No mercy for pulpwood trees

This article by Forbes estimates compliance cost with post-Enron federal regulations at up to $65 million--and for what? Many of the required disclosures, it is asserted, are basically thrown away or cause as much extra paperwork for firms with good reputations as they do for past offenders. One can also assume, as the extra paperwork becomes a greater issue for mutual funds, that the funds will pass at least part of the cost to investors. Moreover, the SEC has watered down one disclosure that might be quite valuable to non-sophisticated investors; the hypothetical annual cost per $1,000 invested.