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Wiesbaden Hof

Why can’t the ECB bring itself to stress test banks for deflation? I was thinking about this question when I remembered an episode from the past.

Just over ten years ago, I took a train from Frankfurt to the sleepy spa town of Wiesbaden. It was the sort of place where a lone taxi is … Continued

Lost Lobos

Lost Lobos

For as long as most people can remember, UK municipal finance has been safe and boring. In the wild days of the 1980s, Hammersmith & Fulham council almost went bust speculating in derivatives, and was saved by a landmark House of Lords ruling. Since then, UK council borrowing has been tightly constrained by … Continued

Review: In the Light of What We Know

In The Light Of What We Know

by Zia Haider Rahman

(Picador 2014)

What kind of fiction do they read at Goldman Sachs? A trader I know there recently recommended In the Light of What We Know, Zia Haider Rahman’s debut novel. I could see why he was intrigued when I picked the book up. Its two main characters study mathematics and physics … Continued

Through the eyes of a speculator

merger probabilities

Outside of financial crises, mergers and acquisitions are the closest the stock market comes to high drama. Companies in play engage with investors and the public using a well-rehearsed script: Acquirers woo target shareholders while target companies publicise the value of independence. The biggest, most dramatic takeovers can involve antitrust regulators and politicians as well.