emerging growth companies a five year exemption from some of the most honest provisions of the sarbanes oxley accounting rules that president george w. bush side and dodd frank and other rules and that you're already seeing has really has really helped some smaller firms including you know. intact for biotech. some of the most prominent that have been specifically utilized provision of the jobs that have been kayak the travel search company and five below the retailer and they've had successful i.p.o. as their investors have grown wealthy it's work sensible to retail investors so they can grow wealthy with the companies at the start up or emerging growth stage rather than just hedge funds as in the case of facebook and so you had the facebook implosion which of course facebook was much too large for the jobs act but people blame the jobs out going on but i think that the jobs act is a cure the people can grow wellesley with the next facebook as they grew because i would listen to the go into the public sort of be accessible the public in a smaller stage just as companies in the eighty's like

firms that imploded and had problems and it didn't stop them it just made they sometimes called sarbanes oxley which again president bush certainly the great the regulator side the accountable employment act so you know i think these are you know just a few provisions it's the internal controls revision where you have to fully tast all of your auditing processes for a smaller company that can quadruple some of their auditing costs so i think i don't i don't think i don't think it's been shown that these provision has been the provisions have been a benefit to the investing public since they've been enacted and i don't think you know and i think you had some successful i.p.o.'s in the job that you really haven't had no i'm not ruling it out later any scandals as a result of companies that have listed specifically under the jobs act now. we need to implement the rest of it right and getting the job agnes woman to use and it's really been a slow process the former chairwoman of the s.c.c. mary shapiro she didn't want to and harriet's. an anti investor legacy so she's kind of left it to you who's

switch or does so for a set of eyes gets a look at the books and records well i would say that sarbanes oxley is something that certainly increased regulatory burdens on a lot of firms unfortunately there is yet to be a single prosecution under it so can we really expect any of these changes if they are in fact implemented to finally be enforced. well we have two problems number one is that the order it's a limit to the nature and have to be beefed up number two is even if they have even if they have beefed up you have another general problem of the competency in the accounting profession you seek counsel to what the count beings they count they taught to walk. to walk get documentation they taught about accounting rules but one of the things that they don't learn in school is the behavioral elements of fraud how people take advantage of them how people distract them from what they're doing how people manipulate behavior so that the order to don't ask the right questions don't look in the right places we don't teach the psychological elements of fraud to the accounting profession and i don't

switch or does so for a set of eyes gets a look at the books and records well i would say that sarbanes oxley is something that certainly increased regulatory burdens that a lot of firms unfortunately there is yet to be a single prosecution under it so can we really expect any of these changes if they are in fact implemented to finally be enforced. we have two problems number one is that the or it's are limited in nature and have to be beefed up number two is even if they have even if they have you have enough a general problem of the competency in the accounting profession you seek counsel to what the county beings they count toward to wall. to wall get documentation they talk about accounting rules but one of the things that they don't learn in school is the behavioral elements of fraud how people take advantage of them how people distract them from what they're doing how people manipulate behavior so that the order to don't ask the right questions don't look in the right places we don't teach the psychological elements of fraud to the accounting profession and really should i appreciate yo

i have never seen a law, major financial, sarbanes-oxley implemented when it was supposed to be implementedars after the fact, we don't have it implemented. according to gallagher we'll get on monday it probably won't be implemented. lori: look down the road five years. there will be all the backpedaling. certain institutions probably not have self-corrected as you put it. >> right. lori: they will face -- >> i think one promise is when you have like the london whale situation trading bank portfolio, where does that fit within volcker? nobody knows. lori: nobody knows. you have your finger on the pulse. melissa: a lot of people saw you choke on the air yesterday. they were commenting about it? >> i won't get into what they said. there were sexually provocative comments. we'll talk about this off-camara. lori: charlie, thank you. melissa: charlie gasparino, holding his tongue. who knew that was possible? not me. why don't we check on the markets. keith bliss is on the floor of the new york stock exchange. keith, we're here at a session, coming back a little bit, if you call down 146 that. te

in a business environment, sarbanes-oxley requires that companies go through their entire system to make sure that not only the details, the trees, work, but that the forest works as well. is there anybody who steps back and says, the goal is to protect privacy and our civil liberties, and we are doing the best we can? is there an internal control audit, so to speak, that looks at the system and says, we have got the waterfront covered? >> there are periodic reviews that i have described that audit everything that is done under both of these programs by both nsa and the department of justice, and the office of the director of national intelligence, and we report to the court and we report to congress. all of that is done looking at the whole program at the same time. >> i understand that the various pieces work well and are designed to create that process, but is there an overall look at everything that is done, to say, we have got it all covered? and if we do not, where do those suggestions get embedded? have we had suggestions where we have said, we do not need to do that? >> there are

in a business environment, sarbanes-oxley requires that companies go through their entire system to makesure that not only the details, the trees, work, but that the forest works as well. is there anybody who steps back and says, the goal is to protect privacy and our civil liberties, and we are doing the best we can? is there an internal control audit, so to speak, that looks at the system and says, we have got the waterfront covered? >> there are periodic reviews that i have described that audit everything that is done under both of these programs by both nsa and the department of justice, and the office of the director of national intelligence, and we report to the court and we report to congress. all of that is done looking at the whole program at the same time. >> i understand that the various pieces work well and are designed to create that process, but is there an overall look at everything that is done, to say, we have got it all covered? and if we do not, where do those suggestions get embedded? have we had suggestions where we have said, we do not need to do that? >> there are

in a business environment, sarbanes-oxley requires that companies go through their entire system to makesure that not only the details, the trees, work, but that the forest works as well. is there anybody who steps back and says, the goal is to protect privacy and our civil liberties, and we are doing the best we can? is there an internal control audit, so to speak, that looks at the system and says, we have got the waterfront covered? >> there are periodic reviews that i have described that audit everything that is done under both of these programs by both nsa and the department of justice, and the office of the director of national intelligence, and we report to the court and we report to congress. all of that is done looking at the whole program at the same time. >> i understand that the various pieces work well and are designed to create that process, but is there an overall look at everything that is done, to say, we have got it all covered? and if we do not, where do those suggestions get embedded? have we had suggestions where we have said, we do not need to do that? >> there are