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Capitalism can still do good
October 9, 2008
I have a review in the FT of Matthew Bishop and Michael Green’s book Philanthrocapitalism, a look at the growth of giving by rich people in recent years. This is how it starts:
This is not the ideal time to publish a book on how very wealthy people – including many bankers and business leaders – can do great things.
It is, after all, the week that Dick Fuld, the chairman and chief executive of Lehman Brothers, went to Congress to be pilloried for allowing the bank to founder while earning $350m between 2000 and 2008. It is also a period not only of enormous wealth destruction but questions over whether the gilded age of the early 21st century was no more than a debt-induced hallucination.
Philanthrocapitalism? Crony capitalism or crooked capitalism, or the end of capitalism feels more like it.
You can read the rest here and comment below
I
There goes that $350m since 2000 line parroted again.
While one understands that Mr Gapper is a commentator, too, and that the point of a blog is to opine, surely it is not too much to expect a journalist to obtain and provide us with a more relevant figure–how much Fuld et al were paid in the very same months/year that their banks were losing money and seeking to be rescued by taxpayers.
II
What crystal ball has The FT equipped its commentators–just eight days ago, the death of bankers was predicted; now it’s the death of capitalism.
III
As Mr Gapper himself said two days ago in ‘The Daily Beast, the financial crisis and madness’: intriguing but, if you will forgive the word, mad.
IV
Posted by: J Michael AJP Llamas, ex-private banker, 39 | October 9th, 2008 at 5:15 am | Report this commentThe best retort to II thus far is from a reader of The Times (’I can’t see a future for these prophets of doom’ by David Aaronovitch): When the recession bites, the price of oil will drop to below $50 dollars [sic] a barrel, thats [sic] Russia,Venezuela and the Arabs taken care off [sic]. The Ping Golf Clubs and the 40″ Plasma can wait a year or two, thats [sic] China dealt with. Our enemies will come off worse. Go Capitalism.