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The Quest for Discipline

In: Capitalist Discipline

Author

Listed:
  • Arthur Wassenberg

Abstract

In 2002, in the slipstream of a series of major corporate scandals (Enron, Tyco, Worldcom) the US House of Representatives and Senate passed an Act. This bill came to be known as Sarbanes-Oxley, after the chairmen of the Senate Banking Committee and the House Financial Services Committee. When, after fierce partisan opposition from within and obstruction from outside the House and Senate, the bill managed to reach the White House for signature, it was seen to be aimed at: Strengthening the regulatory system by rebuilding the objectivity and reliability of accountants and credit rating agencies. Creating a public accounting oversight board for developing and enforcing strict accounting standards. Making the system less dependent on self-monitoring by the industry; Establishing codes of ethics to make chief financial officers responsible for full and timely disclosure and chief executive officers to certify personally financial statements with criminal penalties for failure to do so; Tightening insider trading rules. Empowering the Securities and Exchange Commission (SEC) to adopt rules addressing conflicts of interest for securities analysts and other “reputational intermediaries” that keep the financial system running. (Gourevitch and Shinn, 2007: 256–8)

Suggested Citation

  • Arthur Wassenberg, 2013. "The Quest for Discipline," Palgrave Macmillan Books, in: Capitalist Discipline, chapter 1, pages 1-19, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33984-3_1
    DOI: 10.1057/9781137339843_1
    as

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