I wish I could find the article, from the NYT I think, about a Ph.D. in math from Berkeley, a logician even, who took a quant job, made gobs of cash, fucked things up so that his company lost gobs of cash, quit, & ended up doing shark fishing in the Pacific, because it had the thrills to which he'd become accustomed on Wall Street.
― Euler, Thursday, 15 September 2011 21:24 (1 year ago) Permalink
article would be from the late 1990s I think
haha wow yeah I'm gonna I want to hear more xp
― iatee, Thursday, 15 September 2011 21:25 (1 year ago) Permalink
I might be misremembering but I think that's the thrust
I imagine this company was probably started by a successful businessman turned professional confessional
― dayo, Thursday, 15 September 2011 21:25 (1 year ago) Permalink
pretty sure that article wasn't from the 90s cuz it would have been made into a major motion picture with cuba gooding jr in a supporting role
― diouf est le papa du foot galsen merde lè haters (nakhchivan), Thursday, 15 September 2011 21:27 (1 year ago) Permalink
relevant to our interests here:
If Aristotle Ran General Motors: The New Soul of Business
written by a former Notre Dame philosophy prof who now is fantastically wealthy peddling this sorta stuff to the plutocrats
― Euler, Thursday, 15 September 2011 21:28 (1 year ago) Permalink
I've looked SO LONG for that article over the last few years (shark fishing quant I mean); I think I read a scan of it on a webpage in the 90s & now I can find nothing.
― Euler, Thursday, 15 September 2011 21:29 (1 year ago) Permalink
http://www.dailymail.co.uk/news/article-2038139/Colin-Birch-hanged-paying-2-prostitutes-stage-mock-execution.html
― diouf est le papa du foot galsen merde lè haters (nakhchivan), Friday, 16 September 2011 17:19 (1 year ago) Permalink
the monk who sold his ferrari kinda shite
― talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:33 (1 year ago) Permalink
have long pondered a book of common-sense negativity, provisional title 'feel the fear and cop the fuck on'
― talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:36 (1 year ago) Permalink
Detective Superintendent Lee Neiles told the hearing: ‘Mr Birch had been redundant since September 2009 and had had difficulties in finding other means of employment, although the family were financially stable.’
god I *hate* the british use of the term 'redundant'. it's so callous.
― iatee, Friday, 16 September 2011 17:41 (1 year ago) Permalink
not in the british meaning, though
― talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:43 (1 year ago) Permalink
iykwim
― talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:44 (1 year ago) Permalink
yeah I guess I didn't think of that! but from an american's perspective it just sounds evil.
― iatee, Friday, 16 September 2011 17:44 (1 year ago) Permalink
here it's like 'you were bad at your job' or 'we can't afford you' but 'redundant' gives me a sense of 'you are unnecessary as a human being'
which means it probably was correctly used w/r/t to this banker, but outside of that...
― iatee, Friday, 16 September 2011 17:47 (1 year ago) Permalink
nobody rly uses redundant as a synonym for unemployed and 'laid off' is more often used instead of 'made redundant' in newspapers etc
i think it's just policemen and their strangely clunky phrasing, cf 'other means of employment' instead of 'a job'
― diouf est le papa du foot galsen merde lè haters (nakhchivan), Friday, 16 September 2011 17:48 (1 year ago) Permalink
'made redundant' still common terminology iirc, though there's subtle emp. law differences between the two i think
― talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:50 (1 year ago) Permalink
it is a shitty term tho, def
― diouf est le papa du foot galsen merde lè haters (nakhchivan), Friday, 16 September 2011 17:51 (1 year ago) Permalink
eh i dunno, it's quite useful as a means of conveying the right tone of contempt society ought to feel for the wastrel layabouts tbh
― talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:53 (1 year ago) Permalink
I have no problem w/redundant. It doesn't imply fault like 'fired' does. It implies that the employer doesn't have any meaningful/profitable work for you to do.
― em vee equals pea queue (Michael White), Friday, 16 September 2011 18:01 (1 year ago) Permalink
that's awful
― partistan (dayo), Friday, 16 September 2011 19:18 (1 year ago) Permalink
this is typical police illiterately pretentious usage though. no one except a policeman would say "he has been redundant for a year". you get made redundant, and then you are unemployed. like how only police say "i was proceeding along oxford st" or "he asked myself how to get to piccadilly circus".
