Enrico and Gladys, etc., are in the old country. A few days ago, we toured London Bridge, and got to go up on the old elevated pedestrian pathways, which used to allow foot traffic on the bridge even when the drawbridge was up. You get a terrific view from there of the City of London, and the dome of St. Paul’s.
You simply cannot miss the fact that the City is liberally festooned with construction cranes. I did not count them, but i cannot believe there are fewer than 20 cranes.
Let’s face it, London has already supplanted New York as the financial capital of the world. There are many forces behind this: the increased rationalization of financial operations in Europe, the rapid industrialization in Asia and its capital needs, the collapse of the dollar, and, not least, the extremely hostile regulatory environment in the United States, headlined by Sarbanes-Oxley and Elliot Spitzer.
There has been an unsustainable, disastrous move to criminalize what was formerly simply bad business practice. Thank god Spitzer has been consigned to the memoir desk of history.
Sarbanes-Oxley needs to be trashed. No one in his right mind would float a company in New York right now. The banking sector so completely revolves around this simple generating event that Sarbanes-Oxley is essentially an open artery in lower Manhattan, gushing blood into the Atlantic.