the finance industry / wall street

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the monk who sold his ferrari kinda shite

talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:33 (five years 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 (five years 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 (five years ago) Permalink

not in the british meaning, though

talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:43 (five years ago) Permalink

iykwim

talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:44 (five years 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 (five years 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 (five years 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 (five years 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 (five years 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 (five years 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 (five years 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 (five years ago) Permalink

that's awful

partistan (dayo), Friday, 16 September 2011 19:18 (five years 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 (five years ago) Permalink

holler

is it shakeymostep? (cozen), Saturday, 17 September 2011 08:52 (five years ago) Permalink

Redundant is only a little better than 'managed out'. Not by much.

xyzzzz__, Saturday, 17 September 2011 08:59 (five years 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 (five years ago) Permalink

ts your maddie vs our maddie

talking heads, quiet smith (darraghmac), Saturday, 17 September 2011 14:37 (five years 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 (five years 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 (five years 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 (five years 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

dayo, Monday, 26 September 2011 18:56 (five years ago) Permalink

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 (five years ago) Permalink

never review ILM, please

dayo, Monday, 26 September 2011 19:33 (five years ago) Permalink

Milton Parker, Monday, 26 September 2011 19:56 (five years ago) Permalink

yeesh

runaway (Matt P), Monday, 26 September 2011 19:59 (five years ago) Permalink

hahaha! they rule! literally.

scott seward, Monday, 26 September 2011 20:05 (five years ago) Permalink

you would think they could afford better cameras

dayo, Monday, 26 September 2011 20:07 (five years ago) Permalink

and thrones

runaway (Matt P), Monday, 26 September 2011 20:07 (five years ago) Permalink

they should throw blood diamonds at all the passing hippies.

scott seward, Monday, 26 September 2011 20:09 (five years 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 (five years 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 (five years ago) Permalink

A high-speed fibre network between London and Hong Kong could help decrease financial trading times

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 (five years ago) Permalink

the real reason they are installing these new high speed pipes is to have the world's best COD5 ping time

dayo, Monday, 26 September 2011 20:12 (five years ago) Permalink

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 (five years 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 (five years 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 (five years ago) Permalink

(Excesses: pink tie)

StanM, Monday, 26 September 2011 20:46 (five years 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 (five years 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 (five years ago) Permalink

OTM

Disraeli Geirs (Hurting 2), Tuesday, 27 September 2011 00:22 (five years ago) Permalink

yeah you have to admire them. they should do coke too, though

can men eat harmony? (admrl), Tuesday, 27 September 2011 00:24 (five years ago) Permalink

I would love a glass of champagne now tbh

Anakin Ska Walker (AKA Skarth Vader) (Alfred, Lord Sotosyn), Tuesday, 27 September 2011 00:34 (five years ago) Permalink

Pay a liberal arts grad to bring you one

can men eat harmony? (admrl), Tuesday, 27 September 2011 00:36 (five years ago) Permalink

I wish they would drive through the crowd in Bentleys shouting "Pardon me, but if you'd be so kind as to step aside, I've an appointment with the president of the federal reserve. Oh, and do you have any grey poupon?"

Disraeli Geirs (Hurting 2), Tuesday, 27 September 2011 02:50 (five years ago) Permalink

http://nymag.com/daily/intel/2011/09/goldman_sachs_has_reduced_its.html

lmao, these guys,

iatee, Tuesday, 27 September 2011 15:59 (five years ago) Permalink

Oh, and do you have any grey poupon?"

As if they'd ever touch that vulgar stuff!

What does one wear to a summery execution? Linen? (Michael White), Tuesday, 27 September 2011 16:05 (five years ago) Permalink

It has also gone mostly cashless in the cafeteria and other areas, eliminating the need to pay armored truck companies to haul away the money.

dayo, Tuesday, 27 September 2011 16:07 (five years ago) Permalink

heard that shit this weekend, finally this american life making me mad for other reasons than usual

owe me the shmoney (m bison), Tuesday, 30 September 2014 03:42 (two years ago) Permalink

I found myself really upset at what sniveling, spineless wimps the people who work for the NYFed sound like. And I slightly fell in love with Carmen Segarra.

my jaw left (Hurting 2), Tuesday, 30 September 2014 04:07 (two years ago) Permalink

Latest This American Life is pretty much essential listening.

