396 posts tagged with finance.
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The alchemists of Wall Street are at it again.

Wall Street begins playing again with the same matches that burned the economy in 2008 From the New York Times: "The banks that created risky amalgams of mortgages and loans during the boom — the kind that went so wrong during the bust — are busily reviving the same types of investments that many thought were gone for good. Once more, arcane-sounding financial products like collateralized debt obligations are being minted on Wall Street. " (View article on a single page) [more inside]
posted by Sleeper on Apr 20, 2013 - 57 comments

Gold Crash

"Gold's crash this weekend is, as Oprah might say, a teachable moment. Crashes like this are a good way to find out how markets work. It's like a game of financial Clue, a way to keep sharp your skills of deduction. You don't have to be a stock investor or a math whiz to figure it out, either – you just have to have a good grasp of news and human psychology." - the Guardian on this week's crash in gold commodity prices.
posted by Slap*Happy on Apr 18, 2013 - 85 comments

The Finances of a Successful Indie Game

"When we first started working on Dustforce, it was frustrating to not be able to find much data about whether indie game development is a realistic thing to do with your life." Hitbox Team helps remedy that for future designers in this article about the finances and sales of their game, Dustforce.
posted by gilrain on Apr 16, 2013 - 37 comments

The Day Care Dilemma

"Trusting your child with someone else is one of the hardest things that a parent has to do — and in the United States, it’s harder still, because American day care is a mess. About 8.2 million kids—about 40 percent of children under five — spend at least part of their week in the care of somebody other than a parent. Most of them are in centers, although a sizable minority attend home day cares.... In other countries, such services are subsidized and well-regulated. In the United States, despite the fact that work and family life has changed profoundly in recent decades, we lack anything resembling an actual child care system. Excellent day cares are available, of course, if you have the money to pay for them and the luck to secure a spot. But the overall quality is wildly uneven and barely monitored, and at the lower end, it’s Dickensian."
posted by zarq on Apr 15, 2013 - 139 comments

What's The Question About Your Field That You Dread Being Asked?

"Maybe it's a sore point: your field should have an answer (people think you do) but there isn't one yet. Perhaps it's simple to pose but hard to answer. Or it's a question that belies a deep misunderstanding: the best answer is to question the question."
posted by the man of twists and turns on Apr 14, 2013 - 259 comments

Incommensurable values

Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
posted by kliuless on Mar 25, 2013 - 27 comments

Vincent Browne v the ECB

Tenacious Irish journalist demands an answer at a European Central Bank press conference (SLYT)
posted by moorooka on Mar 15, 2013 - 44 comments

"That lawsuit, believe it or not, is still going on."

Where Banks really Make Money On IPOs
All of these numbers are hypothetical, of course, but the bigger point is simple: if Goldman manages to get kickbacks, in terms of extra commissions, of more than 7% of its clients’ profits, then it has a financial incentive to underprice the IPO. And Goldman’s clients were desperate to give it kickbacks: they didn’t just route their standard trading through Goldman, since that wouldn’t generate enough commissions. Instead, they bought and sold stocks on the same day, at the same price. Capstar Holding, for instance, bought 57,000 shares in Seagram Ltd at $50.13 per share on June 21, 1999 — and then sold them, on the same day, at the same price. Capstar made nothing on the trade, but Goldman made a commission of $5,700. Capstar’s Christopher Rule says that in May 1999, fully 70% of all of his trading activity “was done solely for the purpose of generating commissions”, so that he could continue to keep on getting IPO allocations.
Rigging The IPO Game [more inside]
posted by the man of twists and turns on Mar 11, 2013 - 18 comments

The shocking news that Goldman Sachs is greedy

"Twenty five years ago I quit a job on Wall Street to write a book about Wall Street. Since then, every year or so, UPS has delivered to me a book more or less like my own, written by some Wall Street insider and promising to blow the lid off the place, and reveal its inner workings, and so on. By now, you might think, this game should be over. The reading public would know all it needed to know about Wall Street, and the publishing industry would be forced to look to some other industry for shocking confessions from insiders. Somehow this isn't the case."
posted by vidur on Feb 5, 2013 - 47 comments

The untouchables

Wall Street's leaders have utterly escaped jail. "There have been no arrests of senior Wall Street executives." Frontline examines why the United States federal government didn't go after the financial titans. (via)
posted by doctornemo on Jan 23, 2013 - 159 comments

When admission of liability is a risk.

