Germany has found a new way to celebrate its “Mittelstand” – its tradition of largely family-owned, not-so-small companies – and take a swipe at “casino capitalism” at the same time, writes Darrell Delamaide
Brian Roberts completed his first triathlon this year. The event that challenges participants to compete in swimming, running and cycling should be a good preparation for the 50-year-old Comcast chief executive as his cable company takes over the television and movie operations of NBC Universal.
Jorge Cosmen is not stupid – or so one would presume, given that he is a leading representative of one of Spain’s most successful business families. But his attempts to put his family at the heart of the UK transport industry have exposed the difficulties in dealing with listed companies.
As if things weren’t bad enough with the worst recession in 75 years, the political backlash on lavish spending by financial institutions receiving government aid was a further blow to operators of luxury hotels and resorts like the Tisch family’s Loews Corp.
The current financial crisis is exposing a number of frauds, but the panic that has invaded the credit markets has also pushed some legitimate businesses into making bad, perhaps even fraudulent choices. One of these is family-owned Reserve Management founded by Bruce R Bent, the inventor of the money market fund. Darrell Delamaide reports …