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All-4-One is an American male R&B/pop group best known for their cover hit single "I Swear" from their self-titled 1994 debut album. The group comprises Jamie Jones, Delious Kennedy, Alfred Nevarez, and Tony Borowiak, all from the Antelope Valley and Mojave, California areas, but are based in the Los Angeles area. The group has sold 22 million records worldwide.
I Swear, my all time favorite!
Dubbed the "Dukes of R&B" by several internet sources, All-4-One's hit "I Swear" won a Grammy Award in 1995 for Best Pop Performance by a Duo or Group with Vocal and enjoyed an eleven-week run at No. 1 on the Billboard Hot 100 and a seven-week run at No. 2 in the UK Singles Chart. It has been named by ASCAP as one of the greatest love songs of the 20th Century. It was also nominated for Song Of The Year, as was the single Top 5 smash hit "I Can Love You Like That." The group was popular before the No. 1 success of "I Swear," as their previous single "So Much in Love" (originally a No. 1 US hit for The Tymes in 1963) had reached No. 5 on the Billboard Hot 100 earlier in the year. Other hits include "She's Got Skillz", "These Arms", "Beautiful as U", "I Will Be Right Here" and "Someday" (the title single from the Disney animated featureThe Hunchback of Notre Dame).
A rift between their independent label, Blitzz Records, and their major label, Atlantic Records, led to the group leaving Atlantic Records as well as Blitzz Records after the release of the album On and On in 1999. The shift in labels left the group in limbo for a few years as they contemplated their next move. In 2001, the follow-up album, A41, was released on AMC Records yielding, "Beautiful As U," a Top 20 hit on the Radio & Records Adult Contemporary chart. The group's 2004 album, Split Personality, was given an Asia-only release, and subsequently gave them Asian hits with "Someone Who Lives in Your Heart" and "I Just Wanna Be Your Everything." For much of the 2000s All-4-One has spent their time touring South East Asia, in cities such as Tokyo, Kuala Lumpur, Singapore, Seoul, Bangkok, Shanghai, Sydney and Perth Australia.
In 2009, All-4-One released No Regrets on the Peak Records/Concord Music Group label. Reviews on the record have garnered an overwhelming response with some reviewers claiming No Regrets is a "career album for All-4-One" The album was largely created in-house, with the group doing the writing for the album, and Jamie Jones production company, The Heavyweights, doing a lot of the production work. The CD produced an Urban Adult Contemporary hit entitled "My Child".
In June 2015, Billboard.com premiered the first single "Baby Love", from All-4-One's 20th Anniversary Album, Twenty+.
After making an appearance on The Notorious B.I.G.'s 1994 song "Respect", from his album Ready to Die, she signed a recording contract with Sony Music. King's first single, "Shy Guy", co-written and produced by Andy Marvel from her debut album Tougher Than Love, became a hit, reaching No. 13 on the Billboard Hot 100 and being certified gold by the RIAA in the U.S.; the single also hit No. 2 on the UK Singles Chart, as well as reaching No. 1 on the Eurochart Hot 100 Singles chart, going on to sell nearly five million singles worldwide. The song made the soundtrack to the 1995 film, Bad Boys. "Shy Guy" was also ranked by the Japanese radio station J-Wave as the number-one song of 1995.
In 1997, King's second album Think Like a Girl entered the Billboard Top Reggae Albums chart at No. 1. King also scored another well-received hit on the Billboard Hot 100 and the Hot Dance Club Play with her cover version of the song "I Say a Little Prayer" (originally recorded by Dionne Warwick in 1967), which featured on the soundtrack to the film,My Best Friend's Wedding. King was also featured on the 1997 soundtrack to the documentary When We Were Kings, where she performed the title track with Brian McKnight. In 1998, King joined Celine Dion and Brownstone on stage to perform the hit "Treat Her Like a Lady" previously written and recorded by King from Tougher Than Love at theEssence Awards. That year, she also appeared on Soul Train, The RuPaul Show, and VIBE to promote Think Like a Girl. In 1999, she toured India doing a five city tour. FromGoa, she said: "I never thought I would come back to India."
King entered negotiations with Madonna's Maverick Records label in 2000. In 2002, King released her third album Respect. It received a Japan-only release on 24 July 2002until it was eventually released in other markets such as the UK on 17 April 2006 and as a digital-only release in the United States on 29 April 2008. The album's lead single, "Summer Breezin'" premiered on BET and VH1 video and received some urban radio airplay.
In 2007, she co-wrote and recorded the song "The Light Within" with the German reggae artist Gentleman, for his album Another Intensity. She also had the girl duo Brick & Lacejoin her on one of her concerts as backup singers. Later that year, she formed her own record label, ThinkLikeAgirl. She also tours Asia annually.
In 2010, King's record label ThinkLikeAgirL Music Inc. went through a licensing deal with Warner Music Japan with the release of her fourth album, Warrior Gurl. This was released in Japan on 22 September 2010. An upgraded version was released digitally in the United States on iTunes and all major online music stores (under the titleAgirlnameking) on her birthday, 8 November 2012.
On 28 June 2012, Diana King declared "Yes I am a Lesbian" to her fans from her official Facebook page. She was honored for her bravery on 16 December 2012 and was presented with the prestigious "Vanguard Award" at the Out Music Awards in Las Vegas, NV. King is the first Jamaican artist to ever publicly come out. Jamaica is at the top of the list of the countries who are extremely violent and intolerant toward the LGBT community.
Disclaimer: Details from Wikipedia


Faraday Future announced that it’ll unveil its first production car in January at the CES 2017 technology trade show in Las Vegas. It is not divulging any new details beyond that, and says that only that the car is a ‘premium’ EV with ‘holistic design,’ loads of tech and ‘industry leading range’ thanks to LG’s super-dense batteries. But it isn’t saying much beyond that. Spy shots have captured a car which looks like a Model X-style urban SUV, however, that does look like it shares traits with the supposed test vehicles that spotted earlier.
When Faraday Future took the wraps off the FFZero1 Concept at the CES last year, our jaws collectively dropped. It was a concept, sure, but it was everything we loved about the concept cars. It was bold, and incredibly futuristic, as well as almost surreal in its configuration, with a distinct ‘UFO’ side line protruding like a flying saucer and more carbon fiber than you could shake a stick at. One year later at the CES 2017, the brand will officially debut its first production car.
First off, the concept car looks like a Le Mans prototype designed by Batman, and thus, this EV only seats one. Inside, the driver tilts back at a 45-degree angle and wears a helmet which gathers biometric data and delivers oxygen and water to the occupant. This vehicle is also completely autonomous, and produces 1,000 hypothetical hp, and to make sure it stays connected to the cloud, Faraday made sure each car came out with a full tank of internet.
Faraday is expected to be a rival to fellow California-based electric vehicle manufacturer Tesla Motors Inc., that currently produces two all-electric, high-end vehicles and it is expected to release a mainstream sedan in late-2017.


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Another year is over and it's time for my annual art feature of works submitted in 2008! This is both my favorite and the most difficult art feature to make. After going through thousands and thousands of works you can imagine how hard it was to pick just some.
Artworks were chosen by different combinations of the following "criteria": general impression • emotion conveying • meaning of the artwork • pure awesomeness • idea/concept • originality • complexity • technique • quality • subject • incredible realism • great style • everything else I forgot to write
WHy is there absolutely no 3D artwork in a best "traditional" artwork of 2008 news bulletin? None? None of it was apealing? None of it was artistic enough, or worhty of mention? A whole dimension of reality has just been spurned! No matter, everyone goes over the 3D art and ignbores it. Digital art? Everybody is on board and ooglin it. 3D art? People jumped ship long ago for photoshopped hyper-popularized under-deserving computer art. I geuss it is true then, the only people looking out fo rsculptors are sculptors. How sad. How absolutely astonishingly catastrophic that an entire enormous part of art is unacknowledged and lies forgotten in the ashes of the golden renaissance era.
Interesting comment.I like the last part the best .I have this strange feeling that you leave your angry comments on all articles not just mine.I thought 3D art belongs to digital art and not traditional but if you think about sculptures,yes,I browse them sometimes and I found many of them just amazing,fantastic and wonder how did they make such detailed figures.So,no,not only sculptors browse that galleries.Thank you for giving me idea of making a news article about sculptures. I've seen many amazing 3D (made with computer)pieces but 3D art is just not the type of art that interests me.This pieces I've featured are type of art that interest me the most of all especially because I draw too and I hope that someday I'll be as good as these artists I really don't understand what's the point of leaving your comment about 3D art on my article If I were sculptor maybe you'd find some traditional 3D pieces in this article but I'm not. To me traditional art is so much harder thank digital except digital paintings&airbrushing.
I am sorry, I snapped at you. Simply put it is my absolute frustration at the DA community for ostrasizing sculpture. I live, breathe, and obssess on metal and clay sculptures, and yet on such a huge art site it is widely ignored. I regret my hasty gripe, but you were kind enough to see from my perspevtive and for that I thank you. When I say 3D I mean more towards the traditionally fine art fo sculpture. I just am so exasperated thatthe subject is unpopluar and yet there are such amazing sculptors on DA. Once, again, I am sorry I snapped at you. It is not your fault. I personally am just bitter at the predicament of our online art community, and that is not your doing. I am sorry. It was uncalled for. The fact that you said "Traditional Art" though drove me over th eedge. I hope my apology reaches open ears. thank you.
Don't worry,apology accepted You know what? Now I'm even glad you gave me this comment because I really do like sculpture(ok,this is not sculpture but I make jewelry from polymer clay) and ,as I said, browse it sometimes but I'm totally focused on traditional drawings and photo manipulation because that are types of art I do so I usually forget about other types of art.I'm even planning to make a features on my journal tomorrow about sculptures I like because I already featured other work on my other account(I just love featuring someone ) I really don't know why the sculpture is underrated here.Maybe a few more news articles and journal features would help.One of the reasons is that maybe there are not as many sculptors as digital artists and people who draw,paint
To me these drawings shown are some of the best and your is definitely one of the best especially because I couldn't belive it was drawn before I saw the wip-s -the same as your perfect Twilight drawing.I think you should fight for that drawing more so they return it to your gallery because you are not the only one who drew that poster

