Föhrenbergkreis Finanzwirtschaft

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Archive for 5. März 2017

Wie die Beraterindustrie vom Crash profitierte

Posted by hkarner - 5. März 2017

András Szigetvari5. März 2017, 08:00 derstandard.at

Eine kleine Gruppe von Finanzdienstleistern hat hunderte Millionen Euro an den Bankenrettungen in Europa verdient

Wien – Als der irische Rechnungshof seinen Bericht über die Gesamtkosten der Bankenkrise vorlegte, war die Überraschung in der Öffentlichkeit groß. 64 Milliarden Euro kostete die irischen Steuerzahler die Rettung ihrer Kreditinstitute laut dem Bericht. Diese Zahl war bereits bekannt. Verwunderung löste aber die Tatsache aus, dass Wirtschaftsprüfer und Finanzdienstleister 152 Millionen Euro vom Staat dafür kassiert hatten, ihn bei der Rettung der Banken beraten zu haben. Etwas mehr als zwei Jahre ist diese Episode her.

Doch Irland spielt eine prominente Rolle in einem soeben erschienenen Report des Transnational Institute (TNI). Das TNI, ein finanzmarktkritischer Thinktank mit Sitz in Amsterdam, hat sich angesehen, wie Wirtschaftsprüfungsgesellschaften von Bankenrettungen in Europa profitiert haben. Von Irland über Spanien, Italien, Slowenien bis hin nach Zypern und Griechenland ergibt sich laut TNI das gleiche Bild. Regierungen haben hunderte Milliarden Euro an Steuergeldern in Banken gesteckt. Die als Basis dafür notwendigen Berechnungen und Bewertungen lieferte oft ein kleiner Kreis von Beratungsunternehmen. Vor allem die Big Four, also KPMG, Ernst & Young, Deloitte und PwC, sowie kleinere Berater wie Lazard aus New York profitierten von Aufträgen im Wert von mehreren Hundert Millionen Euro. Den Rest des Beitrags lesen »


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Disturbing New Facts About American Capitalism

Posted by hkarner - 5. März 2017

Date: 04-03-2017
Source: The Wall Street Journal By JASON ZWEIG

When winners are taking all, it’s often time to buy the winners

“Let your winners run” is one of the oldest adages in investing. One of the newest ideas is that the winners may be running away with everything.

Modern capitalism is built on the idea that as companies get big, they become fat and happy, opening themselves up to lean and hungry competitors who can underprice and overtake them. That cycle of creative destruction may be changing in ways that help explain the seemingly unstoppable rise of the stock market.

New research by economists Gustavo Grullon of Rice University, Yelena Larkin of York University and Roni Michaely of Cornell University argues that U.S. companies are moving toward a winner-take-all system in which giants get stronger, not weaker, as they grow. Den Rest des Beitrags lesen »

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Tony Blair: Against Populism, the Center Must Hold

Posted by hkarner - 5. März 2017

Date: 04-03-2017
Source: The New York Times By TONY BLAIR

LONDON — Outrage is easy; strategy is hard. Outrage provides necessary motivation. But only strategy can deliver victory.

The emotional response to the rightist populism sweeping the West is one of protest and dismay. But if there is to be an effective fightback, there has to be a cool analysis of what is happening, why and what can be done.

Politics is being reshaped, and this phenomenon is the same whether it is in the United States or in Europe. At stake in the forthcoming elections in France and Germany will be the future of Europe and, possibly, of European liberal democracy.

The rightist populism, on both sides of the Atlantic, is intent on blowing up traditional conservative politics and replacing it with a new coalition, comprising traditionally left-leaning supporters in working-class communities who feel left behind by globalization and traditionally right-leaning supporters who hate liberalism. Both constituencies believe that traditional culture is at risk from immigration and “political correctness.” Both believe in the nation-state as opposed to international alliances. Both feel let down by the so-called elites and think that the solution is an authoritarian figure strong enough not to care what a biased establishment thinks about him. Den Rest des Beitrags lesen »

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Asia’s Precarious Rise

Posted by hkarner - 5. März 2017

Date: 04-03-2017
Source: The Wall Street Journal

Riddled with economic, political and security woes, today’s Asia is more likely to produce instability and conflict than the freedom and prosperity that many once hoped for

Since Japan’s emergence as an economic juggernaut in the 1970s, experts have predicted the arrival of an “Asian century.” We should get ready, they say, for a tectonic shift in global power as U.S. influence declines, Europe’s discontents mount, and the countries of the Indo-Pacific come to dominate world politics, economics and security. Images of Asia’s rising power and prestige have embedded themselves in our imaginations, from the purchase of Rockefeller Center by Japanese investors in the late 1980s to the grand spectacle of the Beijing Olympics in 2008. Today, with more than half the world’s population living in the region, Asia looms ever larger.

But this impressive ascent has not reconfigured world affairs, and it is unlikely to. The more important Asia has become on the global stage, the more glaring have its flaws become. The region is deeply fractured, threatened by economic stagnation, political upheaval and flashpoints that could trigger new wars. And in our more integrated global society, its troubles could quickly become everyone else’s. Much of the world’s attention in the coming decades will be devoted not just to accommodating Asia’s growing power but to managing and mitigating its many serious problems. Den Rest des Beitrags lesen »

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