Being a business owner in the industrial field for over 30 years, you can imagine all the changes and business highs and lows we have been through. One of our biggest complaints is regulations. It goes without saying that we want a safe as can be work area to do our job. Safety and environmental issues are being thought up in the heads of those who have never even stepped foot into a factory, never mind worked in one! You can write all the rules and regulations you wish, but the fact remains you can not save someone from making a bad decision just like you are never going to regulate stupid! If you could and if the government really "got it" you would have more than 50% paying taxes and I would have my phone busy with people calling looking for employment.
Our government leaders have done such a great job here and now they are turning to extortion around the world.
I know why our company has lasted all these 67 years but I'll be damned if I know why all these politicians still have the job!
Does the US have a legitimate right to intervene in the behaviour of companies and individuals, or indeed of countries, operating beyond its own borders?The question is pertinent and timely, given that Standard Chartered, a UK bank, was accused this week of violating US law.
Not, that is, as a result of the bank's relatively limited activities in America.
Rather, the bank stands accused of hiding transactions for "Iranian financial institutions" that were subject to US economic sanctions. The bank denies the allegations.
The Dodd-Frank Act
Another example of how the US legal system is extending its tentacles abroad is the Dodd-Frank Wall Street Reform and Consumer Protection Act, a controversial piece of legislation that provides for extraterritorial jurisdiction for US courts over actions brought where US investors or markets are harmed by actions outside the United States.
Dodd-Frank, with its numerous registration and clearing requirements and its ongoing revisions, has caused considerable legislative uncertainty in a number of financial markets.
The act has resulted in particular concern among players in the so-called over-the-counter derivatives markets, which include interest-rate, currency or commodity swaps that are used by companies in a wide range of sectors to reduce investment, currency and trading risk.
"We have a rule that's being extended beyond its original scope, and that's concerning," says Don Thompson, managing director and associate general counsel at JP Morgan in New York.