There is a general pattern seen in the world of finance: giant corporate fraud or scandal, resulting government investigation that inevitably is unable to prosecute those responsible, followed by lengthy governmental legislation attempting to prevent the fraud/scandal from ever happening again. In the early 2000’s this pattern played out in the form of multiple scandals such as Enron and WorldCom with resulting legislation in the form of the Sarbanes-Oxley Act of 2002.
SOX is said to be the most sweeping piece of legislature regarding financial reform since FDR’s Securities Act of 1933 and Securities Exchange Act of 1934. It attempted to restore confidence and transparency to companies’ financial statements and therefor the market as a whole. SOX was for the most part able to accomplish this goal, but not without substantial costs to public companies and the market. Compliance costs were grossly underestimated by Congress and the regulatory agencies leaving public companies with no choice but to take the hit. Additionally, there have been substantial declines in the United States’ competitive edge in the global capital markets.
This report is concluded with three suggestions to help accomplish several goals of SOX that have not yet been achieved as well as an overall answer to the question of whether or not the costs of SOX outweigh its benefits.
For almost 30 years after WWII, family incomes grew at a steady pace, doubling by 1973. Then, as a result of multiple economic factors, including “Reaganomics tax cuts,” the momentum shifted. Since then, real income has actually started to decline, with relative income inequality greater than any other point in American history, even when you factor in slavery. Continue reading Income Inequality in America: A Call for Action and Effective Policy
Two themes that seemed to continue to show up in the Field/Action Research were the importance of secondary research and ethics. The talk mostly explored instances of primary research where students were interacting with subjects to gather information. However, all the Professors emphasized the importance of doing secondary research as well if not before primary research. I know Professor Searles spoke in detail about the importance of ethics. Ethics is the basis of every research project. There has to be a certain level of trust between a subject being interviewed and the people interviewing. If this ethical code is not formulated, there is no real basis for a relationship. This especially rang true for the adult entertainment shop project that Professor Searles spoke about.
Continue reading The many aspects of research
There are over 3,000 fatalities and 400,000 injuries in the United States every year that involve distracted driving. “Distracted driving is any activity that could divert a person’s attention away from the primary task of driving . . . These types of distractions include texting, using a cell phone or smartphone, eating and drinking, talking to passengers, grooming, reading, including maps, using a navigation system, watching a video, adjusting a radio, CD player or MP3 player” (State). People using cell phones in any manner while operating a motor vehicle will be the focus of this paper. Americans agree that distracted driving is an issue that needs to be addressed, yet not every state has a primary enforcement law regarding distracted driving. The Federal Government cannot create a national law for distracted driving because traffic laws fall under the state’s jurisdiction. Aside from each state implementing a primary enforcement law for distracted driving, organizations and concerned citizens can take matters into their own hands, using awareness tactics to combat distracted driving. While these efforts have proven effective, the most effective and logical next step would be for every state to have a primary enforcement law for distracted driving. In order to battle distracted driving, the Federal Government should implement realistic federal funding incentive programs in a similar manner to the National Minimum Drinking Age Act of 1984 and national 0.08% BAC limit. This would at the very least encourage all states to have primary enforcement laws for distracted driving, which is an important foundation for the United States in the fight against distracted driving.
Distracted Driving in the United States
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When I was a junior in high school, I wrote an eighteen-page research paper on The Graduate and must have watched the film twenty times, meticulously taking notes, doing research and thinking deeply. I went through the entire movie and would pause the movie every few seconds to write down something on a notecard. I think even my teacher would agree that I went a bit overboard with the whole thing, but I was intrigued by the concept of the film, the time period it sought to depict and the music it chose to use. Below is my concluding paragraph of that research paper.
Continue reading The Graduate: five years later
During his visit to Bucknell, Ta-Nehisi Coates answered a question from a student in the audience. The student asked Coates what people could do to make a change in the world? He was specifically speaking about racism in the United States. In response to the question, Coates spoke about how people like Martin Luther King Jr. existed within a history. In history there has to be a motive or something that we cannot ignore. On an individual level, Coates said that a person should find something that he loves that makes an impact on the world or at least something that matters. Coates said that people should be prepared to accept the limits of their lives. He meant that most people would not be able to change the world. The most important thing was for a person to do what he had to do in order to be at peace with him.
Continue reading The Limits of your life
Benedict Cumberbatch starred in an outstanding impression of Alan Turing in the Imitation Game, which played at the Campus Theater back in March. What interested me the most during the movie was not the actual plot, but rather the character of Alan Turing. Continue reading How Does Personality Aid Success?
For many of us, bottled water is a daily staple. A case of 32 bottles of spring water can be bought for less than $5 at the local Wal-Mart. However, the environmental impact of each bottle of water is multiple factors larger than the bottle alone. Between bottle creation, transport and bottling, each liter of bottle water actually requires 3 liters of water to get it to the end user. Plastic bottles are also difficult to dispose of and have contributed to the formation of the Great Pacific Garbage Patch.
Continue reading Refill Your Bottle At Least Once
Before I came to Bucknell University I had never met someone who was homosexual, or even bisexual. However, I was very accustomed to hearing gay slurs in my everyday life. I went to an all boys school named Christian Brothers Academy. When other high schools in the area talked about us, they referred to us as “CB-GAY”. When they cheered against us in sports games, they intended to insult us with this phrase and even some more graphic phrases. I never really cared much about what these other schools said about us. I wasn’t paying attention to how hurtful this could be to other people. To be completely honest, the word “fag” was even included in my vocabulary on an infrequent basis. My friends around me, along with these other schools, made it seem like these slurs were just jokes. Everything changed when I went to college.
Continue reading Embrace the Rainbow
Millennials have been “blessed” with being born into a generation that has technology and convenience at their fingertips. We do not have to leave a day at the end of finishing our papers, so that we can make sure we have enough time to type our final version out on a type writer. We have the gift of information at our fingertips. Wherever we are we are able to pull out our smartphones and google something. Our generation also has the luxury of communicating through text messages, emails, group messaging applications and many other newer mediums.
Continue reading Winter, Spring, Summer or Fall