ORLANDO -- President Bush's executive order on privatization will have little or no effect unless Congress enacts major tax incentives for businesses to buy assets from states and localities, a Wall Street official said Saturday.

"I would submit to you that unless you reopen the tax code, the Pandora's box, you're not going to see a lot of private capital being attracted to this business," said Joseph Giglio, managing director of Smith Barney, Harris Upham & Co.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.