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Tale of Two Cities

Tale of Two Cities

by Rick Turoczy on September 8, 2006

London officials opened a New York office in March devoted to luring New York companies there, and when the mayor of London, Ken Livingstone, was asked on a visit here about his economic development strategy, he answered in two words: “Sarbanes-Oxley,” the name of the American law mandating a post-Enron crackdown on accounting and corporate governance standards.

It says a lot that the biggest beneficiary of Sarbanes-Oxley turns out to be a communistic-type mayor known as “Red Ken” who is gleeful about capitalism being driven out of New York and into his own city. Ms. Gardiner’s series, which concludes today, noted that when the Russian oil company, Rosneft, recently made one of the largest public offerings in history, raising more than $10 billion in a fell swoop, it was on the London stock exchange, not New York’s, notwithstanding Attorney General Spitzer’s much-heralded efforts to clean up the Big Board.

Tale of Two Cities

{ 1 comment… read it below or add one }

M.D. Fatwa September 11, 2006 at 2:49 pm

Or perhaps because of Eliot Spitzer’s attempts to “clean up the big board.”

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