Berkshire Hathaway

Every once in a while, says New York magazine, there appears a character who floats above “the wretched, amoral, meatheads” of Wall Street. Andrew J Hall is such a man.

Few fund managers have been spared the ignominy of writing occasionally apologetic letters to investors. Temasek, Singapore’s investment agency, has an enviable track record and, with the government its sole shareholder, has rarely had to face tough public questioning. Not any more.

THE financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.