Author Archives: Steve Waldman

Your pension is safe on Wall Street

Defined-benefit pension plans are famously a headache for the many firms that, once upon a time, offered them. Managing far-future liabilities related to employee career choices and life spans is far outside the core competence of nonfinancial firms. Pensions accounting is its own little universe, just like nightmares are. So doesn’t it make sense to […]


Too much risk?

One of the more depressing bits of emerging conventional wisdom is the notion that the financial system took on “too much risk” in recent years. I think it is equally accurate to suggest that the financial system took on too little risk. Consider the risks that were not taken during the recent credit and “investment” […]