Sarbanes-Oxley co-author calls some aspects of legislation "excessive" News
Sarbanes-Oxley co-author calls some aspects of legislation "excessive"

[JURIST] Speaking at the annual conference [agenda] of the International Corporate Governance Network (ICGN) [official website] in London Thursday, US Congressman Michael Oxley (R-OH) [official website] said that the Sarbanes-Oxley legislation [official website] was "rushed" and includes "excessive" corporate reforms. The legislation sponsored in 2002 by Oxley and Senator Paul Sarbanes (D-MD) [official website] came in the wake of the Enron and WorldCom financial scandals and required companies to audit their internal financial controls for potential fraud. Companies of all sizes have voiced frustration with the requirements due to increased costs and the lacking exemptions for smaller companies. The Securities and Exchange Commission (SEC) [official website] has said that it is contemplating a different set of rules for smaller companies, but Oxley expressed doubts that reforms were forthcoming by either the SEC or Congress. The Financial Times has more.

THIS DAY @ LAW

38 Santee Sioux hanged by US for rebellion

On December 26, 1862, 38 Santee Sioux men were hanged in a mass execution for their roles in a rebellion against US authorities in Minnesota which left hundreds dead and made refugees of some 40,000 white settlers. Government annuities promised under a treaty with the Sioux had failed to arrive on schedule and credit for purchases was not advanced in the meantime, threatening the tribe with starvation. The Santee Sioux Tribe's members were deported first to South Dakota and ultimately to Nebraska, where they remain today. Learn more about the 1862 Minnesota Sioux Rebellion.

Louis XVI put on trial during French Revolution

On December 26, 1792, Romain de Sèze, a defense attorney for deposed King Louis XVI, presented a defense of his client. The former King was on trial before a French Revolutionary court on thirty-three charges, including treason and other crimes against the state. He was convicted on January 15, 1793 executed by guillotine on the following January 21.