John Reed, who as CEO of Citicorp merged it with Sandy Weill’s Travelers Group just over a decade ago, admitted it last spring, telling the Financial Times that “the specific merger transaction clearly has to be seen to have been a mistake.” Now current Citi CEO Vikram Pandit—who has been talking to Reed on a [...]
I’m just back from a stroll over to the HarperCollins building, where I handed over almost 400 pages of marked-up Myth of the Rational Market manuscript (we’ve reached the stage in the process where I’m no longer allowed to alter anything electronically). This is all happening about four years after it was originally supposed to, [...]
I’ve been bothered for a while by all the criticism of the banks for “hoarding” the $300+ billion we taxpayers have given them rather than lending it right back out again. But I haven’t been able to articulate the counterargument. Happily Jack “The Mortgage Professor” Guttentag has at least partially done it for me. An [...]
