Policy makers and voters often express concern about the level of the federal deficit, which topped $1 trillion last year, and the national debt, now more than $23 trillion. But, unlike a household that owes money to a bank, the US government has the ability to tax its creditors. This power means that the federal government can afford any level ...

Investors keep flocking to private equity in Asia even though returns are declining. They should take heed: Payouts are likely to get worse from here, rather than better. The hunt for yield in a low-interest world has spurred institutional investors from China Investment Corp. to Japan’s Government Pension Investment Fund to join the rush into the alternative asset class. Private ...

The troubled Italian lender Banca Monte dei Paschi di Siena SpA took another big step in its long path to redemption last week by selling subordinated debt for the second time in six months. An 8% coupon is expensive for the world’s oldest bank, but it can hardly complain given its years of troubles. Even though the yield is enticing, ...