John Gapper



Profile:
Full name: John Gapper

Area of interest: Business trends and strategy, esp. in the US. (Blog covers: business, finance, media, technology)

Journals: Financial Times

Email: [mailto:john.gapper@ft.com john.gapper@ft.com]

Personal website:

Website: FT.Com / John Gapper

Blog: ft.com / gapperblog

Representation:

Networks: LinkedIn | Twitter: @gapperblog



Biography:
About:

Education: Wharton School, University of Pennsylvania: US education and training; Harkness fellow of the Commonwealth Fund of New York

Career: Reporter with The Daily Mirror, Daily Mail and The Daily Telegraph; joined FT in 1987: has covered banking, labour relations and the media, was the assistant editor incharge of comment analysis pages and features

Current position/role: Associate editor and chief business commentator


 * also writes/has written for: Los Angeles Times: archive

Other roles:

Other activities:

Disclosures: Viewpoints/Insight:

TV/Radio:

Video: Appears regularly on CNN, CNBC and the BBC

Controversy/Criticism:

Awards/Honours: Business Journalist of the Year Awards 2008: Best Communicator

Other:



Books & Debate:

 * All that glitters: the fall of Barings OCLC 36084733, 1996, co-author Nicholas Denton - an account of the collapse of Barings Bank

Latest work:

Speaking/Appearances:
 * The Globalization of Capital Markets: The Rise of New Financial Centers, Milken Institute Global Conference, 28th April 2008 (Video/Audio/Slides)

Current/recent debate:



Financial Times
Column name:

Remit/Info: Business trends and strategy

Section: Comment

Role: Associate editor and chief business commentator. Writes this column and also contributes leaders and other articles

Pen-name:

Email: [mailto:john.gapper@ft.com john.gapper@ft.com] Website: FT.Com / John Gapper

Commissioning Editor:

Day published: Thursday

Regularity: Weekly

Column format:

Average length: 900 words


 * see also: Business Blog



Articles: 2011

 * An inventor with Fire in his belly and Jobs in his sights - Amazon tablet marks ambitious strategy change, write John Gapper and Barney Jopson - 1st October
 * The best way to tackle the Big Four - It would be better to encourage the emergence of new competitors to the biggest firms through ownership and anti-trust measures - 29th September
 * Innovators don’t ignore customers - Customers don’t care about corporate structures, cash flows, technologies and growth ratings. They care about service - 22nd September
 * Revolt over risks of elite class of bankers - A mismatch of assets and liabilities lies at the heart of global finance - 17th September
 * The conflict of interest in free news - No matter how loudly people protest that they have safeguards in place, conflicting interests lead to abuses - 15th September
 * China’s migrant workers expect more - Beijing must not only restructure its economy but also loosen the grip of the Communist party on financial resources - 8th September
 * It is right to curtail web anonymity - The policy that people are free to interact online anonymously is under fire - 1st September
 * banking behemoth in need of charisma, capital and clout'' - John Gapper on Bank of America’s chief executive - 27th August
 * should have avoided a big bang'' - The chief executive should have taken things steadily - 25th August
 * turbulent jobs flight'' - US manufacturing has a good story to tell but it is about technology and productivity rather than jobs for the millions - 27th July
 * best way for Rupert Murdoch to leave'' - News Corp needs a new chairman who can recruit new directors and provide the oversight its executives need - 21st July
 * Corp is all about the family'' - No one pretends it is managed according to any other principle than what Rupert Murdoch wants - 14th July
