In one of my first posts, I told you of my dream to make Greensboro the world's financial capital  — like Genoa before Florence or Venice or Amsterdam or all three of them together overtook it.  From The New York Sun I now learn that "Mayor Bloomberg's top priority for the new Congress is legislative action that WILL PRESERVE NEW YORK'S STATUS AS THE WORLD'S FINANCIAL CAPITAL" (emphasis mine).  A key component of his plan:  "relaxation of the stern regulations imposed by the Sarbanes-Oxley Act of 2002."  Bloomberg is obviously feeling the Greensboro pressure.

I applaud Mayor Bloomberg, but our own mayor, Keith Holliday, is going to step it up a notch and call for the complete repeal of the Sarbanes-Oxley Act.  I could go on and on why SOX is bad, but I leave it to you to read this entire law review article or simply its title, which says it all: "The Sarbanes-Oxley Act and the Making of Quack Corporate Governance."

Paul Sarbanes has retired from the Senate.  Michael Oxley has retired from the House.  Ken Lay is dead.  Why isn't the Sarbanes-Oxley Act?

The death of SOX is  critical to our quest to be the world's financial capital.  Good luck, Mayor.