Australia’s Big Four banks are at the core of our entire economy, says Evan Jones, and the idea that they’re “in competition” with each other is a farce. Together, these institutions wield enormous power.
Business
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CASA must act now to prosecute over Pel-Air crash
The pilot of the Pel-Air Westwind that crashed off Norfolk Island on Wednesday apparently took off with inadequate fuel supplies. He, and his airline, must be prosecuted.
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Silicon sweatshops
Global Post is running a five-part investigation into the dubious labour practices of the Third World factories manufacturing the First World’s favorite high-tech gadgets. How cool does your iPhone look now?
Goldman starts grovelling-
Cut up your credit card
Megan McArdle recently interviewed finance guru Dave Ramsey, who advocates one simple message: ditch your credit cards and live debt-free. Would the world really be a better place without the plastic fantastic?
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The next meltdown is coming in 2012
It may not be the global Apocalypse predicted by certain Hollywood action films, but there will be an epic disaster in 2012, says Paul Farrell: the next big Wall St crash.
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How Australia’s economy is kicking America’s arse
Australia’s natural resources, healthy banking sector and equity culture has seen the country virtually skip out on recession while the US struggles to keep its head above water. Elliot Gue casts a jealous eye over Australia’s recent economic performance.
The Ayn Rand revival of 2009-
We’ve passed Wall St, next stop Hang Seng
Australian investors need to stop believing that Wall Street is god of the Australian economy, writes Michael Pascoe. We’ve survived the GFC, even if the US didn’t, and our focus should be on Asia.
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Facebook now worth $9.5 billion
Facebook’s private shares are now for about $21 each — a 42% increase since July — valuing the company’s common shares at $9.5 billion. Will the company go public soon?
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An inconvenient truth sobers thinking on weak state of US banking
Markets are not known for their consistency. Last night, the US market went up 148 points very quickly, then slid back into the red, only to close up 76 points.
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The most powerful people in the world
Forbes has launched a new annual list, ranking the world’s most powerful people. Obama at number one is a pretty safe choice, but names like Google’s Sergey Brin and Larry Page at number five and Putin as number three are sure to stir up debate.
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Bernie Madoff was mad for watches, and 46 of them were sold at yesterday’s fire sale of his possessions. Check out all of them here — including his suite of Rolexes, a favourite brand — plus their estimated price and what they actually fetched.
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graph pr0n
Following Warren Buffett’s $34 billion buy-out of America’s second-biggest railway, this great infographic charts the history and breadth of the investor extraordinaire’s business empire and investments.
Charting Nouriel Roubini’s horrible stockmarket calls
Andrew Ross-Sorkin: the journalist king of Wall Street
PHOTO GALLERY: Bernie Madoff’s garage sale
