When I first saw this Washington Post article earlier today that assessing the overall effect of Sarbanes-Oxley on corporate governance in the post-Enron era, I thought about posting a piece on it, particularly given that SOX does not really deter what its supporters seem to suggest that it should. However, I got busy with other things and passed on it.
Now, I’m glad I passed on posting about the WaPo article because Larry Ribstein does a far better job than I ever could have. In this devastating post, Larry systematically eviscerates each point that the SOX advocates raise in support of the legislation, and then observes in closing:

What this article is really about, in my view, is the yawning gap between what the promoters of SOX and corporate crime prosecutions are saying about the results of their efforts, and the reality.