Saturday, December 2, 2006
0004 Financial Capital and SOX
Also heard in the NY City-- with the latest change in the way NYSE trades and the impact of Sarbanes Oxley Act (SOX) the economy of lower Manhattan will changed for ever. There will be an increase in the high end residential spaces. This would fundamentally change the composition of lower Manhattan. But there is news also about companies moving back like the announcement that BearingPoint's (NYSE: BE) new national hub office at Three World Financial Center in Lower Manhattan which will house their Financial Services group headquarters. if certian provision of SOX is modified then NY might not loose the tag as the financial capital of the world to London. And if you get a chance watch the interview of Jack Bogle on forbes video network . He thinks there is a scope of improving the controversial SOX section 404 regarding controls.