This article by Oxford Analytical suggests that in fact the financial locus of the world is shifting away from New York. Other than SARBOX, it mentions the difficulty of foreign execs traveling to the US since 9/11. From that standpoint, I guess Usama did accomplish part of his objective. Anyway a good article and another indication that Tom Friedman, the world is getting flatter all the time.
Professor Elam
Accounting & Investing Info for San Antonio A & M
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One response to “Slip Sliding Away”
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Do you think that it is really the cost of business in the US or the fact that compliance is so much stricter? If I recall from my undergraduate classes, some of the European companies that tried to list on the NYSE even back in the 90’s were forced to follow the GAAP’s, and caused some of their profits to be deflated. Maybe if the restrictions are too high with SARBOX, then we don’t need the foreign investors listing here to begin with; and essentially we are accomplishing our task. Who wants to invest in a company with false profits only to find that the bottom falls out a few years later?
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Professor Elam 
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