http://www.bloomberg.com/apps/news?pid=20601109&sid=a5wZ95KdSuJQ
This is something we should *ALL* be aware off, not least those that think legal and world economic stuff is off topic.
We all have to face standards; or the most part those are dictated by industry groups and we can, if we choose, partake of those.
I’ve been involved in technical standards groups in the past[1].
We have also, recently, had to face a lot of ‘regulations’, that is requirements with legal backing. Its easy to say that those are all very regional, which is why they don’t (any longer) appear in the CBK.
Personally I think this is a weak argument. SOX may only have been ‘legal’ in the USA, but many companies in other countries trade in or have offices in the USA and need to be aware of US laws and regulations.
In addition, SOX has been the model for regulations in other countries (and some of those have corrected deficiencies[2]).
Never the less the legal principle that is addressed in this article hold for many countries: while the politicians dither the people who have to deal with the details and actualities of making the legal system happen are getting on with it.
Free from the pressures of lobbyists, judges typically refrain from showing emotion or expressing opinions during court proceedings to appear impartial. During sentencings in criminal cases, they sometimes let their hair down about their feelings about the damage Wall Street firms or their executives did.
However, I don’t know it its the journalist or the judges that are being facetious:
In sentencing imprisoned con man Bernard Madoff June 29 to the maximum penalty of 150 years in prison, U.S. District Judge Denny Chin described Madoff’s crimes as “extraordinarily evil.”
What?
“Evil” compared to what? Read the rest of this entry »
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