In "What Good Is Wall Street?" a long, thoughtfully argued piece in the New Yorker, John Cassidy makes the case that "Much of what investment bankers do is socially worthless" -- it doesn't "provide liquidity" or "price risk," it merely extracts farcical rents for the relatively utilitarian task of moving money around:
Most people on Wall Street, not surprisingly, believe that they earn their keep, but at least one influential financier vehemently disagrees: Paul Woolley, a seventy-one-year-old Englishman who has set up an institute at the London School of Economics called the Woolley Centre for the Study of Capital Market Dysfunctionality. "Why on earth should finance be the biggest and most highly paid industry when it's just a utility, like sewage or gas?" Woolley said to me when I met with him in London. "It is like a cancer that is growing to infinite size, until it takes over the entire body."
From 1987 to 2006, Woolley, who has a doctorate in economics, ran the London affiliate of GMO, a Boston-based investment firm. Before that, he was an executive director at Barings, the venerable British investment bank that collapsed in 1995 after a rogue-trader scandal, and at the International Monetary Fund. Tall, soft-spoken, and courtly, Woolley moves easily between the City of London, academia, and policymaking circles. With a taste for Savile Row suits and a keen interest in antiquarian books, he doesn't come across as an insurrectionary. But, sitting in an office at L.S.E., he cheerfully told me that he regarded himself as one. "What we are doing is revolutionary," he said with a smile. "Nobody has done anything like it before."
What Good Is Wall Street?
The China Law Blog (previously) is one of my favorite sources of insight into the secret workings of the businesses that produce the majority of the world's daily-use goods.
Petition demands recall of 500,000+ cars over alleged defect Electric car maker Tesla said on Monday there was no unintended acceleration in its vehicles, as petition signature-gatherers demanding a federal safety investigation have claimed.
Frontier is the bottom-rung of the top-tier of US ISPs, serving customers in 29 states. Despite enjoying monopoly control over its customers' online lives, and despite massive government handouts and a lackadaisical approach to maintenance, and despite out-and-out theft from customers, the company is filing for bankruptcy, having accumulated $16.3b in debt through mismanagement.
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From OneDrive to Slack, there are numerous ways to store files online. Because many platforms offer a certain amount of free storage, it makes sense to mix and match. However, spreading your files across multiple apps can make things very confusing. Rethink Files offers a simple solution. By connecting to all your other cloud storage […]
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