New York mayor Michael Bloomberg has assured Irish stockbrokers that recently elected New York governor Eliot Spitzer will not be allowed to overregulate the stock market and that Irish investors are still welcome on Wall Street.
Mr Bloomberg was answering questions at the Davy stockbrokers fifth annual Irish Equity Market Conference in New York City, organised by Irish brokers to attract major US investors to Irish companies.
Over a dozen Irish firms, collectively valued at more than $90 billion, were represented at the conference including CRH, Ryanair, Anglo Irish Bank and Bank of Ireland.
Some 27 per cent of Irish stock market's ownership comes from the US and this was Davy's first US investor conference since the company's management buyout two months ago.
Addressing Irish executives and the US investment community at the 21 Club in mid-Manhattan on Thursday night, Mr Bloomberg made very pointed references to his continued rift with his Democratic rival. Mr Spitzer was known to favour tighter regulation of the financial market while working as New York attorney general.
Mr Bloomberg told the conference Mr Spitzer will be "on a chain" in his new role as governor and would not have a lot of power. The mayor said Mr Spitzer cannot simply go around issuing subpoenas to people but will have to "beg and cajole" before acting against the market, a pointed reference to Mr Spitzer's financial investigations while attorney general.
The two have long been at odds over market regulation and Mr Spitzer's opposition to some major building projects in the city. Replying to a question from one conference participant, Mr Bloomberg said Mr Spitzer's action against the market was brought about by the failure of the Federal Commerce Commission to regulate the market. "A vacuum is always filled and Spitzer is very aggressive."
Yesterday, participants gathered for the one-day conference in mid-Manhattan.
Robbie Kelleher, head of research at Davy, said the event was a wonderful opportunity to show continued growth in the Irish market and point to the clear signs that Anglo Irish Bank, C&C group and many other Irish companies were expanding successfully in foreign markets.
William McAteer, director group finance at Anglo Irish Bank, said the Anglo Irish brand was becoming increasingly well known to US investors through expansion in New York, Boston and other cities, which helped sell the company.
Investors gathered in small informal groups for discussions with Irish executives before the conference sessions.
One US investment firm representative, who asked not to be named, said US investors were generally not put off by talk of overheating in the Irish economy. "We feel that Irish companies have expanded outside the country itself. Now we're looking for sustained growth."
