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Problem
The Sarbanes-Oxley Act (SOX) became law in 2002 after the discovery of significant fraudulent activity on the part of officers of several corporations (Enron, WorldCom, Adelphia, etc.). The goal of the law was to stem the tide of continuing fraudulent behavior, tighten governance and make it more costly for individuals if they were involved in frauds. Unfortunately, the goals were not achieved, and the spate of significant frauds continued with frauds involving major banks and corporations (HealthSouth, Lehman Brothers, AIG, Madoff Securities, etc.). These frauds took place which has led to the additional passage of the Dodd- Frank Act in 2010.
The passage of SOX and the Dobbs-Frank Act points to the inability of laws and regulations, by themselves, to prevent fraudulent behavior. Do you think "maintaining a culture that emphasizes ethics and compliance" is enough to prevent fraud? Do we need to focus on the dangers of unbridled greed and on inventing fancy investment instruments that few people understand but many people trade since no one wants to be left behind in the often believed unlimited profit potential of the markets?
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