Floyd Norris has a great column today taking Charles Schwab to task for its egregious behavior surrounding the ill-fated YieldPlus fund. Charles Schwab lied about the fund to the people who invested in it, and has not apologized for doing so: instead, the company just says that “we regret that fund shareholders lost money in YieldPlus.” Yeah, I’ll bet they do.
Greg Ip makes a very important point today, which I haven’t seen made anywhere else*: even if the US debt ceiling isn’t lifted, that doesn’t mean the government will default.
I’m on Fresh Air today, talking about the Wired article on algorithmic trading which I wrote with Jon Stokes. Norm Cimon, who wrote a very interesting paper on the limits of financial databases, read it, and emailed with an important point:
What business, big or small, doesn’t like a government bailout? That’s what the Obama healthcare bill is, in oversimplified terms, from the point of view of employers: up until now they’ve been struggling with soaring healthcare costs, and now the government is stepping in to relieve some of that burden.