The Daily Brief
Pope vs. Wall Street?

Pope vs. Wall Street?

Savage capitalism? | Copyright Franco Origlia, Getty Images

Pope Francis is expected to visit New York next week, the very heart of the financial world and home to Wall Street financial services firms. But even though the Pope has repeatedly criticized “savage capitalism,” Bloomberg suggests his visit is unlikely to put pressure on Wall Street. In fact, Bank of America CEO Brian Moynihan and First Data Corp. CEO Frank Bisignano are expected to be in attendance for the Pope’s visit to St. Patrick’s Cathedral on Sept. 24. If you are planning to attend any of the Pope’s events next week in New York, the best time to travel will be during off-peak hours. Officials recommend purchasing tickets in advance. The longest wait times for public transportation are expected immediately following the Papal Mass at Madison Square Garden on Friday night.

The Most Expensive Cities in the World

Even the ducks are priced out of Zurich | bluejayphoto/iStock/Thinkstock

Four of the top 10 most expensive cities to live in the world are in the United States, with, not surprisingly, New York City being tops in the U.S., and no. 3 overall. It only trails two Swiss municipalities - Zurich and Geneva - based on a study by UBS. The research does not take into account rent. If it did, NYC would be tops on Earth. The study's methodology looks at spending habits of a three-person European family with prices of 122 goods and services weighted by monthly consumption. Based on the rankings, a family needs over $3,600 a month to survive; Geneva costs $3,500 and New York is at $3,340 a month.

Don't Mess With Texas (Guardianship Legislation)

Need a guardian? | Copyright Scott Halleran, Getty Images

Significant changes to Texas’ guardianship law recently went into effect. As of Sept. 1, probate courts must now consider alternatives to guardianship, including the support and services available to the potential ward before a guardianship may be created. The court must find that evidence regarding these factors has been properly considered and found to be not feasible before it can appoint a guardian. Texas is now also the first state to recognize supported decision-making as a substitute for a guardianship and has created, also for the first time, a Bill of Rights for Persons Under Guardianship, laying out an expanded set of rights for wards.

Are the Societal Elite Selfish?

Selfish? You decide. | Copyright Chris Weeks, Getty Images

A team of American researchers probed the way that elites behave when distributing money, using a group of 208 students studying at Yale Law School as a sample. According to the report, most students at Yale Law come from wealthy, well-educated households and typically transition into high-paying careers. The question at hand was simple: is the only thing different about elites their wealth, or do they hold different values? According to the research, which looked at different cohorts of students in 2007, 2010 and 2013, a much higher proportion was self-interested when compared to a separate, diverse sample of young adults. Researchers also followed up on the career choices of the first two cohorts of law school students. The equality-minded students were more likely to end up in non-profit jobs, while efficiency-focused students were more likely to work in corporate. Experts not involved in the study noted that the measurement of a moral as complicated as generosity is difficult in a lab setting.

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