Schumer and Bloomberg give report that NY losing its financial preeminence

[Lucky Luciano]

http://www.bloomberg.com/apps/news?pid=20601103&sid=aOQoNLLvuxPo&refer=us

Bloomberg, Schumer Warn U.S. May Lose Financial Lead (Update1)

By Yalman Onaran and Jesse Westbrook

Jan. 22 (Bloomberg) -- The U.S. will lose its place as the world's leading financial center in the next decade without legal and regulatory changes, a report commissioned by New York Mayor Michael Bloomberg and Senator Charles Schumer found.

The report suggests exempting some non-U.S. companies from the Sarbanes-Oxley corporate-governance regulations. The findings are based on interviews with 50 chief executive officers and a survey of 305 other executives in the financial-services industry, conducted by McKinsey & Co.

The report is the latest volley from businessmen and politicians seeking to ease the U.S. regulatory framework on concern it's eroding the country's competitive advantage. U.S. Treasury Secretary Henry Paulson, NYSE Group Inc. CEO John Thain and the U.S. Chamber of Commerce have made similar recommendations in the last six months.

``We can no longer take our preeminence in the financial- services industry for granted,'' Bloomberg and Schumer wrote in a letter accompanying the report, which urged eliminating regulatory duplication and inefficiencies. ``We must do both while ensuring that we maintain our strong protections for investors and consumers.''

Sarbanes-Oxley Changes

--SNIP--

[Double T]

1. Since when does the government REALLY give a damn about the consumer????

What a great idea.....let corporations have less regulations so THEY can really run amok. Brilliant!!

[Lucky Luciano]

2. Actually, this is a real problem.

A lot of companies are opting to list in London and Asia instead of the US. This is ultimately bad for the US. The large corporations (SP500 types) would continue to be regulated as usual, but the smaller companies can have some exemptions. This would be good for the economy overall.

[Double T]

3. If corporate america hadn't/didn't conduct business like a bunch of criminials.......

there would be NO NEED for Sarbanes-Oxley or similar regulations. corporate america and wall street create their own problems and THEN constantly whine about IT and attempt to maneuver around IT.

[Lucky Luciano]

4. No doubt, you are correct.

However, the big collapses were huge companies that destroyed the lives of many - their regulations would be the same. Remaining competitive worldwide is crucial to our economy. So, smaller new companies should have some leeway.

BTW, Asian companies have a great deal less transparency than in the US - you could be buying hot air when buying a company on the Hang Seng. London is more transparent and has not suffered from huge frauds. Parmalat was a European massive fraud case though.

Scumbags operate the world over....sadly...

[Double T]

5. .....sadly the world is run and governed by scumbags...........

isn't IT time for massive and substantive change.

[goforit]

6. Wasn't Treasury Secretary Henry Paulson arrested in Germany?

[Lucky Luciano]

7. Dude, that is a ridiculous story....

the kind that makes the left look very very silly. I just searched the web for this and those stories posted are a crock of doo-doo.