Monday, December 31, 2007 Warren Buffett's entry into the muni bond insurance market could represent perfect timing, both financially and politically. Investors can only hope he'll seek to do good while doing well. Specifically, he can help put an end to an egregious double standard. While Congress has been busy crafting still more regulations on private business, Members have ignored SEC warnings about the lack of transparency in government finance. Unlike publicly traded corporations, state, county and city bond issuers don't have to provide timely, robust disclosure or follow standard accounting practices. Yet the same Washington pols who cheerfully ratcheted up the pressure on companies via Sarbanes-Oxley apparently have no time to address shady accounting in the public sector. The recent history of government frauds from San Diego to Syracuse suggests they should make time. Labels: accounting standards, public sector, Warren Buffett Previous articles La Vita Less Dolce - SOX, Italian Style
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