City's Financial Pre-Eminence in Jeopardy

New York risks losing its pre-eminence in the global financial sector unless government eases regulation and does something about excessive civil litigation, Mayor Bloomberg and Senator Schumer are warning. In an opinion piece with a double byline in the Wall Street Journal titled "To Save New York, Learn From London," the two politicians argued that while New York is still the dominant international financial center it is "losing ground as the leader in capital formation."