domain: hobby


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Apex Legends Cross-play, Steam And Switch Versions Coming This Fall
Despite how the Internet has connected us and made us closer, gaming is still pretty much like walled gardens separated according to platform boundaries. Even those games that are actually available across platforms mostly let you play only with others on the same platform. There is, however, a growing desire among gamers to be able to play with friends on other platforms. At its EA Play Live event, EA Games is promising to give Apex Legends players that and more this coming Fall, expanding the battle royale’s reach across more platforms.
Some gamers get a thrill playing with or against others but even the largest player base on one console is naturally a fraction of the entire gaming population.
What was once considered almost heresy, cross-play has become a buzzword these days as players try to remove platform barriers that sometimes make little sense in an Internet age.
Starting sometime in Fall, Apex Legends players can jump in and wreak havoc on maps with other players, regardless of the device they’re playing on. The battle royale will let you team up to take down other squads that may be playing on PCs, PS4s, and Xbox Ones.
And if the combined population of those three aren’t enough, EA will be bringing the game not just to Steam, another PC platform. It will also be expanding to the Nintendo Switch soon after, though gamers should probably be aware by now of what Switch ports of rather graphics-heavy games usually entail.
As far as battle royale titles go, Apex Legends is probably still a far cry from the household names that are Fortnite and PUBG. Expanding not just its platform support but its player base via cross-play can definitely put it in gamers’ crosshairs. Now all that’s left is for it to launch on mobile to really cover all the bases and become a true cross-platform cross-play battle royale.

domain: game


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Drivers almost unanimously dislike Fort Bragg's new high-occupancy vehicle lane on Yadkin Road, but officials say something must be done to cut the number of cars on the congested post.
"We do have a number of people who have complained about it," said Tom McCollum, a Fort Bragg spokesman. "It has increased their time coming onto the post. We expected that."
On Jan. 4, Fort Bragg started a "HOV" lane on a 90-day trial basis at the Yadkin Road entrance on the southwestern part of Fort Bragg's housing and office area.
One of three incoming lanes at the Yadkin Road Access Control Point became an HOV lane from 5 a.m. to 1:30 p.m. weekdays. A vehicle must have two or more riders to use the lane. After a 30-day grace period, violators will face a $100 fine.
One goal is to encourage carpooling to reduce the number of cars coming onto Fort Bragg.
Critics say the HOV lane backs up traffic for several blocks on Yadkin Road at the entrance to Fort Bragg. Even a multi-passenger vehicle probably loses time getting to the gate and then travels only about a block in an HOV lane.
Yadkin Road, sometimes known as the "Yadkin 500" because of the aggressive driving styles of some motorists, has five narrow lanes, including a center turn lane. Many businesses have their parking lots directly facing the road, which would make it difficult to widen.
One frequent complaint is that the military lifestyle does not work well with carpooling. People might have to report for early morning physical training at different times and leave at different times, depending on their military missions. Officers might have to attend meetings across post on short notice, and there is a shortage of reliable public transportation.
Soldiers who work at the 82nd Airborne Division and U.S. Army Special Operations Command say the Yadkin Road HOV lane creates more inconvenience for them than people who work on other parts of Fort Bragg.
Residents of Cottonade, a civilian neighborhood beside Yadkin road, say vehicles speed through their neighborhood to cut to the front of the line. One mother expressed safety concerns, especially for young children.
Fort Bragg officials say they are listening to the complainers.
"A lot of them have given us suggestions on ways to improve or alternate ways to reduce the number of vehicles coming onto the post," McCollum said. "That's exactly what we were looking for."
People have suggested developing a Web site for drivers who want to carpool, McCollum said. The suggestions included a park-and-ride shuttle service that originates off post.
The Army post is falling in line with North Carolina Department of Transportation guidelines for HOV lanes, McCollum said.
The transportation department's Web site lists the following exemptions to the rules:
Motorcycles are permitted to use HOV lanes in North Carolina.
Emergency vehicles are permitted on HOV lanes when responding to an emergency.
Buses designed to transport 15 or more passengers, regardless of the actual number of occupants, can use HOV lanes.
A motor vehicle with more than three axles is not permitted to use HOV lanes.
Fort Bragg officials say the post's roads and intersections handle a daily average of 150,000 vehicles. Studies show that of Fort Bragg's 57 intersections, 19 are not adequate for current traffic. In five to six years, the number of problem intersections should rise to 42, according to Fort Bragg.
Forces Command and U.S. Army Reserve Command are relocating to Fort Bragg from Atlanta in 2011. A headquarters is being built to accommodate 2,773 workers for the two commands. The building is at Knox and Randolph streets, one of the worst intersections on post. The move of 7th Special Forces Group to Florida will be offset by growth of special operations on the Army post.
Fort Bragg officials point out that large troop deployments have lessened traffic problems, which will be worsened when soldiers come home.
Military editor Henry Cuningham can be reached at email@example.com or 486-3585.

domain: news


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S&P 500 (NYSE:SPY) component Entergy Corp (NYSE:ETR) will unveil its latest earnings on Thursday, April 26, 2012. Entergy is an energy company involved in electric power production and retail electric distribution operations.
Entergy Corp Earnings Preview Cheat Sheet
Wall St. Earnings Expectations: The average estimate of analysts is for net loss of 87 cents per share, a swing from net income of $1.38 in the year-earlier quarter. During the past three months, the average estimate has moved down from $1.18. Between one and three months ago, the average estimate moved down. It also has dropped from $1.14 during the last month. Analysts are projecting profit to rise by 28% compared to last year’s $5.49.
Past Earnings Performance: The company missed estimates last quarter after beating forecasts in the prior two. In the fourth quarter of the last fiscal year, the company reported profit of 94 cents per share versus a mean estimate of net income of 96 cents per share. In the third quarter of the last fiscal year, the company beat estimates by 17 cents.
Investing Insights: What’s the Future of Microsoft’s Stock?
Wall St. Revenue Expectations: Analysts predict a rise of 2% in revenue from the year-earlier quarter to $2.59 billion.
Analyst Ratings: Analysts seem relatively indifferent about Entergy with 10 of 13 analysts surveyed maintaining a hold rating.
A Look Back: In the fourth quarter of the last fiscal year, profit fell 31.4% to $160 million (88 cents a share) from $233.3 million ($1.28 a share) the year earlier, missing analyst expectations. Revenue fell 1.7% to $2.49 billion from $2.53 billion.
After net income dropped last quarter, the company is looking to recover after that decline snapped a streak of consecutive profit increases. Net income rose 15.9% in the first quarter of the last fiscal year, 0.1% in the second quarter and 27.1% in the third quarter before falling in the fourth quarter.
Stock Price Performance: Between January 25, 2012 and April 20, 2012, the stock price fell $4.38 (-6.3%), from $70.03 to $65.65. The stock price saw one of its best stretches over the last year between March 6, 2012 and March 13, 2012, when shares rose for six straight days, increasing 2.6% (+$1.74) over that span. It saw one of its worst periods between July 25, 2011 and August 4, 2011 when shares fell for nine straight days, dropping 9% (-$5.99) over that span.
(Company fundamentals by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories:


