Monday, June 28, 2010

Supreme Court gives challengers of the PCAOB an empty victory

The WSJ and other news outlets are reporting that the U.S. Supreme court ruled that the PCAOB is unconstitutional. From what I can tell, the ruling basically changes the structure of the PCAOB so now directors can be fired at will instead of "for cause" as before. In any case, the news reports are saying that the PCAOB can continue operating as is. The main change is that the directors have less job security. Talk about anti-climactic!

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