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JPMorgan and Deutsche Bank account for about 20 per cent of total global derivatives exposure. The risks associated with these exposures are largely netted out. But how well? Your guess is as good as mine, and probably not much worse than those in charge of these institutions.
It is a poor criticism of a thermometer that it does not tell us how comfortable we feel.
The Olympiad was a good party, which cost the British population about £200 per head.
Corporation tax is a tax on corporate activity and on shareholders, and it is not well designed to achieve either purpose.
British law might have said that the duty of directors is simply to promote the interests of the company’s members. But it doesn’t – and that is no accident.