 * reeks of self-interest'' - As dramatic coups go, Rupert Murdoch’s decision to close the News of the World, a 168-year-old title and the first UK newspaper he bought in 1969, while backing both his son James and Rebekah Brooks, chief executive of News International, ranks with his abandonment of Fleet Street for Wapping in 1986 - 7th July
 * Street is not above the law'' - Rupert Murdoch’s tabloids and others believed they would be protected from discovery or discipline - 7th July
 * York treated Strauss-Kahn roughly but he got justice'' - There were two traps in his case and the authorities fell into neither - 2nd July
 * make it easy for hackers'' - Cleaning up past software errors is time-consuming and difficult but none of it is beyond the corporate grasp - 30th June
 * price of Wall Street’s black box'' - As long as the structure encourages it, investment banks will place their interests above those of their clients - 23rd June
 * Bono didn’t save Spider-Man'' - How the U2 spirit went missing on Broadway - 16th June
 * is at a loss to justify itself'' - Investors are invited on a wild and unpredictable ride - 9th June
 * better way to run internet IPOs'' - Companies need to attract institutions that plan to hold the shares for the long term - 2nd June
 * it is right to fight web pirates'' - An over-aggressive crackdown on internet piracy and illegal copying will not be in the interests of anyone - 26th May
 * close the lid on bank fraud'' - It beggars belief that crimes were not committed on Wall Street in the last days of the mortgage bubble - 19th May
 * must simplify for speed'' - Steve Ballmer has set himself too broad a challenge - 12th May
 * commodity billionaires face their reckoning'' - Commodity groups are vulnerable to swings in market sentiment - 7th May
 * news from Abbottabad'' - New ways to filter and monitor information from countries such as Egypt and Libya are springing up - 5th May
 * debt to China’s women'' - They enabled the country to become the manufacturing hub for the world - 28th April
 * chiefs can be wiser than one'' - When power-sharing works it can have real and lasting value - 21st April
 * banks will not wield their power forever'' - Sir John Vickers is handing Bob Diamond enough rope to hang himself - 14th April
 * needs to stop flying solo'' - Mr Buffett and Charlie Munger, his sidekick, operate like the Beverly Hillbillies of global finance - 7th April
 * the networks bubble over'' - Late-stage investors should pause for thought - 31st March
 * no to AT&T’s mobile monopoly'' - The provider is on its way to replicating in mobile the power it exerts in fixed-line telephony and broadband - 24th March
 * the lessons of the Renault affair'' - In the age of cyber-espionage, companies must stop their secrets walking out of the door. But they cannot trample over the law or their employees - 17th March
 * model springs a leak'' - The scandal goes to the heart of the consultancy’s identity and reputation - 10th March
 * are only part of the enterprise'' - The most vital job in an organisation lies somewhere between the creatives and the business people - 3rd March
 * American shipping lines'' - There are few such clear examples of an entire industry being blighted by trade protectionism as the US merchant marine fleet - 24th February
 * is more to an exchange than a name'' - The attraction of a merger for the NYSE - 17th February
 * is right to take the cash'' - The squeeze on the middle market in media does not bode well for AOL’s new acquisition - 10th February
 * or import the new entrepreneurs'' - US innovation challenge in relation to Asia is human - 3rd February
 * Murdochs turn a media crisis into a family drama'' - Even Rupert Murdoch cannot live forever and that is becoming a significant investment risk - 29th January
 * Fannie and Freddie off the road'' - Obama can dare to dream of a free mortgage finance market - 27th January



