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Thursday, April 13, 2006Greenspan predicts US governance revampI posted about this before. In a global economy, it is imperative that capital market regulators take into account the ease with which capital can flow from one region to another. Sarbanes-Oxley is an perfect example of a lack of the global perspective by regulators. What started as a good idea in the wake of the Enron scandal, may prove to be extremely problematic for US investors. Although the basis of the law was a definite advance in terms of governance, it is possible that some parts of Sarbanes-Oxley has created too many burdens for business; especially the provision that forces companies to have their internal controls certified by auditors. Maestro... From the Financial Times:
Also at the Asian Financial Centres conference with Mr. Greenspan was former New York mayor Rudy Giuliani, who said he thought that London and Tokyo would eventually adopt similarly tough regulations. A question I would pose is when and just how much damage to the US capital markets would be done in the interim.
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