News and analyses worth a read this weekend …
Sen. Rob Portmann, R-Ohio, wrote in The Wall Street Journal about the “regulatory cliff” facing the business community: “According to a 2011 Gallup survey, overregulation tops the list of ‘most important problems’ facing America’s small-business owners. With our economy stuck in the worst jobs slump since the Great Depression, the pressing need is to build a regulatory climate that encourages investment, growth and job creation. Avoiding the coming regulatory cliff, like the fiscal cliff, will require new leadership at the top.”
Andrew Ross Sorkin discussed in The New York Times’ DealBook what Rep. Paul Ryan, R-Wis., brings to the GOP ticket: Ryan dislikes Dodd-Frank but appears to support breaking up big banks. Ryan talked of how the Troubled Asset Relief Program offended his principles, then voted for it. “So while financiers may cheer Mr. Ryan’s pro-market policies, they may want to reassess just what those policies mean for their businesses.”
Reuters reported on the death of Goldman Sachs’ independent research arm: Some, including former New York Attorney General Eliot Spitzer, blame the failure on investors not wanting to pay for research. Meanwhile, others think the notion of an “independent” research arm living inside Goldman was flawed from the start. “If you’re going to be independent, you want to really be independent,” said Barbara Steiner, founding partner and head of institutional sales at independent researcher Portales Partners. “As an adjunct to a bank, or another very large broker, whether you say you’re independent or not, you’re not perceived to be.”
Pragmatic Capitalism detailed how Europe’s financial sector is smaller than Australia’s: No, really … it is.
International Financial Law Review mixed soccer with finance: Manchester United is one of the most storied soccer clubs in England. The club has been around since 1878 and is regularly valued at more than a billion dollars. The club’s initial public offering probably won’t create any jobs in the U.S., yet it was able to take full advantage of the Jumpstart Our Business Startups Act. Hmm …