Popularized in films like Limitless, legal smart drugs called Nootropics are becoming more and more prevalent in board rooms and on Wall Street.Keep reading »
Derivatives may be imperiling global stability and undermining society, but the Elliott Management chief just can’t help himself.
“I love trading them,” Singer, whose Elliott Management Corp. manages $23.9 billion, said during a panel discussion at the World Economic Forum in Davos, Switzerland, today. “On balance, there’s been a net negative to society from this particular type of invention.”
While banks say that derivatives allow companies in industries from energy to agriculture to hedge their risks, the resulting increase in leverage and complexity to balance sheets hasn’t been worth it, said Singer, 69. He also said that the banking industry remains too dangerous to global stability five years after the financial crisis.