NYC Politicians Take Sarbox Stance
NYC Politicians Take Sarbox StanceA new McKinsey report says New York is poised to lose more than 60,000 jobs in the next five years, and $25 billion in cash, if securities and Sarbanes-Oxley regulations aren't revised as soon as possible. Mayor Michael Bloomberg and New York Sen. Charles Schumer were slated to "unveil" the report, which was commissioned by the city. The report recommends adopting looser, principles-based regulations. New York Governor Eliot Spitzer admits that his support of the report would doubtless "raise eyebrows" given his quest to end crime on Wall Street when he was the state's attorney general. Nonetheless, he says, parts of Sarbox that are "burdensome" should be changed. One observer notes that the study seems to be skewed; it discusses only the "banking side" of financial services and doesn't address problems that may or may not exist on the listing side.
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HR, jobs, derivatives, trading, risk management
Labels: careers, financial firms, financial jobs, hr, jobs, NYC, SarBox
posted by Victor Lloyd Smith @ 2:13 PM
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