THE FUTURE OF FINANCE

Ten years have passed since the U.S. Federal Reserve Bank allowed Lehman Brothers to file for bankruptcy, attempting to signal to the market that no firm is too big or important to fail. That mistaken belief triggered panic across the global financial system. The next day, a chastened Fed decided to rescue AIG, the insurance colossus ensnarled in a credit...Read more

With the tenth anniversary of Lehman Brothers’ collapse around the corner, economists are talking again about a “Goldilocks” economy – just right. Employment statistics appear strong, reported inflation remains in check, and the stock market is near all-time highs. Yet America is in the grip of despair, with ever clear evidence of systematically widening inequality, entrenched racism, sexism and...Read more

The following excerpt was written by The Aspen Institute’s Judith Samuelson in memory of Lynn Stout, Distinguished Professor of Corporate Business Law at Cornell Law School. Click below to read Judith’s full piece. “It’s all a question of story. We are in trouble just now because we do not have a good story. We are in between stories. The Old Story—the account of...Read more

“We can’t influence the direction of technology, but we can influence its character,” says Kevin Kelly, founder of WIRED, in a recent interview with Krista Tippett. A quarter-century ago, financial derivatives technology, enabled by the emergent technology of distributed computing, was about to transform finance and global capital markets forever. The rise of derivatives technology made profound contributions to the...Read more

It seems that Gary Cohn, a trader and former heir apparent at Goldman Sachs—a life-long Democrat, let’s recall—and Trump’s current chief economic advisor, is heading for an early exit. After whiffing on his near-decision to resign on principle when Trump equated the neo-Nazis in Charlottesville with the demonstrators resisting the torch march, he naturally fell out of favor with Trump...Read more

“The external glitter of wealth conceals a corrupt political core that reflects the growing gap between the very few rich and the very many poor.” – Mark Twain, The Gilded Age: A Tale of Today (1873) The Estate Tax, or a tax on wealth passed onto heirs, is not unique to America, but many OECD countries have no such...Read more

There is something untoward about the feeding frenzy we are witnessing as cities across the country vie to be the site of Amazon’s second headquarters (“HQ2”). Amazon, after all, is the poster child for driving, first, independent booksellers and then retailers out of business, hollowing out communities across America. It is considered a meat grinder for white-collar workers who churn...Read more

Yes, it was a shameful poke in the world’s eye by the dangerously narcissistic, temporary occupant of the White House. Like other unconscionable and unfathomable acts of the early 21st century—a period of historic great change already—Trump’s pulling out of the Paris Climate Agreement has sent me searching for the deeper meaning of it all, while the pundits flail...Read more

How is it possible that in America, on the 47th anniversary of Earth Day, it was concluded that our situation was so dire that what was needed was not just a march for aggressive climate policies, but rather a “March for Science” itself? Small-minded, corrupt, and power hungry state governors banning the mere use of the phrase...Read more

“All our knowledge has its origins in our perceptions.” – Leonardo Da Vinci I had the pleasure of hearing my friend Nora Bateson speak last week at The Players Club in New York City where she held a reading and conversation around her recently published book, Small Arcs of Larger Circles: Framing Through Other Patterns. If that title slows you...Read more

Sustainability icon and Unilever CEO Paul Polman made his feelings crystal clear on the unsolicited merger offer last week by Kraft Heinz, backed by the Brazilian cost-cutters at 3G Capital and their partner Warren Buffett:  the proposed deal, Unilever said, “had no merit, either financial or strategic.”  Ouch. I recall early in Polman’s CEO tenure hearing him say there...Read more

At this year’s World Economic Forum gathering in Davos, Switzerland, PR firm Edelman shared its comprehensive annual Trust Barometer, confirming what we all know: global trust in institutions and leaders is at an all-time low.  Fully two-thirds of countries are now considered “distrusters” (under 50% trust in the mainstream institutions of business, government, media and NGOs to do what is right),...Read more