PHILADELPHIA-It doesn't take a risk-averse general counsel to stay away from betting on how financial reform regulation will unfold, but that doesn't mean all eyes aren't on what might be coming down the pike.
The general consensus of a panel discussion last week led by former US Securities and Exchange Commission Chief Accountant Lynn Turner was that few of the current proposals out there in response to the economic collapse will actually pass — and those that do won't have a huge impact on a majority of companies.
According to Turner, now of accounting firm LECG, and fellow panelists Ballard Spahr partner Henry Hockeimer Jr. and Safeguard Scientifics General Counsel Brian Sisko, the regulations that could have stopped the financial meltdown before it started were already in place. It was the enforcement that was lacking, they said.
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