Academic

SOX section 304 provides for clawbacks on misstatements.  How to enforce this?  The SEC may have come up with something new:

SEC Chairman Mary Schapiro cast the deciding vote last week to take legal action against Maynard Jenkins, the former CEO of CSK Auto Corp., the people said, declining to be identified because the deliberations aren?t public. The SEC, which earlier settled a CSK accounting fraud case it said was overseen by other employees, may announce the so-called clawback effort as early as today.

Larry Ribstein, who is quoted in the article, has further commentary here.