Friday, December 01, 2006

NY's Spitzer says panel regulation report wrong

Reuters Michael Flaherty

NEW YORK, Dec 1 (Reuters) - New York Governor-elect and Attorney General Eliot Spitzer said on Friday that a business panel report urging reduced market regulation was "dead on arrival."
"Both the logic of their argument, and the facts they rely upon, are wrong," Spitzer said, speaking on CNBC business television on Friday about the report, which was officially released Thursday. "What this report is really about is reigning in prosecutors who pursue fraud."

"The Committee on Capital Markets Regulation, a panel of businessmen and academics linked to the Bush administration, said U.S. markets can be made more competitive globally by reducing regulation and exposure to litigation for companies.
Five years after the Enron and WorldCom frauds triggered a series of tougher rules for corporate America, the 22-member panel produced a 135-page report saying the regulation pendulum in the United States needs to swing back the other way."

Yes...let's go back to the good old days of Enron and Worldcom...I am so surprised Bush is somehow behind this Committee......not.....Thank goodness Sheriff Eliot is still on duty......doesn't this kind of make you wish we could call him President Spitzer......what a different White House that would be.........andy

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