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Blockchain will be hugely disruptive to finance: Franklin Templeton CEO
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Wall Street Crime And Punishment: Ivan Boesky Gives Greed A Bad Name
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A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013.
LONDON (Reuters Breakingviews) - Brown Brothers Harriman is Wall Street’s forgotten bank. As Zachary Karabell admits in the introduction to “Inside Money: Brown Brothers Harriman and the American Way of Power”, mention of the firm’s name today prompts some to wonder whether it still exists. Yet its public profile was not always subterranean. For the best part of two centuries, the partnership tracked the turbulent ascent of American capitalism. Though its power has ebbed, its story still holds relevant lessons. As so often, the financial dynasty started with an immigrant selling something more tangible than credit. Alexander Brown was an Irish linen merchant who decamped to Baltimore in 1800, subsequently dispatching his eldest son to Liverpool. The family made its fortune in the transatlantic cotton trade. By 1835, the firm accounted for a tenth of the estimated $1
Capitalism Doesn’t Have to Be This Way Zachary Karabell © John Williams / Alamy
When is enough enough? This simple, vital question How much monetary gain does a person or a company need in order to feel satisfied? has little place in the finance industry or in contemporary capitalism more broadly. The capitalism that has become dominant in the years since the 1980s is not about
enough; it’s about
more is ever enough.
For many of its critics, capitalism, in all its versions, is a maximizer of
more. The relentless pursuit of profit, the drive to multiply shareholder value that undergirds most large public companies, and the demand that revenue grow faster than the overall economy or the population all of these impulses prevail on Main Street, on Wall Street, and in Silicon Valley. This is one reason why such an enormous gulf has opened up between the richest Americans and the rest, and why large banks, behemoth energy companies, multinational industria
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