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A Taxing Issue

A long held maxim in the investment business is that bonds issued by stable governments have no default risk because governments have unlimited taxing authority. The ability to repay debt is simply a function of collecting tax revenues. The fact that the Greek government is presently discussing the terms of its “non-default” default challenges this […]

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Enough Already

“On the fifth floor of Merrill Lynch & Co.’s headquarters at the World Financial Center in lower Manhattan, a small team of traders who bought and sold securities with the firm’s own money for two years were close enough to see the computer screens of traders taking orders from clients and overhear their phone calls. […]

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Common Sense Regulations and Diet Coke

I have a Diet Coke almost every day with my lunch. Last Tuesday, I was shocked to read in the Wall Street Journal editorial page that according to the EPA guidelines, the artificial sweetener in my Diet Coke was treated as hazardous waste! If the FDA says it’s okay to consume, how could it be […]

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A Tale of Two Cities

Today’s Wall Street Journal carries an editorial titled “How Washington Defriended Investors.” The piece dissects how the recent private equity position taken in the social media company Facebook by wealthy clients of Goldman Sachs put at a disadvantage the ordinary investor of much more modest means that was not afforded the same opportunity to purchase […]

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