Alan Greenspan, veteran financial regulator and Chairman of the Federal Reserve Board has commended the Sarbanes-Oxley Act 2002. Ethics, however, he points out are core to successful business.

In a speech to the graduating class of the Wharton Business School, he commented that "companies run by people with high ethical standards arguably do not need detailed rules on how to act in the long run interest of shareholders and, presumably themselves."

However he then goes on to say, some have "enviable standards" and others, "continually seek to cut corners".

A number of companies are claiming to be acting with high ethical standards. BP for instance has sacked 252 people for acting unethically.

Greenspan's speech in full.

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