Drake dominates everything this week. Thanks to his latest album Scorpion, the rapper lands a record 27 songs on the Streets Talkin Hot 100, while his song “Nice For What” returns to No. 1 for an eighth week.
As for the album itself? The set arrives atop the Streets Talkin 200, shattering the one-week streaming record and earning Drake his eighth No. 1, while also helping him return to No. 1 on the Streets Talkin Artist 100 for a 27th total week.
Here are 13 other things to know about the charts this week:
1. As Drake commands three of Streets Talkin’s biggest charts, he breaks nearly a dozen records in the process, including The Beatles’ 50-year-old record for most songs in the top 10. Click here to see all the records he broke.
2. In the Hot 100’s 59-year history, Scorpion is just the fourth album to spawn seven top 10 songs. He joins Michael Jackson’s Thriller, Janet Jackson’s Rhythm Nation 1814 and Bruce Springsteen’s Born The U.S.A. Click here for the story.
3. On the Streets Talkin 200, Ella Mai hits the top 40 for the first time with her EP Ready at No. 39. Plus, Marvin Gaye notches his 28thcharting title, as 2005 greatest hits collection Gold debuts at No. 147. Check out this week’s Streets Talkin 200 Chart Moves here.
4. Republic Records makes history on the Streets Talkin 200, as the label rules the top three spots, with Scorpion, Florence + The Machine’s High as Hope and Post Malone’s beerbongs & bentleys. Republic becomes the first label to rule the top three positions in over 15 years. Click here for the story.
5. Looking ahead to next week’s Streets Talkin 200, Scorpion should earn its second week at No. 1, while Future and Meek Mill may debut in the top 10 with new sets. Click here for the Streets Talkin 200 forecast.
6. Drake also makes history on the Rap Albums chart, as he ties The Game for most No. 1s in the chart’s history, with eight. Click here for the article.
7. Michael Jackson notches his fourth posthumous entry on the Hot 100, as he was featured on Drake’s “Don’t Matter to Me,” which debuts at No. 9. Click here for the details.
8. Static Major, who died in 2008, tallies his second posthumous hit on the Hot 100, as he was featured on Drake’s “After Dark,” with Ty Dolla $ign. Click here to read about the late rapper.
9. Bazzi’s breakthrough single “Mine” hits No. 1 on the Pop Songs airplay chart, rising 2-1 and earning him his first chart-topper. Click here for the article.
10. Cardi B continues to dominate the Rhythmic Songs chart, as her song “I Like It,” with J Balvin and Bad Bunny, replaces “Be Careful” atop the chart. Click here for the story.
11. Fifty-one years after his death in 1967, John Coltrane earns his highest-charting album on the Streets Talkin 200 and fourth No. 1 on Jazz Albums with Both Directions at Once: The Lost Album. Click here for the article.
12. Queen Naija is the top emerging act in the U.S., as the singer spends her first week at No. 1 on the Emerging Artists chart. Click here for the story.
13. Taylor Swift rules the Hot Tours tally, thanks to a pair of tour dates from her Reputation Tour in Columbus and Louisville. Together, the concerts earned $11.5 million. Click here for details on the tour.


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Warsaw is closely monitoring the situation with Nord Stream, while fearing for the fate of its Baltic Pipe gas pipeline. According to a number of local media, Russia itself is to blame for everything.
So, according to the newspaper Fakt, Moscow, having provoked incidents on pipelines, is trying in this way to subjugate Europe even more on the threshold of winter cold.
In this context, it is extremely important to do everything possible to ensure the safety of the Polish gas pipeline Baltic Pipe, which was opened the day before yesterday. This is an important investment that makes us less dependent on gas from Russia, which is why it is such a target for our aggressive neighbor.
- emphasized the edition.
Colonel Krzysztof Psheperka also spoke about the need to protect the Polish gas pipeline in the same newspaper. He fears that following the decrease in gas pressure in Nord Stream 1, Russia could provoke incidents on the Baltic Pipe.
Meanwhile, according to the American media, about 1 ton of explosives in TNT equivalent was involved in undermining the Nord Stream. At the same time, many in the United States and NATO countries blame Russia for these incidents.
Turkey also took care of the security of its energy infrastructure by taking appropriate measures in relation to the Turkish Stream. On the eve of the presidential elections in June 2023, Recep Tayyip Erdogan is striving to secure an important facility, the failure of which can bring great losses.

domain: politics


text:
Secular Heretic telling the news as it really is.
Ha ha!!!!!!!!!!!!!That's hilarious!Well it's not really, but that's how pathetic it is getting!Good one, I love it.I'm sure some won't like this post much though!
Your following an old tradition. The Fourth Lateran Council compared interfaith marriages to beastiality. After a few centuries of increasing the rhetoric, Catholics and Lutherans in Germany outlawed Jewish marriage tried to kill all the Jews in Europe.
Got any links to support your ideas Frank.
Post a Comment
The laws of society must respect the dignity of all human beings without exception. The very moral foundation and well being of a society depends on laws and institutions which respect the moral dignity of all human beings.

domain: sociology


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Elon Musk no longer joining Twitter board: CEO
Tesla chief Elon Musk is no longer joining the board of Twitter, the CEO of the social media company announced late Sunday.
In a brief note to the company, Agrawal writes: "Elon has decided not to join our board," Twitter CEO Parag Agrawal tweeted. Elon's appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board," Agrawal said.
"I believe this is for the best."
"Elon is our biggest shareholder and we will remain open to his input," Agrawal added.
"Elon is our biggest shareholder and we will remain open to his input."
The world's richest man and with more than 80 million followers on Twitter, Musk last week disclosed a purchase of 73.5 million shares -- or 9.2 per cent -- of Twitter's common stock.
Within a week after announcing that the Tesla chief would be appointed to the board of Twitter, CEO Prag Aggarwal announced Musk is no longer joining the board.
(With inputs from AFP)

