[lbo-talk] "Sovereign wealth funds"

[Carl Remick]

>From: "Carl Remick" <carlremick at hotmail.com>
>Date: Sat, 26 May 2007 17:07:04 +0000
>
>... [The] Thatcherite [UK capial markets] revitalization that began with 
>the deregulatory "Big Bang" of Oct. 1986 has fulfilled its promise simply 
>by making the London Stock Exchange unbeatably lax in oversight, a real 
>anything-goes place to issue and trade stock.  The post-Enron NY Stock 
>Exchange -- burdened with all sorts of noisome requirements for better 
>transparency, corporate governance, etc. -- gazes with rapt envy at today's 
>LSE, which surely has the most permissive capital markets environment since 
>the catastrophic South Sea Bubble of 1720.  It's hard to see the supposedly 
>robust, contemporary LSE as anything but an accident waiting to happen. ...

[Most non-surprising news of the week:]

May 30, 2007
Now, Spitzer Is Warming to Wall St.
By JENNY ANDERSON

As attorney general of New York, Eliot Spitzer made a name for himself as a 
tough cop willing to take on deep-pocketed industries like Wall Street and 
insurance. Now, as governor, he may be making life a little easier for them 
in an effort to keep financial services in New York competitive in the 
global market.

Yesterday, Mr. Spitzer signed an executive order creating the New York State 
Commission to Modernize the Regulation of Financial Services, a panel 
focused on streamlining regulation in an industry increasingly dominated by 
integrated financial service firms offering similar products and taking 
similar risks.

The financial services industry is the biggest revenue generator for the 
state, and Mr. Spitzer is sure to want to avoid any significant loss of 
market share as governor. To his critics, who assailed his tactics as 
attorney general as just the kind of activity that scares off business, the 
plan is a new direction for Mr. Spitzer.

The governor’s initiative follows studies — including one commissioned by 
Senator Charles E. Schumer, Democrat of New York, and Mayor Michael R. 
Bloomberg and conducted by the consulting firm McKinsey & Company — that 
argued that the United States and New York City were at risk of losing the 
lead as a global financial hub to London and other centers.

The reports cited the regulatory burden of the Sarbanes-Oxley Act of 2002, 
excessive litigation and overlapping regulators among other factors. ...

<http://www.nytimes.com/2007/05/30/business/30regs.html>

Carl

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