SOX

I spent a lot of time writing meaningless documents that will never be read in the hope that those documents would help Morgan Stanley comply with SOX. Maybe they will and maybe they won't. Maybe there were some wasted fees on accountants, lawyers and internal paper pushers. But it cannot be said that this would hurt competitiveness. It might make a thoughtful person rethink business practices. It is Wall Street whining about globalization which it normally praises in other industries.