Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean.
First up, a wonky but very well done piece from, yes, the University of Chicago:
It’s become a truism that in the years since the crisis, due to heightened capital standards, the big banks have become so safe that no one need worry. Who, me, worry?! Well, yes, I do: in the financial markets, truisms are dangerous. (H/T Truth in Accounting.)
This Bloomberg piece might be considered a truism in some circles too. Don’t we all know Alexa is listening? What struck me, though, is the difference in perception between the corporations involved, many of whom didn’t even bother to comment presumably because they think the press is making way too much of this, and the horror of the workers who had to listen to people’s conversations.
Last but for sure not least is my old friend Dan Weil interviewing Robert Shiller on the importance of narrative in economics. Stories shape how we see the world.
The ProMarket blog is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Blog Policy.
