Quote of the Day

Wednesday, September 27, 2006 | 10:28 AM

Former Federal Reserve Chairman Alan Greenspan "raised eyebrows with several unusually frank remarks in an hourlong discussion in front of 800 members of the Mass. Technology Leadership Council."

Greenie told the audience that "Sarbanes-Oxley corporate governance rules enacted in 2002 had become a “nightmare” and should be scrapped as soon as possible."  The former Fed head said SarbOx "discouraged risk-taking and were driving foreign companies to shun the New York Stock Exchange for the lighter rules in London."

That is a major reversal; Greenspan had previously supported the Sarbox.

Jim Bianco was none too impressed with the former Fed chief, noting:

"Anything else, Dr. Greenspan, you would like to change your opinion on? Maybe the productivity miracle? The fallacy of using corporate visibility as a forecasting tool? The quit rate? The world awaits your next confession at $150,000/hour."

-Jim Bianco of Bianco Research



 

>

Sources:
Greenspan unleashed

Brett Arends
Boston Herald
Monday, September 25, 2006 - Updated: 11:41 PM EST
http://business.bostonherald.com/businessNews/view.bg?articleid=159256

Et Tu, Greenspan?
WSJ.com/marketbeat
September 27, 2006 9:17 a.m.
http://online.wsj.com/article/SB115935934213875397.html

Wednesday, September 27, 2006 | 10:28 AM | Permalink | Comments (21) | TrackBack (0)
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Comments

but he trained his successor well: election coming up? GOP on the defensive? flood the markets

Posted by: scorpio | Sep 27, 2006 10:33:22 AM

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