| Creative Destruction: The Words of the Prophet
Thomas K. McCraw is the Isidor Straus Professor of Business History, Emeritus at Harvard Business School. His book Prophets of Regulation: Charles Francis Adams, Luis D. Brandeis, James M. Landis, Alfred E. Kahn won both the Pulitzer Prize for history and the Thomas Newcomen Award, which is given for the best book on the history of business published over a three-year period. McCraw is the author of a remarkable new book, Prophet of Innovation: Joseph Schumpeter and Creative Destruction. McCraw recently spoke with TCS editor Nick Schulz about Schumpeter's life and work. Nick Schulz: Thomas McCraw, thanks for joining us today. In your book you write that "Schumpeter believed that the world could fully benefit from capitalism only if people understood how it works." Did he overstate the case here? For example, people benefit from all sorts of technologies without understanding how they work.
Fair Isaac to Adjust Credit Scores to Stem Credit Renting Practice
Fair Isaac Corp. said this week tha the next version of its widely used FICO score will no longer consider certain types of credit card accounts, closing a loophole that allowed strangers to coattail on a cardholder's good credit. The new FICO score formula won't include authorized user accounts users on credit cards who are not responsible for paying the balances but are approved to make purchases with the cards. Often, authorized users are family members of a cardholder, such as college students on their parents' cards or spouses who have little or no credit of their own. These types of accounts can improve a credit score if the primary cardholder kept low balances and paid the balance on time over a long period. Minneapolis-based Fair Isaac plans to introduce the new scoring methodology in September to one of the three major credit reporting agencies: Equifax Inc., Experian Information Solutions Inc.
Q2 2007 Bank of Nova Scotia Earnings Conference Call - Final
LUC VANNESTE, CFO, BANK OF NOVA SCOTIA: I'm Luc Vanneste, CFO. Rick Waugh, our CEO will lead off with the highlights of our results. I will then follow with a review of the All Bank financials and each of the business line heads will review performance including an update on 2007 priorities. Brian Porter, our Chief Risk Officer will then discuss credit quality and market risk. And finally, Rick will provide some closing comments. We will then be glad to take your questions. We also have our two Vice Chairman and Steve McDonald, co-Head of Scotia Capital, are present to participate in the Q&A. Before we start, I would like to refer you to slide number two of our presentation which contains Scotia Bank's caution regarding forward-looking statements. Rick, over to you. RICK WAUGH, PRESIDENT, CEO, BANK OF NOVA SCOTIA: Well, thanks very much, Luc.
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