I caught most of this while cooking supper over the weekend. I agree entirely. Was enraged by the jaw-dropping timidity of "Let's send Goldman Sachs a scolding letter; worst case is they ignore it." And the subsequent self-congratulation of "we fussed at them pretty good".

Aimless, Tuesday, 30 September 2014 05:10 (two years ago) Permalink

one year passes...

Very weird to me how Wells Fargo can get fined $185 million for opening fake bank accounts and issuing fake credit cards and the stock price basically doesn't budge. I realize that the $185 million itself is not a lot in the grand scheme of their earnings, but I would think the fake accounts part would matter. Maybe it's balanced out by their firing of 5300 employees -- wall street loves layoffs!

the last famous person you were surprised to discover was actually (man alive), Friday, 9 September 2016 14:09 (three months ago) Permalink

vxx (etf based on volatility index) is shooting up today. Wonder if we're seeing the beginnings of a big fall selloff.

the last famous person you were surprised to discover was actually (man alive), Friday, 9 September 2016 16:01 (three months ago) Permalink

Yesterday’s Senate Banking Committee hearing on Wells Fargo should have ended with CEO John Stumpf hauled off in handcuffs. In a little over two hours, Stumpf revealed enough information, combined with what was already known in public records and filings, to make a powerful case for securities fraud. Specifically, that he touted fraudulent sales figures to investors as evidence of the bank’s growth, boosting the stock price and personally benefiting by $200 million. Worst of all, Stumpf used low-paid workers as the raw materials for this scheme, and as the scapegoats when it unraveled....

If the SEC and the Justice Department don’t get involved here, they might as well not even exist. CFPB’s Cordray and OCC’s Thomas Curry wouldn’t say whether they issued criminal referrals to law enforcement in this case, though Cordray hinted at it. Attorney General Loretta Lynch, if she wants to emerge from wherever she’s been hiding on this issue, has enough information to bring cases.

Will President Barack Obama’s administration end its tenure as it began, by refusing to prosecute systemic fraud in the financial markets? That’s the unavoidable conclusion so far.

https://newrepublic.com/article/136977/obama-administration-must-prosecute-wells-fargo

The Hon. J. Piedmont Mumblethunder (Dr Morbius), Wednesday, 21 September 2016 15:39 (two months ago) Permalink

saw some of Elizabeth Warren's leveling of Stumpf on CNN yesterday, kinda made me want to cheer at my cubicle in the big bank I work for

Dominique, Wednesday, 21 September 2016 15:50 (two months ago) Permalink

Obama's doing $34,000 a plate fundraising dinners and then imploring money to get out of politics a day later. Sure, it's good theater to watch Warren put him on the hotspot but she'd never publicly go after the person who could actually launch an investigation: Lynch has always been a stooge.

Brevs Mekis (dandydonweiner), Wednesday, 21 September 2016 15:53 (two months ago) Permalink

Wells Fargo has multiple ex-cabinet members on its Board. Get politics out of money is more like it.

the last famous person you were surprised to discover was actually (man alive), Wednesday, 21 September 2016 16:10 (two months ago) Permalink

the amount of money involved in this huge fraud.... 2.6 million dollars.

Gatemouth, Wednesday, 21 September 2016 16:14 (two months ago) Permalink

Does that include the lost wages for all of the people WFB threw under the bus?

schwantz, Wednesday, 21 September 2016 16:16 (two months ago) Permalink

5300 people * $50k per annum is $250MM.

Brevs Mekis (dandydonweiner), Wednesday, 21 September 2016 16:18 (two months ago) Permalink

Supposedly (according to the informational memo WF "helpfully" provided employees about this crisis) WF goes through 100k branch employees a year. I'm not sure how that was intended to reassure.. Branch employees (tellers, personal bankers, even sales managers) get treated like crap and not paid a living wage, yes, but that's an even larger issue than the small amount of people that were fired in connection with this.

Gatemouth, Wednesday, 21 September 2016 16:22 (two months ago) Permalink

I'm not even convinced that all of those layoffs were really due to "bad acting" tbh, given that their MO is to fire people after like two months if they don't meet their sales targets.

the last famous person you were surprised to discover was actually (man alive), Wednesday, 21 September 2016 17:08 (two months ago) Permalink


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