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Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth — and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people.
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The big lie you have been told is that if we preside over a default on Irish bank debt the financial markets will punish us by taking money out of the country.
This is wrong. The opposite will happen. Money will flow into the country as the markets will conclude that the Irish bank crisis is over and it’s time to invest in a country with huge growth potential.
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Last night, over a jar, the bankers told me that the flows of cash from Germany have been huge because the average well-to-do German is taking his savings out of the euro and putting them on deposit here in Switzerland. The fact that the Swiss banks normally offer no interest on deposits and still get huge inflows is indicative of the fragility at the heart of the euro.
They also explained that lots of money is coming from Ireland. These guys, who I worked with years ago, have never really seen any business from Ireland and certainly during the boom they looked on with a sense of trepidation because they had seen this before.
Now they are getting calls from Dublin on a daily basis.
They have concluded that this is because the banks and the Government can’t be trusted. These investment bankers — serious financial people — agree that the Irish taxpayer has no business bailing out the banks. At the table last night were two bondholders, men who invested in the Irish banks in the good times. They are now embarrassed because they were taken in by the Irish and European spin.
he Hackszine weblog has shared an investment spreadsheet on Google Docs and Spreadsheets that helps you calculate your crossover point
Here is a very simple guide to how a new railway might be financed and a review of the limitations of privatisation and private sector participation in the ownership and operation of railway systems.
The sub-prime situation explained
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"The 75-year-old hedge fund manager raked in high returns for his clients but left the luxury cars and the exorbitant lifestyle to others. So confident were investors in his ability to manage their money that they entrusted hundreds of thousands of dollar
“They were the worst of them all,” said Frank Partnoy, a law professor at the University of San Diego and a derivatives expert. Mr. Vickrey of Gradient Analytics said, “It was extreme hubris, fueled by greed.” Other firms used many of the same shady techn
Instead, the American financial industry gained political power by amassing a kind of cultural capital—a belief system. Once, perhaps, what was good for General Motors was good for the country. Over the past decade, the attitude took hold that what was go
The lesson should be clear. Commercial banks are just too important to the economy to be allowed to participate in the more dangerous business areas of modern finance.
Trusting in the good sense of bankers to avoid excessive risk doesn't work. In a dereg
“What you get from Harvard Business School,” says Radio 4's In Business presenter Peter Day, “is a wonderful network of people who were there with you and a set of tools that you can then use and bamboozle people with for the rest of your life. It is a ha
But the critics say there's an even deeper problem at the heart of the MBA degree. The MBA is all about putting careers on a fast-track to the top, whereas in the glory days of American industry there were no fast-tracks. MBAs, in other words are fundamen
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