---

Sarbanes-Oxley in the Light of the Financial Crisis
...# All Sarbanes-Oxley's efforts to control risk did not avoid the tremendous financial bubble and bust of the last several years.
# Sarbanes-Oxley overemphasized the idea of "independence" and woefully under-emphasized the centrality of knowledge and its application to problems.
# The Financial Accounting Standards Board wants to expand fair value accounting even further; if it succeeds, it will make us even more vulnerable to future panics....