Here’s my infographic on the badges at Davos, put together with the invaluable help of Alex Leo and Juno Lee.
The big deadline in Greece is March 20 — that’s when the country has a €14.4 billion bond maturing that it can’t afford to repay. So Greece and its creditors are playing chicken with each other right now. Both want to do a deal, which would involve a cash payment of about 15 cents on the euro being paid out by a rescue committee comprising the EU, the IMF, and the ECB. Existing bondholders would get shepherded into new debt which would be worth less than the old debt but at least would remain current, while Greece would avoid the parade of horribles associated with a “hard default”, with its banks retaining access to funding from the international community in general and the ECB in particular.
I had a memorable conversation on Monday with Suze Orman and Kim Bishop, the face and president respectively of the new Approved Card prepaid debit card. I had quite a few questions for them, and they did answer them, even if at times I did feel as though we were speaking at cross purposes.
When Mitt Romney started plugging his friend’s for-profit university as a solution to the problem of rising higher-education costs, he was surely doing well by a major campaign donor, while giving pretty bad advice to potential students: no one should enroll in an $81,000 21-month program in “video game art” if it has — as this one does — a graduation rate of just 38%.
I tend to find fictionalizations of high finance disappointing. I wasn’t a huge fan of Margin Call: it seemed to me oversimplistic and often quite silly in its portrayal of a how a bank like Lehman Brothers operates. And Adam Haslett’s hugely ambitious novel Union Atlantic was worse. In both cases, a series of senior bankers behaved in ways that senior bankers simply wouldn’t ever behave in reality.