2007

New York Politicos Urge Competitive Stimulation of Fin Markets

McKinsey, a respected consultancy, has issued a report commissioned by New York City Mayor Michael Bloomberg (of Bloomberg fortune) which expresses concern that New York is in danger of losing its status as the World Financial Center within 10 years without a major shift in regulations and policy.

Mayor Bloomberg, Senator Charles Schumer and Governor Eliot Spitzer all echoed the concern, warning that NY financial markets stifled by stringent regulations and high litigation risks are in danger of losing businesses and high-skilled workers to overseas competitors relegating NY to regional market status. The report also noted that many of the causes of concern are also due to improved markets abroad and sophisticated technology that has virtually eliminated barriers to the flow of capital. It also notes though that a good number of the causes are self-imposed, with Sarbanes Oxley at the head of the list.

This is only an excerpt of Market Commentary – 02/08/2007

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