domain: economics


text:
Implications of the Sarbanes-Oxley
Act for Public Companies and the U.S. Banking Industry
The fall of several high-flying corporations, such as Enron,
Tyco, and WorldCom
in 2001 and 2002, resulted in the collapse of employee pension plans,
a drastic devaluation of corporate stock, a decline in investor confidence,
and a scrambling by legislators and regulators to restore the public’s
confidence. These events prompted many to ask how these corporate abuses
could happen. The mid-1990s had been characterized by strong corporate
growth, more aggressive risk taking by some managers, and a generally
profitable corporate sector, with only 70 public company bankruptcy filings
in 1994. However, by the early 2000s, the tide had turned, and public
company bankruptcies peaked at 257 in 2001.1
Corporate governance generally can be defined as the process of managing
an organization’s affairs or ensuring accountability. It can include
a range of activities, such as setting business strategies and objectives,
determining risk appetite, establishing culture and values, developing
internal policies, and monitoring performance. Corporate fairness, transparency,
and accountability commonly are viewed as goals of corporate governance.
To some, corporate governance simply means more active and involved participation
by the board of directors; others emphasize corporate “democracy”
or broader shareholder participation.
In the wake of widespread abuse and corporate scandal, corporate governance
issues emerged as the focal point for reform. Lawmakers and the administration
moved quickly to stem the damage to investor confidence with the enactment
of the Sarbanes-Oxley Act of 2002 (SOX). The rationale behind enactment
of SOX was to strengthen public financial reporting, improve internal
control processes, ensure auditor independence, and make corporate decision
makers responsible for their actions. This article provides an overview
of the SOX legislation, reviews key areas of study that have emerged since
the legislation was enacted, assesses the implications and costs of SOX
for public companies and FDIC-insured institutions, and summarizes new
regulations and standards implemented as part of other corporate governance
reform initiatives (see the box on page 19, “Other Recent Corporate
Overview of the Sarbanes-Oxley Act of 2002
Following the recent corporate scandals and the resulting demand for greater
transparency and increased integrity in financial reporting, Congress
and the administration wanted to help assure stakeholders that public
companies were operating in a sound manner. Therefore, SOX provisions
focus on the implementation of sound corporate governance practices. Two
of the more frequently cited sections of SOX are Section 404, which addresses
management’s responsibility for establishing sound internal controls
and assessing the effectiveness of these controls, and Section 302, which
requires company chief executive officers (CEOs) and chief financial officers
(CFOs) to certify the accuracy of company financial statements. Key provisions
of the SOX legislation are summarized below.
Impact of SOX on the Corporate Sector
Three distinct areas of analysis and study have emerged since enactment
of the SOX legislation: 1) the effect on compliance costs, 2) the effect
on the quality of corporate earnings and the level of earnings management,
and 3) the effect on firm and managerial behavior. Even though the research
on SOX is preliminary, the historical impact of SOX and the effects of
several large corporate scandals can be assessed by looking at changes
in stock prices following certain significant events.
Recent reports suggest that compliance costs for public companies are
ratcheting upward. Financial Executives International (FEI),
a research firm focusing on the business community, surveyed 217 public
companies with average revenues of $5 billion. The survey results show
spending on SOX-related services averaged $4.4 million during 2004, eclipsing
the $3.1 million these firms expected to spend on compliance-related issues.2
In addition, the results indicate that compliance with Section 404 of
SOX has spurred most of the increase. About 39 percent of compliance costs
are for external services such as consulting, while 30 percent are earmarked
for auditing fees. A separate survey of Fortune 1000 firms found that
these companies spent an average of $7.8 million on SOX compliance in
2004.3 About a quarter of these costs were
related to audit fees, consistent with the results of the FEI survey.
In a widely cited research paper on the economic implications of SOX,
Ivy Xiying Zhang of the University of Rochester
measured returns to stock prices on key legislative dates, ranging from
the introduction of SOX in congressional committee to enactment of the
bill, and found a large abnormal loss for companies on these dates.4
Tallying the losses, Zhang’s research showed the net private costs
of compliance with Section 404 were about $1.4 trillion and concluded
that investors perceived the purchase of nonaudit services and investment
in internal controls as costly.
Executives have expressed mixed feelings about the costs and benefits
of compliance with SOX. A survey conducted during first quarter 2005 by
Foley & Lardner, a national law firm providing
interdisciplinary services to global corporations, shows that 38 percent
of private company executives believe the costs equal the benefits.5
Interestingly, 29 percent responded that the benefits outweigh the costs,
while almost the same share (28 percent) believe the costs exceed the
benefits. Mixed results were also found in the FEI study cited above.
Although 55 percent of respondents to the FEI survey believe SOX increased
investors’ confidence with financial statements, the vast majority
(94 percent) also believe the costs of complying with SOX exceed the benefits.
Finally, a survey by the Risk Management Association
found that 59 percent of financial services firms believe SOX has “greatly”
or “somewhat” helped management to implement an operational
risk program that would minimize the risk of losses from inadequate internal
processes and systems or from external events.6
Although survey results suggest that the enactment of SOX is beginning
to boost investor confidence, opportunity costs also must be considered.
The SOX legislation contains numerous compliance requirements that force
corporate management to shift resources away from product development
or customer service activities. Costs also are attributed to learning
new systems and internal controls, complying with strict timelines, and
overseeing the work of others to deter fraud. Company executives are responsible
for certifying the accuracy of company financial reports and may face
penalties and fines for issuing misleading statements. This environment
could prompt management to become more risk averse and, as a result, constrain
product development and innovation.7
Earnings management is a term commonly used to describe the use
of generally accepted accounting principles (GAAP) to control how a company’s
financial statements are reported. For example, managers can use various
methods for recording inventories and depreciation that can have the effect
of smoothing reported earnings across time. Researchers have tried to
determine if SOX has improved the reliability of financial statements.
Gerald Lobo of the University of Houston and
Jian Zhou of the State University of New York– Binghamton
found that earnings management declined during the year when CEOs and
CFOs certified the accuracy of their company’s financial statements.8
Firms most likely to certify early fell into a larger asset size category,
reported higher quality earnings, and had a higher percentage of institutional
shareholders. However, other research concludes that CEO and CFO certification
did not affect stock prices, suggesting that investors perceived no benefit
from the certification process. Uptal Bhattacharya, Peter Groznik, and
Bruce Haslem of Indiana University studied the
market reaction of firms that began to certify their results and found
the market did not react to the news of financial statement certification.9
In a separate study, Northwestern University
professors Daniel Cohen, Aiyesha Dey, and Thomas Z. Lys examined earnings
management behavior, measured by accruals, for more than 6,000 firms.
They determined that earnings management increased through the 1990s but
declined after the enactment of SOX.10 However,
these researchers stop short of concluding that earnings management declined
only because of the enactment of SOX. Rather, other events, such as the
corporate scandals of the early 2000s, also are contributing factors.
To date, a paucity of data clouds the impact of SOX on earnings management,
and this area will benefit from additional research.
the Public Company Accounting Oversight Board (PCAOB)
with responsibility for overseeing the actions of public
accounting firms. The PCAOB oversees the auditors of public
companies; protects the interests of investors; and supports
the preparation of informative, accurate, and independent
auditor standards—requires audit partner
rotation, provides guidance on audit committee reporting
responsibilities, places restrictions on hiring external
audit staff to avoid auditor/client conflicts of interest,
and permits state regulators to determine whether PCAOB
standards should apply to smaller accounting firms.
management standards—outlines audit committee
standards, requires CEOs and CFOs to certify the accuracy
of financial statements, prohibits management from attempting
to influence an audit, establishes guidelines and penalties
for certain inappropriate actions by officers and directors,
bars persons who violated certain Securities and Exchange
Commission (SEC) regulations from serving as corporate officers
or directors, and prohibits insider-trading violations.
appropriate disclosures—requires accurate
material disclosures in reports, restricts personal loans
to executives, requires internal control disclosures in
annual reports, provides for timely disclosure based on
material changes in a company’s financial position,
and details the extent of financial expertise on the audit
Another line of study
has examined managerial behavior and executive compensation contracts.
The results of some of the analysis suggest a direct relationship between
managerial contracts and the incidence of corporate fraud.12
Firms whose executives had contracts with higher equity-based compensation
relative to total compensation were more likely to experience fraud. However,
the adjustment in managerial compensation following the enactment of SOX
may have influenced how corporations make investment decisions. A paper
by researchers at Northwestern University indicates that incentive compensation
relative to total compensation declined following implementation of the
SOX provisions.13 Furthermore, after controlling
for macroeconomic effects such as gross domestic product (GDP) growth,
the data show that expenditures on research and development, as well as
capital expenditures, also declined.
SOX also has influenced company decisions about whether to issue equity
shares to the public or to remain privately held. Researchers at the University
of Chicago found that the frequency of firms going private
increased following passage of SOX.14 However,
firms most likely to go private were smaller and characterized by a greater
percentage of insider ownership. For firms that go public, registration
and compliance costs have risen in recent years. Foley & Lardner estimate
that SOX requirements and the costs of listing on stock exchanges have
doubled since 2002 to an average of $2.3 million for firms with market
capitalization less than $900 million.15
In addition, the SOX legislation is affecting merger and acquisition (M&A)
activity. For some companies, selling to a larger company has been easier
and less costly than trying to take the company public, either because
of compliance costs or the inability to receive analyst attention.16
In a roundtable sponsored by PricewaterhouseCoopers
in spring 2004, leading M&A executives said SOX-related issues are
emerging in merger negotiations.17 For example,
targets that have been slow to comply with Sections 302 and 404 have led
to postponement of deals that otherwise would have been considered acceptable.
Panelists also noted that due diligence was becoming more complicated
and was lengthening the process of closing deals.
The Cost of SOX Compliance for FDIC-Insured
In the case of FDIC-insured depository institutions that issue equity
shares to the public, SOX compliance costs vary with institution asset
size, operating controls, management experience and staffing levels, financial
condition, local economic conditions, and the institution’s product
offerings. However, regardless of the size and type of institution, some
published studies show that overall compliance costs have increased since
the enactment of SOX.
An article in the
May 2005 issue of US Banker states that the
costs of complying with SOX can reach as high as $2 million for publicly
traded community banks. The article concludes that these costs are becoming
a significant factor in some banks’ decisions to go private and
avoid SEC reporting requirements. “To add $1 million to $2 million
in costs—with no income to show for it—makes a huge difference.
Community banks are having a hard enough time with compliance anyway,”
observes Patrick D. Daugherty, a partner with Foley & Lardner, who
was interviewed for the US Banker article.18
A May 2005 ABA Banking Journal article estimates
that compliance costs specifically related to legal, audit, Section 404
consulting, and administrative activities may exceed $500,000 annually
for a community bank.19
The American Bankers Association (ABA) estimates
that auditing expenses of community banks in the mid-Atlantic states tripled
from $193,000 in 2003 to $600,000 in 2004.20
Finally, the results of a survey conducted by the Independent
Community Bankers of America (ICBA) from December 1, 2004,
to February 25, 2005, show that the average outside Section 404 compliance
costs of publicly traded community banks total slightly more than $202,000.21
Although Call Report data do not specifically
break out SOX-related compliance costs, such expenses are included as
part of commercial bank noninterest or overhead expense. Total overhead
expenses have been increasing at large and small commercial banks, a trend
that may offer some insight into the impact of complying with provisions
of the SOX legislation.22 For larger commercial
banks (holding assets greater than $500 million), total overhead expenses
doubled from $122 billion in 1995 to an annualized $246 billion by the
first half of 2005.
Although the dollar volume of overhead expenses increased among
large commercial banks, the ratio of overhead expenses to average assets
tells a different story. This ratio reflects how well a bank is managing
overhead expenses as a percentage of average assets, and it actually dropped
52 basis points from June 30, 1995, through June 30, 2005. Much of this
improvement occurred during the past three years and is attributed to
the “other noninterest expense” component of total noninterest
expense.23 A closer look at the components
of this ratio sheds light on trends in expense and asset growth for large
banks. During the past ten years, overhead expenses grew at an average
annual rate of 7.33 percent, possibly a reflection of higher SOX-related
compliance costs, while the growth in average assets averaged 8.65 percent.
This more rapid growth rate may be masking the potential effects of higher
expenses for these institutions.
banks also are reporting lower overhead expense ratios. However, the improvement
in this ratio during the past decade was less than that of larger commercial
banks, largely because of a slower growth rate in average assets (see
Chart 2). Again, most of the improvement occurred in recent years and
was attributed to other noninterest expenses. During the past ten years,
total overhead expenses have remained relatively stable for smaller institutions—around
$27 billion. However, average assets have grown more dramatically—from
$775 billion in 1995 to slightly more than $800 billion in 2003, totaling
$840 billion by the first half of 2005. The growth in average assets has
outpaced the growth in noninterest expenses, helping to explain the decline
in the overhead expense to average assets ratio, despite the added compliance
costs that may be attributed to the enactment of SOX.
Although commercial banks are reporting improvement in their overhead
ratios, some banks, particularly smaller publicly traded banks, are considering
strategies that would exempt them from complying with SOX, such as going
private.24 Since January 2003, banking institutions
have filed more than 40 “going-private” transactions.25
An article published by the Federal Reserve Bank of Richmond
discusses SOX compliance costs and previews the challenges one bank, Darlington
County Bancshares, faced with the going-private decision.26
The advantages of going private include greater management flexibility,
fewer reporting requirements, fewer resources devoted to compliance, and
more efficient use of capital. This strategy has its disadvantages, however,
such as limited access to the capital markets; costs of going private,
such as legal fees; greater exposure to unsolicited takeover offers; and
fewer control procedures, which could expose an institution to resource
Governance for FDIC-Insured Institutions
FDIC-insured institutions, corporate governance determines
how management and boards of directors set corporate objectives,
run daily operations, consider stakeholder or shareholder
interests, ensure safe and sound operations, comply with applicable
laws and regulations, and protect the interests of depositors.
Insured financial institutions are operating in an increasingly
complex and rapidly changing environment. Bank management
and directors must know how to fulfill their fiduciary responsibilities
in a manner that will ensure the institution’s stability
and soundness. Although not specifically developed in response
to the SOX legislation, the FDIC’s Pocket
Guide for Directors offers timely guidance and
suggestions for an institution’s board of directors:27
and retain competent management.
with management, the institution’s long- and short-term
