Sarbanes-Oxley should be fixed, not scrapped

Those who don't learn from history are doomed to repeat it. Words to live by in life and investing. The problem is that many in corporate America aren't getting the message.

Bitching and moaning about Sarbanes-Oxley is so common place that it barely causes a ripple. Companies despise the law. They always have.If you want to work any CEO or CFO into a rage, just ask them about section 404. Some smart entrepreneur should sell dartboards with pictures of Sarbanes and Oxley. They would be a huge seller with anybody connected with corporate accounting including my wife.

People, including those attending a conference on the law hosted by Treasury Secretary Henry Paulson, should remember why the law was needed.

"We can't forget where we were five years ago," said Ann Yerger, executive director of the Council of Institutional Investors, according to Reuters. "There was a remarkable crisis of confidence ... I fear we're sort of losing touch with that period of time."

Good point.

Remember Enron? Remember WorldCom? Remember the billions of other examples of corporate shenanigans that rocked the market.

Sarbanes Oxley isn't perfect and should be fixed. Warren Buffett argues with some justification that law makes companies jump through lots of unnecessary hoops. The baby shouldn't be thrown out with the bath water. The law has done plenty of good for investors and I hope that's not forgotten by members of Congress eager to do the bidding of Wall Street.

Otherwise, we will go through this whole process all over again.