Look who wants protection from foreign rivals now

[supasaiyan99]

TweetIt's funny how when bad things occur to other individuals most people turn the blind eye. But when the same is occuring to them they shout bloody murder. They didn't care when we were loosing engineering jobs over seas, but now they care! LOL!

https://news.yahoo.com/s/usatoday/loo...OX7_vVuYEDW7oF

When Main Street jobs go overseas, Wall Street generally shrugs. The typical response from the nation's financial elite is that people who have lost work should tough it out and acquire new skills.



Now the tables may be turning, as Wall Street ponders its own potential job losses. Foreign companies are increasingly bypassing New York and listing their shares on overseas markets. If the trend continues, it could mean the migration of high-paying investment banking jobs.


The horror! Faced with this threat, Wall Street and its political supporters have sprung into action, commissioning studies and urging that the government help by easing post-Enron accounting regulations, adopting lawsuit reform and pre-empting state banking regulations.


Regulation and litigation are, to be sure, legitimate issues, ones that go well beyond Wall Street. But they are not why companies are listing on foreign exchanges. That is happening for the same reason that other industries have gone overseas - global competition.


New York has long been the world's financial center. Now bankers in other countries are mastering financial skills - much as others in past decades figured out how to produce textiles, cars and appliances - and are competing at prices that undercut New York. According to a study by the London Stock Exchange, for instance, New York firms' underwriting fees for initial public offerings of stock are about twice those charged throughout Europe.


Before Wall Street gets any relief from Washington, it should consider lowering its fees and expectations of exorbitant profits and bonuses. According to the New York comptroller's office, the average Wall Street bonus was a record-smashing $137,580 last year, hardly a sign of an industry in distress.


The pleas coming from Wall Street are akin to the National Association of Realtors arguing that the downturn in housing requires government action to help brokers.


The loss of financial services jobs would certainly be bad for New York and for anyone interested in being a U.S.-based investment banker. But from customers' perspective, the increased competition means more choice and lower fees.


Moreover, regulations are not designed to protect investment bankers. They are to protect investors and consumers. What do investors think? Some groups, like the mutual fund industry's Investment Company Institute, favor modest accounting law changes that fall far short of Wall Street's sky-is-falling attitude. Others, like the pension fund-oriented Council of Institutional Investors, are downright hostile to Wall Street's ideas.


The jobs in question are among the high-skill, high-wage ones that should drive the U.S. economy in a competitive age. But ultimately the way to keep them is by competing on the basis of price, quality and integrity.


That is something that Americans in other professions have come to know. Wall Street can do so as well.

[daved150]

Tweeti hate the fact of loosing any jobs oversea's, but in this case, it couldnt happen to a more deserving buch...

[solidground]

Tweet^ its kind of ironic because, we dont really care if it happens to the yuppies on wall street. But i also hate that america gives jobs to people overseas when we need more jobs here in the U.S- thats just imperialism though. Im against globalization politically and economically but unfortunately its only going to get worse (NWO)

[6p6]

TweetI guess India is taking alot of our legal work...funny huh