The end of a period of cheap money and high asset prices is invariably marked by class action lawsuits and aggressive prosecutions by District Attorneys eager to make a name for themselves through opposing powerful malefactors. In 2001, the victims were management of Enron, Tyco, Global Grossing, Dynegy and Adelphia Communications. This time around, the […]

The World Bank and International Monetary Fund’s Annual Meetings in Singapore Tuesday and Wednesday will focus on the world’s development needs but will leave unasked the most important question: are the Bank and the Fund themselves helpful to development, and if not, what can be done about them?

Russia is said to be keen on inviting foreign capital into its electric power generators; an ambition that at first sight conflicts with its determination to keep control over its oil and gas sectors. However, this apparent confusion in economic doctrine is explained by the Russian government’s overriding concern with security and power-political matters. What’s […]

The Wall Street Journal Wednesday strongly endorsed a paper by Kip Hagopian in the California Management Review denouncing the expensing of stock options, and demanding a return to the previous system whereby stock option costs were as far as possible ignored. The paper was co-signed by 26 eminent figures, including astoundingly Milton Friedman. I will […]