― caek, Saturday, 17 September 2011 07:51 (1 year ago) Permalink
holler
― is it shakeymostep? (cozen), Saturday, 17 September 2011 08:52 (1 year ago) Permalink
Redundant is only a little better than 'managed out'. Not by much.
― xyzzzz__, Saturday, 17 September 2011 08:59 (1 year ago) Permalink
further underscoring the impotency of the SEC
http://www.nytimes.com/2011/09/17/business/sec-official-in-madoff-case-may-draw-a-criminal-inquiry.html?_r=1
― partistan (dayo), Saturday, 17 September 2011 11:40 (1 year ago) Permalink
ts your maddie vs our maddie
― talking heads, quiet smith (darraghmac), Saturday, 17 September 2011 14:37 (1 year ago) Permalink
Adoboli (who, let me stress, has yet to enter a plea) was in exchange traded funds – which used to look like unit trusts, but have got increasingly complicated. One of the top market regulators, Mario Draghi, recently described ETFs as "reminiscent of what happened in the securitisation market before the crisis". Read that quote again: he's comparing them to sub-prime mortgages. Most of us should get very worried; rogue traders should go steaming in.
http://www.guardian.co.uk/commentisfree/2011/sep/19/brain-food-ubs-kweku-adoboli/print
― diouf est le papa du foot galsen merde lè haters (nakhchivan), Monday, 19 September 2011 23:12 (1 year ago) Permalink
http://curiouscapitalist.blogs.time.com/2011/09/16/why-financial-reform-hasnt-stopped-rogue-traders/
― Whiney G. Blutfarten (dayo), Tuesday, 20 September 2011 12:16 (1 year ago) Permalink
http://www.nytimes.com/2011/09/21/business/dodd-frank-act-is-a-target-on-gop-campaign-trail.html
Republicans say Dodd-Frank is the root of some of today’s economic problems. It has stopped banks from lending to “job creators,” they contend, and is a direct cause of high unemployment. “It created such uncertainty that the bankers, instead of making loans, pulled back,” said Mitt Romney, the former Massachusetts governor, speaking at a South Carolina rally over Labor Day weekend where he again called for the law’s repeal.
ahahahaha
hahahah
haha
...
*shoots self*
― Whiney G. Blutfarten (dayo), Wednesday, 21 September 2011 10:27 (1 year ago) Permalink
http://www.spiegel.de/international/zeitgeist/0,1518,788462,00.html
for this headline I am not against journalistic muckraking
― dayo, Monday, 26 September 2011 18:56 (1 year ago) Permalink
Jérôme Kerviel, gambled away billions in 2010. He is still serving a three-year jail sentence.
p cool how you can lose billions and just do 3 years in a minimum security jail
that study sounds pretty weak but oh well i'm still always happy when people push the psychopath angle, cuz if there were a cultural and spiritual system that caused and possibly even mandated people who were not psychopaths to behave like psychopaths that system might benefit from review
― the-dream in the witch house (difficult listening hour), Monday, 26 September 2011 19:31 (1 year ago) Permalink
never review ILM, please
― dayo, Monday, 26 September 2011 19:33 (1 year ago) Permalink
― Milton Parker, Monday, 26 September 2011 19:56 (1 year ago) Permalink
yeesh
― runaway (Matt P), Monday, 26 September 2011 19:59 (1 year ago) Permalink
hahaha! they rule! literally.
― scott seward, Monday, 26 September 2011 20:05 (1 year ago) Permalink
you would think they could afford better cameras
― dayo, Monday, 26 September 2011 20:07 (1 year ago) Permalink
and thrones
― runaway (Matt P), Monday, 26 September 2011 20:07 (1 year ago) Permalink
they should throw blood diamonds at all the passing hippies.
― scott seward, Monday, 26 September 2011 20:09 (1 year ago) Permalink
i'm no help cuz i kinda hate all the people involved. the cops, the fatcats, the hippies. they all need some billy club action.
― scott seward, Monday, 26 September 2011 20:10 (1 year ago) Permalink
The Hibernian Express will shave six milliseconds off that time.Of course, verifiable figures are elusive and estimates vary wildly, but it is claimed that a one millisecond advantage could be worth up to $100m (£63m) a year to the bottom line of a large hedge fund.