business objectives, and adopt operating policies to achieve
these objectives in a legal and sound manner.
operations to ensure they are controlled adequately and
are in compliance with laws and policies.
the institution’s business performance.
the institution helps to meet its community’s credit
independence when overseeing and evaluating management’s
actions and competence.
informed about the activities and condition of the institution
and the economic and business environment in which it operates.
the daily operations of the institution are in the hands
of qualified management.
management by establishing clearly communicated written
policies that address all significant activities, monitoring
the development and implementation of management reports,
providing for independent reviews and testing of compliance
with board policies and procedures, and heeding supervisory
preferential transactions involving insiders.
Discussion continues among policymakers and legislators about the effectiveness
and costs of SOX. Comments that appear in the text box on the following
page show that the effects of this legislation continue to be hotly debated,
raising the possibility of future legislative changes to the provisions
of the Act. In fact, in late March 2005 the ABA proposed some degree of
regulatory relief for corporations, including small banks and businesses.
The two-part proposal, submitted to the SEC, recommends increasing the
shareholder threshold for companies governed by SEC reporting requirements,
as well as reexamining the audit of internal control testing required
by SOX.28 Also in March, the ICBA urged the
SEC and PCAOB to exempt community banks with total assets less than $1
billion from compliance with Section 404.29
In addition, Representative Jeff Flake (R-Arizona) introduced a proposal
in mid-April 2005 that would make compliance with Section 404 of SOX voluntary.30
Overall, the enactment of the SOX legislation has pushed the corporate
governance debate to the fore, and this debate is unlikely to be resolved
in the near term.
prominent policymakers have criticized SOX and are calling
attention to possible negative consequences. The views of
two dissenters, in their own words, appear below.
Alex Pollock, Resident Fellow at the American
Enterprise Institute and former President and Chief Executive
Officer of the Federal Home Loan Bank of Chicago,
believes “there’s no doubt that this [SOX] is
tremendously costly. We don’t know exactly how much.
Estimates range from millions of dollars per firm for large
firms and many billions of dollars in the aggregate. The implicit
costs of diversion of employee and management behavior are
high. The accounting and legal costs are high. Virtually every
audit committee around the country is watching its audit fees
escalate by huge amounts, going up as much as 50 to 100 percent.
And, as we’ll get to later, the opportunity costs are
also very high, although it is very hard to know exactly how
high. Whatever these costs are, in general we know they are
disproportionately higher for smaller companies.”
Mr. Pollock suggests three reforms to “reduce the net
economic cost, the cost in excess of the benefits, of Sarbanes-Oxley.
With regard to governance by boards of directors, there is
only one reform that I think is really meaningful. That is
ensuring significant stock ownership by all directors. Second,
regulatory reform. The SEC and the PCAOB have to acknowledge
their own role in creating the morass of Sarbanes-Oxley cost
and bureaucracy, not just blame it on the accountants, and
then try to write more sensible, balanced rules. And thirdly,
Congress should acknowledge its own role in creating Sarbanes-Oxley.
They did something in a hurry, subject to a lot of political
fear. The best effort that I’m aware of to fix Sarbanes-Oxley
is a two-page bill introduced by Congressman Jeff Flake, a
Republican of Arizona, which I recommend to everybody.”31
Peter J. Wallison, a Resident Fellow at the American
Enterprise Institute and former Counsel to President Ronald
Reagan and General Counsel to the U.S. Treasury Department,
believes SOX stresses the wrong aspects of financial profiling.
He states, “In adopting the act, Congress acted hastily,
without adequate thought, and apparently without an understanding
of the problem it was seeking to address.
“In reality, the underlying cause of the collapse of
investor confidence was the recognition that audited financial
statements prepared under GAAP or any other system of financial
statement preparation currently in use could never give a
completely accurate picture of the prospects of public companies.
As a result, the appropriate policy for Congress would have
been to diminish the importance of audited financial statements
by encouraging the disclosure of information that is more
useful to investors and less subject to manipulation by corporate
“There is a consensus among financial experts that companies
are valued, not on the basis of their audited earnings, but
on the basis of their current and estimated future cash flows.
“For this reason, Sarbanes-Oxley’s sole focus
on audited earnings as the key to corporate financial disclosure
was wholly misplaced. After Enron, WorldCom and others, Congress
and many investors were concerned about the accuracy of financial
statements. The correct solution was not to create a massive
regulatory structure to improve the auditing process but to
encourage companies and the SEC to develop methods that will
provide investors with information on company cash flows,
making it easier for analysts and investors to understand
how effectively and efficiently the company is able to generate
has its ardent advocates. Views of several prominent SOX supporters,
also in their own words, appear below.
Former Federal Reserve Board Chairman Paul Volcker
and former SEC Chairman Arthur Levitt Jr. state
in a policy paper that appeared June 14, 2004, in the Wall
Street Journal, “measures to reform the
auditing profession and to assure its independence were central
elements of the new legislation. Complementing them were strong
new corporate governance rules ranging from who can sit on
their boards and audit committees to new and clear responsibilities
for internal controls and the accuracy of financial reports.
These reforms were long overdue, and have made companies more
transparent and accountable to shareholders. We are under
no illusion that complying with Sarbanes-Oxley and other new
regulations will come for free; financial and managerial effort
as well as money is required. But we believe that those costs
are justified in light of the benefits—the price necessary
to pay for more reliability in accounting, clear accountability
to shareholders, and more robust and trusted markets. We should
not let the relatively quick rebound of the markets induce
a collective amnesia toward the real pain and loss that investors
suffered, or blind us to the critical role that Sarbanes-Oxley
has played in restoring investor confidence and strengthening
our free market system. While there are direct money costs
involved in compliance, we believe that an investment in good
corporate governance, professional integrity, and transparency
will pay dividends in the form of investor confidence, more
efficient markets, and more market participation for years
William H. Donaldson, who recently stepped down
as Chairman of the SEC, believes SOX restores
consumer confidence in the stock market and creates healthy
business practices. He states, “It is already clear
that Section 404 is helping to strengthen the business operations
of these U.S. and foreign issues who have seized the opportunity
to use the internal controls assessment as a managerial opportunity
and not simply a compliance exercise.”34
Treasury Secretary John W. Snow,
when asked if Congress should modify SOX, responded that “Sarbanes-Oxley
was critically important legislation that met a real need
for the country at the time of those scandals. Sarbanes-Oxley
played a very important role in reaffirming the norms of good
corporate behavior, and, in some ways, I think [it] was absolutely
essential. Corporate capitalism depends on trust.” Treasury
Secretary Snow concedes aggressive politicians and investors
may rush to “criminalize innocent mistakes,” leaving
little room for companies to feel assured they can make such
mistakes. “The nature of business is that you aren’t
always going to be right.”35
George David, United Technologies Chairman and
CEO, states, “Sarbanes-Oxley is not bad.
We redid 30,000 financial processes in the company to meet
the regulations. We spent $40 million on it last year, though
we’ll spend less in 2005. Ultimately, it makes the company
better. There’s no silver bullet here. People think
you can write a new regulation, and there will be no WorldCom,
Enron, or Tyco. That’s not true. How long has the criminal
justice system been in place? We can improve regulations,
but problems will still come up. We have a very good system
of governance in the [average] American company. We have better
governance than in most parts of the world. Everybody is anxious
about [getting rid of] problems. It’s a hazard that
won’t go away.”36
Other Recent Corporate Governance Reforms
in corporate governance systems in the early 2000s precipitated
the enactment of the Sarbanes-Oxley Act, but this piece of
legislation was not debated and implemented in a vacuum. At
the same time SOX was being implemented, other corporate governance
changes were in the making, as many policymakers and industry
leaders recognized the need for a concerted reform effort
that would strengthen corporate governance and restore the
public’s confidence. These reform initiatives are far-reaching
and extend to some highly visible organizations in the nation’s
financial services sector—the NASDAQ Stock Market Inc.
(NASDAQ) and the New York Stock Exchange (NYSE), the American
Institute of Certified Public Accountants (AICPA), the Financial
Accounting Foundation (FAF), and the Financial Accounting
Standards Board (FASB). Key corporate governance rules and
standards implemented by these groups are summarized below.
The NYSE standards require that independent directors comprise
a majority of a company’s board of directors; the audit,
compensation, and nominating committees remain independent;
companies develop an internal audit function; members adopt
a code of business conduct and ethics; and stockholders vote
on stock option plans and any material changes to these plans.
The NASDAQ standards mandate that the majority of corporate
board members be independent, the authority of audit committees
be expanded, the role of independent directors in compensation
and nomination decisions be strengthened, shareholders approve
all stock option plans, companies develop codes of conduct,
and companies promptly disclose insider stock deals for transactions
The AICPA issued guidance to help auditors detect misstatements
resulting from fraud. In addition, the AICPA implemented standards
to enhance the quality control processes and procedures of
U.S. audit firms. These standards were issued following the
collapse of Enron—during a time when many public companies
were seeking new audit firms. AICPA members also granted the
professional association greater flexibility to ensure that
it can act in the public interest should a member violate
the accounting profession’s code of ethics.
Changes implemented by the FAF, which oversees the FASB, attempt
to improve the efficiency of the FASB rulemaking process,
as the FASB had been criticized for delays in issuing new
accounting standards. Under these new operating procedures,
the voting requirement of the seven-member FASB board was
streamlined from a supermajority to a simple majority. In
addition, FASB shortened the proposed rule comment period
as a means of expediting the issuance of new accounting guidance
and standards. The failure of Enron, which had several off-balance-sheet
partnerships with guarantee provisions, prompted the FASB
to issue guidance for variable-interest entities and guarantees.
This guidance addresses accounting requirements for a variety
of investment and financial enterprises and requires a company
entering into a guarantee agreement to record an upfront liability.
Robert E. Basinger,
Senior Financial Analyst
Daniel F. Benton, Intern
Mary L. Garner, Senior Financial Analyst
Lynne S. Montgomery, Senior Financial Analyst
Nathan H. Powell, Financial Economist
1.Bankruptcy Week. January 10, 2005.http://www.BankruptcyData.com.
2. FEI Survey on SOX Section 404 Implementation. March 2005. http://www.fei.org/news/press.cfm.
3. Charles River Associates. April 2005. Sarbanes-Oxley Section 404 Costs and Remediation of Deficiencies: Estimates from a Sample of Fortune 1000 Companies. http://www.sec.gov/spotlight/soxcomp/soxcomp-all-attach.pdf 196kb (PDF Help).
4. Zhang, Ivy Xiying. June 2005. Economic Consequences of the Sarbanes-Oxley Act of 2002. AEI-Brookings Joint Center for Policy Research. http://www.aei.brookings.org/admin/authorpdfs/page.php?id=1154.
5. Foley & Lardner LLP. March 10, 2005. The Impact of Sarbanes-Oxley on Private and Nonprofit Companies. http://www.fei.org/advocacy/sarbanesoxley.cfm.
6. Risk Management Association survey on Sarbanes-Oxley. May 2005. http://www.rmahq.org/RMA.
7. Powell, Scott S. May 2, 2005. Seeking a Cure for Sarbox. Barron’s.
8. Lobo, Gerald J., and Jian Zhou. Forthcoming. To Swear Early or Not to Swear Early? An Empirical Investigation of Factors Affecting CEOs’ Decisions. Journal of Accounting and Public Policy. http://ssrn.com/abstract=651423.
9. Bhattacharya, Uptal, Peter Groznik, and Bruce Haslem. September 2002. Is CEO Certification of Earnings Numbers Value-Relevant? http://ssrn.com/abstract=332621.
10. Cohen, Daniel A., Aiyesha Dey, and Thomas Lys. February 1, 2005. Trends in Earnings Management and Informativeness of Earnings Announcements in the Pre- and Post-Sarbanes Oxley Periods. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=658782.
11. The full text of the Sarbanes-Oxley Act of 2002 may be found at http://www.loc.gov/law/guide/pl107204.pdf 212kb (PDF Help). Other summaries of SOX may be found at http://www.aicpa.org/info/sarbanes_oxley_summary.htm; Executive Summary of the Sarbanes-Oxley Act of 2002, http://www.csbs.org/government/legislative/misc/2002_sarbanes-oxley_summary.htm; and the Public Company Accounting Oversight Board, http://www.pcaobus.org.
12. Johnson, Shane A., Harley E. Ryan, and Yisong Sam Tian. April 16, 2003. Executive Compensation and Corporate Fraud. http://ssrn.com/abstract=395960.
13. Cohen, Daniel A., Aiyesha Dey, and Thomas Lys. July 23, 2004. The Sarbanes-Oxley Act of 2002: Implications for Compensation Structure and Risk-Taking Incentives of CEOs. http://ssrn.com/abstract=568483.
14. Engel, Ellen, Rachel M. Hayes, and Xue Wang. May 6, 2004. The Sarbanes-Oxley Act and Firms’ Going-Private Decisions. http://ssrn.com/abstract=546626.
15. Thornton, Emily. May 24, 2004. Why Small Companies Want a Little Privacy. Business Week.
16. Quittner, Jeremy. November 1, 2004. Private Matters. Business Week, 50.
17. Corporate Development Roundtable: The Impact of Sarbanes-Oxley on M&A Transactions. July 2004. PricewaterhouseCoopers.
18. Patrick Daughtery participated on a panel on “Why and How to ‘Go Private’” during the 2004 National Directors Institute held May 19, 2004, in Chicago. The theme of this year’s conference was “Corporate Governance Reform: What’s Working and What Isn’t.” Daughtery noted that “by delisting, small (public) companies can save up to $2 million annually.”
19. Baran, Mark R., and Katherine M. Koops. May 2005. Escaping SOX. ABA Banking Journal.
20. Abernathy, Wayne. March 31, 2005. ABA Letter to SEC Proposes Regulatory Relief for U.S. Businesses. http://www.aba.com.
21. ICBA surveyed ICBA-member publicly held community banks. The response rate was 13 percent, with 91 banks responding. The survey included costs for 2004 or 2005, depending on the year in which each institution complied or is required to comply with Section 404.
22. FFIEC (Federal Financial Institutions Examination Council) Reports of Condition and Income—Call Reports.
23. Per Call Report instructions, noninterest expense equals the sum of salaries and employee benefits, expenses of premises and fixed assets, amortization expense of intangible assets, and other noninterest expense. Other noninterest expense includes expenses such as postage, legal fees, advertising, insurance premiums, sales tax, and auditing fees.
24 Sisk, Michael. June 2005. Going Private. US Banker, and Krebsbach, Karen. May 2005. SOX Costs Prompt Switch From Public to Private. US Banker.
25. Baran, Mark R., and Katherine M. Koops. May 2005. Escaping SOX. ABA Banking Journal.
26. Campbell, Doug. Summer 2005. Lights Out. Region Focus. Federal Reserve Bank of Richmond.
27. The FDIC’s Pocket Guide for Directors is available at http://www.fdic.gov/regulations/resources/directors/index.html.
28. ABA. March 31, 2005.
29. Letters to regulators. March 31, 2005. Implementation of Internal Control Reporting Provisions of the Sarbanes-Oxley Act of 2002.www.icba.org.
30. Flake, Jeff. Congressman Flake Introduces Legislation Reforming the Sarbanes-Oxley Act, United States Congress, April 15, 2005. http://www.house.gov/apps/list/press/az06_flake/050415SARBOX.html. See also Congressional Record, 109th Congress, H2100.
31. Pollock, Alex J. May 18, 2005. Economic Consequences of Sarbanes-Oxley. AEI. http://www.aei.org/publications/pubID.22625,filter.all/pub_detail.asp.
32. Wallison, Peter J. January 23, 2003. Poor Diagnosis, Poor Prescription: The Error at the Heart of the Sarbanes-Oxley Act. AEI American Enterprise Institute. http://www.aei.org/publications/pubID.15714,filter.all/pub_detail.asp.
33. Levitt, Arthur Jr., and Paul Volcker. June 2004. In Defense of Sarbanes-Oxley. AEI-Brookings Joint Center. http://www.aei-brookings.org/policy/page.php?id=188.
34. From a speech by William Donaldson in London. January 25, 2005. U.S. May Ease Corporate Accounting Deadlines for Foreign Firms.http://www.usembassy.org.uk/gb007.html.
35. An interview with Business Week senior writer Rich Miller. January 4, 2005. Sarbanes-Oxley: A Sense of “Siege.” A Q&A with Treasury Secretary John Snow on Corporate Reform. http://msnbc.msn.com/id/6798606/.
36. Brady, Diane. April 25, 2005. Sarbanes-Oxley Is Not Bad. BusinessWeek Online. http://www.businessweek.com/magazine/content/05_17/b3930023_mz001.htm.

