Tuesday, April 27, 2010
If you read James Grant's excellent and succinct piece on banking reform, you might also be interested to see his latest appearance on Bloomberg TV.
Grant recently joined Pimm Foxx on "Taking Stock", where he discussed the economic recovery, the problems of our 21st century 'capitalism', and how to implement truly meaningful banking reform.
I was surprised and delighted to hear Jim bring up Brown Brothers Harriman as an example of a long-lived investment banking firm that had survived this crisis due its prudence and its more conservative partnership structure, in which owners are personally accountable for losses.
In recent weeks, I had been half-jokingly mulling over this very example of a private bank which stuck to its roots and sailed through the crisis unimpeded. Great to hear Grant bring up this point and elaborate on it so nicely; be sure to listen for it.