Hacker News new | ask | show | jobs
by mistermann 4616 days ago
> liability to potential jail time

Are there any examples of this? It seems to me the SEC didn't make much use of all the archived emails (guaranteed to be in place due to SOX) during the 2008 banking crisis which makes me generally distrustful of these formal written rules.
1 comments
asmithmd1 4616 days ago
Yes, WorldCom leaps to mind

http://www.accounting-degree.org/scandals/

They misstated costs as investments and were able to show big profits - for a while.

link
mistermann 4616 days ago
While Worldcom is one incident where one(?) person was punished, it is from 2002, and from that page, it was following that incident that they enacted SOX, which afaik hasn't been used since. Or if it has, the incidents have been few and far between. I will continue to believe the system is rigged.
link