domain: law


text:
18 May Weekreport: St Cruz Week III
Fishing report Santa Cruz at Los Plateados – Atlantic Steelhead
On week 3 the first Argentine team of the season joined Tres Amigos for a week of Atlantic Steelhead fishing. Gustavo and Eduardo were joined by our dear friend Lars (Sweden) and Wolfgang from Germany, after his week in Las Buitreras.
Shortly after arrival, our anglers immediately hooked into two chrome fish that both jumped off. Nevertheless a great start for the team, now more encouraged than ever!
The following day (the first full one) a total of 4 fish were landed out of 6 takes, with the biggest tipping the scale at 12 pounder for Gustavo. On Monday the team stacked up a similar number of takes with 3 Steelhead landed.. Biggest fish landed, just over 18 lb for Wolfgang, and a 13 pounder for Lars.
Mid week, Lars left us and Doug jumped right in. Almost considered local after 4 season of St. Cruz, Doug started well off and leading the field.
For this party, the week ended with 31 takes and 19 fish landed. Biggest fish was Wolfgangs, of 18 lb. Doug claimed the top rod with 15 Steelhead landed! An average for him of 2,5 fish landed per day – that are some figures we like to work with.
During the weekend we had a three day party, with Diego from Rio Grande and Sven from Germany. The fishing continued to be very productive with more than 20 contacts amongst the two of them!
Results for the 10 day:
Steelhead takes: 55
Steelhead hooked: 48
Steelhead landed: 36


