The Lonely Redemption Of Sandy Lewis
“The complicity on Wall Street is sickness!” Mr. Lewis says. He fixes you with his laser stare. “If you think the big firms are being honest” — his tone slides streetwise — “well, sweetheart, go think something else!”
The temptation is to dismiss Mr. Lewis, 73, as a crank, except he once ruled as an eccentric genius of arbitrage, with a preternatural feel for the tectonic movements of the markets. He has railed for decades about venalities now on daily display. Rude truth is his currency. [more inside]
posted by the man of twists and turns
on Jul 9, 2013 -
"Welcome to Random Roles, wherein we talk to actors about the characters who defined their careers. The catch: They don’t know beforehand what roles we’ll ask them to talk about."
McGinley discusses his roles in 42
, Wall Street
, Point Break
, Car 54, Where Are You?
, Office Space
posted by paleyellowwithorange
on Apr 22, 2013 -
What can be done to prevent another financial meltdown? While some cry for armed revolution, others are whispering for incremental changes that could have a substantial impact on how high finance works – or doesn't.
John Coates, a former Wall Street derivatives trader
and now a neuroscientist
at the University of Cambridge, has done novel research on how testosterone
skews the thinking – and thus the behavior – of traders, inspiring them to take on more risk
than benefits society. His research is now available in a book
Would programs that encourage more women to enter – and/or climb the ranks of – trading groups make finance more responsible?
(If this strikes you as biological determinism, there are other lines of inquiry that may be headed in the same direction: how managers exploit subordinates
in ways that shape overall behavior and could be modified via both incentives and regulation; how cheating happens
and the best ways to prevent it.)
posted by noway
on Jul 7, 2012 -
The JOBS Act
or "Jumpstart Our Business Startups Act" is not really about creating jobs but about loosening regulations on companies planning to IPO. SOX compliance and other financial regulations have made going public an expensive and time consuming process for young companies, and many are now staying private or getting acquired rather than going public. Fewer regulations encourages more IPOs, but what are the unintended consequences
of "exempting [companies] from independent accounting requirements for up to five years after they first begin selling shares in the stock market"?
posted by lubujackson
on Apr 12, 2012 -
Too Smart to Fail
: "A résumé filled with grievous errors in the period 1996–2006 is not only a non-problem for further advances in the world of consensus; it is something of a prerequisite. Our intellectual powers that be not only forgive the mistakes; they require them. You must have been wrong back then in order to have a chance to be taken seriously today; only by having gotten things wrong can you demonstrate that you are trustworthy, a member of the team. (Those who got things right all along, on the other hand, might be dubbed “premature market skeptics”—people who doubted the consensus before the consensus acknowledged it was all right to doubt.)" —Thomas Frank, The Baffler
posted by enn
on Mar 21, 2012 -
Why I Am Leaving Goldman Sachs.
New York Time Op-Ed. March 14th 2012:
TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it. [more inside]
posted by Skygazer
on Mar 14, 2012 -
Critics of the Occupy Wall Street movement have complained that the protestors have no clear goals, so WE DON'T MAKE DEMANDS
composed a list of 12 concrete, specific suggestions focusing on economic reform, stronger regulation, and closing loopholes.
posted by The Whelk
on Nov 30, 2011 -
Occupy Wall Street
is an event comprised of anti-corporate non-violent protests that are being promoted by a range of groups including the AdbustersMedia Foundation and a New York City group called General Assembly. Months ago a plea was put out
to diverse political and activist groups urging them to descend on Wall Street on September 17th and take part in long-term occupation of the area in the spirit of the Arab Spring
rebellions. [more inside]
posted by stagewhisper
on Sep 20, 2011 -
On July 23, 1920, Charles Ponzi
hired former Boston Post journalist William H. McMasters as his publicist, who quickly realized that his new client was defrauding the public. Just ten days later, McMasters wrote an exposé published in the Post that led to Ponzi's ultimate downfall. The newspaper won a Pulitzer. McMasters was The Man Who Time (Almost) Forgot (Via) [more inside]
posted by zarq
on Aug 10, 2011 -
In an investment manager's view on the top 1%
- referring to the richest Americans by wealth and income - we learn that one needs $1.2 million in net worth to barely slip in the door of the top 1%. But that's just a start: the real power and influence in the U.S., the author argues, resides in the top 0.1%. You can guess who you'll find there: bankers and large-cap CEOs. Relevant quotes include... [more inside]
posted by mark7570
on Aug 4, 2011 -
In his Oscar acceptance speech, documentary filmmaker Charles Ferguson reminded viewers worldwide that "not a single financial executive has gone to jail" for the fraud that created the 2008 financial meltdown. His film Inside Job (on Netflix DVD
) explains, among other things, that the crisis was avoidable. See also the Inside Job trailer
and a subsequent followup video
in which Ferguson says that many sources "mysteriously backed out" before being filmed. He also spoke at MIT
posted by mark7570
on Mar 2, 2011 -
Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer.
"Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."
I put down my notebook. "Just that?"
"That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there."
posted by vidur
on Feb 16, 2011 -
What Good is Wall Street? Think of all the profits produced by businesses operating in the U.S. as a cake. Twenty-five years ago, the slice taken by financial firms was about a seventh of the whole. Last year, it was more than a quarter. (In 2006, at the peak of the boom, it was about a third.) In other words, during a period in which American companies have created iPhones, Home Depot, and Lipitor, the best place to work has been in an industry that doesn’t design, build, or sell a single tangible thing.
posted by shivohum
on Nov 22, 2010 -