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Researchers claim Tweets predict The Dow

Invented by Charles Dow in 1896, The Dow Jones Average ("The Dow") is perhaps the most widely known metric of equity market behaviour. Calculated as a price weighted average of thirty stocks, The Dow is generally eschewed by professional investors who prefer the broader S&P 500, a so-called market capitalisation weighted index consisting of 500 stocks. Regardless, proponents of the Dow claim its simplicity, long history and careful design as a reliable proxy of US economic activity as points in its favour. But can they now claim predicability as well? [more inside]
posted by Mutant on Oct 23, 2010 - 19 comments

Cocoa Puffed

Earlier this week news bubbled up that a hedge fund manager with a Bond-villain nickname had made a Bond-villain move: "Choc Finger" bought a whopping 241,000 tons of cocoa beans -- 7% of the world's cocoa supply and enough to make 5 billion chocolate bars -- driving prices to 33-year highs. [more inside]
posted by chavenet on Jul 22, 2010 - 46 comments

Obama signs Wall Street reform bill

In a "Triumph of Policy Over Politics" President Obama today signed most sweeping Wall Street reform bill since Great Depression. Obamas remarks at the signing. A piece-by-piece guide to th financial overhaul law. Timeline of the laws effects. 10 Ways New Wall Street Reform Law Will Help You.
posted by Artw on Jul 21, 2010 - 141 comments

mad as hell

Dylan Ratigan's Howard Beale Moment (via se) [more inside]
posted by kliuless on Jul 19, 2010 - 35 comments

HOW SUPERMODELS ARE LIKE TOXIC ASSETS

There is very little intrinsic value in Coco Rocha's physique that would set her apart from any number of other similarly-built teens. 'When dealing with symbolic goods like “beauty” and “fashionability,” we would be hard pressed to identify objective measures of worth inherent in the good itself.' 'The social world of fashion markets reveals how market actors think collectively to make decisions in the face of uncertainty. And this social side of markets, it turns out, is key to understanding how investors could trade securities backed with “toxic” subprime mortgage assets leading us into the 2009 financial crisis.' 'In 2002, a tall and skinny 14-year old girl competed in a dance contest in Vancouver, Canada. There she encountered a modeling agent, who asked her to consider going out for modeling jobs. Today, the 22-year-old Coco Rocha is celebrated as a “supermodel”'. [more inside]
posted by VikingSword on Jul 16, 2010 - 60 comments

Phantom Debts, Real Anguish

Debt buyers have become a multi-billion dollar industry. They buy old debts and then litigate in an effort to collect with little or no evidence. [more inside]
posted by reenum on Jul 2, 2010 - 18 comments

The Casino Called Wall Street

Maybe Microsoft is trading in London at a penny less than it's trading at the same moment in New York. A high-frequency trader will buy shares in London and wait for them to rise. Since the discrepancy lasts a mere fraction of a second, speed is key. [Tradework CEO] M. Narang boasts it takes only 15 millionth of a second for his computers to place a buy or sell order after detecting an opportunity. Or, as he puts it, "If you try to pick up the penny, we'll probably beat you to it." [more inside]
posted by HP LaserJet P10006 on May 15, 2010 - 62 comments

Hello, Dr. Evil here...

Good morning, ladies and gentlemen. In a few hours, I will destroy the Greek economy. Unless, that is, you give me the sum of...one trillion dollars! (SLNYT, but with this much money I can afford to look frumpy)
posted by anigbrowl on May 10, 2010 - 61 comments

Automated Trading Suspected in Stock Market Crash

Major market indices fell almost 10% this afternoon before recovering half of that value. Some blame the failing Greek economy and the related loss of confidence in the Eurozone. But a lot of attention is being paid to the role of automated trading systems. Accenture's stock, for example, dropped from $41 to one penny in two minutes and then recovered just as quickly. Will this trigger a loss of confidence in automated trading?
posted by spitefulcrow on May 6, 2010 - 162 comments

FRAUDONOMICS

-Confessions of a Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built on Fraud by Mark Ames (note: polemic)
-The Feds vs. Goldman by Matt Taibbi (note: vampire squid reprise)
-The Goldman Casino: Do investment banks do anything that helps America anymore? by Eliot Spitzer (cf. Robert Rubin, oh and Dick Fuld)
-William Black on Fraud interviewed by Bill Moyers (note: Moyers' penultimate PBS show) [more inside]
posted by kliuless on May 5, 2010 - 57 comments

