The Passion of the Banks

Note: The first publishing of this post was accidentally an unfinished draft.  This the corrected copy.

The Wall Street journal asks?

Was it surprising to investors that Merrill paid $3.6 billion in bonuses?

This figure leaned toward the low end of estimates that had appeared in the press, and it was significantly less than the [...]

Complexity and Collapse

As is so often the case, however, the system became a prisoner of its own complexity. The original system of canals and reservoirs was tied, over time, to new spillways, plus a larger canal and related dam. These show signs of having seen significant stress, perhaps a reservoir going dry, all causing endless repairs to [...]