Activist presses for Sarbox costs disclosure

Steven Milloy, who co-manages the conservative-oriented Free Enterprise Action Fund, is pressing top Wall Street investment banks to report the costs of Sarbanes Oxley. Specifically, he has asked firms to sponsor resolutions that will require them to disclose the costs and the impact on investment banking business.

If the action was politically motivated, he's preaching to the choir. Is there anyone left who is not concerned with the costs? But truth be told, this strikes me as a decent idea for all firms. It may be true that for many the costs still outweigh the benefits. But others may have finally refined their processes to the point that the costs are worth the effort. In any case, it wouldn't be a bad thing for public companies to discuss this. Of course, you would have to do the same for other laws, and it could all get a bit messy--fast. No word yet on how Wall Street firms will handle the request.

For more on this:
- read this MarketWatch article