Greenspan writes in his autobiography, which is also a history book in 20th century and current monetary policy, that corporate governance became lax in time as management gained greater control and board members desired less. He opens the chapter with an embarrassment: He accepted the "Enron Prize" in November 2001 as the company was crumbling, upon the invitation of friend James Baker. "I had not been aware that an award was being given at the dinner (in Houston)," he writes. But there was no official award or money, so "I agreed to accept the award." Greenspan says that, today, "market forces are driving private-equity funds to become increasingly committed to overseeing the management of the properties they own, but while the trend is rapidly growing, these funds remain a very small segment of corporate governance." John Moon, a managing director at Riverstone Holdings LLC, an active private-equity investor in the upstream energy space, wrote on this topic in Oil and Gas Investor. Moon, who is also an adjunct professor at Columbia University's Columbia Business School in New York, examined private- versus public-company performance and involvement of shareholders. He found that performance tended to be better when shareholders took interest, such as that found commonly in private companies. Greenspan says that SOX "to my surprise" has brought "useful reforms," but Section 404 "has proved particularly cumbersome." Overall, SOX is "proving unnecessarily burdensome." He concludes, "I assume that eventually some of the more abrasive edges of Sarbanes-Oxley, especially Section 404, will be honed down." And, that, "ultimate control of American corporations by their shareholders is essential to our market capitalist system." –Nissa Darbonne, Executive Editor, Oil and Gas Investor, A&D Watch,;