The Oak Ridge Lady Wildcats scored more than 100 points for the first time since 2003 in a 104-19 win over Karns at home on Tuesday.
The girls were led by sophomore Jada Guinn with a game-high 30 points, the most for a Lady Wildcat since Mykia Dowdell, who is now a junior, scored 32 against Central in 2014, according to broadcaster David Clary.
It’s the 11th time the Lady Wildcats (14-2, 6-0 District 3-AAA) have scored more than 100, Clary said. The last time was in 2003 against Alcoa.
Coaches said the 30 points for Guinn, including 17 in the first quarter alone, was likely a personal best.
Five Oak Ridge players scored in double digits. Destiny Kassner, a starting junior, scored 12 points, and Mykia Dowdell, also a starting junior, had 11. Sophomore Shatyrah Copeland came off the bench to score 12 points, and senior Jamiela Southall, also a bench player, added 10.
The bench players got more playing time and points than they normally do. Substitutes came into the game at the start of the second quarter and again during the third and fourth quarters.
Turnovers hurt Karns (0-14, 0-7 District 3-AAA) significantly. The Lady Beavers had at least 10 turnovers in the first quarter alone, and at least nine of those led to Lady Wildcat baskets. Guinn had at least four takeaways by herself, and Oak Ridge led 63-10 at halftime.
Oak Ridge Coach Paige Green said the Lady Wildcats responded well after playing poorly Saturday in a 63-32 loss to Bradley Central in the championship game of the Andrew Johnson Bank Lady Classic in Greeneville. The girls played with much more energy, and their half court offense was good, although the half court defense needs work, Green said. The Lady Wildcats pushed the ball well in transition, and there was no falloff when subs, who received valuable playing experience, came into the game, Green said.
The point of emphasis was to get the ball inside, Green said.
Karns was led by Trinity Fisher with 10 points on Tuesday. None of the other Lady Beavers scored more than two points.
Oak Ridge, which remains undefeated in the district, will next play Halls (6-9, 4-3 District 3-AAA) at home at Wildcat Arena at 6 p.m. Friday, January 6.
More information will be added as it becomes available.
Do you appreciate this story or our work in general? If so, please consider a monthly subscription to Oak Ridge Today. See our Subscribe page here. Thank you for reading Oak Ridge Today.
Copyright 2016 Oak Ridge Today. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


text:
(Part 1) Isn’t here a paradise?! Travel to Kamikochi by bus in early summer, with info on how to go and what to prepare
Kamikochi is a mountainous scenic spot located in the city of Matsumoto in Nagano, with an elevation of about 1500m. The magnificent natural beauty has brought its national recognition as a cultural heritage site of Japan (Natural Monument & Special Natural Cultural Property).
I went to Kamikochi by bus and enjoyed a day of hiking there. In the first part of this article, I am going to introduce how to get to Kamikochi, what to wear and prepare for hiking in summer. If you are visiting Kamikochi for the first time, please check it out.
How to get to Kamikochi?
Perhaps you might think travelling to Kamikochi is difficult because it is a protected area where private cars are restricted to enter.
However, it is not true. Accessibility to Kamikochi is easier than you thought. When the park is open (usually around 27 April – 15 November every year), bus runs regularly to Kamikochi.
There are several routes available, whether you are coming inside or outside the prefecture, you will definitely find a bus line convenient to you.
・If you are coming from Nagano Prefecture, you might park your cars at Sawando and Hirayu Akandana parking lots and take a shuttle bus towards Kamikochi.
・If you are coming from other prefectures, you might take an express bus which runs from Matsumoto Station, Tokyo, Osaka and Nagano.
As you can see from the chart below, the travelling time to Kamikochi and bus fare are also appealing!
|Hirayu Akandana Parking～Kamikochi
|Matsumoto Bus Terminal～Kamikochi
|Approx. 1hr 30mins
※National Park Liner (Reservation required)
※Fare is based on arrival at Kamikochi ※As of 29 Jun, 2022
Now have you changed your mind and thought that travelling to Kamikochi by bus is easy?
Actually there are many other advantages of taking a bus to Kamikochi.
・ You can help preserve the nature by travelling together.
・Since you are not driving, you can enjoy the beautiful natural scenery at Kappa Bridge with a cup of tasty beer.
・ You can relax after a long walk.
・You can take a nap on the bus as long as you like.
・ You can enjoy the scenery from bus window.
・ Free from worry about driving on mountainous roads.
・ Have your luggage stored in the bus trunk.
I hope you can refer to my article and make the most of bus for travelling to Kamikochi.
What to wear and bring to Kamikochi?
Before going to Kamikochi, let’s have a review on the appropriate clothing and other essentials for hiking in Kamikochi.
The temperature between day and night varies a lot at Kamikochi. Even in summer, you may feel cold depending where you are or how the weather is. It is recommended that you wear sweat absorbent, quick drying innerwear, long-sleeved shirts, warm clothes and elastic pants that allow you to move easily and regulate body temperature.
The amount of ultraviolet rays is large in Kamikochi as it is located at a high elevation. Please make sure you wear a hat in order to prevent a sun burn, a heatstroke and from getting hurt. Particularly in summer, a wide brim hat is recommended to protect yourself against direct sun exposure.
Instead of uneven surfaces, the hiking paths at Kamikochi are mainly paved so wearing easy walking shoes such as sneakers is absolutely fine. If you are worried about rainy days, puddles or wet mud, wearing waterproof shoes such as hiking or trekking shoes helps keep your feet dry.
It is recommended to use backpacks that allow your hands to be empty. A good backpack should be small in size and comfortable to carry.
There are limited facilities at Kamikochi where drinks are sold. If you are hiking long distances, it is better to bring along at least 1 liter of water with you.
Mountain weather changes very often, with occasionally sudden heavy rains. Taking a compact umbrella with you will make your trip easier, but rainwear is necessary for longer walks. A waterproof outerwear keeps you warm and dry even when the weather is disagreeable.
【Bear warning bell】
Kamikochi is a habitat for Asiatic black bears (Ursus thibetanus). It is not surprising to find bear tracks everywhere at Kamikochi. For longer walks, it is recommended to bring a bell to scare off a bear. I also bought one on the spot.
As mentioned before, sunshine is particularly strong in summer. Even Kamikochi is a summer resort, please bear in mind to apply sunscreen to protect your skin from damaging rays.
It is not uncommon to find insects in an unspoiled environment, particularly in summer, when insects become more active. If you are afraid of insects, let’s carry out precautions to keep bugs away.
While you are at Kamikochi, your mobile phone might run out of battery very fast as you cannot stop taking photos of the breathtaking scenery. As you never know what will happen in next moment, for safety sake, bring a mobile battery with you in order to stay always in contact.
(Part 1)Isn’t here a paradise?! Bus to Kamikochi in early summer
Sorry to have kept you waiting. We are about to depart for Kamikochi.
In the first part of the article, we are going to take a bus from Matsumoto Bus Terminal and arrive at Taisho Pond, while in the second part, some recommended hiking trails and hotels will be introduced.
5:30 Departed from Matsumoto Bus Terminal
At 5:30 in the morning, I left the hotel and went to the Matsumoto Bus Terminal which was just next to the Matsumoto Station (Castle Gate). I was going to take the bus “National Park Liner” to Kamikochi which advanced reservation was required. I showed the bus ticket and boarded the bus. Seats were not pre-assigned, so I could take a seat anywhere I like.
The bus seated 4 people in a row and a folding desk was equipped at each seat. The leg room seemed to be more spacious than other buses. I had plenty of room to stretch my legs and didn’t feel uneasy to change to trekking shoes. Since the bus ride was short, there was no on board toilet in the bus.
After riding for about 1 hour, the bus passed through residentials areas and fields, and what came into my sight was only the mountain scenery. Sometimes, I could see a large dam and a beautiful pond, I felt excited as I was getting closer to Kamikochi.
6:56 Arrived at Taisho Pond
At 6:56 the bus arrived at Taisho Pond. After Taisho Pond, the bus also stopped at Imperial Hotel before arriving its destination, Kamikochi.
If you come for hiking, getting off at Taisho Pond is highly recommended. As I will explain in latter part of the article, you can fully enjoy Kamikochi if you start off your hike at Taisho Pond.
To be continued in Part 2
How was it? In the first part, we mainly introduced how to get to Kamikochi, as well as what to take and wear for hiking in summer. In the second part, we are going to walk through Kamikochi. Recommended hiking trails and hotels will also be introduced in the coming article, please stay tuned.

