Speaking of Congress, I thought Sarbanes Oxley was supposed to improve the integrity of financial reporting. Every one of the major public institutions complied with Sarbanes Oxley in their 2006 year end reporting. I thought Congress had acted to protect investors from inaccurate financial reporting.
We went private after Sarbox went into effect precisely because we felt that it attacked the real foundation of good governance. It is the alignment of interests between investors, employees and customers that will result in accurate reporting.
The Sarbox formula is to protect shareholders through the rigorous oversight of an independent board backed by much more expensive and elaborate accounting oversight. We believe in constructive interdependence rather than disinterested independence.