Articles: 2010

 * bets for a better year for business in 2011'' - Despite all the uncertainty, business should be optimistic about what next year holds - 30th December
 * Colossus'' - HW Brands delivers a lively and panoramic account of the rise of US capitalism and how the surge of industrialisation transformed a continent - 23rd December
 * was Wall Street’s problem'' - The scandal provides plenty of evidence of corner-cutting and the turning of blind eyes in a quest for revenues - 16th December
 * takes a short-cut to power'' - China is hastening its advance by digesting others’ intellectual property. This is not as effective as real innovation - 9th December
 * the iPad should rival the web'' - Two great media minds think alike - 2nd December
 * Feds must cast their net widely'' - Digging out facts is not illegal nor unethical in itself - 25th November
 * Russia with love and money'' - John Gapper on why Yuri Milner is popular - 18th November
 * is not Silicon Valley’s judge'' - The Oracle chief’s accusations against Hewlett-Packard’s Léo Apotheker are overblown - 11th November
 * should never have been'' - Guy Hands’ error in going to court over his dispute with Citigroup extended beyond the fact that his case was thin, for it also made him look incompetent - 5th November
 * turn back on financial reform'' - Republicans should focus on reforming Fannie Mae and Freddie Mac rather than a fundamental rewrite of the Dodd-Frank act - 4th November
 * must learn to love business'' - The US president has failed to see the role big business plays in remoulding the economy and creating high-skilled jobs - 28th October
 * business elite is free enough'' - A week-long tour of China’s elite turns up little evidence of rebellion - 21st October
 * best bet to curb too big to fail'' - All countries should have clear resolution regimes - 14th October
 * is a symptom of a banking malaise'' - The rogue trader is usually not motivated by greed - 7th October
 * is not a punk’s drama'' - Entrepreneurs do not create companies by being lone geniuses but by deploying the skills of others - 30th September
 * Germany’s problem banks'' - They are bloated institutions that rely heavily on wholesale funding - 23rd September
 * made the right sacrifice'' - Letting Lehman Brothers fail was a gamble worth taking - 16th September
 * Diamond in a rough business'' - The outcry over Bob Diamond’s appointment as symbolising the rise of “casino banking” is not fair on the man himself - 9th September
 * funds should cool it on tax'' - Tempting as it is to single out Wall Street, it is not justified - 2nd September
 * crash at General Motors'' - The US motor group has burned through four chief executives in 18 months - 19th August
 * need competition rather than confusing deals'' - Internet neutrality was always a slippery concept, which may account for the fact that news of a potential deal between Google and Verizon was greeted with uncertainty - 6th August
 * the spies from our computers'' - Our lives are already stored in our machines; we do not want the secret police in there too - 5th August
 * world’s banks take a holiday from regulation'' - New standards for capital and liquidity have been diluted - 31st July
 * need to be more creative'' - Super-agent Andrew Wylie is right when he says print publishers must be more astute - 29th July
 * and Libya – a special relationship?'' - What difference is there between a company paying a bribe and a government striking a dirty political deal - 22nd July
 * should not prescribe pills'' - Regulators are there because decisions over the risks and benefits of drugs are difficult - 15th July
 * mobile winner will not take all'' - The smartphone, along with the tablet computer, is coming of age, pulling attention away from desktop computers - 8th July
 * therapy for troubled European banks'' - If stress tests reveal big capital shortages, governments might need to step in - 3rd July
 * copyright and make it stick'' - Publishers should be willing to offer shorter, narrower terms to regain legitimacy - 1st July
 * not to salvage a reputation, at BP and beyond'' - Not everything Tony Hayward did was wrong, and nor was poor public relations the only cause of his downfall. His fate was sealed when BP’s early plans to cap its well failed, leaving oil still spewing - 25th June
 * has become the new tobacco'' - Corporations’ reserves make them ‘deep pockets’ - 17th June
 * has to become an elitist'' - For newspapers to compete with free online general news, they will have to become more focused with rarer information - 27th May
 * in the News: Gordon Gekko'' -The fictional embodiment of financial excess has returned for a second act - 22nd May
 * perverse European fund strategy'' - The Alternative Investment Fund Managers Directive is protectionist, prescriptive and perverse - 20th May
 * open disdain for privacy'' - The social networking site needs to regain trust - 13th May
 * Edge: On the money in the crash of 2.45pm'' - Since the 2008 crash, when markets fluctuated wildly on rumours of bail-outs, bouts of intense and short-lived financial volatility are becoming common - 8th May
 * is drilling itself into deep water'' - The blow-up is an example of the dangers that oil ‘supermajors’ face by drilling in such difficult spots - 6th May
 * to rein in the ratings agencies'' - Any reform that would loosen their grip on bond markets deserves a shot - 29th April
 * is not good for Goldman'' - The bank’s greed and the threat from the SEC case - 21st April
 * short story of a star hedge fund'' - The hedge fund Magnetar has been criticised for shorting a subprime boom it helped to create - 15th April
 * iPad’s scary counter-revolution'' - This is the digital future, whether publishers like it or not - 8th April
 * has the measure of the banks'' - why the plan by Paul Volcker, where the government will directly attack the size and complexity of over-mighty institutions, offers the best chance to address the structural problem posed by the banks - 28th January
 * flaw of banking on brand recognition'' - Long-established western companies still have cachet in emerging markets, but they must adapt and be able to make cheaper products in order to succeed in the Brics - 21st January
 * for news or bleed red ink'' - Although online readership falls when subscription is imposed, metering or similar ‘freemium’ models help publishers to more than make up for it. Not only do they gain subscription revenues, but they can raise advertising rates to their core customer - 21st January
 * long haul for Detroit’s new prince'' - Short-term recovery is not the same as long-term prosperity, and Fiat-Chrysler’s prospects of achieving the latter look dim. Sergio Marchionne, its self-confident chief executive, may be an expert player, but his cards are weak - 14th January
 * open battle with Apple'' - In the battle for the mobile internet, the latest fight is over how closed systems are, both companies understand when to open up, and when to remain closed, no matter what they espouse publicly - 7th January



