when we get rid of dodd-frank, we get rid of sarbanes oxley as well. am convinced that we're living at a time when an era is ending. this is significant. it can be depressed at times when you look at will with -- what happened in washington. get close -- you come close to victories. washington is responding to slowly. the end of an error provides an opportunity and i think recently about what error are we talking about? i would say first of in the last 100 years, what about 1913? that was the beginning of an era. that was the beginning of a time when they said, with the incom

when we get rid of dodd-frank, we get rid of sarbanes-oxley as well.m convinced that we're living at a time that an era is ending. this is significant because you can be depressed at times when you look at what's happened in washington, you work hard, you come close to victories, you don't have real victories. washington is responding too slowly. the end of an era provides an opportunity. i think recently about what era are we talking about? i would say first off, in the last hundred years approximately, what about 1913, that was a beginning of an era. that was a beginning of a time where they said, you know, with the income tax and the new foreign policy we're going to have, we're going to make the world safer democracy and we're going to have a war to end all wars and we're going to have a federal reserve that's going to get rid of the business cycle. on and on. we were going to introduce this wonderful era. guess what, the era is not with us anymore. it's over and done with. we're just looking at the last vestages of a bad program started in 1913. w

this is sarbanes-oxley section 906, you know i get up very early. >> and read sarbanes-oxley.d section 906 cry is the criminal penalties for the ceo/cfo financial statement certification. without getting too inside baseball, basically in terms of content the statement required under subsection a shall certify the periodical report complies with the requirements of section 3a and 15d of the securities and exchange commission act of 1934. it's been reported there will be no charges related to what happened with mf global, sarbanes-oxley, you know what it's worth? it's worth nothing. because that, if you cannot tell me that they could not find a case against certification of the financial statements, having something to do with mf global then why do we even have sarbanes-oxley? >> this is a lay person's question, but they said no criminal charges. so sarbanes-oxley, if you found something guilty in sarbanes-oxley is that a violation of securities law or the basis for criminal charges? >> i'm not a lawyer. i went to business school not law school. i believe the intent of sarbanes-

be a lot of accounting fraud that that from what i understand could have been prosecuted under sarbanes oxley which has not so my question to you how close are we to a situation where crazy eddie could occur again. it's occurring right now it's occurring all over the place for arms with impunity manipulate numbers and the f.c.c. does nothing except all we caught you fix your numbers and walk away give you an example of one company please do on. our itinerary group on group on group on group on was reporting revenues that was in violation of generally accepted accounting principles its order thing for him i believe was ernst and young the big four accounting firm and they said that it wasn't compliance but it wasn't too accounting profess ed katz from penn state university and anthony kept the nation building the university read the documents the public documents they don't have access to the books and records they're on have access to management they don't have access to the company premises they just read the company's books and records and they find their groupon was overstating its revenue

so when we're getting rid of dodd-frank, we get rid of sarbanes-oxley as well.sed that we're living at a time that an era is ending, and this is significant, because you can be depressed at times when you look at what happened in washington, you work hard, you come close to victory, you don't have real victories, and it goes on and on. you say, this is too overwhelming. washington is responding too slowly. but the end of an era provides an opportunity, and i'm thinking about, what era are we talking about? first off, in the last 100 years approximately, what about 1913? that was a beginning of an era. that was a beginning of a time where they said, you know, with the income tax and a new foreign policy, we're going to have -- we're going to make the world safe for democracy, and we're going to have a war to end all wars, and we're going to have a federal reserve that's going to get rid of the business cycle, on and on. we were going to introduce this wonderful era. well, guess what. that era is not with us anymore. it's over and done with. we're just looking at

you want to know why we don't have more ipos start with sarbanes oxley which came out of government. not free-market. and in terms -- what wall street did during this whole period, massive rise of derivatives and crazy instruments came in response to chronic instability in interest rates, currencies caused by mistakes made by the federal reserve and others. when you have chaos in the markets people going to take a chance to make money off of it. that is what markets are about. or try to hedge themselves against it. one of the things that is wonderful about wall street, finance as a whole is extraordinary adaptability and creativity george gilder mentioned. hedge funds and the like were able to provide gains to pension funds at a time when markets were stagnant and you see creation creating new instruments of the time. crazy instruments created in recent years were in response to the chaos created by government. >> should wall street or government be on trial here? >> thirty-second. >> big government. >> thank you. >> your witness, mr. frank? >> i wonder if i could follow up on the is

