OpEdNews – So writes Philip Augar in an April 13 Financial Times (FT) op-ed. He’s a former UK investment banker/broker and author of The Death of Gentlemanly Capitalism, The Greed Merchants, and most recently Chasing Alpha: How Reckless Growth and Unchecked Ambition Ruined the City’s Golden Decade. More on his newest book below.

He quotes Nicolas Sarkozy, a questionable choice, at the G 20 summit saying "The all-powerful market that is always right is finished," then on departure adding "a page has been turned." For Augar, that depends on whether a "free-market" successor is constructed, something "entrenched interests in America and Britain would be well-advised to encourage if they wish to remain centre stage."

Read Complete Article

Tags: ambition, capitalism, centre stage, financial times, golden decade, greed, investment-banker, merchants, nicolas sarkozy, philip augar, summit, uk investment

Bloomberg – Finding a parking spot for your Mercedes or BMW on Greenwich Avenue, the main shopping strip of the U.S. hedge-fund capital, used to be a challenge. Not anymore.

With the recession hammering retail sales, empty curbside spaces abound along the suburban Connecticut thoroughfare, known as the Rodeo Drive of the northeast, and “For Rent” signs decorate vacant storefronts. Ann Taylor, Banana Republic and Borders have all closed their Greenwich Avenue locations.

As banks and hedge funds cut jobs or close down in the worst financial crisis since the 1930s, Greenwich merchants are suffering sales declines. Some stores are simply packing it in. Many are renegotiating rents, cutting inventory or offering cheaper products.

Read Complete Article

Tags: 1930s, banks, bmw, borders, connecticut, financial crisis, financial futures, government involvement, greenwich, mercedes, merchants, new york state comptroller, NY State Pension Fund Linked to Millions in Kickbacks from Private Equity, Hedge Funds, recession, rents, retail-sales, signs, york state comptroller