Articles: 2009

 * of risk who did God’s work for Goldman Sachs but won it little love'' - Lloyd Blankfein, the financier who is the FT Person of the Year, heads Wall Street’s most powerful institution, but he still has to prove himself in the market of public opinion - 24th December
 * America let banks off the leash'' - This week, the last two large banks to receive capital injections from the US government at the height of the crisis in October 2008 agreed their exit with the Treasury - 17th December
 * stakes out a place in space'' - Richard Branson’s Virgin Galactic service deserves to be taken seriously because it makes financial sense. The more that people pay privately to experience some of the thrills that astronauts have enjoyed, the greater the potential for Nasa to focus on grander projects - 10th December
 * guys gain little from merging'' - Comcast’s expected $30bn bid for NBC Universal is complex and unjustified, writes John Gapper. The rest of the media industry has given up on efforts to show that the merged whole can be greater than the sum of the parts, and Comcast should too - 3rd December
 * healthy appetite for the right price'' - The Cadbury takeover battle shows the advantages of the UK system. The City’s focus on price allows investors to make up their own minds without being stymied by directors. A sound outcome is more likely than in the murky US alternative - 26th November
 * Wall St family was torn apart by greed and jealousy'' - Charlie Gasparino, author of ‘The Sellout’, was as close as anyone to the Street’s big, wayward figures before they met their downfall - 19th November
 * to reinvent China's gtowth'' - China faces a complex and perilous transition phase as it tries to transform from a middle-income, high-growth, very big developing economy into an advanced economy with a diversified industrial bas - 19th November
 * will relish a battle over online pay walls'' - He talks of cracking down on ‘content kleptomaniacs’, but has not yet secured his doors against them - 14th November
 * not to take care of a brand'' - Amputations from a stroller?! By the time Farzad Rastegar, chief executive of Maclaren in the US, had lunch with John Gapper in New York on Tuesday, he sounded shaken. Maclaren has done a poor job of telling its story. What are the lessons for companies facing similar crises? - 12th November
 * signals from Buffett’s train deal'' - Buying a railroad is a sound way to gain cash dividends, and broad exposure to companies that need coal and freight, but not to invest in innovation. Is the $27bn BNSF deal the ultimate symbol not only of Warren Buffett’s investment style but also of how he sees his country - 5th November
 * three-way split is the most logical'' - By insisting on the break-up of the ING Group into its banking and insurance divisions – and on it divesting its US direct savings arm – EU competition commissioner Neelie Kroes set a welcome precedent this week. But will any country be brave enough to enact a Kroes-like split on financial institutions - 29th October
 * reach'' - Investment: As a New York hedge fund chief faces charges of insider dealing, a case that also involves IBM, Intel and McKinsey executives is causing shock well beyond the world of finance - 26th October
 * reach'' - Investment: As a New York hedge fund chief faces charges of insider dealing, a case that also involves IBM, Intel and McKinsey executives is causing shock well beyond the world of finance - 24th October
 * should be allowed to fail'' - It might sap some resentment if taxpayers could see that Goldman’s bonuses were a form of equity partnership, and that the bank would be allowed to founder in any future crisis - 22nd October
 * credibility problem for Goldman'' - Having taken government money to survive the crash, Goldman Sachs is in such rude health that it will be handing out billions in bonuses. There is much outrage that the US bank wants to carry on as its old self (but bigger) in a world that has changed - 15th October
 * death of the media mogul'' - There may be someone out there who will become the 21st-century equivalent of Bertelsmann’s Reinhard Mohn, a modest entrepreneur who crossed technological and social boundaries to create a media empire. But we shall not see his like again - 8th October
 * up the future of futures'' - Banks have found corporate allies in their battle to stop the tough new rules proposed for derivatives, including demanding that standard contracts are traded on an exchange. But they must not be allowed to derail the regulations - 1st October
 * there’s a will there’s a way'' - Banks should write their own living wills, making them safer in life and easier to dispose of in death - 24th September
 * the leviathans of finance'' - It is necessary to have tough restrictions on systemically important banks deemed ‘too big to fail’ and impose a much bigger regulatory ‘tax’ on large banks than small ones, through higher capital charges and stricter limits on leverage - 23rd July