Credit Rating Agencies and their role after the Crisis
It was the rating agencies that assigned super safe ("triple A") ratings to complex financial instruments. When these blew up, the agencies accepted no responsibility, claiming they had merely been expressing "opinions".
William J Harrington, who was a senior analyst says he has asked people at Moody's why those responsible weren't fired.
"That would be an admission of liability, I was told.
The Wall Street Journal talks about downgrading the agencies.
posted by adamvasco on Jan 22, 2013 - 41 comments

There's a lot of bullshit coming from America

"Of the top 100 Swiss companies, 49 give shareholders a consulting vote on the pay of executives. A few other countries, including the United States and Germany, have introduced advisory "say on pay" votes in response to the anger over inequality and corporate excess that drove the Occupy Wall Street movement. Britain is also planning to implement rules in late 2013 that will give shareholders a binding vote on pay and "exit payments" at least every three years. Minder's initiative goes further, forcing all listed companies to have binding votes on compensation for company managers and directors, and ban golden handshakes and parachutes. It would also ban bonus payments to managers if their companies are taken over, and impose severe penalties — including possible jail sentences and fines — for breaches of these new rules."
posted by vidur on Jan 21, 2013 - 32 comments

Level 2 is more worrisome. Level 3 is hair-raising.

"We decided to go on an adventure through the financial statements of one bank [Wells Fargo], to explore exactly what they do and do not show, and to gauge whether it is possible to make informed judgments about the risks the bank may be carrying. We chose a bank that is thought to be a conservative financial institution, and an exemplar of what a large modern bank should be."
posted by vidur on Jan 14, 2013 - 14 comments

"The original shark, it turns out, rotted."

Gold, Golden, Gilded, Glittering - The Unexpected Double History Of Banking And The Art World
In fact, we have long entrusted the task of representing our ideas of value to members of two professions that might seem to have little in common: banking and art. And, in the last seven hundred years or so, it has happened more than once that visual and financial inventors have come up with strikingly similar representations. There is more than a shadow of resemblance between the purchase of the Hirst skull in 2007 and the mortgage-backed-securities debacle that made of Lehman Brothers in the following year one of the great public pictures of vanitas we’ve had. And, when you look further into these intersections, you often find that what is really at stake is a change in the way we feel and understand time.
[more inside]
posted by the man of twists and turns on Jan 7, 2013 - 20 comments

Secret and Lies of the Bailout

Secret and Lies of the Bailout. "The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come." [Via]
posted by homunculus on Jan 7, 2013 - 77 comments

2013 real estate and economy predictions

Garth Turner, the former politician and now cranky (but funny and more or less accurate) blogger opines on real estate and the economy for 2013.
posted by anothermug on Dec 31, 2012 - 26 comments

Japan

What's Going On In Japan? "Really Japan is quite a remarkable case, since neither fiscal nor monetary policy seems to be working to achieve the anticipated results. This year Japan will have a fiscal deficit of around 10% of GDP and gross government debt will hit 235% of GDP, yet the country is still struggling to find growth. Instead of reiterating old dogmas (whether they come from Keynes or from Hayek) more people should be asking themselves what is happening here. This is not a simple repetition of something which was first time tragedy and is now second time tragedy, it is something new, and could well be a harbinger for more that is to come, elsewhere. Oh, why oh why are economists not more curious?" [more inside]
posted by kliuless on Dec 27, 2012 - 82 comments

"how we learned to stop worrying and embrace the abstraction"

A Brief History Of Money [more inside]
posted by the man of twists and turns on Dec 16, 2012 - 53 comments

People will always love to read.

