Sarbanes: There is capital elsewhere to handle these IPOs (initial public offerings) and other demands. Countries have been urged for years to develop their capital markets. They are developing their capital markets and they have the economic back-up to make them very viable. So, I think it is to be expected that just like you have globalization in other forms of economic activity, it’s taking place here as well.
Sarbanes: I think that any capital market that tries to sell itself on the basis that it is easier is really flirting with potentially serious problems. No one is immune. When we first passed the Bill, the Europeans said ‘well you need it in the US, we don’t need it here’. And the next thing you know, we had (corporate scandals like) Parmalat and Ahold.
Oxley: They got eSox.
In the 2004 US presidential election, outsourcing was an issue and Democratic primary candidates Hillary Clinton and Barack Obama have also raised the topic. What is your view on outsourcing?
Oxley: In the Democratic race for president, there is a rising protectionism sentiment that I think is really not good for India or any other country, not to mention our country. It has gotten to the point where the debate whether it is Nafta (North American Free Trade Agreement) or just trade in general has really deteriorated. While the Republican candidate has his flaws, he is a free trader. From India’s perspective clearly, I would say McCain would carry most of the precincts in India if it was just that issue.
Sarbanes: I don’t think worldwide we have yet worked through the rationale behind globalization and its benefits for the broad part of the population. This is exacerbated, in many countries, by the growing inequalities in income and wealth. These issues emerge in our presidential elections. I don’t have any problem with the people at the top benefiting, but I want the people right on down the line to benefit as well.
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