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FT.com – Nomura has Lehman’s old crown in sight

Via FT.com / Companies / Financial Services – Nomura has Lehman’s old crown in sight: Ten months ago when Lehman Brothers collapsed, it would have been a stretch to suggest that the former investment bank might reclaim its crown as the biggest broker on the London Stock Exchange. But on Monday the new owner of its European equities trading business, Nomura of Japan, said its newly constituted European equities arm was now the LSE’s third-largest broker, behind Credit Suisse and top-ranked […]

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A pall of smoke over the City

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London warehouse fire, originally uploaded by stevenjbaker. This picture taken a year ago from Lehman Brothers’ building in Canary Wharf seems appropriate again today.

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Mises.org: “Has Capitalism Failed?”

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Reflecting on the demise of Lehman Brothers and on Bank of America’s purchase of Merrill Lynch, I revisited an article by recent US presidential candidate Ron Paul, posted on mises.org: Capitalism should not be condemned, since we haven’t had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It’s not capitalism when the system […]

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ft.com: “Wall Street in turmoil”

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According to the FT: Wall Street was in turmoil on Monday as Merrill Lynch found shelter in a $50bn takeover by Bank of America and Lehman Brothers said it would file for bankruptcy protection.  Now we get to find out what happens when the public is not forced to support a major financial institution. And what of competition among investment banks? Hold tight. read more | digg story

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Beauty and the beastly commute

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Top tip: the Canon Ixus 70 is great. And the commute has its beauty.

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