Battle of the bulge bracket

Two decades and billions of dollars ago, Wall Street's most noble credit institution began to reinvent itself as a hybrid investment-cum-wholesale bank.

A question of ownership

We are dominated by ideals: perfect tax systems, monetary discipline, level playing fields and - above all - unambiguous lines of ownership.

Models get a thrashing

Leading banks, academics and regulators spent two days stress-testing themselves and the latest in credit risk models.

Preaching to the converted

It is rare that the interests of investors and issuers coincide exactly, and when they do they have generally been forced to.

Down but not out

A falling stock market, a dearth of new deals and a faltering privatization programme: on the face of it the Egyptian securities market seems to be in trouble.

See Naples and buy

In the west, shrinking government, and regions competing for funds under the euro; in the east, a need to upgrade infrastructure and outshine the sovereign credit.