 * A pugnacious pundit Wall Street can’t ignore - John Gapper meets Charlie Gasparino, the CNBC reporter who has broken many stories about the financial crisis, and discovers why everybody listens when he talks - 17th July
 * laptops snap at the oligopoly'' - The Asus Eee and rival netbooks made by Taiwan companies have converted consumers and caused havoc in the personal computer industry, reducing revenues and margins at both software and hardware companies - 16th July
 * Digger blags his way into the headlines'' - Rupert Murdoch has been hit by accusations of phone-hacking by his British tabloids, hurting the reputation he has been building in the US through proper journalism at The Wall Street Journal - 11th July
 * banks look to rainmakers again'' - Investment banks are hitting back at boutiques by giving top performers the status they crave, as the growing complexity of deals means more seasoned advisers are needed. But don’t expect it to last - 9th July
 * sentence is both necessary and rare'' - The 71-year-old fraudster conduct was indefensible and he deserved what he got. But the case was unusual. The question is whether Bernard Madoff’s spectacular sentence should become the benchmark for future cases of corporate fraud. I think not - 2nd July
 * victims have their moment but the suffering continues'' - After Monday, there will be no more court hearings to attend and Mr Madoff will disappear into a high security prison for life. The victims will be left with a long, frustrating battle to try to recover some of their money - 30th June
 * avoids the pain of competition'' - It seems odd that companies can gain an advantage by working with others and by sharing knowledge. Yet being part of a network not only can help a company to gain from others’ knowledge but also can reinforce its market position, as Apple’s contest with Palm shows - 25th June
 * is for revolution (and repression)'' - Technology gets a bad rap in the old media. In books and films, it is often the machinery used by governments to crush individuality - 20th June
 * hidden cost of free vaccines'' - One-off gifts of childhood vaccines can cause more harm than good. Developing countries obtain far greater benefits from being offered guaranteed low prices for a vaccine over several years, enabling them to plan vaccination properly - 17th June
 * warriors head for Washington'' - We are about to observe the next phase in the government’s attempt to stabilise the US financial system. It is about to launch its effort to reform the notoriously tangled and overlapping system of financial regulation. It is vital to get this right - 11th June
 * Motors goes to the garage'' - Chapter 11 gives chief executive Fritz Henderson room to manoeuvre in stripping down GM’s balance sheet, curbing its healthcare and pension liabilities and closing reluctant dealers. But can he remould GM for the long-term, rather than just foster a cyclical revival - 4th June (See: GM: the bankruptcy process)
 * not cutting prices becomes a luxury'' - Discounting can exact a terrible price, as the imminent bankruptcy of General Motors shows. The company was the king of price-discounting even in the good times. But luxury and premium brands have grown so much that their owners cannot choose from a menu of cutting costs, output or prices. All are required - 28th May
 * Alpha asks searching questions of the web'' - For years, there has been little competition in the business of enabling people to find out things on the web: Google led and a bunch of its would-be rivals lagged behind. Suddenly, however, internet search is becoming lively again - 23rd May (See: Wolfram|Alpha)
 * will dodge Obama’s fuel rules'' - Barack Obama’s complex intervention is an inefficient – and probably ineffective – way of meeting the twin aims he has set for the US motor industry: to curb fuel consumption and dependence on foreign oil and help the Detroit three “once more outcompete the world” - 21st May
 * the right buyer for your paper'' - Two astute wheeler-dealers – Carlos Slim, the Mexican media mogul, and David Geffen, the Hollywood big shot – have their eyes on The New York Times. But, with the share price close to an all-time low, is it time for the Ochs-Sulzberger family to sell? - 14th May
 * banks learnt to play the system'' - The results of the US stress tests are a harsh judgment on the biggest US banks and a damning verdict on Basel and two decades of capital adequacy regulation. We must learn the lesson that banks faced with new balance sheet rules will strive to evade those rules - 7th May
 * Avenue feels the squeeze'' - Today’s face-off between the people in suits – media planning agencies – and advertising’s creatives is fuelled by recession rather than growth, and the internet rather than television, with clients demanding extra work – such as digital campaigns – for the same money - 30th April