"HS Dent, an economic forecasting firm, compiled Census data [PDF] on spending behavior and presented them as a series of demand curves... The curves measure average annual expenditure for a given product over the age of the consumer." [more inside]
posted by griphus on Dec 6, 2012 - 38 comments

Betting on the future

The African King With A Multi-Billion Dollar Empire RBH functions as a communitybased investment company whose primary investment aim is to generate the income required for the funding of sustainable projects. Income generated from RBH’s commercial interests is invested in infrastructural development, as well as in the members of the Nation itself. Over the past decade, more than R4 billion ($475 million) has been spent on roads, utilities, schools, clinics and other public amenities. This has benefited not only the Bafokeng, but other people living in the North West Province of South Africa, the area which the RBN calls home.
posted by infini on Dec 1, 2012 - 5 comments

The New York Times - Complaints Aside, Most Face Lower Tax Burden Than in 1980

The New York Times examines how American taxes have changed since 1980
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Nov 30, 2012 - 105 comments

There is no higher education bubble

It's the splashing, not the popping. What if American student debt is just too profitable and secure to admit any systemic reform? An interesting and gloomy argument against the higher education bubble theory. [more inside]
posted by doctornemo on Nov 21, 2012 - 157 comments

Skill-Luck Continuum

"We have little trouble recognizing that a chess grandmaster’s victory over a novice is skill, as well as assuming that Paul the octopus’s ability to predict World Cup games is due to chance. But what about everything else?" [Luck and Skill Untangled: The Science of Success]
posted by vidur on Nov 20, 2012 - 16 comments

The Corporatization Of Higher Education

In 2003, only two colleges charged more than $40,000 a year for tuition, fees, room, and board. Six years later more than two hundred colleges charged that amount. What happened between 2003 and 2009 was the start of the recession. By driving down endowments and giving tax-starved states a reason to cut back their support for higher education, the recession put new pressure on colleges and universities to raise their price. When our current period of slow economic growth will end is anybody’s guess, but even when it does end, colleges and universities will certainly not be rolling back their prices. These days, it is not just the economic climate in which our colleges and universities find themselves that determines what they charge and how they operate; it is their increasing corporatization. If corporatization meant only that colleges and universities were finding ways to be less wasteful, it would be a welcome turn of events. But an altogether different process is going on
[more inside]
posted by the man of twists and turns on Nov 14, 2012 - 69 comments

What am I, an idiot? I mean, kind of?

Ask A Banker: What's The Deal With High Frequency Trading? From the planet money NPR team.
posted by garlic on Nov 7, 2012 - 35 comments

How My Danish Friend Paid Off His Debt By Becoming A Gay Prostitute

How My Danish Friend Paid Off His Debt By Becoming A Gay Prostitute
posted by reenum on Oct 31, 2012 - 51 comments

What's wrong and how to fix it.

It’s not as though as a society we have become that much stupider than our forbears; it’s because we have become that much more corrupt.

Adam Garfinkle
discusses American political dysfunction in one, two, three parts.
posted by Shit Parade on Oct 27, 2012 - 13 comments

Why Obama Now

Why Obama Now - from Simpsons/Family Guy animator Lucas Gray [more inside]
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Oct 11, 2012 - 61 comments

Ephemeral New York

Ephemeral New York 'chronicles an ever-changing, constantly reinvented city through photos, newspaper archives, and other scraps and artifacts that have been edged into New York’s collective remainder bin.' [more inside]
posted by zarq on Oct 11, 2012 - 5 comments

The iEconomy

The iEconomy: Apple and Technology Manufacturing. Since January, the New York Times has been running a series of articles "examining the challenges posed by increasingly globalized high-tech industries," with a focus on Apple's business practices. The seventh article in the series was published today: In Technology Wars, Using the Patent as a Sword. Related: For Software, Cracks in the Patent System and Fighters in the Patent War. [more inside]
posted by zarq on Oct 8, 2012 - 16 comments

“PHILOSOPSHY”

