Electronic Arts allegedly in talks to sell to private equity; would "do a deal for $20 a share". [NYP
] [Int. Business Times
]. The markets appear to think there's at least some substance to the rumour, as EA shares jumped more than 7% to $14 in early trades on Thursday morning and have remained at around $13.75. [Google Finance chart
posted by jaduncan
on Aug 18, 2012 -
Financial Markets, Politics and the New Reality
: "Louis M. Bacon is the head of Moore Capital Management, one of the largest and most influential hedge funds in the world. Last week, he announced that he was returning one quarter of his largest fund, about $2 billion, to his investors, [saying] it is impossible to make money when there is heavy political involvement, because political involvement introduces unpredictability in the market… Adam Smith and David Ricardo, who modern investors so admire, [never] used the term "economics" by itself, but only in conjunction with politics; they called it political economy… The investors' problem is that they mistake the period between 1991 and 2008 as the norm and keep waiting for it to return."
posted by the mad poster!
on Aug 9, 2012 -
'You Have a Smart Face': the $120 Million Wire Transfer, the Octopus, the Silencer, and the Corpse in the Alley.
An infamous fake trader fakes his own death, gets caught, is released, gets desperate, and is offered entrance into an apparent world of secret government, secret agents, and secret accounts.
posted by darth_tedious
on Jul 6, 2012 -
in today's New York Times promotes replacing public loans for university students with private equity contracts, wherein funding firms would receive a percentage of graduates' earnings. [more inside]
posted by junco
on Jun 14, 2012 -
Tails of the Unexpected:
"Normality has been an accepted wisdom in economics and finance for a century or more. Yet in real-world systems, nothing could be less normal than normality. Tails should not be unexpected, for they are the rule." An eminently human-readable explanation of why normal models fail to describe the uncertainties of our abnormal world. [more inside]
posted by ecmendenhall
on Jun 9, 2012 -
"A Harvard MBA Pays Down $101K Of Debt."
Two years after he graduated from Harvard with an MBA, Joe Mihalic, now manager of strategic alliances and business development at Dell, vowed to do “everything in my power–short of lying, cheating, and stealing–to pay down" his student loan debt, (then totaling 90K,) "in the next ten months.” After applying for a weekend delivery job, he also decided to chronicle the steps he was taking on a blog: "No More Harvard Debt
." First page of posts is here
. Penultimate post explains his process: "Mission Accomplished." [more inside]
posted by zarq
on May 16, 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 -
The Incentive Bubble
) - "The fraying of the compact of American capitalism by rising income inequality and repeated governance crises is disturbing. But misallocations of financial, real, and human capital arising from the financial-incentive bubble are much more worrisome to those concerned with the competitiveness of the American economy." [more inside]
posted by kliuless
on Apr 3, 2012 -
The New Priesthood
- "The hapless economist uses the same tools as acclaimed physicists and astronomers. She has trained for years to speak precisely the same language as them, to understand the same advanced mathematics, to deploy most complex statistical methods
which are an essential part of the scientific toolbox. It is, understandably, incredibly difficult to accept that her work is a form of higher order superstition
; a religion couched
in the language of mathematics and statistics. Tragically, this is precisely what it is." [more inside]
posted by kliuless
on Apr 2, 2012 -
If you’re elected president,” asked one guest at a 2007 hedge fund managers event for Obama, “what will you do to the taxes on the people in this room?” “I’ll raise them,” Obama fired back. The managers, who share social circles and an educational background with Obama, approved of his style. These days, however, the bloom is off the rose. In The Big Split
, Alec MacGillis investigates the souring of a 20 year relationship between Democrats and high finance, and surmises that it's the administration's rhetoric more than its policy that has upset the masters of the financial universe.
posted by the mad poster!
on Mar 23, 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 -
Best known for the (exaggerated) tales of her miserliness, Hetty Green
was arguably the greatest female investor
in history. During the 1907 Bankers' Panic
, her loan of $1.1 million helped keep New York City solvent. Her estate - greater than that of J.P. Morgan's - was valued at more than $2 billion in today's money. [more inside]
posted by Trurl
on Feb 5, 2012 -
A serial intern in the finance sector speaks:
"Applying for internships is so tiresome and bruising. It's like dating, you sit by the phone waiting for a call. Back in my days at university I would get up at 5.30am or 6am. First I'd go jogging, then send out an application for an internship. Every morning. It's so painful to hear 'no' all the time."
posted by feelinglistless
on Jan 27, 2012 -
A Swarthmore College student-reporter's questioning of whether it is moral to go into banking
sparks NYT columnist Nick Kristof to not only assert the affirmative, but to argue (in part) that in fact more well-educated, liberally-mined people should go into "conservative" industries like banking in order to reform it from the inside.
In effect, Kristof suggests, socialist-leaning, educationally-empowered students should hunker down, swallow their disdain, and apply their ideals to change finance. Said student responds (in Slate): elite, ostensibly liberal-leaning students don't seem to be particularly discouraged from capitalism or going into banking in this climate, and probably never have been.
posted by Keter
on Jan 24, 2012 -
is a nice little collection of curated and tagged economic news stories, 5-8 every day. It is edited in part by the admirable (and MetaFave) financial journalist Felix Salmon
posted by shothotbot
on Dec 22, 2011 -
BBC News asks independent trader Alessio Rastani "what would keep investors happy, make them feel more confident?
" and gets a surprisingly honest answer: "Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]
posted by finite
on Sep 26, 2011 -
is a site that enables the user to enter transactions and track their bank balance via SMS. People sharing a bank account can also get updates when money is spent from the account by the other person. [more inside]
posted by reenum
on Sep 19, 2011 -