Discussion»Statements»Rosie's Corner» Do ALL Republicans favor the repeal of Dodd-Frank and ALL Dems not want it repealed? No independent thinkers anywhere? Why?
Don't know why the political divide. I have had responsibility to ensure compliance with DF act since the inception in 2002. It is a huge waist of money (millions per year) and time. Has driven up cost that get passed onto the consumers in the prices they pay for products and has done nothing to prevent or deter fraud.
All the large fraud cases since 2002 were subject to DF and it did nothing to prevent or detect the fraud.
DF was written for the CPA firms that failed to do their jobs and tried to shift the blame to the business. Yes the business has the primary responsibility to prevent and detect fraud but the CPA's are supposed to give the investors the confidence the financial statements are true and correct. DF does nothing to further that assurance.
It is the Tone at the Top of the companies that prevents and detects fraud.
If the auditors don't think like a crook they will not catch crooks.
