German firms flee Wall Street

Der Spiegel reports:

With expensive accounting rules, an increased threat of litigation and hundreds of millions of dollars in fines for some firms, the once prestigious New York Stock Exchange and other American markets have become unattractive to Germany’s biggest companies. Daimler and Deutsche Telekom have fled this year and the few remaining are likely to follow.

How sad is it that (at least in this regard) America’s free market is now weaker than Germany’s? Friedrich Hayek must be rolling in his grave.

(Via Instapundit.)

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