Wall street

The tale of Credit Suisse ought to be Buddenbrooks on steroids. A staid Swiss lender enters marriage with a racy Wall Street investment bank and gives birth to a monster. Scandal follows scandal. CEOs come and go. In March 2023, the bank ends up being flogged to its arch rival UBS for a miserly $3 billion. Inside Credit Suisse, the backstabbing and treachery were more suited to a medieval court Duncan Mavin is well placed to tell this corporate horror story, having written a book about one of Credit Suisse’s most notorious clients, Lex Greensill, an Australian melon farmer turned fintech champion. Greensill Capital, which employed David Cameron as a

Real wages have barely increased for more than a decade. Banks have had to be bailed out, and many still exist on a form of state life support. Growth has stalled, taxes are at 70-year highs, yet governments are still bankrupt. Unless you happen to be part of a tiny plutocracy made up mostly of tech entrepreneurs and financiers, there has rarely been a point, at least since the nadir of the mid-1970s, when the economic system seemed beset by quite so many challenges as it is today. The left has smartly stepped into the intellectual space that has been created with a series of well-timed polemics, which, while they

‘I don’t trust fiction,’ the famous author told me, both of us several glasses to the good. ‘It contains too much truth.’ I nodded and she laughed and we drank more wine, but that sentence stayed with me in all its aphoristic glory. When she died, this was the first thing I remembered: our conspiratorial conversation in the deepest dark of 1990s Soho. This is not true. It has the feel of lived experience, yet it is entirely invented. The context, its placement and the fact that it is printed in a magazine gives it credence. As readers, we do not expect to be lied to. With a work of