News source: Obama’s Plans to Tighten Financial Rules

John Alan James, the expert on corporate governance and regulatory issues who created the first texts in English on Company Law in key European countries, is an adjunct management professor at Pace University’s Lubin School of Business in New York City. He has been involved in governance issues for over 30 years and served as a consultant to companies and governments around the world on issues involving comparative governance. Professor James is available to comment on the Obama administration’s plans for moving quickly to tighten the nation’s financial regulatory system. He has appeared recently on Bloomberg Radio and Bloomberg Television to discuss the Madoff scandal and is quoted on CFO.com about the Satyam scandal.

January 26, 2009

Contact: Bill Caldwell, Office of Public Information, Pace University, 212-346-1597, wcaldwell@pace.edu

NEWS SOURCE

Topic: Obama’s Plans to Tighten Financial Rules

“. . . the need for new regulations is not evident for the corporate sector. Nor is there evidence that the U.S. Securities and Exchange Commission regulations for the municipal and other public entities have proved inadequate.”

John Alan James, the expert on corporate governance and regulatory issues who created the first texts in English on Company Law in key European countries, is an adjunct management professor at Pace University’s Lubin School of Business in New York City. He has been involved in governance issues for over 30 years and served as a consultant to companies and governments around the world on issues involving comparative governance.

Professor James is available to comment on the Obama administration’s plans for moving quickly to tighten the nation’s financial regulatory system. He has appeared recently on Bloomberg Radio and Bloomberg Television to discuss the Madoff scandal and is quoted on CFO.com about the Satyam scandal.

“Without a doubt, the financial sector of the economy for every country in the world, not just the U.S., is in great need for a new look and probably a major overhaul of the entire regulatory system. However, I have two major reservations.

“First, the need for new regulations is not evident for the corporate sector. Nor is there evidence that the U.S. Securities and Exchange Commission regulations for the municipal and other public entities have proved inadequate.

“Second, the Obama administration and the Democrat dominated Houses of Congress must not overlook the demands for ‘serious and meaningful’ discussions of both the financial and economic sectors by the European Union, France, Germany, the U.K, and even Japan.

“The Europeans, EU and Japan have common complaints, over and above their distaste for the ‘American dominance’ of the global financial and regulatory scene for the past 20 years. They do not like our accounting/auditing systems and have made major progress in getting the U.S. FASB to at least consider some type of convergence.

“The foreign companies and governments also find Sarbanes-Oxley (SOX) obnoxious over-regulation. The SOX regulations are ‘entirely unnecessary’ in Continental Europe where the governance ‘self regulatory, principle’ approach does not require the costly, time consuming aspects of SOX.

“A better understanding of how governance is organized outside the U.S. should be high on the agenda of the new head of the SEC, the White House Economic Team and certainly the committees of both the House and Senate. This could turn out to be a zero sum game.”

Email jjames@pace.edu; phone: (203) 979-3611 (cell).

BACKGROUND: James created the first texts in English on Company Law in key European countries. These 12 publications provided the basis for the first international meetings on company, labor and employment law on a multi-country basis in Europe. He co-chaired the first global conference on Multinational Companies and Multinational Unions at the U.N. International Labour Organization center in Geneva, Switzerland. At Pace’s Lubin School of Business, James organized the first graduate level course in the U.S. relating to Comparative Corporate Governance, covering all aspects of governance and regulation in the U.S. and 60 countries around the world.

James was educated at Northwestern University and the University of Chicago, Graduate School of Business. He has lectured at the World Economic Forum in Davos; INSEAD at Fontainbleau, France; CEI/IMEDE in Switzerland, the Northwestern and Harvard European Executive Programs; the IBM Management Development Centre in Brussels; the United Nations Management Training Centre in Torino, Italy; the Wharton School at the University of Pennsylvania; the Kellogg School of Management at Northwestern University; and the Cornell University School of Industrial Relations.

The Lubin School of Business is accredited for both business and accounting by AACSB International, an elite distinction shared by fewer than 3 percent of business schools worldwide. With a tradition of practice-oriented curricula, the school has achieved national recognition for both its graduate and undergraduate programs in U.S.News & World Report and other media. Approximately 4,000 students are enrolled in Lubin’s undergraduate, graduate and professional degree programs in Downtown and Midtown New York City, and Pleasantville and White Plains in Westchester. Prominent alumni include Melvin Karmazin, CEO of Sirius Satellite Radio; James Quinn, president of Tiffany & Co.; Ivan Seidenberg, chairman and CEO of Verizon; Marie Toulantis, former CEO of Barnes&Noble.com; and Richard Zannino, former-CEO of Dow Jones & Company. www.pace.edu/lubin.

For 102 years Pace University has produced thinking professionals by providing high quality professional education resting on a firm base of liberal learning, amid the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, Lienhard School of Nursing, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu

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