March 22, 2004
WE ARE TOLD we live in the New Economy, an economy of computers and fiber-optic cables, capital without borders, and competition on a global scale. This is mature market capitalism, and its promise for human advancement—when combined with democracy and individual freedom—is rightly touted at every turn. But, if our economy is a creature of the twenty-first century, our thinking about government’s role in the economy is mired in the nineteenth. Two essentially opposite viewpoints dominate today’s debate.
May 19, 2003
Few have ever accused Morgan Stanley, the white-shoe investment bank formed in 1935 by partners of the imperial J.P. Morgan & Co., of being solicitous toward the investing masses. And that hauteur was on full display last week. On April 29, appearing at the UBS Warburg Global Financial Services Conference, at Manhattan's gilded Pierre Hotel, Morgan Stanley CEO Philip Purcell was asked about the $1.4 billion "global settlement" that Morgan Stanley and nine other firms had just inked with state and federal regulators.
No Pain, No Gain
July 22, 2002
Last fall, Williams Communications Group (WCG) looked like as good a bankruptcy candidate as any. The firm was supposed to make money by selling access to its 33,000-mile fiber-optic network to phone companies and Internet service providers. But a glut of fiber-optic cable had driven prices for that service down dramatically, while communications traffic was barely increasing. That left WCG's revenues at only a fraction of what had been expected when all its cable had been laid.