Mathew L. Gladstein, a Wall Street executive who tapped the expertise of Robert Merton and Myron Scholes -- future Nobel Prize-winners -- in the 1970s to bring options trading to the masses, has died. He was 90.
Nobel-prize winning economists including Robert Mundell, Reinhard Selten and Myron Scholes favor tough austerity measures to tackle deficits in Europe and the U.S. amid debt crises that shook the euro and saw the world’s largest economy lose a triple-A rating.
When I caught Jeff Bezos’s eye at the press preview for the Metropolitan Museum of Art’s new Costume Institute exhibit, which Amazon.com Inc. sponsored, his face burst into an enormous smile. I’d like to think this was because the Amazon chief executive officer likes me so much. (We see each other socially on rare occasions.)
The 21st century began with a major correction on Wall Street and a long period of volatility in global financial markets. The VIX, sometimes called the fear index, soared, and congressional hearings explored why major investment banks couldn’t better hedge market risk. Traders sought reprieve, and risk management became elevated from prudent practice to a tool for financial survival.
Yuan forwards completed a second weekly decline before a report that economists predict will show U.S. growth in the last quarter was less than previously forecast, adding to evidence the global recovery is faltering.
Federal Reserve officials are voicing increased concern that record-low interest rates are overheating markets for assets from farmland to junk bonds, which could heighten risks when they reverse their unprecedented bond purchases.