The US Concept of Corporate Governance under the Sarbanes-Oxley Act of 2002 and Its Effects in Europe

Hellwig Hans-Jürgen
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Hellwig Hans-Jürgen: Frankfurt am Main.

European Company and Financial Law Review, 2007, vol. 4, issue 3, 417-433

Abstract: Less than four years have passed by now since President Bush on July 30, 2002 signed the Sarbanes-Oxley Act. US Congress with this Act reacted to serious failures that had come to light in Corporate America. I mention as examples the break-down of Enron with billions of US dollar liabilities in unconsolidated special purpose companies, the doubts relating to the independence of Enron auditor Andersen, billions of dollars pingpong sales of World Com and other telecommunication companies, six billion dollars artificial profits over five years of Xerox, and lastly the Merrill Lynch analysts who recommended to investors as “attractive investment” a public offering underwritten by their employer which they described internally as “peace of shit”.

Date: 2007
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DOI: 10.1515/ECFR.2007.022

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