Month: February, 2009

Where banks were born

27 February, 2009 (12:54) | Banking, Capital markets, Genoa, History, Innovations, Islamic finance | No comments

Because catastrophe is a precondition to fundamental financial reform, we should expect the history of banking and bank regulation, like that of evolution, to proceed in fits and starts, with a great die-off preceding a revival in a new, more complex form.
 

Genoese admiral Andrea Doria, by Sebastian Piombo
 
[A similar meltdown] happened a hundred years ago, [...]

The difference between property and assets

26 February, 2009 (14:28) | Asset management, Asset resolution, Capital markets, Due Diligence, Special services, Subprime, US News | No comments

Pay your loans or I’ll foreclose, threatens the lender, believing that to be an effective threat.
 

 
Or is it?
 
As illustrated a The New York Times article from a couple of months, there’s a huge difference between property, loans, and assets:
 
When the New York developer Harry B. Macklowe acquired the Drake Hotel almost three years ago [...]

The ecology of a slum: Part 2, outflows

25 February, 2009 (11:04) | Ecosystems, History, London, Slums, Theory, United Kingdom | No comments

[Continued from yesterday's Part 1.]
 
[Editorial justification for the tour: If we want to improve slums, we have to see them as ecosystems – spontaneous self-generated communities, self-organized, economically rational, economically efficient, adaptive and robust.  We may not like the slums (like Dharavi in Mumbai, Kibera in Nairobi, or Sao Paulo's favelas) we may wish them [...]

The ecology of a slum: Part 1, inflows

24 February, 2009 (11:46) | Ecosystems, History, London, Slums, Theory, United Kingdom | No comments

A while back, I read Steven Johnson’s excellent The Ghost Map, which chronicles the Victorian health reformers’ crusades to improve the public health, and the dogged empiricist Dr. John Snow, who deduced that cholera was waterborne, and by the tiniest of actions – removing the handle from the Broad Street Pump – stopped London’s most [...]

Month in Review January 2009

23 February, 2009 (11:09) | Admin, Month in review | No comments

[A complete set of 2008 Month In Reviews available here: Dec 08 Part 1, Dec 08 Part 2, Nov 08, Oct 08 Sep 08, Aug 08, Jul 08, Jun 08, May 08, Apr 08, Mar 08, Feb 08, Jan 08]
 

Recently house prices have been through the twister
 
Such a whirlwind have we been riding, at least [...]