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For frustrated investors looking to justify the ban of credit default swaps (CDS), look no further than last week’s corporate bankruptcies of Canadian newsprint producer AbitibiBowater Inc. (ABWTQ) and U.S. shopping center developer General Growth Properties Inc. (GGP).
In both of these cases, credit default swaps became an actual bankruptcy catalyst - for the first time ever.
In the lead-up to both bankruptcies, the lenders who had debt outstanding - who would have the right to vote on any reor… Continue

From the beginning of the credit crisis and ensuing recession, it has become conventional wisdom that “no one saw this coming”. Anatole Kaletsky wrote in The Times of “those who failed to foresee the gravity of this crisis” – a group that included “almost every leading economist and financier in the world”. Glenn Stevens, governor of the Reserve Bank of Australia, said: “I do not know anyone who predicted this course of events. But it has occurred, it has implications, and so we must reflect on… Continue

SOCIALISM

You have two cows.
You give one to your neighbor.

COMMUNISM

You have two cows.
The State takes both and gives you some milk.

FASCISM

You have two cows.
The State takes both and sells you some milk.

BUREAUCRATISM

You have two cows.
The State takes both, shoots one, milks the other, and then throws the milk away.

TRADITIONAL CAPITALISM

You have two cows.
You sell one and buy a bull.
Your herd multiplies, and the economy grows.
You sell them and retire on the income.

VENTURE CAP… Continue

A brief history of innovation: In the beginning, there were lone inventors who changed the world. John Harrison was one of the most prominent – the clock-maker became famous and (eventually) rich in the 18th century by building a clock so accurate and so resilient in the face of changing temperatures and constant rocking that it could be taken on board a ship and used to calculate the ship’s longitude. In doing so, Harrison pitted himself against the might of the Royal Observatory, which had bee… Continue