"The FASB, SEC and accountants have gone absolutely wacko on us. I'm a Stanford MBA, I went to most of my classes. I took accounting. I can't read annual reports, income statements and SEC filings any more. They are absolutely undecipherable," he told his audience. . . .
McNealy said the U.S. Sarbanes-Oxley law, aimed at improving corporate governance, was a disaster, saying it was like throwing "buckets of sand in the gears of the market economy." He added it would raise the cost of being a public company and discourage risk-taking.
Like I have been saying since it was passed – it is a useless bill that Congress used to make themselves feel good and look good to the American public.