Talking Points Memo: Bush prevented Paulson from briefing Congress

September 18, 2008 - Lehman Brothers had filed for bankruptcy four days earlier and the Federal Reserve had authorized the New York Fed to lend up to $85 billion to insurance giant AIG. That afternoon, Nancy Pelosi called Henry Paulson to ask for a full briefing the next morning. "They said, 'That will be too late. That will be too late. Tomorrow morning, 9 o'clock will be too late.' ... 'We were not allowed to tell Congress, but since you called, we're going to answer your questions.'" The Bush administration prohibited its own top officials from briefing Congress on the financial crisis.
posted by East Manitoba Regional Junior Kabaddi Champion '94 on May 3, 2010 - 29 comments

Too big not to fail?

SEC sues Goldman Sachs for fraud. GS has already come under fire for "betting against" financial products it was marketing, a practice that apparently helped it prosper from the real estate bubble but come out relatively unscathed. The SEC now says that one such product was designed specifically so that a Goldman business partner, Paulson & Company, could take a short position on it. Investors were apparently not advised of this fact. Goldman's stock was off more than 10% in the half hour following the announcement. [more inside]
posted by grobstein on Apr 16, 2010 - 48 comments

"This is an open-and-shut case of anti-competitive behavior"

"What happened here in Jefferson County would turn out to be the perfect metaphor for the peculiar alchemy of modern oligarchical capitalism: A mob of corrupt local officials and morally absent financiers got together to build a giant device that converted human shit into billions of dollars of profit for Wall Street" - "Looting Main Street" Matt Taibbi takes an in-depth look into how finance, deregulation, corruption, synthetic rate swaps, and greed decimated Birmingham, AL. [more inside]
posted by The Whelk on Apr 12, 2010 - 42 comments

The Oracle Rewrites History

Today, while testifying for only the second time on Capitol Hill since the financial crisis began, [former Fed chairman] Alan Greenspan said the Fed closely monitored the subprime market [...]"I was right 70% of the time, but I was wrong 30% of the time, and there were an awful lot of mistakes in 21 years...". But Greenspan's defense of his record today rang hollow to many seasoned observers, if not downright deceitful.
posted by HP LaserJet P10006 on Apr 7, 2010 - 44 comments

Economics and Physics Envy

"Take a little bad psychology, add a dash of bad philosophy and ethics, and liberal quantities of bad logic, and any economist can prove that the demand curve for a commodity is negatively inclined." MIT economist Andrew Lo and string theorist turned asset manager Mark Mueller on the "physics envy" that plagues economics, and how to stop worrying and love uncertainty.
posted by escabeche on Apr 1, 2010 - 37 comments

Heads I win, tails you lose...

"Although the word “entitlement” fits, it’s been used so frequently as to have become inadequate to capture the preening self-regard, the obliviousness to the damage that high-flying finance has inflicted on the real economy, the learned blindness to vital considerations in the pay equation. Getting an education, or even hard work, does not guarantee outcomes. One of the basic precepts of finance is that of a risk-return tradeoff: high potential payoff investments come with greater downside. But how did that evolve into the current belief system among the incumbents, that Wall Street was a sure ride, a guaranteed “heads I win, tails you lose” bet?"
Yves Smith writes an essay on 'indefensible men.'
posted by ennui.bz on Mar 19, 2010 - 38 comments

The Chyron's Kuleshov

Culture, Relativism, and Bank Ads
posted by jtron on Mar 16, 2010 - 33 comments

Simon Johnson on the Economy

Last week, economist Simon Johnson (his blog; previously on MeFi) spoke at the Roosevelt Institute about the failure to regulate the financial industry, and the doomsday cycle of our economy (via).
posted by HP LaserJet P10006 on Mar 10, 2010 - 4 comments

Be it resolved that financial 'innovation' does not boost economic growth

Basicland vs. Sorrowland
A parable about how one nation came to financial ruin by Charles Munger. For extra colour there's... [more inside]
posted by kliuless on Mar 2, 2010 - 34 comments

