Review: Art market’s old vices go global

February 13, 2015

Georgina Adam’s “Big Bucks” explores how contemporary art, buoyed by billionaires’ cash, has exploded as an asset class. The financial shenanigans are breathtaking but there were plenty in, say, the 1920s, another era of the super-rich. But today, the whole world is joining in.

Even Predators’ Ball saves a dance for 99 pct

May 2, 2012

The annual Beverly Hills gathering of Mike Milken’s 3,000 closest friends retains some vestiges of its racier past. But there’s an emerging consensus among this elite demimonde that rising wealth inequality is a problem. The solutions, however, are fundamentally polarizing.

Fed generates the wealth, but where’s the effect?

May 31, 2013

Americans’ private worth grew twice as fast as the U.S. economy last year, due largely to the rise in stocks and other financial assets. They can thank Ben Bernanke for that. Consumers aren’t, however, rushing to spend their gains. It’s another reason to question Fed policy.