just as you look at the sarbanes oxley law, and that's punishable in the statute by -- by jail time,ould have to say that most every banking ceo in america violated that statute. so i -- i think there were plenty of avenues that you could have taken to go up the ladder, especially when you have mass forgery. you have foreclosure proceedings where millions of false documents were put into the nation's courts and that basically ended up with a slap on the wrist. >> i want to talk about regulations, crime and punishment. but kneel, dodd-frank. tell us about what the law has actually done and whether it has come with a real set of teeth behind it. >> it is a big law. it does a lot of different things. for me some of the more important parts are -- are a new set of authorities that allow the federal reserve to regulate any financial institution that could create risks for the broader system. you had these very large companies who really were not overseen in a methodical way by the government at all. at the same time they were creating these massive risks for the economy. that's one thing

bad subprime mortgages and "the wall street journal" editorial attacked me said we created a sarbanes oxleynership for those that can afford it is a good thing. but pushing people into it when they're at the economic margins, i've always been opposed. >> part of the issue as well is that so many banks or investment funds have gotten into the business of buying up properties and then renting them out. the question is if more and more americans are ultimately going to be renting these properties from the investment class, you can give it any kind of overtones you want to, is there something to be worried about there, though? i mean, if you look at the state of play today, what verdict would you render on it? >> no. you want to make sure these people that own the housing are held to a high standard. we've had that for a long time. one of the things that should be changed is this, i hope we'll get a more rational tax structure. right now there is this quirk. the owner of the property gets the tax break. the renter doesn't. i think if you're going to have that situation, there should be an amend

. >> it's been about as effective as sarbanes-oxley which mostly in business is just cost companies money. >> let me turn you now to a growing trend in the united states among companies and this morning, we heard from walgreens or it was reported that walgreens is now going to sort of stop paying for company sponsored insurance and give its employees a stipended to go on to the newly forming insurance exchanges to buy their health care coverage. realizing you only have a u.s. work force of about 1,000, does this strike you as a good idea? would you consider it for your company? does it tell you that companies are increasingly trying to get out of the business of providing insurance to employees? >> well that certainly has been the case that companies are trying to get out of that business, but the complexity for us is 2.8 million women around the world, so our focus is where the masses of population are and where the growth is going to be. do we have to pay attention to that? this is our base. yes. but it's not our focus. >> mr. goings thank you very much and congratulations on your work

see a page it was called sarbanes-oxley review i remember him. somebody whose heart he wants an hour. [laughter] a good guy, a rhodes scholar. >> a good way to live a very long time. >> so i asked bernie, what's the book? he said that your department. so i thought about it and i thought about the fact that both he and todd admitted they wanted to pass and a piece of legislation in response to the great crash. and i realized that the world had really never had a good book, a monitor describing how it got named. so i suggested first to barney and then how about if i get into this is an insider? your stats cooperate with me. you type in command a regular basis. let's see what happens. burning in fact i think is what he had in mind, looking for some thing he thought would be sympathetic to record this historical event. it is perfectly understandable under the circumstances, which is slightly anxious candidate for reelection with a really lousy situation and was nervous. he said he would cooperate wonderfully. but i asked if he could approve whatever

after sarbanes-oxley, one in 12, instead of one in two. brokers in london have pictures of senator sarbapes and congressman oxley iner that office. that tells you something about what regulation is doing to us. we are overregulated. you may think there are good things or bad thing about the regulations. one can differ about that. but regulation at the present time and high tax rates impede growth and recovery. >> thank you very much. to all three of you. and dr. zandy, let me start with you. you stated that you expect lawmakers to come together at the last minute because the failure to do so would, and i quote, have dire economic consequences. and i think that's a very sensible and rational position and -- for anybody to assume that those of nuss elected office and sent here to do everything we can to avoid enflicting harm on our economy and our constituents would do everything we could to do that but i worry because there seems to be a lot of dysfunction and unwillingness to compromise here today and i think many of the people need to unde

she made a very interesting comment about -- >> do you ever have to sign sarbanes oxley?transition here. >> here's the transition. she made a comment about certain types of executives, she was referring, i think, to steve and bill and microsoft doing very well in the enterprise but not necessarily doing very well in the consumer space. cisco has focused mostly on the enterprise and done very well there and hasn't always done very well on the consumer side. >> for sure. >> you may suggest i'm wrong on that. but i think that's the prevailing view. do you agree with her? >> well, i can answer it from a cisco perspective. so as you probably know, yes, we've done extremely well. as far as what we've done in the enterprise and commercial market. we have tried to be successful in the consumer market on a couple of occasions. and within the last year, we made some decisions to pull back from the consumer market. we had the acquisition we did many years ago that we ended up spinning out a quarter or two ago and then we had the flip, if you remember the flip camera we had a couple

in the last 12 years, washington, d.c., has had the feingold campaign finance reform, sarbanes-oxley, dodd- frank, and no child left behind. we had medicare part d. we had obamacare in 2010. in any other period in our country's life, the legislation of this magnitude would be historic. we are told that this does not work. washington is not broken. washington is a finely tuned machine that is aimed at expanding government, taking away our freedom, and picking winners and losers in the economy. [applause] but here is the dirty secret. all of us in this room together, when we stick together, when we make sure that our voice is heard, when we hold congress accountable, we can stop it. they cannot pass this legislation unless we allow them, and if we go to their town halls, if we go to the ballot box, if we demand change from washington, we will get it. [applause] and so, we have a problem in washington that there are a lot of people that seem to be part of the no, we can't caucus. they say, no, we cannot have a low, flat, fair tax. they say, no, we can't get rid of our department of educa