Economy and Business
The Power Politics behind a Long, Gilded Life
Let us pause now to pay our respects to Bunny Mellon. She died in mid-March on her Virginia horse-country estate. But no tears, please. Bunny — nobody called her by her given name Rachel — lived a long and rich life. Very long. Very rich. One hundred and three at her...
Wall Street’s Bonus Inflation
Not too many years ago, any news story about bonus money would've been about some 20-year-old baseball player — an up-and-coming superstar getting $100,000 or so on top of his salary as an extra incentive to join the Yankees, Giants, or whatever team. Sportswriters...
Highway Robbery
No matter how hard lawmakers try to close their eyes, click their heels, and hope for the best, they can't make highway funding magically appear. But that doesn't stop them fiddling and flailing as they burn through the Highway Trust Fund. The Highway Trust Fund was...
Should Great Cities Roll Out the Welcome Mat for Great Fortunes?
New York has a new mayor who wants to remake his deeply unequal city into much more than a playground for the super-rich. The experts who track global wealth trends think he'll fail. A recent report from Knight Frank, a global consultancy firm, is predicting that by...
Wall Street Bonuses vs the Minimum Wage
Purveyors of Ferraris and high-end Swiss watches keep their fingers crossed toward the end of each calendar year, hoping that the big Wall Street banks will be generous with their annual cash bonuses. New figures show that the bonus bonanza of 2013 didn't disappoint....
Striking for the Public University
Earlier this year, hundreds of faculty members at the University of Illinois-Chicago canceled their classes and went on strike. In the first faculty walkout in UIC history, they picketed the campus for two days. What could professors possibly have to complain about?...
The Corporate Land of Oz
In L. Frank Baum's novel, The Wonderful Wizard of Oz, the "wizard' turns out to be a phony — just an old guy sitting behind a curtain, using his booming voice to spew nonsense in a vain effort to fool people. But now, a century after Baum's fictional Oz, a real-life...
The Rigged Housing Market
An upscale housing development in Wilton, Connecticut (all of Wilton is upscale) is having no trouble selling its 20 units for $800,000 each. On average, homes in that town now fetch more than $1 million a piece. And real estate experts only rank the region that...
Wall Street Charges Ahead
Take this Compromise with a Grain of Salt
The two cousins who run the private equity giant KKR took home an astounding total of $327 million in 2013, new regulatory filings reveal. Much of this lush windfall came via "carried interest," Wall Street-speak for the cut that private equity kingpins take on the...
