Much of the complexity of modern finance is the result of regulatory arbitrage – avoiding or minimising restrictions by engaging in a transaction with more or less identical effect but more favourable regulatory treatment. Many regulators still cling to the hope that it could be eliminated if only rules were sufficiently extensive and sufficiently carefully prescribed. But this is an illusion.
27 August 2014, Financial Times
20 August 2014, Financial Times
The use of hindsight to reformulate a question in such a way that it validates one’s original thesis is especially widespread among consultants and gurus. But an approach sufficiently loosely formulated that it can explain everything after the event actually explains nothing at all.
13 August 2014, Financial Times
Established companies in all industries are inhibited in their response to radical change by vested interests inherent in their existing business models. Now, in publishing, it’s time for the author to be placed where he or she should be – in charge.
11 August 2014, Financial Times
If Scotland introduces its own currency the first minister should declare that all contracts made in sterling – or dollars – will continue to be payable in that currency.
06 August 2014, Financial Times
When falsification of reports, or mis-selling of payment protection insurance, is common practice rather than the avocation of one rogue individual, the culpability of those in charge should be automatic.
30 July 2014, Financial Times
There is never such a thing as a single true and fair view, only a range of possible outcomes. To assess a value from the mean outcome is as meaningless as the observation that the average person has 1.99 legs.
23 July 2014, Financial Times
Limited competition may actually yield worse results for customers than either full-blooded competition or a cartel. Perhaps that explains the particularly tentative approach of the Competition and Markets Authority.
09 July 2014
Concepts of fiduciary obligation have been watered down in the modern financial services sector. It is time to reverse that.
02 July 2014
The Scottish referendum is unlikely to produce a majority for independence. But in the absence of a positive assertion of what it means to be British, the United Kingdom is sleepwalking towards separation.
25 June 2014
Can Britain’s NHS really be the best in the world – except for keeping its patients alive? John reviews the paradox.
28 December 2009, Financial Times
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