Investors treat these chin-wags with some scepticism. Where, they ask, is the discussion of America's poor shareholder rights compared with Britain's??Company owners have no vote on pay, for instance. Wall Street's banking giants are more indifferent than frustrated. As they become more global, their home market's fate seems less important to them.?

Others wonder whether America really does have much to worry about. Indeed, it could do more to trumpet its strengths. Some of the firms listing in London and Hong Kong were unable or unwilling to meet the listing requirements of American exchanges. Those requirements generate a share-price premium over other markets . Mr Levitt says he is sick of hearing about the strengths of Britain's Financial Services Authority. He doubts it protects investors as well as its American counterpart. Besides, no one expects big reforms soon. Bob Steel, a treasury under-secretary, accepts that on some issues the talking is likely to go on for years.??

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