OK, I'm sorry but someone needs to help me understand this. I may be naive, but did we really need another, special law to let corporate entities know that they're not allowed to steal from or lie to people? I could have sworn that fraud already was illegal, just like larceny and homicide. But clearly laws don't normally apply in the corporate world, else it would be way too hard to make and pocket billions of dollars. I have to wonder what this law actually says. I mean, I realize it's probably about 250 pages long and all, but what's the gist? How is it different from the other 'thou-shalt-not-commit-fraud' laws currently on the books? I'm thinking maybe something like:
No stealing, lying, cheating, or other malfeasance. No, really. This means you.
The best part, of course, is that the Dubya administration is already reinterpreting the law they just signed.
And another precious little tidbit from this morning's news: IBM is buying Pricewaterhouse Coopers' consulting arm [press release]. Well, PwC also happens to do IBM's auditing. Guess who's going to do the auditing after the purchase goes through (on all but the consulting arm, small comfort)? Yup, that's right: PwC! And the SEC approved this arrangement. [NYTimes article]
Heaven preserve us. Somebody's got to.