Last week, former New York Attorney General and current New York Governor Eliot Spitzer backed a new McKinsey report calling for less regulation, joining New York City Mayor Michael Bloomberg and Sen. Charles Schumer (D-N.Y.) in doing so. It certainly marked an about-face for Spitzer, who was largely elected governor of the state due to his crusades on Wall Street.

Specifically, Spitzer admitted that the 2002 Sarbanes-Oxley corporate governance and accounting act has been stifling the financial markets in the U.S.

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