Word: accountability
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...only option for general readers curious about the P.R.C., since many significant works that take a ground-level view of the country, rather than a bird's-eye one, have also been appearing. I am thinking, for example, of Fast Boat to China (2007). This is a lively account of the human side of Shanghai-based outsourcing by Andrew Ross, who usefully dubs his study a foray into "scholarly reporting" - a term for books that, as he puts it, have "mined the overlap between ethnography and journalism...
...Noteworthy examples have appeared throughout the past decade, but the richest year for them was probably 2008. Two of the most illuminating works published then were Leslie T. Chang's Factory Girls, which provided a moving account of migrant workers that was wonderfully sensitive to divides rooted in location, gender and generation, and Michael Meyer's The Last Days of Old Beijing, which offered a poignant look at breakneck development. (See portraits of Chinese workers...
...role of proprietary trading - when banks buy and sell investments for their own accounts rather than their clients - and other principal investments in the financial crisis is getting new scrutiny. On Thursday, Feb. 4, the Senate Banking Committee held its second hearing in a week on President Obama's proposal to keep banks, which hold federally insured deposits, from engaging in such risky businesses as proprietary trading and hedge-fund and private-equity-fund investing (all three activities contain some element of trading or investing for the firm's own account, possibly employing leverage). Many have dismissed the so-called...
...Some see Amazon's biggest growth coming from further expansion into electronics, apparel and consumer products, ranging from shampoo to groceries. Amazon's ability to cross-sell products to existing customers is powerful. "When you've got an account opened at Amazon and they have your credit-card information and they also happen to have some of the lowest prices, it's very easy to start buying on Amazon items that may be outside people's traditional products that they buy online," says Sebastian. "I've been buying diapers from Amazon - not just the books that I would have bought...
...intern, of course, wasn't the only one who was risking the firm's dollars. McDonald, himself a relatively junior trader, had a Lehman-funded trading account of $450 million. In the years leading up to the financial crisis, Lehman Brothers built up huge positions in real estate, derivatives and bonds. That all came crashing down in the fall of 2008, when the tumbling housing market and rising mortgage defaults caused the credit markets to seize up. In all, Lehman lost more than $32 billion from proprietary trading and principal transactions during the year and a half leading...