There’s been lots of talk lately about fixing Wall Street pay so people don’t get rewarded so lavishly for taking crazy risks that blow up later. And there have been some pretty convincing explanations of why that will never work. But now, in a comment to this very blog, Curious Capitalist regular and Wall Street [...]
A fun fact from Fun Floyd Norris: During 2006 and 2007, Lehman spent $5.3 billion — a lot more than it is now raising — repurchasing shares at an average price of almost $72 per share. The shareholders who sold out did well. Those who held on were the losers. When Lehman repurchased shares that [...]
I wrote this more than a year ago, and it strikes me that it’s more timely now than it was then. So in the interest of self-aggrandizement, I’m recycling it (with some minor tweaking): A little while back, in the august pages of Foreign Affairs, Washington Post columnist Sebastian Mallaby offered a rousing defense of [...]