Kevin Roose of Nymag.com posted about a brand new North Carolinian hedge fund that seemed less than impressive. The fund then started to use a sarcastic quote from Kevin's post as a kind of ringing endorsement on their website. Uh oh.
posted by The Whelk on Oct 6, 2012 - 43 comments

The limit does not exist

The complete guide to America's jobs crisis and the failure of monetary policy using animated gifs
posted by Hypnotic Chick on Sep 11, 2012 - 16 comments

LETS

Start Your Own Currency - "In the Catalonia region of Spain, a restaurant and a community garden are part of an experiment in alternative cash--they are accepting a home-grown currency called the Eco as well as the Euro." [viz. gated article (Google link), cf. The Wörgl Experiment]
posted by kliuless on Aug 27, 2012 - 29 comments

No longer in the game?

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 - 40 comments

I'm sorry "A Heart of Pure Darkness" is not correct.

What did Michael Milken, Enron, and Goldman Sachs have in common? Not only were they at the centers of three of the biggest financial scandals of the last 30 years, but it turns out they all used the same financial instrument to help pull off their plans. A Transactional Genealogy of Scandal: from Michael Milken to Enron to Goldman Sachs [more inside]
posted by JPD on Aug 14, 2012 - 57 comments

Financial Markets, Politics and the New Reality

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 - 36 comments

Conspiracy to Commit 'Conspiracy' Conspiracy.

'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.

Previously.
posted by darth_tedious on Jul 6, 2012 - 16 comments

preventing people from accumulating useful skills

An op-ed 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 - 262 comments

“So if we continue voting like this in the (House of Commons), there’ll be no b-day for me this year?” tweeted NDP MP Hoang Mai.

It is still June 13 for the Parliament of Canada, where voting has continued overnight on the "omnibus budget bill" (previously), due to 159 separate amendment votes that have been forced by the opposition. None are likely to pass, but the arduous process is meant to function as a protest against legislation which many critics have argued goes far beyond the scope of a traditional budget. [more inside]
posted by mek on Jun 14, 2012 - 76 comments

BitCoin with Multi-signature Transactions

BitCoin appears to be gaining a measure of stability, at least temporarily, through anger at banks, paypal, visa, etc., the activities of currency traders, and increased activity, as well as the promise of multi-signature transactions. [more inside]
posted by jeffburdges on Jun 13, 2012 - 42 comments

Tails of the unexpected

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 - 19 comments

sovereignty and taxation

David Graeber: Of Flying Cars and the Declining Rate of Profit (via) [more inside]
posted by kliuless on Jun 8, 2012 - 85 comments

Taxpayer Entertainment Ltd

Curt Schilling, a former Major League Baseball pitcher, retired with an eye toward making games. His 38 Studios bought Big Huge Games, some big-name talent, and got started with Kingdoms of Amalur... with the help of a $75 million guaranteed loan from the state of Rhode Island (not without controversy). The game was good but not great and sales were likewise good but not great. Not great enough to cover the payments on a $75 million loan, anyway, not to mention payroll, and Rhode Island is likely on the hook.
posted by gilrain on May 18, 2012 - 169 comments

"I had little anxiety about buying things because I simply couldn’t afford anything."

"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 - 194 comments

My Faith-Based Retirement

My Faith-Based Retirement. NYT business journalist Joe Nocera discusses being financially unable to retire.
posted by lalex on Apr 29, 2012 - 156 comments

#liberalmediabias

Jimmy Fallon and The Roots (ft. President Obama) - Stafford Loan Interest Slow Jam
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Apr 25, 2012 - 57 comments

The JOBS Act is for Wall Street, not jobs

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 - 85 comments

Personal Finance on a Napkin

Napkin finance. Each sketch links to a post about investing. From a financial planner best known for losing his house.
posted by xowie on Apr 5, 2012 - 17 comments

Executive Compensation

The Incentive Bubble (ungated pdf) - "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 - 54 comments

An Interview with Yanis Varoufakis

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 - 169 comments

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