Isn’t this against all investment principles that the greater the diversity of shares the lesser the risk? That there’s safety in numbers. Doesn’t this principle apply to management of investments? It wasn’t that long ago the people of America had to bail out the Chase Manhattan Bank the worlds biggest bank. Has 2008 been forgotten? (ODT)
More deals ahead
Billionaire bond trader Jeffrey Gundlach is also an indirect part of this universe. Oaktree owns 20 per cent of his DoubleLine Capital LP after spending about $US20 million for its stake in 2009.
Such constellations of billionaires are likely to become more common as the world of finance consolidates. Marks expects plenty more deals.
“The industry is continuing to drive toward concentration of greater amounts of money in fewer groups,” he said. “Strategic partnerships are going to be a theme for the future.”
Universities have become institutions whose primary aim is to make money, in particular by attracting more high paying overseas students than their competitors and cutting back on labor costs of both academic staff and support services.
A landmark study has found a silent underclass of vulnerable Australian workers is owed an estimated billion dollars with almost a third paid $12 per hour or less – almost half of their legal entitlements.
The University of NSW (UNSW) and Univerity of Technology Sydney (UTS) research found that fewer than one in ten migrant workers has taken action to recover unpaid wages, even though they know they are being underpaid. The remaining nine in ten suffered wage theft in silence.
Retail Food Group paid some of its top brass lavish pay packets over the past 12 months even as its market value decimated from a high of $897 million to just $77 million during that time.
The revelations of hefty salaries and additional bonuses at RFG came as the embattled franchise chain which owns the Gloria Jeans and Donut King brands among other businesses announced on Friday it had appointed restructuring expert Peter George as its new chairman.
Greed is good. Or so said Michael Douglas’ character Gordon Gekko in the 1980s hit film Wall Street. Gekko went further, stating “Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind”.’
But greed also leads Australian banks to steal from dead people.
Fake News this is Fake
The industry spends billions of dollars per year convincing Americans that bottled water is safer than tap—even though more than two-thirds of the product comes from municipal water sources
There were other concerning details in the contract, like the high rates Whitefish was charging for labor. The company was paying $240 an hour for a general foreman and $227 for a lineman. For some context, the U.S. Bureau of Labor Statistics says first-line supervisors of construction sites make about $43 an hour and construction laborers make about $23 an hour.
The long read: For a century, the East India Company conquered, subjugated and plundered vast tracts of south Asia. The lessons of its brutal reign have never been more relevant
J. Michael Pearson, CEO of Valeant Pharmaceuticals, unabashedly defends greedy poli
cy of shareholders over sick people.
Heather Bresch, Mylan executive who came under public scrutiny this week for raising EpiPen prices, reportedly raised prices more than 20% on 24 products
U.S. corporations are twitching in the conglomerate pods and abruptly jumping to Mexico