Okay, I’ve finally got the password and the permission to go ahead with this new blog. And so here we go—a dedicated attempt to chart the emergence of the new financial services industry that is necessarily going to grow out of the mess we’re in now.

Attended a fund-raiser last night here in Toronto and the main topic of conversation around the table was of course the bad news etc out of New York this week. Lehman filing for bankruptcy protection, AIG getting bailed out by the U.S. government, Merrill Lynch getting sold to Bank of ...

Lehman Brothers paid out bonuses of $5.7 billion (U.S.) to its employees in 2007. Nine months later, the Wall Street investment dealer goes bankrupt. There is something wrong with this picture.