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 (2 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 (2 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 (2 years ago) Permalink

not in the british meaning, though

talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:43 (2 years ago) Permalink

iykwim

talking heads, quiet smith (darraghmac), Friday, 16 September 2011 17:44 (2 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 (2 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 (2 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 (2 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 (2 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 (2 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 (2 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 (2 years ago) Permalink

that's awful

partistan (dayo), Friday, 16 September 2011 19:18 (2 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 (2 years ago) Permalink

holler

is it shakeymostep? (cozen), Saturday, 17 September 2011 08:52 (2 years ago) Permalink

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

xyzzzz__, Saturday, 17 September 2011 08:59 (2 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 (2 years ago) Permalink

ts your maddie vs our maddie

talking heads, quiet smith (darraghmac), Saturday, 17 September 2011 14:37 (2 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 (2 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 (2 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 (2 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 (2 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 (2 years ago) Permalink

never review ILM, please

dayo, Monday, 26 September 2011 19:33 (2 years ago) Permalink

Milton Parker, Monday, 26 September 2011 19:56 (2 years ago) Permalink

yeesh

runaway (Matt P), Monday, 26 September 2011 19:59 (2 years ago) Permalink

hahaha! they rule! literally.

scott seward, Monday, 26 September 2011 20:05 (2 years ago) Permalink

you would think they could afford better cameras

dayo, Monday, 26 September 2011 20:07 (2 years ago) Permalink

and thrones

runaway (Matt P), Monday, 26 September 2011 20:07 (2 years ago) Permalink

they should throw blood diamonds at all the passing hippies.

scott seward, Monday, 26 September 2011 20:09 (2 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 (2 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 (2 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 (2 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 (2 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 (2 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 (2 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 (2 years ago) Permalink

(Excesses: pink tie)

StanM, Monday, 26 September 2011 20:46 (2 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 (2 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 (2 years ago) Permalink

OTM

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

Pay a liberal arts grad to bring you one

can men eat harmony? (admrl), Tuesday, 27 September 2011 00:36 (2 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 (2 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 (2 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 (2 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 (2 years ago) Permalink

Nonsense. That's pretty much like saying "let's stop talking about Crimea because the real crisis is in (Syria, Palestine, ____)"

Besides, (1) I don't think we fully know the impact and/or potential impact of this stuff, and (2) in any case, the entire market has dramatically restructured itself in less than a decade, and it's something that needs to be better understood. Maybe it's not something the average person needs to care all that much about, but it's still an important topic.

ביטקוין‎ (Hurting 2), Wednesday, 9 April 2014 14:56 (1 week ago) Permalink

Also, it seems to me like Wall Street and various trading firms feel very threatened by all this discussion. There's lots of spinning and covering and smokescreening going on. A lot of people with interests in this activity are unhappy about all the attention. That alone to me says we should look at it more closely. Goldman Sachs today announced that it's considering closing its dark pool all of a sudden. That sounds like anxious behavior to me.

ביטקוין‎ (Hurting 2), Wednesday, 9 April 2014 14:58 (1 week ago) Permalink

nah i agree with cathy here. 'fixing' hft wouldn't fix anything about what's really wrong. to flip hurting's analogy, focusing on HFT is like complaining israeli soldiers in the occupied territories aren't getting meals with a proper nutritional balance.

wat is teh waht (s.clover), Wednesday, 9 April 2014 15:12 (1 week ago) Permalink

"the food is terrible."

"and in such small portions!"

wat is teh waht (s.clover), Wednesday, 9 April 2014 15:12 (1 week ago) Permalink

I remember leftish publications making an issue over interest rate swaps that wound up screwing over municipalities/pension funds. That was an smaller issue in terms of magnitude of impact, and the banks' conduct there was more justifiable and less egregious. Skimming off small amounts from every trade a public pension fund makes still aggregates to a good chunk of money that does wind up costing individual retirees.

ביטקוין‎ (Hurting 2), Wednesday, 9 April 2014 15:19 (1 week ago) Permalink

if yr referring to swaps manipulation i think the "screwing pensions funds" angle on that was pretty fake too. depended what side of the swap they were on!

wat is teh waht (s.clover), Wednesday, 9 April 2014 16:00 (1 week ago) Permalink

http://www.thenation.com/article/179233/why-wall-street-firms-make-terrible-landlords

Big money and cutthroat landlords have never been strangers to New York’s real estate market. But the descent of private equity firms on the city in the early years of this century was so striking that housing advocates dubbed the practice “predatory equity.” The name refers to the tactics these companies resorted to once it became clear that longtime tenants weren’t going to leave.

...

For tenants, these private equity purchases were essentially a lose-lose situation. For the deal to succeed, tenants had to be forced out. If, on the other hand, the deal failed and tenants got to stay, landlords immediately disinvested from the buildings, making the living conditions worse than ever.

Orson Wellies (in orbit), Wednesday, 9 April 2014 16:04 (1 week ago) Permalink

^ insane. gonna re-post it in the gentrification thread

hug niceman (psychgawsple), Wednesday, 9 April 2014 17:01 (1 week ago) Permalink

if yr referring to swaps manipulation i think the "screwing pensions funds" angle on that was pretty fake too. depended what side of the swap they were on!

― wat is teh waht (s.clover), Wednesday, April 9, 2014 12:00 PM Bookmark Flag Post Permalink

Well yeah, and I also found it pretty unconvincing that taking the wrong side of an interest rate swap was the same as "getting screwed" -- they just bet the wrong way on rates. So maybe a bad example.

ביטקוין‎ (Hurting 2), Wednesday, 9 April 2014 18:50 (1 week ago) Permalink

Also, in re that landlord thing -- as I said in the other thread, I lived in a building that had been bought by Black Rock. We were market rate tenants, but there were a lot of stabilized tenants left. There was definitely an effort to push them out, although I didn't get the impression that they were denying basic services -- mostly more doing "improvements" to the building and then seeking rent board increases. They had a very good management company running the place -- at least they were good to us, perhaps less so to the stabilized tenants.

What strikes me about that nation piece and about the practice described is how NAIVE it actually sounds like some of these investment funds are being about owning and managing rental properties. Their assumptions just sound totally unrealistic.

ביטקוין‎ (Hurting 2), Wednesday, 9 April 2014 20:42 (1 week ago) Permalink

More on that, with scathing quotes from a retiring SEC attorney
http://www.businessweek.com/news/2014-04-08/sec-goldman-lawyer-says-agency-too-timid-on-wall-street-misdeeds

The SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,” Kidney said, according to a copy of his remarks obtained by Bloomberg News. “On the rare occasions when enforcement does go to the penthouse, good manners are paramount. Tough enforcement, risky enforcement, is subject to extensive negotiation and weakening.”

ביטקוין‎ (Hurting 2), Friday, 11 April 2014 15:57 (1 week ago) Permalink

motherfuckers.

purposely lend impetus to my HOOS (BIG HOOS aka the steendriver), Friday, 11 April 2014 22:23 (1 week ago) Permalink


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