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The US, EU and various other nations and international entities are all weighing and considering economic or market reforms to prevent the kind of financial crisis in which the world financial system finds itself.
What should the reforms be? What are reasonable regulations?
Blackstone CEO urges common oversight: report
http://www.reuters.com/article/ousiv/idUSTRE4A33RD20081104
Washington Is the Problem
FedEx's CEO on McCain, free trade and the tax bias against capital-intensive industries.
http://online.wsj.com/article/SB122488966230768509.html
What should the reforms be? What are reasonable regulations?
Blackstone CEO urges common oversight: report
http://www.reuters.com/article/ousiv/idUSTRE4A33RD20081104
Should everyone play by the same rules? What should those rules be?NEW YORK (Reuters) - Blackstone Group LP (BX.N) Chief Executive Stephen Schwarzman called for greater common oversight of the world's financial system to help extricate it from "the worst financial crisis in recent memory."
In a Tuesday opinion piece in The Wall Street Journal, the head of the big private equity firm said financial systems should be less dependent on rules, and that adherence to rules can get in the way of keeping up with and addressing developing issues in fast-moving markets.
Schwarzman in particular argued that the Sarbanes-Oxley governance act, passed after Enron Corp's 2001 collapse, "has made a fetish of compliance with complex regulations as a substitute for good judgment. This has not made American corporations any more stable or profitable, but it has damaged our competitiveness and weakened our domestic financial markets."
Schwarzman offered a seven-step plan to underlie any system of global financial regulation. The steps include:
. . . .
Washington Is the Problem
FedEx's CEO on McCain, free trade and the tax bias against capital-intensive industries.
http://online.wsj.com/article/SB122488966230768509.html
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