Chief Financial Officer Patrick Pichette on Thursday downplayed the competitive threat from social-networking giant Facebook Inc., arguing that the digital economy will create a “ton of winners.” “Everybody will benefit if the Web is more social,” he said. “It’s not a zero sum game.” [Dow Jones]
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“We are writing to urge you in the course of your efforts to reform the financial sector to resist efforts to weaken protections for investors in the Sarbanes-Oxley Act of 2002 (SOX). Specifically, we oppose exempting smaller public companies from compliance with Section 404(b) of the Act. Further, we are troubled by evidence of a proposal to roll back to an arbitrary market capitalization point strengthened internal controls requirements for larger companies that are already in compliance with the provision.”
~ The Center of Audit Quality, in a letter to Senate Banking Chairman Chris Dodd (D-CT) and Ranking Member Richard Shelby (R-AL).
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