Online Gambling, Leadership in Business vs. Politics and Corporate Accounting
1. NANNY STATE
The State of California is working to (partially) “legalize” online gambling.
“This type of restricted legalization is, not only offensive to defenders of individual rights, open markets, or personal privacy, but also it just will not work or do what [Sen. Rod] Wright and proponents hope it will.”
Former congressman Mickey Edwards writes on the qualities of leadership necessary in business and politics.
Business cannot make utopian promises as government frequently does – social security, universal health care, generous cost-of-living increases, a cure for cancer, energy independence, zero pollution. And that lack of a metric can lead nations – and certainly firms – to bankruptcy. The plights of Greece and Illinois, to mention but two, are examples of the need for the ‘sustainability’ virtue that business can offer to politics.”
The Supreme Court issues its ruling in the case of Free Enterprise Fund v. Public Company Accounting Oversight Board.
“Congress was in a huge hurry to show that it could proactively react to Enron’s collapse, and so it enacted this sweeping regulatory law, one of whose provisions was to set up a whole new agency overseeing accounting. And what this agency, PCAOB, succeeded in doing was turning accounting from a minor expense for most companies into an incredibly major expense….”