 * Edge: Maestros, mitts and the best laid plans'' - the vagaries of pitches, stadiums and concert halls - 25th April
 * brands now rise in the east'' - For a long time, global products have been made in the image of what US consumers wanted, or dreamed. But a shift in consumer buying power towards emerging markets is helping the spread of eastern products and altering how western groups develop and market global brands - 23rd April
 * set Goldman free, Mr Geithner'' - Goldman Sachs’ Lloyd Blankfein wants his institution to pay back the $10bn in taxpayer money it took last autumn when its future looked dicey. It could then go back to paying employees what it wants and buying and selling what it fancies. He is peddling an illusion - 16th April
 * good to get behind the wheel'' - Most of the US auto industry’s problems were caused not by the nature of cars but standard-issue mismanagement, tolerated for decades. The inability, or unwillingness, of shareholders to enforce clearly needed changes is also found elsewhere - 2nd April
 * need to share the bail-out bill'' - One thing we have learnt in the past year is that some banks are definitely too big to fail. We may yet discover something even more disturbing: that some are too big to save - 26th March
 * reinvents the trader’s option'' - For the taxpayer, it is a travesty to be forced to pay additional bonuses to the wreakers of havoc. But for the financial institutions involved in credit derivatives, it is even worse than that – a humiliation that should compel them to change the way they pay people - 19th March
 * case for a Glass-Steagall ‘lite’'' - There are sound reasons to impose some kind of split between buy side and sell side in the financial services industry. It is wrong to jump from doubting the usefulness or practicality of reimposing the Glass-Steagall Act to rejecting any such structural reform - 12th March
 * long in the spaceship, Hank'' - Hank Greenberg, the former AIG chief executive, has chutzpah. Having presided for decades over a vast and impenetrable insurance company-cum-hedge fund that the American government has spent many billions of dollars bailing out, he feels hard done by - 5th March 2009
 * Murdochs’ generation gap'' - Rupert Murdoch’s best response to the simmering discontent over the problems at News Corporation would be to set some sort of timetable for him stepping down. But there is still no sign of it happening - 26th February
 * stumped by their own ego'' - When a single figure not only controls a financial institution but embodies it, investors should be wary. Banks that keep the ambitions and egos of individuals in check by making them work with, and under the eyes of, others have a fair chance of detecting fraud - 19th February
 * Lear proves the point: listen to that whistleblower'' - In many cases, managers to whom a whistleblower complains are not at fault but dismiss the complaint as wrong or overblown - 14th February
 * help the banking system'' - The US Treasury secretary is a good conciliator. Geithner’s years at the New York Federal Reserve have taught him how to stroke politicians. But his challenges are just starting. Wednesday’s thrashing of Wall Street bankers was an appetiser for Congress - 12th February
 * a few bankers’ earnings is a small price'' - Barack Obama’s decision to impose a salary cap of $500,000 on the senior executives of financial institutions, including Wall Street banks, that need public money to prop themselves up is rough justice - 5th February
 * and the spirit of mutual misunderstanding'' - This year’s forum showed what happens when the world economy ceases to finance global co-operation and goodwill - 31st January
 * humbling of Davos Man'' - The credit crisis turned out to be Wall Street’s hurricane Katrina. It transpired financiers had no idea of the risks they were taking and could not stop their banks sinking in a storm. If they cannot do their own job, why should we let them do anything else - 29th January
 * is not a panacea'' - Governments are bad owners for banks. They are conflicted because, although politicians like to castigate bankers for risk-taking, they also push them to lend freely. Also, a full public recapitalisation in the US or UK would be enormously costly - 22nd January
 * must recruit a zombie-slayer'' - The fear is that the US government will take control of bank to stop it becoming a 1990s Japanese-style zombie bank, drifting from crisis to crisis with inadequate capital in a swamp of bad loans and toxic securities. Welcome to the job, Mr Parsons - 15th January
 * of funds have to work harder'' - Two decades ago, most hedge funds obtained most of their funds from individuals and family trusts. Now, there are many more funds to deal with and institutional money is encroaching. Funds of funds must show they contribute something valuable - 8th January



