Financial Times (December 28)
Investment banks must shrink, “both in terms of leverage and the risks they take, if they are to regain their legitimacy.” Investment bankers are ready to forget the last crisis and push on with maximizing profits. Taxpayers and regulators, on the other hand, do not want to take chances. The banks must not only reduce their leverage and risk, they must demonstrate that “they do a useful job” which benefits society.
Investment banks must shrink, “both in terms of leverage and the risks they take, if they are to regain their legitimacy.” Investment bankers are ready to forget the last crisis and push on with maximizing profits. Taxpayers and regulators, on the other hand, do not want to take chances. The banks must not only reduce their leverage and risk, they must demonstrate that “they do a useful job” which benefits society.
Tags: Investment banks, Leverage, Regulators, Risk
The New York Times (July 13)
As BP inches toward stopping the massive oil leak in the Gulf of Mexico, the New York Times examines BP’s past performance. The newspaper draws a harsh conclusion. “In pursuit of growth and profits, BP has taken monumental risks and suffered the consequences. But its record shows that it has been unable or unwilling to learn from its expensive mistakes.”
The Times—London (May 27)The Times—London (May 27)
North Korea has the makings of a global disaster. North Korea is worse than “hardline Stalinist despotism marked by a bizarre cult of personality.” Much worse. It is the most extreme form of totalitarianism imaginable. It’s even ruled by a dead man: Kim Il Sung remains head of state. There are absolutely no assurances that the North’s leaders are “rational” or “averse to committing suicide.” This places the whole world at risk. China’s leaders need to join other countries in a complete economic blockade of the North.
North Korea has the makings of a global disaster. North Korea is worse than “hardline Stalinist despotism marked by a bizarre cult of personality.” Much worse. It is the most extreme form of totalitarianism imaginable. It’s even ruled by a dead man: Kim Il Sung remains head of state. There are absolutely no assurances that the North’s leaders are “rational” or “averse to committing suicide.” This places the whole world at risk. China’s leaders need to join other countries in a complete economic blockade of the North.
Tags: China, Disaster, Kim Il Sung, North Korea, Risk
