Tuesday, January 23, 2007
THE THREE MUSKETEERS
NY Post NEW TUNE
"SCOURGE SPITZER BACKS EASING REGS"
The Post has such a poetic way with words.......sort of reminds me of my comic book days...POW!!! BANG!!! BOOM!!!!! ........compromise will be the order of the day here...Spitzer is smart enough to understand that you can't chase away business growth in new york with onerous regulations and constant litigation............andy
Despite his earlier war on Wall Street's misdeeds, Gov. Eliot Spitzer is now jumping on the bandwagon to ease rules for the same crowd he once prosecuted for their loose ways.
Spitzer yesterday stood side by side with Sen. Chuck Schumer and Mayor Michael Bloomberg to pledge he'll fight for preserving Wall Street's dominance in the world financial scene.
Schumer and Bloomberg yesterday formally launched a nine-point plan to streamline regulations, ease red-tape and cut costs to help Wall Street stay competitive with fast-growing financial centers such as London and Hong Kong, which could pass New York in the near future.
Just two months ago, Spitzer resisted joining their crusade but now acknowledges it's time to protect Wall Street from foreign competition rather than hamper its growth.
Responding to yesterday's report warning that New York could lose its spot as the world's financial center by 2011 unless regulations are rolled back or eased, Spitzer said he also worries about the Street's future.
"We must take these recommendations seriously so as to support an economic climate ripe for financial services while continuing efforts to safeguard the market for investors," Spitzer said.
In the past three years, he extracted more than $3.7 billion in penalties and settlements from the top Wall Street firms for a variety of misdeeds and alleged violations, putting him a turf war with the Securities and Exchange Commission.
Spitzer drew laughter at the crowded news conference when he joked that he was glad the report by McKinsey & Co. "didn't ask any state attorneys general to give up their jurisdiction" on financial crimes.
Schumer said he was glad for the transparency Spitzer's actions helped bring to Wall Street, adding that Spitzer "couldn't be a better advocate."
"It shows we are very balanced in our approach," Schumer said.
Bloomberg said he was especially irked by visa restrictions that prevent foreign business people from attending business meetings in New York.
"We need to welcome the skilled professionals from all over the world," the mayor said.