The Summit: To Whom Should We Listen??

The March 13 "Summit" at Georgetown with some of the biggest names in the country in finance, organized by the current Secretary of the Treasury Paulson, is a continuation of his efforts to create a political consensus for reducing business regulation.  He primary targets are parts of Sarbanes Oxley (Section 404) and class action (and derivative) litigation.  We have had two non-partisan reports (Hal Scott's and Senator Schumers' committees) and a US Chamber of Commerce report and now the "Summit."  The problem for observes is who to believe; many in the game have vested interests in spinning the facts to their advantage and they are good at it (they are pros).  Rubin and Paulson are carrying the water for concerned CEOs.  Are the CEOs just seeking another business advantage or are they speaking for something in the national interest?? It's hard to say.  But there is one man who is candid to a fault and who know what he is talking about -- Warren Buffet -- he is a national treasure.  His opinion??? "If something's wrong with he system, it hasn't seeped through to the operating results of business."  Translated -- the CEOs have not made their case.  Business performance, operating profits, are healthy; business to make there case must show that profits could be even better with less regulation -- something they have failed to do.  An answer to Buffett cannot come in general caterwauling about how tough it is to do business in the United States, it must come in a careful analysis of the details of the rules themselves -- what are Section 404 costs versus Section 404's benefits.