, June 12, 2008.
Another sign of the political nature of wealth in China
Audra Ang, “Chinese Tycoon Gets 18 Years in Fraud Case,” Associated Press, July 15, 2003.
“If they wanted to, China’s authorities could probably find”
“Face Value: Scandal in Shanghai,”
, August 14, 2003.
“If only a few people are rich, then we’ll slide into capitalism”
“China’s Bo Signals Wealth Gap Breached Unrest Trigger Point,” Bloomberg News, March 9, 2012.
But at the same time, Bo was a princeling
Jeremy Page, “Children of the Revolution,”
, November 26, 2011.
(Guagua denies driving the Ferrari)
Andrew Jacobs and Edward Wong, “Disgraced Chinese Official’s Son Tries to Defuse Sports Car Scandal,”
, April 25, 2012.
Guagua was educated at Harrow
Jeremy Page, Brian Spegele, and Steve Eder, “‘Jackie Kennedy of China’ at Center of Political Drama,”
, April 9, 2012.
Since Bo Xilai’s fall from grace
“Bo Xilai Clan Links Included Citigroup Hiring of Elder Son,” Bloomberg News, April 23, 2012.
Bo was one of China’s rising leaders
Jamil Anderlini, “Bo Xilai’s Wife Arrested in Murder Probe,”
, April 10, 2012.
“The emphasis once again is shifting much more”
CF interview with Stephen Roach, April 10, 2012.
“Our banks earn profit too easily”
Dinny McMahon, Lingling Wei, and Andrew Galbraith, “Chinese Premier Blasts Banks,”
April 4, 2012.
“this would be devastating for both our city and nation”
Charles E. Schumer and Michael R. Bloomberg, “To Save New York from London,”
, November 1, 2006.
“When asked to compare New York and London”
“Sustaining New York’s and the US’ Global Financial Services Leadership,” McKinsey report, January 22, 2007.
The arguments in the report are so wrong that it is easy to mock
Aaron Lucchetti, “Moving the Market: Why Spitzer Is Backing Study That Endorses Less Regulation— Restrictive Climate Said to Draw Business Away from New York,”
, January 23, 2007.
Two days before Bloomberg and Schumer took to the op-ed pages
R. Glenn Hubbard and John L. Thornton, “Is the U.S. Losing Ground?”
, October 30, 2006.
“‘Our society seems to have an increased tendency’”
Remarks by Secretary Henry Paulson to the Economic Club of New York, as released by the Department of the Treasury, November 20, 2006.
A final U.S. contribution from the department of irony
John A. Thain, “New York Faces Challenges to Its Market Dominance,” letter to the editor,
, November 25, 2006.
“Gordon Brown patrolled the conference corridors”
Howard Davies, “Balls Must Save Us from U.S. Regulatory Creep,”
, January, 27, 2007.
he resigned as director of the LSE
“LSE Director Sir Howard Davies Resigns over Libya Links,” BBC, March 4, 2011.
“I totally understand why Dick Fuld couldn’t do it”
CF interview with John Thain, September 16, 2008.
“The perspective of government”
All attributed quotes from this section originally appeared in Chrystia Freeland, “What Toronto Can Teach New York and London,”
January 29, 2010.
“The highest earnings by occupation”
Claudia Goldin and Lawrence F. Katz, “Transitions: Career and Family Life Cycles of the Educational Elite,”
, 98:2, 363–69.
One of the most comprehensive analyses
Bakija, Cole, and Heim, “Jobs and Income Growth,” p. 55, table 7; see also the explanation on p. 24.
The numbers in the UK, where the ascendancy of finance
Brian Bell and John Van Reenen, “Bankers’ Pay and Extreme Wage Inequality in the UK,” CEP Special Report, April 2010.
“From 1909 to 1933 the financial sector”
Thomas Philippon and Ariell Reshef, “Wages and Human Capital in the U.S. Financial Industry: 1909–2006,” NBER Working Paper, March 2011.
“In the financial industry, the United States”
CF interview with Christopher Meyer, 14644, February 21, 2012.
laws increasing regulation of the finance and real estate sectors
Deniz Igan, Prachi Mishra, and Thierry Tressel, “A Fistful of Dollars: Lobbying and the Financial Crisis,” IMF Working Paper 09/287, December 2009.
“Well, of course, I wrote”
Freeland,
, p. 176.
Washington had occupied Wall Street
Sarah Palin, “How Congress Occupied Wall Street,”
, November 18, 2011.
One study of the SEC
“Revolving Regulators: SEC Faces Ethics Challenges with Revolving Door,” Project on Government Oversight
