Apparently, this is the conclusion of Mayor Michael Bloomberg and Senator Charles Schumer in a new CFR article, "The Shifting Capital of Capital". Too many reports are showing London as the World's financial capital. If you ask me, this probably has more to do with the fact that one British pound is now worth two US dollars than anything having to do with US vs UK regulatory practices. Don't tell that to Mike and Chuck though - they are blaming it on Sarbanes-Oxley and are proposing ways to lessen some of the regulations put on corporate America after the Enron scandal. While I agree that some of these regulations are cumbersome and could use reform, this is not hitting the nail on the head. The US dollar is in big trouble and we need to balance the federal budget in order to ensure that all US cities remain competitive in the next 20-30 years.
Saturday, July 14, 2007
New York is Losing its Prominence
Apparently, this is the conclusion of Mayor Michael Bloomberg and Senator Charles Schumer in a new CFR article, "The Shifting Capital of Capital". Too many reports are showing London as the World's financial capital. If you ask me, this probably has more to do with the fact that one British pound is now worth two US dollars than anything having to do with US vs UK regulatory practices. Don't tell that to Mike and Chuck though - they are blaming it on Sarbanes-Oxley and are proposing ways to lessen some of the regulations put on corporate America after the Enron scandal. While I agree that some of these regulations are cumbersome and could use reform, this is not hitting the nail on the head. The US dollar is in big trouble and we need to balance the federal budget in order to ensure that all US cities remain competitive in the next 20-30 years.
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