Has Sarbanes-Oxley succeeded in cleaning up corporate financial scandals? I note that restatements, a sign of malfeasance, seem to be declining. There are a number of articles (especially at CFO.com) addressing this issue.

If you think that Sarbanes-Oxley has been effective, why weren't the financial institution problems uncovered under audit, not collapse?All major financial institutions regulated by the SEC (i.e., public companies other than Fannie Mae and Freddie Mac, including Bear-Stearns, Lehman, and AIG)had clean financial and Section 404 audits in their most recent year before collapse.