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TEXT OF STORY
MARK AUSTIN THOMAS: Carly Fiorina hits the bookstores today. Her memoir “Tough Choices” chronicles her time as CEO of Hewlett-Packard. Rachel Dornhelm reports.
RACHEL DORNHELM: After the Enron and WorldCom melt downs, Congress enacted the Sarbanes-Oxley reforms.
They were meant to swing more oversight responsibility to company boards.
Securities lawyer Lance Kimmel says this came to a head around the time Carly Fiorina was ousted.
LANCE KIMMEL: Sarbanes Oxley may have allowed certain board members to feel more emboldened that they were a little bit safer in speaking up, because it was going to be difficult in a Sarbanes-Oxley environment for there to be retribution.
Kimmel says Sarbanes-Oxley has mainly helped businesses be more functional, but ironically at HP, with its long-term struggle of personalities, the slight shift could have accelerated the scandal
Kimmel expects Fiorina’s book will add more details to a story that will likely take a long time to tell.
I’m Rachel Dornhelm for Marketplace.
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