From the editor.

• Author: Marshall, Jeffrey

Now that Ben Bernanke has taken over as Federal Reserve chairman from a "living legend," Alan Greenspan, there is intense speculation on what the change will bring. In our cover story, writer Gregory Millman interviews a host of CFOs, economists and other business experts, and finds there is no clear consensus. Some expect continuation of a relative status quo; others voice concerns that Bernanke could face a crisis not far down the road if current worrisome trends don't improve.

Globalization of business and finance, the focus of the second of our year-long series celebrating FEI's 75th anniversary, is a huge subject that almost beggars summary in a single article. It taps into many of the ongoing changes in life as we know it--vast improvements in communications, transportation and technology in general. Doing business and financial reporting around the world is both far more challenging in scope than it was generations ago and yet easier to conduct in some ways, thanks to technology. The article also examines FEI's role in helping bring international attention and standardization to the finance profession.

The fraud article on page 28 is a very personal one that also offers broader lessons. Atlanta Chapter member Jim Wanserski writes about his experience with a well-publicized fraud case from a decade ago at MCI, where he became a whistleblower and, eventually, the object of a number of depositions and court actions. Wanserski provides a thoughtful series of lessons for others who might find themselves in the same boat.

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The merger and acquisition train has been rolling along, and doesn't seem ready to slow down. Paul Sweeney examines some of the broader trends that are stoking the M & A fires--like low relative interest rates and the muscularity of private equity--and details the heavy dealmaking going on in the energy industry.

We have two articles related to compensation. In the first...