antiquary

Wall Street Breakfast: Must-Know News

Doubleguns, contracts have been breakable for centuries, contrary to your statement, and many economists argue that they should be if that's the economically sensible thing to do. Our bankruptcy laws have reflected that for centuries, too. It's neither anyone's business nor their duty to validate or even respect anyone else's unilateral expectations, in or out of business. You pays your money and you takes your chances. The old fishing adage comes to mind-- "that's why it's called fishing, not catching."

What Would J. Pierpont Morgan Do?

J.P. Morgan didn't prevent the Panic of 1907, and didn't help pull us out of it by talking tough to the other financiers. He telegraphed them asking them to pledge large amounts of their fortunes as a guarantee, so as to stem the panic.

Sorkin's Questions to Bank CEOs, Answered

"Pandit has no moral obligation to buy stock in an insolvent bank just because he's its CEO."

And it shouldn't raise eyebrows if a newly hired chef is never seen eating his own cooking.