The Role of Lawyers in Corporate Disclosure

Jeffrey Toobin: Sarbanes-Oxley was a seminal piece of legislation that really, I think, broke a lot of windows and barriers in terms of what could be required here. He says Congress also had a lot to say about the role of lawyers at least sort of tangentially to these frauds. Toobin: The SEC adopted a single standard to require lawyers to report legal violations or potential legal violations up the ladder to the board. But neither comprehensive minimum standards nor enforcement has ever been put in place.