with what i saw both at deloitte & touche dealing dealing with sarbanes oxley and then again with thepill what i saw really opened my eyes to government's involvement in all of our lives and i feel we can do a much better job. unfortunately with the economic situation we're in right now, it shouldn't be a partisan fight. whether you look back historically, whether it is 9-11 or katrina we came together as a country. that's the same situation we're in. we must unite as a country and solve the problem at hand. >> jennifer: you seem like a perfectly rational, articulate, smart, young person and willing to put yourself out there. at the end of the day though, are there enough sane democrats and independents in your district for you to be able to beat allen west? >> well, that's the great news. allen west is one of the only tea party members that's actually in a democratic-leaning seat. this district voted for obama so the numbers are there. we just have to get people out to vote. there's no big secret here. people show up to vote, we win this race. we're currently dead tied in the polls r

sarbanes/oxley, dodd/frank. romney said numerous times he wants to get rid of those.s will some spin i am missing? >> yes, there is. sorry. >> please, tell me. >> okay. so -- if you -- don't -- if you believe that dodd/frank is crippling the ability of banks and institutions to lend the small businesses to help the financial -- help lending, then -- want to -- get rid of things that are hurting the regulatory -- lending industry, then that doesn't mean juan to get rid of all the regulations. i don't understand -- >> wait a second. sean, come on now. that -- that's disingenuous. they said numerous times -- >> no, no. >> do away with regulations, pesky regulations that are -- you know, stopping the job creators. come on. they just said that. >> throw it back -- hold on. one question. prior to dodd/frank, which was a year ago, are you telling me that there was no regulation on wall street? it was -- it was -- okay corrale on wall street and could do whatever they wanted? >> on cbs he said he wanted to do away with regulations. like dodd/frank. nobody is -- then he says -

start with sarbanes-oxley. [applause] and what wall street did look at the massive rise of derivatives came in response to chronic instability interest -- interest rates, by mistakes made by the federal reserve. we have chaos in the markets or try to head to themselves. one of the things that is wonderful extraordinarily adaptability to provide games at pension-fund some and creating new instruments all the time. it is a response to chaos created by government. >> should wall street or government be on trial? >> that is easy. big government. [applause] >> your witness. >> mr. forbes could i follow condi issue of crony capitalism? referring to the goldman sachs purchase of a.g. of $12 billion of credit default swaps 14 mortgages they would get to up payment if they plant belly up. at the time goldman should have known the only way they would go into default if there was a radical decline of housing prices. it should have known if that happened ag had no reserve to pay out to the insurance goldman sachs would col

start with something called sarbanes oxley which came from the government, not free market. what wall street did during this whole period, derivatives and the like and crazy instruments came in response to chronic instability, interest rates, currency caused by mistakes made by the federal reserve and others. chaos in the markets and people take the chance to make money off of it and markets are about that or try to hedge themselves against it. one thing that is wonderful about wall street and finance as a whole the extraordinary adaptability and creativity george gilder mentioned, hedge funds and the like. they were able to provide gains to pension funds one markets were stagnant and the creation of new instruments and crazy instruments created in recent years in response to the chaos created by government. >> wall street or government should be on trial here? >> that is easy. big government. [applause] >> your witness, mr. frank. >> i wonder if i could follow up on the issue of crony capitalism by focusing on one particular example. i refer to the goldman sachs purchase fr

and there was another time when they were there that they passed sarbanes-oxley.-frank, we get rid of sarbanes-oxley, as well. [cheers and applause] i am convinced that we're living at a time where an era is ending, and this is significant, because you can be depressed at a time when you look at what is happening in washington. you come close. you get close to having victories, and this is too overwhelming, and washington is responding too slowly, but the end of an era presents an opportunity, and i have the sinking recently about what era are we talking about, and i would say in the last 100 years, probably about 1913, that was the beginning of an era. ] [crowd boos] that is an era where they said with the income-tax, we would make the world safer for democracy, and we will have a war to end all wars, and we will have a a federal reserve to get rid of the business cycle. on and on. we were going to introduce this wonderful era. s guess what? that era is not with us anymore. it is over and done with. we are just looking at the vestiges of a bad program started in

and there was another time when they were there that they passed sarbanes-oxley.n the conservatives were in charge, so when we are getting rid of dodd-frank, we get rid of sarbanes-oxley, as well. [cheers and applause] i am convinced that we're living at a time where an era is ending, and this is significant, because you can be depressed at a time when you look at what is happening in washington. you come close. you get close to having victories, and this is too overwhelming, and washington is responding too slowly, but the end of an era presents an opportunity, and i have the sinking recently about what era are we talking about, and i would say in the last 100 years, probably about 1913, that was the beginning of an era. [crowd boos] that is an era where they said with the income-tax, we would make the world safer for democracy, and we will have a war to end all wars, and we will have the federal reserve to get rid of the business cycle. on and on. we were going to introduce this wonderful era. so guess what? that era is not with us anymore. it is over and done w