Articles: 2008

 * in 2009: On the bright side, the chocolate-makers will be fine'' - Businesses face depressed demand and credit difficulties, and banks are unpopular with taxpayers who bailed them out - 30th December 2008
 * Street insiders and fools’ gold'' - People lined up to entrust their savings to Bernie Madoff. Many got a tip from a friend or adviser about a Wall Street operator with a great record. No one thought he was operating a Ponzi scheme but plenty thought he had an unfair advantage - 18th December 2008 (Summary of Bernard Madoff news articles here)
 * cannot improvise our way out of trouble'' - By giving cash to companies that are in the worst trouble and have the most political clout, governments are in danger of investing their money badly - 13th December 2008
 * will mourn local newspapers?'' - On Monday, the Tribune Company, which owns the Chicago Tribune and the Los Angeles Times, filed for bankruptcy. The New York Times Company followed by saying it might mortgage its Renzo Piano-designed headquarters building to reduce debt - 11th December 2008
 * funds are going down with dignity'' - Instead of asking for government support, managers have been taking their punishment - 6th December 2008
 * to give something back, Bob'' - Robert Rubin needs to find a way to make up for his part in Citi’s downfall. My suggestion is that, in addition to giving up his bonus for this year and last, he returns the bonuses he got in 2005 and 2006, when Citi’s risk-taking ratcheted up - 4th December 2008
 * is just another risk for Buffett'' - On the face of it, Warren Buffett’s deal to write $35bn of put options on equity markets looks both unwise and uncharacteristic. But we should not be shocked. For several decades he has proved to be exceptionally good at taking big financial risks - 27th November 2008
 * perils of having a passionate helmsman'' - What Jerry Yang thought was right for Yahoo turned out not to be, and his enthusiasm for the enterprise he built, which he thought could flourish independently, was misguided. Sometimes a company requires a dispassionate leader - 20th November 2008
 * tries to fool them again'' - Washington should insist GM takes over Chrysler, reducing the big three to two. The US would get a smaller and stronger industry and competitors would be less crowded out by the US taxpayer - 13th November 2008
 * executive or business-basher?'' - The president-elect looks and talks like a brilliant chief executive. But is that the real Barack Obama? - 6th November 2008
 * Drudge loses his grip on US media!'' - Just as Fleet Street swings left and right politically, depending on where it sees its commercial advantage, the US media have shifted left for a time, to mimic what they judge to be the country’s mood. When that mood swings back, so will the media - 30th October 2008
 * rogue system with lax limits on risk-taking'' - In this crisis, whatever turns out to have occurred at Caisse d’Epargne, companies and banks bear responsibility - 24th October 2008
 * was right to look and learn'' - Mr Bush and Mr Paulson were forced to accept that they were either with European governments or the markets would be against them - 16th October 2008
 * real end of big bonuses'' - There will now be two kinds of Wall Street employer: safe and decently paid or risky and highly paid - 11th October 2008
 * blame lies closer to home'' - We home buyers and mortgage borrowers share the blame for the subprime mortgage mess, whether we are American, British or Icelandic - 9th October 2008
 * fatal banker’s fall'' - It is hard to imagine Wall Street dusting itself off and getting back to business as usual this time. Bankers’ unpopularity has been propelled to greater heights than before - 2nd October 2008
 * is good for Goldman . . .'' - Goldman partners are not only smarter than the average Wall Street bear, but often turn up in “public service”. The next president should recruit from elsewhere - 25th September 2008
 * men must put themselves together again'' - Humpty Dumpty seems an apt metaphor for the global financial system, which has fallen down and cannot get back up on its own - 20th September 2008
 * This greed was beyond irresponsible - I have a fine seat in the FT’s New York office looking down the canyon of Sixth Avenue towards the banks of Midtown. From my perch, I have watched the flabbergasting events of the past week - 17th September 2008
 * last gasp of the broker-dealer'' - Sunday marked not only the end of Lehman Brothers and the surrender of Merrill Lynch but also the end of a banking era - 16th September 2008
 * tragedy of hubris and nemesis'' - Dick Fuld reformed Lehman, but he never changed from the the dark and obstinate loyalist. In the end, his pride and obstinacy stood in the way of its desperate efforts in the past half year to right itself - 15th September 2008
 * this weekend off, Hank'' - Paulson has done his best to keep the dollar strong and financial confidence intact. The US Treasury secretary must now allow events to take their course - 11th September 2008
 * launches Microsoft’s big fear'' - Microsoft’s founder turned his company upside down 15 years ago because he grasped what the internet might do. The unveiling of Chrome shows his instincts were good - 4th September 2008
 * will see you read this'' - Most people know vaguely that companies use technology to track browsing habits but are unaware of the scale and penetration of these techniques. It is harder than it should be to opt out of being tracked by advertising networks or search engines - 14th August 2008
 * Sony lost the battle of the e-book'' - 7th August 2008
 * Corporate culture shock is a big deal - Many mergers fail and those between companies from different nations, with different legal systems, customers, investors and cultures, are notoriously risky. But what seem like national tensions are often corporate ones in disguise - 31st July 2008
 * Why the U-turn is a high-risk tactic - When a big company takes over a small one, the acquirer insists its new subsidiary will be left alone. Then, one day, the leash becomes shorter - 24th July 2008
 * Short-selling reveals corporate realities - 19th July 2008
 * America's air force misses the target - Unlike the Joint Strike Fighter programme, the US will not share the F-22 with its allies because it wants to keep hold of the technology. However, it does not want to buy many of the aircraft either, which has made each fighter absurdly expensive - 16th July 2008
