Archive for September, 2008

September 23rd, 2008 3 comments

Is the Great Wall of China lawful at international law in light of the International Court of Justice’s Advisory Opinion on the Legal Consequences of the Construction of a Wall? Discuss.

Categories: Law, Random thoughts Tags:

Three down, two to go … or is it four?

September 20th, 2008 4 comments

Wall StreetI don’t blog about the economy and markets as a rule, mainly because I’m scared of getting it wrong. The events of this week, however, are just too bizarre not to write about.

Three of the big five independent investment banks on Wall Street have fallen (Bear Stearns bought at heavy discount by JP Morgan; Lehman Brothers filed for bankruptcy; Merrill Lynch to be bought by Bank of America), and now the fourth has confirmed that it is in talks to be acquired, possibly by CIC, the sovereign wealth fund of China.

Some say the credit crisis is causing a much-needed weeding out of badly managed entities, with unsustainable business models. If that be true, then we are getting perilously close to a conclusion that the market judges investment banks per se to be an unsustainable business model. “What will the world be like without the big American investment banks?” It’s a scary yet tantalising thought, the idea that we may be on the brink of a new kind of market.

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Categories: Events, Finance, The Sydney Grind Tags: