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Henry Paulson 'On the Brink'
Daniel Gross reviews the former treasury secretary's new memoir of the near global financial collapse.
February 08, 2010 | Business | By Daniel GrossCorporation Killers
The failure of the financial system in 2008 wasn't simply a massive failure of common sense, regulation, and leadership. It was also a failure of corporate governance. In theory, the corporate boards at Lehman Brothers, Bear Stearns, AIG, and General Motors were paid handsome sums to oversee the activity of the executives and protect shareholders' interest. In practice, they slept as the CEOs ran the companies into the ground. In Money for Nothing: How the Failure of Corporate Boards Is Ruining American Business and Costing Us Trillions, coauthors John Gillespie and David Zweig chronicle the role boards played in the recent debacles and propose solutions. NEWSWEEK's Daniel Gross spoke with Gillespie, a former investment banker at both Lehman and Bear. A podcast of their conversation can be heard here.
February 03, 2010 | Business | By Daniel GrossYou’re Rich. Get Over It.
Here we go again. Whenever the subject of taxes comes up—and it's come up in the debate over the Obama administration's decision to let many of the Bush-era tax cuts expire this year—we're treated to a chorus of complaints that people who make $250,000 a year aren't really rich. Raising taxes on these people, we're told, would be raising taxes on the middle class. Media Matters has assembled a few choice quotes on the topic.
February 03, 2010 | Voices - Daniel Gross | By Daniel GrossDavos, the Contrary Indicator
Davos is a trendy place. If you're up, you come here. If you're down, you stay home. And if you screwed things up royally, you stay home, but they talk about you a lot. In general, the World Economic Forum represents a consensus of the great and good about who is up and who is down. And since that consensus is usually wrong, Davos is frequently a contrary indicator.
February 02, 2010 | Voices - Daniel Gross | By Daniel GrossThe Wisdom of Crowds
John Dingell is one of the few people in Washington who remembers the last time so much populist anger gripped the country. It was early 1933, the worst year of the Great Depression. The Michigan congressman, now 83, was a wide-eyed kid listening to his father—also a congressman—speak at the family dinner table about losing his entire net worth of $7,500. "Americans all hated the damn bankers, they hated Wall Street," Dingell tells NEWSWEEK. "We had more communists in this country than there were in the Soviet Union because" of rage against the so-called banksters. No one knew this better than the incoming president, Franklin D. Roosevelt. The story is told that a supporter warned FDR that if he failed now, with the nation in chaos, he'd be known as "our worst president," and Roosevelt supposedly replied: "If I fail, I'll be your last president." FDR exhorted his New Dealers, "Above all, try something!" While it took time to get going, the hodgepodge of recovery programs he came up with—some successful, others not—managed to appease most of the populist outrage.
January 29, 2010 | Politics | By Michael Hirsh and Daniel GrossDavos Dispatches: Efficient-Markets Theory, Disproved!
This afternoon, while walking into the Congress Center, the main hub of Davos, I noticed a piece of gray paper on the floor. It looked like it might be currency of some sort—certainly not a dollar, but perhaps Swiss francs or something else. I started to bend over to pick it up, but then I caught myself. This is the World Economic Forum. It is populated by hundreds of economists and by thousands of business people schooled in the tenets of economics. This is possibly the most rational, profit-maximizing concentration of human capital in the world. These are the actors who make up an efficient market. And of course adherents to the efficient market hypothesis famously don't believe in the concept of found money or found savings.
January 28, 2010 | Davos | By Daniel GrossDavos Dispatches: The End of American Buzzworthiness
In my first 24 hours in Davos, Switzerland, here are several phrase I haven’t heard: “Goldman, Sachs,” “subprime mortgages,” “American hegemony,” and “don’t you love that minaret?” The last isn’t surprising. But the lack of the first three speaks to a shrunken American presence.
January 28, 2010 | Davos | By Daniel GrossDavos Dispatches: George Soros Expounds Upon Bubble Philosophy
January 27, 2010 | Davos | By Daniel GrossWall Street’s Fishbowl
The surviving investment banks are bristling at efforts aimed at recouping taxpayer losses and forestalling a repeat of the panic of 2008: congressional proposals to tax bonuses, President Obama's planned tax on large banks' liabilities, and his suggestion that banks be prohibited from using taxpayer-insured funds for proprietary trading. The latter proposal "will restrict lending, increase risk, decrease stability in the system, and limit our ability to help create jobs," says Steve Bartlett, CEO of the Financial Services Roundtable, the trade group for megabanks.
January 27, 2010 | Voices - Daniel Gross | By Daniel GrossObama's Get Goldman Plan
I hope employees of Goldman Sachs and Morgan Stanley are enjoying the huge taxpayer-subsidized bonuses they're receiving this year. It could be their last such bonanzas, if the Obama administration is serious about implementing proposals unveiled Thursday morning.
January 21, 2010 | Voices - Daniel Gross | By Daniel Gross- Showing 1 - 10 of 466 results
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