|
|
Thanks to the Sarbanes-Oxley Act of 2002 (passed in response to Enron and other corporate shenanigans), record labels will have to keep better and more open records.
See how powerful the new law is. Now multiply Miss Love with the many other artists who feel they are being cheated and you have one heck of a class action suit. A suit that can go after the personal assets of each and every board member.
Needless to say, the executives will not let it get that far. With the corporate protections stripped away, self-preservation will become the rule. The numbers that Love so desperately tried to pull from her label should now become fully accessible as will those of other artists.
The crazy accounting that was business-as-usual for the record industry will be re-evaluated and changed. General accounting principles are more conservative to a point where even innocent deviations can expose executive management to charges of impropriety.
Thanks to Eric for the tip.
Posted by Casper at June 3, 2004 11:45 PM