Is it too early to say what impact Sarbanes-Oxley is actually having on quarterly earnings reports? Not according to the famous money manager Jim Cramer [trivia fact: he's a Harvard Law grad].

He believes the compliance landscape has drastically changed—and that the witches' brew of analysts' puffery, Internet chat-room rogues, all-CNBC-all-the-time, and vulpine CEO's and CFO's is not returning any time soon.  Why?

• the DOJ takedown of Arthur Andersen (too radical even for Eliot Spitzer's blood);
• SOX itself, which beyond anything else awakens CEO's and CFO's to the prospect of personally going to jail should their sub-alterns get too aggressive; and finally
• that white-collar jail-time is now as serious, if not more so, than that meted out garden-variety felons.

He may be right, he may be wrong, but he's putting his money where his mouth is.