These United States of America…

July 3, 2007

images.jpegWe’re quite sure that all of those Congressmen who were whining last week during the House Financial Services hearing with the SEC about America losing its competitive edge when it came to financial markets, aren’t checking IPO Home on a regular basis. Yesterday, eight companies, including a major hedge fund and a risky start-up run by a little-known Silicon Valley entrepreneur by the name of Larry Ellison, filed to go public. I don’t know if 8 in one day is some kind of a record (if someone has those stats, please share), but as Chris Cox noted last week to his credit, it’s certainly not an indication that “the sky is falling”.

A quick skim of some of the filings — at nearly 300 pages for Och-Ziff Capital and a whopping 561 pages for Netsuite, that’s all that’s really possible — shows there isn’t all that much concern over excessive regulation. Even Och-Ziff, which as a hedge fund could be subject to a proposal in both the Senate and the House to change the way partnerships are taxed, which the company says would have a material impact, isn’t exactly ringing the regulatory alarm bells. In both filings, Sarbanes-Oxley is mentioned several times, but only in relation to both companies needing to improve its internal controls.

There was also a totally quirky thing I picked up in Chinese jewelery maker Fuqi’s filing: 95% of its employees live in housing provided by the company. While many of us may complain that we can’t seem to separate our home life from our work life, few of us actually live in company-provided housing. Other than a few select CEOs, that is.

Enjoy the Fourth! I’ll be back on Monday with whatever’s been buried!

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