the finance industry / wall street

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

that's awful

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


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

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

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

further underscoring the impotency of the SEC

partistan (dayo), Saturday, 17 September 2011 11:40 (four years ago) Permalink

ts your maddie vs our maddie

talking heads, quiet smith (darraghmac), Saturday, 17 September 2011 14:37 (four 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.

diouf est le papa du foot galsen merde lè haters (nakhchivan), Monday, 19 September 2011 23:12 (four years ago) Permalink

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.





*shoots self*

Whiney G. Blutfarten (dayo), Wednesday, 21 September 2011 10:27 (four years ago) Permalink,1518,788462,00.html

for this headline I am not against journalistic muckraking

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

never review ILM, please

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

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


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

hahaha! they rule! literally.

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

you would think they could afford better cameras

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

and thrones

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

they should throw blood diamonds at all the passing hippies.

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

alfred posted this yesterday, it's a good take I think

iatee, Monday, 26 September 2011 20:40 (four years ago) Permalink

This dude can barely contain his excitement at the crash he hopes is coming:

StanM, Monday, 26 September 2011 20:45 (four years ago) Permalink

(Excesses: pink tie)

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

This is pretty effective actually, I think.

Disraeli Geirs (Hurting 2), Monday, 26 September 2011 22:12 (four 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 (four years ago) Permalink


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

Pay a liberal arts grad to bring you one

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

lmao, these guys,

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

fwiw this seems like an appropriate thread for our friend Alessio Rastani if u guys haven't seen him yet

thank you BIG HOOS, you brilliant god-man (BIG HOOS aka the steendriver), Tuesday, 27 September 2011 16:10 (four years ago) Permalink

feel like goldman sachs should mandate an iv drip and colostomy bag so that traders never have to leave their desks

dayo, Tuesday, 27 September 2011 16:11 (four years ago) Permalink

There's some talk that that guy's a Yes Men-style satirist, but it's too hard to tell anymore.

Perrin takes note of the sneering at Wall St Occupiers:

The Times and others of their class despise democracy. Demonstrations count only in official enemy states. At home, it's unnecessary. Petulant. Naive.

How serious can these kids really be? They use laptops and iPhones to communicate and spread their message. If they were truly radical, they'd use cardboard megaphones. Hand signs. Smoke signals. Using The Man's technology is hypocritical.

For you fans in D.C.: he's moving there!

incredibly middlebrow (Dr Morbius), Tuesday, 27 September 2011 19:05 (four years ago) Permalink

If Rastani is a satirist, he's built up a somewhat convincing web presence for his stock trading stuff (although I wouldn't put it past the Yes Men or other satirists to do that). Even if he's not though, who is he, exactly? Some trader? Being a trader doesn't make you privvy to any special or secret information, and a lot of traders are idiots. He might be right, he might be wrong, but why was he being interviewed exactly?

Disraeli Geirs (Hurting 2), Tuesday, 27 September 2011 20:38 (four years ago) Permalink

It's still getting talked about (and criticized)

The banks are all paying with other people’s money.” And a $285 million fine for a bank the size of Citigroup, he noted, is so small that it barely qualifies as a cost of doing business.
John C. Coffee Jr., a professor at Columbia Law School, called the ruling a “perfunctory” opinion and said it was a mystery to him why it took the court more than a year to write it. “An average law clerk could have drafted it in two days,” he said.

To my surprise, even prominent corporate defense lawyers who said they felt that Judge Rakoff had gone too far told me this week that they were troubled by the appeals court’s reasoning and its implications. (They didn’t want to be identified, since they litigate before the Second Circuit.)
So, with these comments in mind, I decided to don some imaginary judicial robes and write a dissent — the opinion that, in my view, the Second Circuit should have issued. (I’ve omitted all citations and footnotes, leaving those to my equally imaginary law clerks.)


As a matter of simple logic, Judge Rakoff’s position would seem to be unassailable. How can anyone decide a punishment is fair without knowing anything about what occurred?
That’s not to say that judges shouldn’t pay deference to the decision of the parties to settle and the terms they have agreed upon. The parties should have wide latitude to settle cases as they see fit. Courts should defer to the agencies they oversee, and shouldn’t substitute their own judgments for the agencies’. Nothing is inherently wrong with allowing defendants to settle while neither admitting nor denying the accusations, although that should never be used merely as an excuse to avoid trial and might be used too often. I note that the S.E.C. itself has since said it will try to curtail the practice in appropriate cases.
But neither should judges, as Judge Rakoff’s lawyer put it, be reduced to “potted plants.” To approve a settlement, judges need some facts. This court doesn’t have to decide how many are enough; that should be decided on a case-by-case basis. But I do note that in this instance, relatively few seem to be in dispute. The offering document prepared by Citigroup, which is at the center of the case, is a matter of record. It would seem relatively easy for Citigroup and the S.E.C. to stipulate to a set of facts sufficient to satisfy Judge Rakoff, especially since both seem eager to put this matter behind them.

curmudgeon, Saturday, 14 June 2014 13:53 (two years ago) Permalink

Mr. Zucman estimates -- conservatively, in his view -- that $7.6 trillion -- 8 percent of the world's personal financial wealth -- is stashed in tax havens. If all of this illegally hidden money were properly recorded and taxed, global tax revenues would grow by more than $200 billion a year, he believes. And these numbers do not include much larger corporate tax avoidance, which usually follows the letter but hardly the spirit of the law.

o. nate, Monday, 16 June 2014 21:23 (two years ago) Permalink

deregulation forever everywhere article

curmudgeon, Friday, 20 June 2014 15:37 (two years ago) Permalink

WikiLeaked Doc Reveals Wall Street Plan for Global Financial Deregulation

curmudgeon, Friday, 20 June 2014 15:41 (two years ago) Permalink

the correct reading of the chart is: "We have software that allows us to produce this chart."

everybody loves lana del raymond (s.clover), Monday, 30 June 2014 21:21 (two years ago) Permalink

three months pass...

Latest This American Life is pretty much essential listening.

my jaw left (Hurting 2), Tuesday, 30 September 2014 03:40 (one year 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 (one year 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 (one year 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 (one year ago) Permalink

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