I had a fascinating meeting this morning with Anil Arora, the CEO of Yodlee (a firm you’ve probably never heard of), and Josh Reich, of i2π (a one-man consulting shop you’re very unlikely to have heard of). But at the end of it both Josh and I came out with a sense that maybe — just maybe — we might be near the cusp of the long-overdue revolution in consumer banking that millions of Americans have been waiting years for.
Eric Arnold reports back from a blind-tasting wine stunt:
This fall, at New York restaurant Eleven Madison, six top pinot noirs from California, Oregon and Burgundy (the most expensive of which was $425 per bottle) were served blind alongside six of Craggy Range’s pinots. The two dozen or so tasters were asked to guess where each wine was from, then rank them on taste from one to 12.
Buying homes at foreclosure auctions is not for the faint of heart, and James Hagerty’s WSJ article today does a good job of explaining many of the potential pitfalls — up to and including finding concrete poured down the toilet. But what really puzzles me is the degree to which banks seem to be just giving money away here:
A defender of Neel Kashkari writes in:
He worked his butt off at Treasury at great personal cost (both financial, with an 80% pay cut, and otherwise) to help keep catastrophe from happening, and now he’s out and reconnecting with the rest of his life. I seriously doubt that he invited the Post reporter to “hang out with him in the mountains”, as I know he chose not to “do” any press beyond hearings and remarks while heading TARP.
Simon Johnson joins in the chorus advocating a hard cap on bank size:
There is a strong precedent for capping the size of an individual bank: The United States already has a long-standing rule that no bank can have more than 10 percent of total national retail deposits. This limitation is not for antitrust reasons, as 10 percent is too low to have pricing power. Rather, its origins lie in early worries about what is now called “macroprudential regulation” or, more bluntly, “don’t put too many eggs in one basket.”