Deloitte & Touche Needs Sarbanes Oxley

James Quigley of Deloitte & Touche, one of the world's largest accounting firms, sounds off as to why we need Sarbanes Oxley. Umm, ok.

Sarbanes Oxley is a giant piece of bureaucracy, which basically taxes every American public company, big and small. And the money goes straight into the pockets of accounting firms. Most of us outside the accounting field would call this pork. As a result, a lot of America's youngest start-ups are deciding to go overseas, say to the London Exchange, where they don't have to pay this over-bearing tax. Well, everyone knew this would happen, everyone but Congress.

If Congress continues to do stupid things, they're going to lose a lot of good American companies.

Quigley knows where he can put Sarb-Ox.