This is kind of the real plot of the latest William Gibson novel
― Kiarostami bag (milo z), Monday, 26 September 2011 20:10 (1 year ago) Permalink
http://www.eweekeurope.co.uk/news/low-latency-network-to-connect-london-and-hong-kong-40545
― dayo, Monday, 26 September 2011 20:11 (1 year ago) Permalink
A high-speed fibre network between London and Hong Kong could help decrease financial trading timesFinancial traders and law firms are set to benefit from a new low-latency network between London and Hong Kong, which can conduct data on a round trip from Europe to Asia in around 176 milliseconds.The cable network, run by UK-based trading technology company BSO Network Solutions, has been in place for some time, but previously had to route around large parts of Russia, due to difficulties laying fibre in that country.However, a new lower latency and higher availability ‘Transit Mongolia’ connection has helped to reduce the time of a round trip by more than 20 milliseconds during the last 12 months. Improvements have also been made at BSO’s Ancotel point-of-presence (POP) in Frankfurt and Mega-I POP in Hong Kong.
Financial traders and law firms are set to benefit from a new low-latency network between London and Hong Kong, which can conduct data on a round trip from Europe to Asia in around 176 milliseconds.
The cable network, run by UK-based trading technology company BSO Network Solutions, has been in place for some time, but previously had to route around large parts of Russia, due to difficulties laying fibre in that country.
However, a new lower latency and higher availability ‘Transit Mongolia’ connection has helped to reduce the time of a round trip by more than 20 milliseconds during the last 12 months. Improvements have also been made at BSO’s Ancotel point-of-presence (POP) in Frankfurt and Mega-I POP in Hong Kong.
― dayo, Monday, 26 September 2011 20:12 (1 year ago) Permalink
the real reason they are installing these new high speed pipes is to have the world's best COD5 ping time
Some dude in my building just volunteered to me out of the blue that he's been camping out on Wall Street.
I guess I kind of support that except I don't really understand the protest. There doesn't seem to be any focus or goal.
― Disraeli Geirs (Hurting 2), Monday, 26 September 2011 20:39 (1 year ago) Permalink
http://digbysblog.blogspot.com/2011/09/protesting-in-real-america_25.html
alfred posted this yesterday, it's a good take I think
― iatee, Monday, 26 September 2011 20:40 (1 year ago) Permalink
This dude can barely contain his excitement at the crash he hopes is coming:
http://www.bbc.co.uk/news/business-15059135
― StanM, Monday, 26 September 2011 20:45 (1 year ago) Permalink
(Excesses: pink tie)
― StanM, Monday, 26 September 2011 20:46 (1 year ago) Permalink
http://www.truth-out.org/occupy-wall-street-activists-disrupt-sothebys-art-auction/1316786413
This is pretty effective actually, I think.
― Disraeli Geirs (Hurting 2), Monday, 26 September 2011 22:12 (1 year ago) Permalink
would love to punch the champagne drinkers in the face -- BUT WITH THAT SAID the troll inside me applauds
― yung huma (J0rdan S.), Monday, 26 September 2011 23:06 (1 year ago) Permalink
again he has not written '66 pieces for forbes', forbes allows basically anyone to start a forbes blog
― iatee, Monday, 6 May 2013 15:07 (1 month ago) Permalink
the seeking alpha of money magazines
― huun huurt 2 (Hurting 2), Monday, 6 May 2013 15:09 (1 month ago) Permalink
Don't care about a Forbes blog, or the W, Post editorial re a Forbes blog, here's the USA Today(!):
The president's proposed budget would cap IRAs and other retirement plans at $3 million, but it could fall below that in future years.
It's not easy to get more than $3 million in a retirement account, which includes IRAs, 401(k) and 403(b) plans. Currently, the cap would affect just 0.03% of retirement accounts, says the Employee Benefit Research Institute.
But despite the above:
Capping IRA could deter savings without helping reduce the deficit, Ronald O'Hanley, president of Asset Management and Corporate Services at Fidelity Investments, argued at a speech to the U.S. Chamber of Commerce Wednesday. Most retirement programs are tax deferrals, not tax breaks, he argues: Savers pay taxes when they withdraw. "Not only will such a proposal further challenge retirement savings, it will not generate additional revenue," he says.
http://www.usatoday.com/story/money/personalfinance/2013/04/10/presidents-budget-plan-iras-cap/2071529/
Sure buddy.
― curmudgeon, Monday, 6 May 2013 15:30 (1 month ago) Permalink
http://news.efinancialcareers.com/uk-en/141013/goldman-sachs-hires-particle-physicist-from-the-large-hadron-collider/
― 乒乓, Thursday, 16 May 2013 12:08 (1 month ago) Permalink
New rules to regulate derivatives, adopted last week by the Commodity Futures Trading Commission, are a victory for Wall Street
That's from the New York Times
http://truth-out.org/video/item/16500-banks-win-big-as-regulators-refuse-to-rein-in-700-trillion-derivatives-market
A discussion of it from elsewhere
― curmudgeon, Wednesday, 22 May 2013 15:06 (3 weeks ago) Permalink
Upthread there are comments from Hurting 2 and others about how you can't charge Wall Street folks for actions that are not crimes.
