Brian Doherty has a good piece on the real damage Sarbanes-Oxley (passed by the Senate on a 99-0 vote) has done and continues to do to the U.S. economy. The best part is that he quotes our own Karen DeCoster, the best-kept secret in financial writing today:

In the light of the current financial crisis, and of recent grand and overbroad power and money grabs by the likes of the Treasury Department and the SEC, CPA Karen DeCoster sounded prescient when she noted that “the bigger cost [of SarbOx going forward] is in terms of the centralization of a regulatory system that can effectively stifle the free market via the imposition of arbitrary decree.” SarbOx could be seen as clearing the brush for a U.S. economy where every move and decision is under watchful (and controlling) federal eyes.

A very good point on Karen’s part and I am glad that Brian had the good sense to recognize it!