"Twenty five years ago I quit a job on Wall Street to write a book about Wall Street. Since then, every year or so, UPS has delivered to me a book more or less like my own, written by some Wall Street insider and promising to blow the lid off the place, and reveal its inner workings, and so on. By now, you might think, this game should be over. The reading public would know all it needed to know about Wall Street, and the publishing industry would be forced to look to some other industry for shocking confessions from insiders. Somehow this isn't the case."
Her Majesty the Queen has been pleased to approve the appointment of Mark Carney as Governor of the Bank of England from 1 July 2013. He will succeed Sir Mervyn King. [more inside]
Another day, another story of a Goldman Sachs employee quitting. This one, though, isn't filing any op-eds - rather, he's starting up his own custom condom business, TheyFit, which offers 95 different sizes. Warning: puns ahead.
Overheard on the Goldman Sachs elevator Single Link Twitter Feed
Let's find as many suckers as we can as fast as we can, because we'll only make more money as more and more shit hits the fan.
The People vs. Goldman Sachs. Matt Taibbi's latest magnum opus (previous coverage) lays out the full case for federal prosecutions against the Vampire Squid according to Sen. Carl Levin's Senate Subcommittee on Investigations. [Wall Street and the Financial Crisis: Anatomy of a Financial Collapse 650 page pdf].
Ad hominem attacks, discreditation and the increasingly shrill attempts to gather support against the rapid popularity of Dambisa Moyo's book "Dead Aid" [recently] are raising the question: Has the time come for 'aging western academics and rock stars' to retire gracefully from the scene? [more inside]
In a recent Roundtable on Creative Capitalism hosted by TIME, CK Prahalad, author of "The Fortune at the Bottom of the Pyramid" brings to our attention the insight that "the essence of poverty is the assymetry of information" and that this asymmetry was now changing due to the availability and affordability of mobile phones in developing nations. Jeffery Sachs supports him by pointing out that the digital divide was being closed by market forces not civic efforts. Global leader Nokia has already leapt into the breach by opening a Research Center in Nairobi, Kenya in order to develop concepts and products that are of value and relevance for those at the Base of the Pyarmid. The ubiquitious little cellphone has now been spotlighted as a key tool for poverty alleviation, although the debate continues. [previously]
Over the next four weeks, Jeffrey Sachs will be giving the 2007 BBC Reith Lectures. Download [MP3] the first week's lecture ("Bursting at the Seams"), or subscribe [XML] to the podcast. Listen to the 1999-2006 lectures in full, or hear historic lecturers such as Bertrand Russell and J.K. Galbraith.
Foreign Aid: Can it work? The conundrum facing the rich countries is that everywhere in the developing world, and particularly in Africa, you see children dying for want of pennies, while it's equally obvious that aid often doesn't work very well....But the pitfalls of aid tend not to be discussed among humanitarians, at least in loud voices, for fear of scaring donors. And now along comes William Easterly, in his tremendously important and provocative new book, The White Man's Burden, which asserts with great force that the aid industry is deeply flawed.