This is Argyn's blog. I comment on topics of my interests such as software, math, finance, and music. Also, I write about local events in Northern Virginia, USA and all things related to Kazakhstan

Tuesday, January 23, 2007

New York may lose 'finance capital' status - Markets - Times Online

New York may lose 'finance capital' status - Markets - Times Online
The report, written after McKinsey spoke to more than 50 chief executives from the financial services industry and 350 other experts, found that the cost of implementing regulations contained in the Sarbanes-Oxley Act was driving foreign investors away from the United States.

The report also claimed that immigration policy, which has been tightened significantly in the five years since the terrorist attacks of September 2001, was stifling innovation in financial services, as companies are unable to bring in the best talent from overseas because of visa restrictions.

It is also claimed that the high risk of litigation in the United States was driving business to less litigious marketplaces, such as London.

I'm not sure what it is. It could be simply the pressure to ease SOx requirements and immigration laws. I should agree on SOx, the way it's being implemented is ridiculous. Businesses are so scared that they interpret SOx in the most conservative stringent manner. On immigration - companies are trying to save costs, by paying less to local work force.

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