Read It and Weep

Here's an exchange between Mike Holland and Herb Greenberg from economist Larry Kudlow's TV show that discusses the unintended consequences of government regulation - in this case, the Sarbanes-Oxley Act...

Mike Holland: I'd like to put a fact in here. Before Sarbanes-Oxley, 50 percent of all IPOs around the world listed in the United States. Would anyone, including Herb, like to guess how many since Sarbanes-Oxley have listed in the U.S.?

Herb Greenberg: Give me the number.

Mike Holland: It's 8 percent. And the last 25 largest IPOs, they all listed abroad. I was in Europe a couple weeks ago--they're talking about erecting statues to Sarbanes and Oxley in London's financial center.