It’s been a horrific week for weather for the eastern seaboard of the U.S., but the economic numbers remain encouraging. There’s still no sign that the economy is poised to break free of the slow-growth gravity field, but the numbers generally continue to support the view that a new recession isn’t an imminent threat.
Daily Archives: November 2, 2012
Book Bits | 11.2.12
● How They Got Away with It: White Collar Criminals and the Financial Meltdown
Edited by Susan Will, Stephen Handelman, and David C. Brotherton
Summary via publisher, Columbia University Press
An international team of scholars with backgrounds in criminology, sociology, economics, business, government regulation, and law examine the historical, social, and cultural causes of the 2008 economic crisis. They also take stock of the long-term devastation done to governments, businesses, and individuals, and the ongoing, systemic issues that have so far allowed the perpetrators to get away with their crimes. Insightful essays probe the workings of the toxic subprime loan industry, the role of external auditors, the consequences of Wall Street deregulation, the manipulations of alpha hedge fund managers, and the “Ponzi-like” culture of contemporary capitalism. They unravel modern finance’s complex schematics and highlight their susceptibility to corruption, fraud, and outright racketeering. They examine the involvement of enablers, including accountants, lawyers, credit rating agencies, and regulatory workers, who failed to protect the public interest and enforce existing checks and balances. While the United States was “ground zero” of the meltdown, the financial crimes of other countries intensified the disaster. Internationally-focused essays consider bad practice in China and the European property markets, and they draw attention to the far-reaching consequences of transnational money laundering and tax evasion schemes.
Major Asset Classes | October 2012 | Performance Review
Electricity is still MIA for The Capital Spectator, and more of the same is expected for the next several days, courtesy of the ongoing fallout from Hurricane Sandy. But through the generosity of the local high school there’s a bit of light in this tunnel and the opportunity to update the returns for the major asset classes.