Wall Street Self-Selection The continued resonance of [Gordon] Gekko has “probably been the biggest surprise of my career, that people say that this seductive villain has motivated me to go into this business.” –Michael Douglas, talking about his character, Gordon Gekko, in the 1987 film “Wall Street“; The NY Times (9/7/09) “I can’t tell you...Read More
Name That Caption Pick the best caption for the photo above: a. Government incentives to investment bankers to fix the financial system. b. Bugs Bunny’s dream come true. c. The “all carrots, no sticks” food stand. d. A bumper crop of carrots at the St. Paul Farmer’s Market this year. Answer: credit given for any...Read More
Goldman to Clients: You Shouldn’t Have Trusted Us If you didn’t know, Realtors’ owe their clients a fiduciary duty. What does that mean? Actually, quite a bit. The legal definition of fiduciary duty has two components: a duty of loyalty, and a duty of care. By definition, your Realtor knows more than you do about...Read More
Inquest for Michael Jackson, But Not Wall St It is hard not to be dismayed by the fact that two years into our economic crisis so few perpetrators of financial misdeeds have been held accountable for their actions. –Gretchen Morgenson, “Looking for the Lenders’ Little Helpers“; The NY Times (7/12/09) “Dismay” is putting it mildly....Read More
Hen House Preservation Principles “Goldman to make record bonus payout.”–headline, guardian.co.uk (6/21/09) Principle #1: When presented with overwhelming evidence that the foxes have taken over the hen house . . . stop adding chickens! Principle #2: It’s not hard to figure out — at least in the short run — which foxes stole the most...Read More
Blueprint for Fixing a Broken System If something exists, it must be possible.–Amy Lovins After decades of ineffective band-aid’s, senior government officials finally “bit the bullet” and commited to a long-term fix. First, they came up with a design that would meet 21st-century needs. Then they raised enough capital to overhaul the old, antiquated system,...Read More
