One of the only reasonably intelligent arguments against Sarbanes-Oxley and other regulations that would require greater transparency on the part of public companies was the notion that it would make our public markets less competitive.

But for now, things are looking up. According to the Financial Times, "The amount of money raised through initial public offerings in New York is set to surpass London for the first time in three years as companies fuel a surge in IPO volume in spite of the turmoil in capital markets."

The level of U.S. IPOs is set to reach a post-dotcom bubble high. The U.S. may be helped by recent changes making it easier for foreign companies to list here but the notion that Sarbanes-Oxley would crush our capital markets doesn't appear to be bearing out.

John J. Mahoney, chief financial officer at Staples Inc. (NASDAQ: SPLS) told the New York Times in 2005, that his company had spent between $7-$10 million instituting Sarbanes-Oxley. "But it's been worth it," he told the newspaper. "It has offered us an opportunity to look at our processes, and in many cases to improve them," he said. "It has made Staples a better company."