More SarbanesOxley Goofiness
Today I learned that SarbanesOxley has invaded my computer. The geniuses that were hired to create this red tape and capital eating monster even decided how email passwords should operate. Therefore as of early next week all of our employees and presumably all employees of USA public companies will all have to use the same "password system" to access email.
Our company had a perfectly fine plan to systematically change passwords every 30 days. But the Sarbox team decided that they had to mess with email passwords.
And another thing: these inane regulations even require that I can only get my pay check from our Chief Financial Officer. No other person in the company can give me a check.
It must have been amazing to have viewed the design of SarbanesOxley regulations. I presume there must have been a large contingent of career government types who sat in a large room for weeks (who had never run a business) and thought up byzantine regulations designed to suck working capital out of business development and into red tape operations.
SarbanesOxley is a crime. It is destroying business development in the USA. It might have some role in deterring financial crime, but I doubt that this concept will ever be conclusively proved. In the meantime our company is wasting several millions of dollars annually on red tape and inane measures.
WebMediaBrands CEO Alan Meckler
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