 * Yahoo must call time on Jerry Yang - There has not been a lot of consensus in the bizarre, prolonged battle for control of Yahoo but all the participants are united in one belief: do not trust the other guy - 9th July 2008
 * British consumers face their retail reckoning - There is an evocative scene in The Ice Age, Margaret Drabble’s novel about the 1974 property crash, in which Len Wincobank, a property developer who has been sent to jail for fraud, longingly remembers the marvellous food he used to eat - 4th July 2008
 * The record labels can take a punch - It was a sparky Glastonbury Festival this year. Not only did Jay-Z defy the indie-anthem-loving crowd but Amy Winehouse waded into the audience and punched a fan - 2nd July 2008
 * Bickering will never feed the world - Long-running feuds often go quiet for a while but it takes only one incident to make them flare up again. So it is with the argument between exponents of organic farming and those who prefer technology-intensive, industrialised agriculture - 12th June 2008
 * The Panglossian approach to debt - As the US continues to flirt with recession and banks face credit downgrades and a rumbling crisis of confidence, one bunch of financial institutions is doing quite nicely, thank you - 4th June 2008
 * A Sex and the City guide to the entertainment industry - It may not take a lot to make the New York Post, Rupert Murdoch’s city tabloid, grumpy but the four actresses of Sex and the City, the new film of the television series, certainly provoked it this week - 14th May 2008
 * On the pot-holed highway to hell - If anyone doubts the problems of US infrastructure, I suggest he or she take a flight to John F. Kennedy airport (braving the landing delay), ride a taxi on the pot-holed and congested Brooklyn-Queens Expressway and try to make a mobile phone call en route - 8th May 2008
 * The return of high-risk optimism - Only at the Milken Institute Global Conference would one song played between financial debates be Bob Marley’s “Three Little Birds”: “Don’t worry ’bout a thing, ’cause every little thing gonna be all right.” - 1st May 2008
 * A good name sliced, diced and traded - Farewell, Marcel Ospel. The former UBS chairman did not seek re-election to the board of the Swiss bank at its annual general meeting on Tuesday. It was just as well since, after $37bn (£19bn) in subprime-related losses, he might not have survived - 24th April 2008
 * The airlines merger that will not fly - When a business venture is declared to be good for everyone – even those with widely differing interests – it often turns out not to be particularly good for anyone - 17th April 2008
 * It is time for reflection, not regulation on banking - We are at a moment of peril for financial markets - 27th March 2008
 * Why Bear’s bankers should do penance this Easter - The words “suffering” and “banker” do not go together often. But the rescue of Bear Stearns, the Wall Street investment bank, this week, is a rare case of their collision - 22nd March 2008
 * How Bear aided its own demise - When the going gets tough, the tough get going. That is the cliché about surviving crises. It is not: When the going gets tough, the tough go to Detroit to play bridge - 20th March 2008
 * How the fighter knocked himself out - There was a cruel thrill about being in Manhattan on Monday afternoon, as the jaw-dropping news of Eliot Spitzer's links to the Emperors Club prostitution ring emerged - 13th March 2008
 * Creative types must face the music - The late 20th century was a very good time to run a studio or a label in a media company. Apart from having a lot of freedom and being paid a lot of money, executives and producers could hang out with artists and feel creative themselves - 6th March 2008
 * Opening the windows on Microsoft - Andrew Grove, former chief executive of Intel, popularised the Silicon Valley motto: "Only the paranoid survive." In the preface to his book of that title he wrote: "The more successful you are, the more people want a chunk of your business, and then another chunk, and then another, until there is nothing left." - 28th February 2008
 * The top 10 Northern Rock losers - There are no winners from the British government’s decision this week to nationalise Northern Rock, the mortgage lender. There is, however, an embarrassment of losers - 21st February 2008
 * In defence of the investment bankers - The last British experiment with government wage controls was in the late 1960s, when the National Board for Prices and Incomes was given the task of assuaging the doubts of international bankers (the “gnomes of Zurich”) and staving off a sterling crisis by capping wage increases - 14th February 2008
 * Haze may obscure Microsoft’s path - In these volatile times, not many companies are willing to launch hostile bids for others and even fewer will back their hunch with $44bn. So Microsoft deserves the thanks of idle investment bankers and a nod from the rest of us - 7th February 2008
 * The crazy world of the superstar encourages risk - In recent days we have witnessed two men taking leave of their senses. In one case, however, there was method to the madness - 31st January 2008
 * Recession fears fail to damp party mood at Davos - 24th January 2008
 * Likeness to Barings is striking - It has been difficult to find an optimist in Davos this week, or at least an optimist who dared to speak his or her name - 24th January 2008
 * Davos Bill is tarnishing his philanthropic brand - Up here in Davos, in the mountain air, the usual philanthropic suspects have gathered for the World Economic Forum. Bono, George Soros and Bill and Melinda Gates are all here. One old hand is out of town, however: Bill Clinton, the former US president and quintessential Davos man - 24th January 2008
 * Detroit looks uneasily to the east - Most of the time, the shift in the business world's axis away from the US and towards Asia proceeds gradually enough to be imperceptible. This week there was a lurch - 17th January 2008
 * Obama still has lessons for business - Barack Obama, the 46-year-old Illinois senator, is now in a hard fight with Hillary Clinton for the Democratic presidential nomination. But he has already achieved something with his soaring rhetoric and his promise of change in Washington: the admiration of Americans, Bill Clinton excepted - 10th January 2008
 * Lessons from Nestlé's coffee break - It is the New Year: time to make resolutions and decide which Christmas presents we actually want to keep. The best thing Santa brought this year was a gadget I want to show off to friends: not an iPod or a Wii, but a Nespresso machine - 3rd January 2008

