The enduring financial advantages of mutuality
Picking up the Wall Street Journal this morning, I was greeted with a large advertisement from New York Life, the mutual life insurer, with the slogan: We’re Main Street. Not Wall Street.
Leaving aside the peculiarity of dismissing Wall Street in the Wall Street Journal, it struck me as a good campaign. At times like these, being associated with high finance and capital flight is a bad idea while sympathising with Main Street is all the rage. Read more
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John Gapper is an associate editor and the chief business commentator of the FT.
He has worked for the FT since 1987, covering labour relations, banking and the media. He is co-author, with Nicholas Denton, of 'All That Glitters', an account of the collapse of Barings in 1995.
Andrew Hill is an associate editor and the management editor of the FT. He is a former City editor, financial editor, comment and analysis editor, New York bureau chief, foreign news editor and correspondent in Brussels and Milan.
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