The Last Days of MF Global

“Jon Corzine had never had anything to do with the futures business, had never run a public company, and hadn’t worked on Wall Street for a decade. His time there had ended badly. But by any reasonable standard, the former Goldman chief seemed almost embarrassingly overqualified. Says Flowers: ‘It seemed like we had more CEO than company.’”

Word on the Suite

With flash, hip-hop echoes rock’s golden age.

When rock was at its peak in 1972, Americans earning the equivalent of $1m a year took just over 1 per cent of national income. In 2010, this group’s share of national income had grown to almost 10 per cent. At the same time, the average tax paid by these top earners almost halved. The rise of Jay-Z’s “new black elite” reflects the growth in numbers of the super-wealthy. But the opulence that he and West flaunt also reflects the growing estrangement of those at the top from the rest.