domain: geography


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Wednesday, October 02, 2002
Cardinals 12, Diamondbacks 2
St. Louis homers sends Johnson to early shower
The Associated Press
PHOENIX The St. Louis Cardinals treated Randy Johnson like some minor league nobody, and finally gave Matt Morris the postseason support he deserved.
Jim Edmonds and Scott Rolen each hit monster two-run homers and the Cardinals battered Johnson for a season-worst 10 hits in six innings in a 12-2 rout of the Arizona Diamondbacks on Tuesday night in the opener of their NL division series.
Morris, the number 57 and initials of late teammate Darryl Kile written on his hat, settled down after a shaky start to get the victory, something he failed to do in two outstanding outings against Arizona in last year's division series.
We've got a lot of desire and a lot of heart, Morris said, and it seemed to pay off today.
When Morris finished his seven strong innings, teammate Andy Benes hugged him in the dugout and said, You stood tall.
The Diamondbacks, meanwhile, looked nothing like the calm, efficient World Series champions, especially the big guy on the mound.
From the start, Johnson was not his scowling, intimidating self. His fastball never topped 95 mph. His slider had none of the nasty snap that has befuddled hitters all season.
With Kile's widow, Flynn, among the capacity crowd of 49,154, Edmonds launched a 424-footer to right in the first inning and Rolen hit a 427-foot shot to left-center in the third.
This whole year is for Darryl, the Cardinals' Fernando Vina said. (His death) crushed us all, and we're still crushed.
Johnson, No. 4 on the career strikeout list, managed to fan only four, two of them on foul third-strike bunt attempts by Morris.
I feel very, very bad that I put us in such a deep hole from the get-go, Johnson said. My slider was flat. My fastball fell on the middle of the plate. Going up against probably the best lineup in the National League, the two don't mix.
When Johnson left, bad turned to worse for the Diamondbacks. The Cardinals scored six runs off relievers Matt Mantei, Greg Swindell and Mike Fetters in the most one-sided postseason defeat ever for the Diamondbacks.
The Cardinals looked as if they knew what pitch was coming, leading to rumors that he was somehow tipping off his pitches. Not so, St. Louis manager Tony La Russa said.
We don't have anything on Randy, La Russa said. What we've got is a bunch of good hitters who respect him and swing hard and tonight they got some hits.
With two days off during the best-of-5 series, the Cardinals have to beat Johnson and/or Curt Schilling twice.
Schilling will go against Chuck Finley in Game 2 on Thursday.
Johnson had gone 5-0 with an 0.66 ERA in September and was 13-1 in his last 15 starts. In the process, he became the first NL pitcher in 17 years to win the pitching Triple Crown of victories (24), strikeouts (334) and ERA (2.32).
Morris allowed single runs in the first and third innings, then shut down the Diamondbacks. He gave up seven hits, struck out three and walked two in seven innings.
We scored a couple of runs early off him, Arizona's Mark Grace said. We were hitting his fastball, then he really went to his breaking ball, and he had his good breaking ball tonight.
It was a strong outing for the Cardinal hit hardest by Kile's death of a heart attack June 22 in his hotel room in Chicago.
Today's game was our offense, Morris said.
A year ago, St. Louis handed Johnson his lone loss of the playoffs in Game 2 of the division series, extending his postseason losing streak to seven. He won the next five, a playoff record, three of them in the World Series.
But he was in trouble in a hurry against the powerhouse lineup of the Cardinals.
Vina, who was 3-for-6 and scored twice, began the game with a routine grounder to shortstop Tony Womack, who threw wildly to first for an error. One out later, Edmonds hit a 1-1 pitch far into the right field seats.
The two first-inning runs were more than St. Louis scored for Morris in both of his starts in last season's division series against the Diamondbacks. Arizona won those two games 1-0 and 2-1.
Edmonds was 3-for-4, with singles in the third and fifth.
The Diamondbacks had four baserunners against Morris, but managed only one run in their half of the first.
Rolen made a spectacular play at third base in the third on Junior Spivey's high chopper. Rolen leaped to get the ball. While he was falling back, threw to first, where umpire Bill Miller called the runner out.
Arizona manager Bob Brenly protested, and replays showed that Spivey appeared to reach the base just ahead of the throw.
When you get beat 12-2, it's hard to blame it on the umpiring, Brenly said.
Notes: The Diamondbacks were 55-15 in games started by Johnson and Schilling this season. ... Arizona's Rick Helling made his first relief appearance since Aug. 15, 1997. ... The Cardinals have won five straight over Arizona, counting their three-game sweep in St. Louis last week. ... Benes gets the start in Game 3 Saturday because of Woody Williams' strained left oblique muscle.
Bengals' defensive numbers numbing
Bengals E-Mail Q&A: Early draft talk about Leftwich
Bengals Notebook: Rookie tackle signed
Colts' sellout string could end
Colts have tight end troubles, too
NFL Notebook: Marijuana adds to Moss' woes
UC ticket sales will measure interest
Huggins resting comfortably
UC gets high grade from graduates
Masters tennis likely to stay in Mason
College Football Notebook: Clarett pushes Ross out
Pacers open camp at Xavier
Elder, Kings still lead football polls
Ohio Football Computer Ratings
Difficult schedule benefits No. 1 Dixie
No. 1 St. Ursula tops No. 2 Ursuline again
St. Henry can't keep up with Assumption
Heile, Carling sectional golf medalists
Boys golf results
Boys soccer results
Girls golf results
Girls soccer results
Girls tennis results
Girls volleyball results
Return to Reds front page...


text:
AUGUSTA, Maine—A campaign that began over the summer succeeded in restoring a longstanding state law allowing voters to register as late as Election Day, while tossing aside a Republican-backed measure that would have required voters to enroll at least two days before an election is held.
A legion of supporters of same-day registration collected enough signatures in a month to force the issue to a public vote Tuesday, and they won with 60 percent of the vote.
"This tells us that Maine people won't stand for people messing with their elections," said David Farmer, spokesman for the Yes on One campaign.
The referendum was put on the ballot through a people's veto initiative after the Republican-controlled Legislature passed a law in June requiring voters to register at least two business days before an election is held. That set aside a state law passed in 1973 that allows Election Day, or same-day, registrations.
The nonpartisan public policy organization Brennan Center for Justice at New York University saw the law as part of a trend across the nation to pass laws keeping millions of potential voters from casting ballots.
"Hopefully this will send a message to legislatures and administrators that voters don't like their rights curtailed," the Brennan Center's Wendy Weiser said.
Maine Republican Party Chairman Charles Webster said his side was outgunned financially but he conceded his campaign came up short. "The people spoke," he said.
Lance Dutson, director of the conservative Maine Heritage Policy Center, which also opposed repeal, told the Bangor Daily News he had expected a closer vote but was "pleased at the discussion we helped to initiate around making our elections more secure."
Working on a compressed time frame to force a fall referendum, a coalition of 18 groups that included organized labor, civil libertarians, consumer and public health advocates, disabled and homeless groups mounted a petition drive that temporarily put the two-day registration law on hold.
The public debate that followed was marked by Webster's accusations of voter fraud, made possible by same-day registration. Webster's charges centered on university students who came from other states.
A review by Republican Secretary of State Charlie Summers concluded that there was no fraud, but Summers also said it showed Maine's election laws needed further hedges against abuse.
Republicans insisted that the two-day requirement would have given local clerks more time to check for abuse and make the state's election system more airtight. They said the issue has major political implications in Maine's political environment; elections and State House power can be decided by a relatively few votes.
Supporters of same-day registration countered that the law has long encouraged voter participation and has helped give Maine a consistent record of high turnouts. Gorge Mitchell, the former Democratic U.S. Senate leader who also served as special envoy under two presidents, endorsed same-day registration as well.
"Mainers sent a clear message -- the GOP made a terrible miscalculation when it rammed through this measure to limit access to the ballot," said Maine Democratic Party Chairman Ben Grant.


text:
The Funny Bunny Race For Parkinsons is a Running race in Las Vegas, Nevada consisting of a 5K.
Join us at W. Wayne Bunker Family Park for an entertaining spring morning. This unique and fun event will have something for everyone!
Runners, Walkers, and Hoppers alike will find eggs along the trail. Runners and walkers will receive Race Day t-Shirts and goody bags. Participants will receive a photo from the photo booth.
The Kids will enjoy a bunny hop for eggs, Petting Zoo, Bounce Houses, Face Painting, and more.
Someone will lead a 30 minute pre-race dynamic stretch, and then we're off to the races!
Help other racers! Let them know how the course, atmosphere, and schwag were!Write a Review

domain: entertainment


text:
The Media Lets Gallup Off The Hook
David Brockís Media Matters For America runs an entry this morning following up on our work yesterday to highlight the GOP bias in Gallupís poll samples. Gallupís CEO Frank Newport was given the chance by CNN to respond to concerns over Gallupís over sampling of GOP respondents. To say he got the pussyfoot treatment would be to put it mildly, but what would you expect CNN to do with a business partner? Note that Newport danced away from directly answering the criticisms over Gallupís GOP sample bias and instead went after MoveOn.org for their New York Times ad yesterday which made the same points we made two weeks ago.
The USA Today did run a small piece today that gave short shrift to the issue, while giving Gallup plenty of space to make its case. Again, what do you expect from a journalistic business partner, real journalism and analysis?
What CNN, USAT, and the rest of the media donít focus on is the effect that misleading polls have on shaping the outcome of the election. By releasing a garbage poll like this days before the first debate, the media is fed the notion willingly that Kerry needs to score a knockout or else the race is done. Rove manages to indirectly plant unrealistic expectations that Kerry cannot meet. Worse yet, the race is not as dire as Gallup portrays, so Kerry is in no need to score a knockout yet he will lose the post-debate spin because of the expectations that have been baked in the cake by Gallup and the media. A nice racket they've got there, huh?
Gallupís credibility remains in tatters. They can say all they want that they are not in the business of predicting elections, but rather that if the election were held this week, the likely voters would be composed of 43% Republicans and only 31% Democrats.
And that is still bogus.


text:
Residents celebrate Christmas at the moviesPosted: Updated:
For some New Yorkers, going to the movies on Christmas is a tradition.
Some flocked to Brooklyn's Alamo Drafthouse Cinema theater Monday as part of an annual tradition or to escape from some holiday pressures.
"The benefit of coming to the movies on Christmas is that you get to avoid seeing family and instead sit in a theater, watch “Star Wars” and eat warm cookies and drink beer," one woman said.
For those who don't like cooking for the holidays, the cinema served hot meals at viewer’s seats while they watched a movie.


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