This won't help:
May 24 New York Times
DEALBOOK Banks' Lobbyists Help in Drafting Financial Bills By ERIC LIPTON and BEN PROTESS In a sign of Wall Street's resurgent influence in Washington, bank lobbyists are aiding lawmakers in drafting legislation that softens financial regulations
― curmudgeon, Friday, 24 May 2013 14:02 (3 weeks ago) Permalink
'lobbyists help draft bills' is not a news story
― iatee, Friday, 24 May 2013 14:06 (3 weeks ago) Permalink
It's news to the extent that the details go counter to the Obama and Democratic party PR meme re enforcement of Dodd-Frank (yep I know its only been pr and never really true). I was gonna add that myself, but it's worth mentioning how its still going on, business as usual, although that's no surprise either.
― curmudgeon, Friday, 24 May 2013 14:16 (3 weeks ago) Permalink
http://dealbook.nytimes.com/2013/05/23/banks-lobbyists-help-in-drafting-financial-bills/
One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.
― iatee, Friday, 24 May 2013 14:19 (3 weeks ago) Permalink
do you know what that means
it means absolutely nothing because the bill will not be passed
Representative Maxine Waters, the ranking Democrat on the Financial Services Committee, was among the few Democrats opposing the change, echoing the concerns of consumer groups.
― curmudgeon, Friday, 24 May 2013 14:28 (3 weeks ago) Permalink
A watered-down compromise version that will satisfy Wall Street may pass though
― curmudgeon, Friday, 24 May 2013 14:29 (3 weeks ago) Permalink
Grassley said in a statement late Wednesday he had not heard from the White House about Comey's nomination but said Comey possessed a lot of important experience on national security issues.
"But, if he's nominated, he would have to answer questions about his recent work in the hedge fund industry," Grassley said. "The administration's efforts to criminally prosecute Wall Street for its part in the economic downturn have been abysmal, and his agency would have to help build the case against some of his colleagues."
Senator Grassley, man of the people
― curmudgeon, Thursday, 30 May 2013 13:47 (2 weeks ago) Permalink
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/05/31/join-wall-street-save-the-world/?hpid=z1
Hedge fund types who give large chunks of their salary to fighting malaria and other charities
― curmudgeon, Friday, 31 May 2013 19:06 (2 weeks ago) Permalink
http://www.washingtonmonthly.com/political-animal-a/2013_06/dim_prospects_for_brownvitter045192.php
Bipartisan tougher regulation for big banks not likely to go anywhere
― curmudgeon, Monday, 10 June 2013 18:33 (1 week ago) Permalink
http://www.washingtonpost.com/opinions/alexis-goldstein-the-intimidate-the-ctfc-act/2013/06/12/18451f48-d374-11e2-a73e-826d299ff459_story.html?hpid=z2
So derivatives experts, is this Occupy guy's guest editorial regarding a derivatives bill wrong?
― curmudgeon, Wednesday, 12 June 2013 18:14 (6 days ago) Permalink
Occupy person
― curmudgeon, Wednesday, 12 June 2013 18:15 (6 days ago) Permalink
that basically makes sense. iirc lots of components of bank operations are in london instead of e.g. ny because of different regulations. including, especially, the ability to take something you've gotten as a swap from someone else, and in turn engage in a swap with it, etc. so that big pools of capital can be generated from just swapping the same things back and forth.
― stefon taylor swiftboat (s.clover), Thursday, 13 June 2013 12:01 (5 days ago) Permalink
We're doomed
― curmudgeon, Thursday, 13 June 2013 14:46 (5 days ago) Permalink
here's the paper i was thinking of on this stuff. singh has done lots of follow-on research too. gotta love the term 'rehypothication'!
http://www.imf.org/external/pubs/cat/longres.cfm?sk=24075.0
― stefon taylor swiftboat (s.clover), Thursday, 13 June 2013 19:42 (5 days ago) Permalink
http://www.motherjones.com/mojo/2013/06/swap-jurisdiction-certainty-act-house-cross-border
More on House efforts to weaken financial oversight
― curmudgeon, Friday, 14 June 2013 14:38 (4 days ago) Permalink