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Now, this has been a harrowing time for our country.  And it’s easy to grow cynical and wonder if America’s best days are behind us, especially after such a terrible crisis.  And we’ve seen folks in Washington trying to play the usual politics with the crisis.  And that’s not surprising, of course.  That’s how Washington works.  Although I do think it’s important for the American people to remember the failed economic policies that got us into this mess, just so we make sure we don’t return to them. 

But what we can see here, at this plant, is that the worst of the storm is over; that brighter days are still ahead.  In Charlotte and all across the country, we can see the promise and possibility that awaits us.  If we tap our ingenuity and our inventiveness, our skill and our drive as a people; if we’re smart, if we’re willing to do what it takes, we can lead in new industries and create new jobs and strengthen the middle class and achieve a shared and lasting prosperity.  And we can turn this turmoil into recovery and emerge stronger than before.

I’m convinced that’s what we’re called to do; I’m confident that that is what we will do.  And I want to say to all the employees here at Celgard, we are proud of you because you’re helping to point the way and helping to lead not just here in North Carolina but all across the country.

So thank you very much, everybody.  (Applause.)  Let me take some questions from you.  Thank you.  Thank you.  Thank you.  (Applause.)

So, you know, when they let me out of my cage at the White House I like to actually have a chance to talk to folks.  And so we’ve got time for a few questions and we’ve got some young people here in the audience with their microphones.  This is not formal, even though I’m sure with some of the cameras a few of you may feel it’s a little intimidating.  All you got to do is raise your hand.  We’ll call on you.  And it can be a question about anything.  If you can introduce yourself, though, that’s helpful, so everybody knows who’s speaking.  And we’ll start with that young lady right there since you’re right next to the mic.

Q    Hi, my name is Jennifer Dakin (ph).  I’m here from Charlotte.  I’m part of the Polypore parent company.  My question is regarding the Sarbanes-Oxley Act.  And many people have commented on the fact that it has come at a great cost to many public organizations, the fact that we need to assess and report on our internal controls of our financial reporting.  It’s also come, many say, without value in the recent financial crisis.  What value do you think it may have going forward on the upswing as the economy goes forward?

THE PRESIDENT:  Well, it’s a great question.  For those of you who aren’t aware of it, Sarbanes-Oxley was instituted not in response to this financial crisis, but in response to the Enron/WorldCom nonsense that took place over a decade ago.  And the concern there was that the accounting practices of companies had gotten so out of whack that you had a company like Enron that was essentially booking all these profits, driving up their stock really high; CEOs were making these gazillion-dollar bonuses.  But it turned out when you actually got in there and started looking at what they were doing, they were building a house of cards.  It was manufacturing profits out of thin air. 

And so the concern was, how do we make sure that CEOs and their boards of directors are more accountable to the reporting that they’re doing, so that investors, shareholders, the market, customers, suppliers, and employees, a lot of whom had gotten tricked into putting all their savings into a company like Enron and then it turned out that everything they thought they had been saving just went up in a cloud of smoke -- that all those folks would be protected.

So the intent around Sarbanes-Oxley was a good idea.  It was the right thing to do.  There have been, I think, some legitimate criticisms about the fact that although Sarbanes-Oxley is a relatively modest cost for a very big company, it can be a very significant cost for a mid-sized or a small company.  Because if they have to abide by all the rules and all the regulations and all the double-checking and triple-checking and quadruple-checking, and so they’ve got to hire a whole bunch of accountants, it’s one thing if you’re a Fortune 100 company that’s got several billion dollars in revenue to spend a couple million dollars on accountants.  It’s another thing if you are a company that is making $100 million a year and you’re spending a couple million dollars on accountants.  That’s suddenly -- that could be the difference in terms of your profit margin.

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