Good morning. We’ll get the day started with these items, ranging from Tiger to ravioli to free coffee:
US needs more thought on regulation (Financial Times) Amen. A view from Britain:
In general, the guiding principle of those favouring more regulation appears to be, “Do the banks object?” In their view, whatever arouses the finance industry’s (well-funded) opposition must be good. Recalling the banks’ egregious conduct, one can sympathise. But better regulation, as opposed to more, is not just a matter of breeding regulators and upsetting the banks. If the US forgets that now, the next crisis will be sure to remind it.
Tiger Woods and the wages of sin (Real Clear Markets)
A better way to handle banker pay (Smart Money):
You have to hand it to the British and the French. Their bold plan to tax financial bonuses (at 50% in the U.K. plan) is at least intellectually honest, applies to all financial firms, and avoids the meddlesome intervention of a pay “czar.”
A cafe in Utah ties its fortunes to the Dow (NPR) It offered free coffee every day until the Dow hit 10,000.
Pierose estimates that they served 22,000 free cups of coffee as part of the promotion, which lasted until October, when the Dow broke that mark. And, as was the hope, during the promotion people often paid for something to eat with the coffee.
Still, it wasn’t enough. Manager Shelly Walquist had to cut employee hours.
The Year Ahead: Economic surprises in store for 2010? (PBS NewsHour)
Italy goes after pasta makers (BBC) Because pasta is soooo expensive:
Italy’s financial police have raided the offices of the country’s five main pasta makers as part of a price-fixing investigation, judicial sources say.
The headquarters of firms such as Barilla, De Cecco and Divella were among those searched.
Cheers to trustworthy journalism!
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