London and Hong Kong

Love SOX. As do private equity firms. There’s now an immediate, potentially million dollar annual payback to going private, and trashing the worthless layers of additional auditing, lawyers, and stifling bureaucracy. If you're a shareholder, especially at a smaller public company, this is probably measurably impacting earnings per share on your investment.

And, as Professor Bainbridge notes, you remove a layer of risk aversion from management.

“The Law of Unintended Consequences is the one Congress always passes”.

But that assumes that Congress actually intended to watch out for shareholders in the first place.