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By Benedicte Gravrand, Opalesque London:
Dr Philippa Malmgren, an American politics and policy expert who used to be an advisor for the White House, and who is currently a senior consultant on various boards, a lecturer and the founder of a quarterly publication called Policy & Markets, said that the relative balance of power between policy and markets had dramatically shifted in favour of the policy side, at a seminar in the City of London yesterday organised by the international financial advisory firm Kinetic Partners.
“What we are going through is not just about losses that have already been incurred,” she said, “but the rules of the game are changing in such a way that many of the activities that have been undertaken in the financial markets will no longer be permitted.”
A new environment will be created by a new rule-set, which is highly likely to be what markets would perceive as “unfortunate”, as with the Sarbanes-Oxley Act. The U.S. Sarbanes-Oxley Act of 2002, which was created in reaction to major corporate accounting scandals (such as Enron), includes new and improved rules ranging from additional corporate board responsibilities to criminal penalties. Debate continues now over the perceived benefits and costs of the Act.
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