, all the authors of economic sciences are present. This book is full of references? You will find the theory of the O-Ring ring there, the theory of the four quarters of Reich, the reflexions on the marriage of today in this new dynamics. I advise it to you sincerely. You will understand finally the mechanisms of the globalization and why one should not believe the politicians who exploit the fear of the people to try to gain votes. Globalization is a fact and all the nations can benefit from it: if a redistribution of the profits is correctly made inside the country? All this depends on the strength and the integrity of our policies.

[Some Thinks about everything] Policy:: Who is Joe Lieberman?

Joseph Isadore Lieberman (1942 -) is an American politician, democratic senator of Connecticut to the Congress of the United States and former democratic candidate with the vice-presidency of the United States in 2000 . Joe Lieberman carried out studies of right to the University of Yale.He was elected in 1970 with the Senate of the State of Connecticut where he stayed 10 years, including 6 years (1974-1980) like majority leader, i.e. directing democrats for the Senate of the State. In 1980, he took again the lawyer trade before becoming Attorney General (Minister for Justice) of Connecticut in 1983. In 1988, he was elected Senator of Connecticut to the federal Congress, then re-elected in 1994 and 2000 with vast majorities. Joseph Lieberman belongs to the preserving wing of the democratic party. Sometimes he is qualified DINO, in spite of ideas progressists with regard to the civil laws and the environment. Thus, in 1998, during the Lewinsky business, he vigorously criticized the behavior of President Bill Clinton, who however belongs to his party. It is his standpoint which will make it indicate by the democratic candidate with the presidential election of 2000, Al Gore, like fellow candidate, in order to dissociate escapades of the Clinton years. First Jew candidate on the ticket of one of the two great American parties, Lieberman is an asset for Gore, but insufficient however to arrive at the White House. To the Senate after this failure, it is back one of most constant and firm democratic supports with the policy of president George W. Bush in his decisions concerning the war in Afghanistan and the war in Iraq. He became thereafter one of the firmest adversaries of an immediate withdrawal of the American troops of Iraq.Representing a preserving vision that some consider the best to overcome George W. Bush, it decides to launch out in the presidential race to the democratic primary educations after having obtained the certainty that Al Gore will not be again candidate. After a beginning of countryside encouraging, it obtains however scores disappointing in New Hampshire and Maryland, which leads it to give up. Although democrat, Joe Lieberman was one of the candidates had a presentiment of to obtain the very important ministry for interior safety (Department of Homeland Security) for the second mandate of the Bush administration. The station was finally obtained by Michael Chertoff. After its first speech of the Union of its second mandate in 2005, George W. Bush publicly thanked Lieberman for her constant support by a north wind on the cheek of the senator of Connecticut. The photograph of this “kiss” became one year later the first weapon of countryside of its adversaries within the democratic party at the time of its countryside to obtain the nomination of the party for the senatorial elections of November 2006. Thus his refusal to question the government on the prison of Abou Ghraïb and, especially, his approval of the policies of the administration of George W. Bush, and the war in Iraq are reproached to him within a coalition aiming to prevent it from being again democratic candidate at the post of senator of Connecticut. Supported by principal the blogs American “progressists”, whose DailyKos and Atrios, Ned Lamont, a businessman of Connecticut, presented himself then against him, like candidate anti-war, at the time of the countryside of the primary educations. Qualifying Joe Lieberman of “pom-pom girl” or “doggie” of president Bush, Lamont was going to carry out an unexpected opening in the surveys putting in danger the nomination of the senator. During this rough and heinous program where Lieberman is qualified by his adversaries blogueurs of traitor, liar, political reject, unfair asshole, embrassor of Bush, it declares, bitter, in July 2006 that if the voters of the democratic Party had suddenly considered that it was not worthy any more to represent them, it would not include/understand then where would position the democratic party (on the American political chess-board), criticizing the drift on the left party consequence according to him of the pressures of the founder of DailyKos. It is as in this climate as the former candidate with presidential of 2004, John Kerry, refuses to support it, even in the case of its victory with the primary educations, and that Hillary Clinton takes its distances. In spite of the support, as for him supported, of Bill Clinton, Joseph Lieberman is beaten on August 8, 2006, with 48% of the voices against 52% with Lamont. Popular among voters independent and republican of Connecticut, Joseph Lieberman then ensured to want nevertheless to present itself as a candidate independent at the elections of November 2006. Its hopes rest on surveys which would give it victorious vis-a-vis Lamont and to the republican challenger.
The future will tell us what will happen

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Posted by ServalX02 to Some Thinks about everything at 8/09/2006 09:03:00 PM