GSAM chairman condemns "regulatory nonsense"
Efforts by Western regulators to monitor financial institutions are nonsensical and overambitious according to Jim O'Neill. He said emerging markets are the future of global economic growth.
Jim O'Neill, chairman of Goldman Sachs Asset Management, scorned the "fanciful notion" that correct regulation will prevent further bubbles or crises in markets and the "onslaught of regulatory nonsense" in the US and European Union.
O'Neill asserted that the only way to deal with greater levels of regulation is to adjust business models, have the capacity to adapt and the desire to change. "Don't just sit and moan," O'Neill added. He was speaking at the London City Day hosted by SunGard.
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