Comment, analysis and other offerings from Thursday’s FT,
John Gapper: It’s good to get behind the wheel
Barack Obama this week did what shareholders of General Motors, even the renowned Kirk Kerkorian, had failed to do. He removed Rick Wagoner from GM’s helm after nearly a decade and told the board that most of its members should be on their way too.
Bob Geldof: The poor must be included in a global economy
The muscian and anti-poverty campaigner writes: “Fiscal stimulus” is just another word for aid and “liquidating toxic assets” is not different from “debt cancellation” – the things that Africa has been demanding for years. It is no different except for the speed and scale with which it was delivered when we are the beneficiaries. It is all so wearing for an ageing activist.
Why Geithner’s plan is the taxpayers’ curse
James Meade professor of economics at the University of Oxford and a senior fellow at the Brookings Institution writes: The government is proposing to pick up most of the tab if the assets turn out to be worth much less than was spent on them. Indeed, the more aggressively investors compete in bidding for these assets, the worse off the taxpayers will be. I call this the taxpayers’ curse.
David Pilling: China is just sabre-rattling over the dollar
In recent weeks Beijing has been vocal about its concerns over the US dollar, a currency that it fears could be debased by ever more wanton printing to rescue a worn-out economy.
Editorial Comment: Reversing the rules
A rushed rule change, due to come into effect today, has been produced by the US Financial Accounting Standards Board, under pressure from Washington. The way forward is not a series of piecemeal revisions.
Lombard: McKillop’s move spares BP his blushes over RBS
Sir Tom McKillop, ex-chairman of Royal Bank of Scotland, won’t get many thanks for doing the honourable thing and retiring as a non-executive director at BP.
Lex on HSBC
Friday is the last day to subscribe to buy more shares in HSBC. If the take-up is anything as uncritical as the shareholder meeting last month – where over 99 per cent of votes cast favoured Britain’s biggest ever rights issue – then next week’s sales should be a breeze.
FT Video on the G20 in the East End
Local talk about the summit.