Sarbanes-Oxley Reform Coming
SEC Chairman Christopher Cox, interviewed by Bloomberg, says that changes implementation standards for section 404 of Sarbanes-Oxley will be coming in early December and be "significant." Bloomberg has the video in its Audio/Video section on its homepage. It looks like the section 404 stuff will have a materiality test, which should go a loooong way to fixing things. We'll see, but this is progress. Finally.
posted by Donny Baseball at 12:54 PM
2 Comments:
any comments on the Hertz deal?
I don't follow IPOs really. As a general rule it is always best to stay away from them. Yes, you here of great early gains in many IPOs but 'on average, over time' IPOs are losers. If you think a company is great and you want a piece of it, wait for it to tank within 2-3 years of the IPO. If it never dips, oh well, life goes on and there will be other opportunities.
One thing about I do know about Hertz deal that absolutely fries me is that the selling shareholders have loaded this thing up with debt to pay themselves fat dividends just before they foist this thing on the new public shareholders. This is a widespread practice that is simply one of the scummiest things in the finance world. That these private equity shops get away with (and that public shareholders accept it) is a disgrace.
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