Your argument is not only cynical, it’s dangerously ignorant of how U.S. securities law actually works. The Sarbanes-Oxley Act of 2002 was specifically enacted to address the kind of fraudulent corporate behavior you’re hand-waving as “normal.” Under SOX, executives who knowingly certify false financial statements are subject to criminal penalties, including up to 20 years in prison (Section 906). That’s not a slap on the wrist, that’s a felony.
Yes, amended filings exist. They’re part of the regulatory framework to correct honest mistakes, not a get-out-of-jail-free card for fraud. And no, “everyone does it” is not a defense. Under SOX, companies are required to implement and document internal controls (Section 404), and auditors are obligated to test and report on those controls independently.
So no, my argument isn’t moot.
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