Greenspan flips, flops

[Jim Devine <jdevine03@xxxxxxxxx>]

Quote of the Day
in Federal Reserve

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

--
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.