The other exit strategy

With quantitative easing on everyone's minds, pundits of all sorts talk about Central Bank exit strategies. But in The Treaty of Lisbon, which came into force across the EU on December 1st, 2009, it turns out European member states have put forward an exit strategy of a completely different kind [.pdf] . [more inside]
posted by Mutant on Jan 20, 2010 - 31 comments

Guided By Your Counsel

Jan 7: The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.
posted by moorooka on Jan 9, 2010 - 34 comments

Bruce Sterling's 2010 State of the World

Acclaimed writer Bruce Sterling is back for his annual State of the World interview in The WELL's inkwell conference. It's a must-read. The first question comes from Cory Doctorow who asks him to help him plan for the future now that Cory has a kid, etc. Sterling's answer is hilarious, biting, and brilliant all at the same time. And that's only the beginning...
posted by brianstorms on Jan 6, 2010 - 130 comments

"Perhaps I can find new ways to motivate them."

Darth Vader and an entourage of Storm Troopers rang the opening bell at the New York Stock Exchange on December 22nd. [more inside]
posted by zarq on Jan 1, 2010 - 42 comments

a coherent platform for the grand new party?

Keeping America's Edge (via) [more inside]
posted by kliuless on Dec 22, 2009 - 21 comments

Two words: business school.

Why can't Americans make things?
posted by boo_radley on Dec 21, 2009 - 75 comments

Used for centuries, end of lifed October 31st 2018 - The Cheque

They were first known as "Praescriptiones" and used by The Romans from around 100BC 1. Employed by Perisans of the Sassanid Dynasty during the third century, they were then known as "Saqqs". They have been found in Egyptian ruins dating from the 12th century, about the same time as The Knights Templar bolstered their use by issuing written instruments, redeemable for cash to pilgrims bound for holy land bound. Even so, it took another five centuries for the cheque to be adopted by England. [more inside]
posted by Mutant on Dec 17, 2009 - 43 comments

Adnan's World

Adnan Khashoggi was one of the high society news makers in the 80's, considered by some to be on Donald Trump's level. While things have gone alright for the Donald, Khashoggi hasn't done as well... [more inside]
posted by reenum on Dec 14, 2009 - 19 comments

Obama's Big Sellout

Taibbi-filter: Obama's Big Sellout [more inside]
posted by moorooka on Dec 10, 2009 - 156 comments

Follow the money

Secrecy Jurisdictions: Mapping the Faultlines highlights research on 'the jurisdictions and mechanisms used to facilitate illicit financial flows worldwide, including especially flows from developing countries. Those flows, from developing countries alone, are estimated at $850 billion - US$1 trillion per year. At the core of this project is the biggest survey of tax havens, or secrecy jurisdictions as we prefer to call them, that has probably ever been undertaken.' A project of the Tax Justice Network.
posted by Abiezer on Dec 3, 2009 - 5 comments

Marc Dreier's Crime of Destiny

"...$48 million of notes due in September, another $15 million in November, a whopping $100 million in December, plus $60 million in January 2009. All told, he would need almost $225 million to cover these redemptions. 'Obviously,' Dreier observes without a hint of irony, 'I had put myself in a ridiculous predicament.'" (Previously)
posted by shivohum on Nov 25, 2009 - 45 comments

George Soros on the Way Forward

Soros lectures
You can slog through the video, but I preferred the transcripts 1 | 2 | 3 | 4 | 5 [more inside]
posted by kliuless on Nov 21, 2009 - 13 comments

Nails Goes to Wall Street

Lenny Dykstra was lauded for his heroics with the Mets and Philles. After his career, Dykstra became well-known as a post-career athlete success story. Then the truth started coming out... [more inside]
posted by reenum on Oct 27, 2009 - 22 comments

Did you even DOOO the reading?

Do you feel disappointed in government? Does Obama seem a little too meek for the Presidency? Do you wish he'd make larger structural reforms? Maybe, suggests Matt Taibbi, there's an answer. [more inside]
posted by jock@law on Oct 23, 2009 - 43 comments

Wall Street's Near Death Experience

Wall Street's Near Death Experience
posted by SeizeTheDay on Oct 6, 2009 - 31 comments

“He who controls the money supply of a nation controls the nation”: James Garfield

The First Bank of the United States was Americas first attempt at forming a Central Bank. Inaugurated by Congress in 1791, it was followed by The Second Bank of the United States, which was dissolved in 1836.

And then The United States of America was without a Central Bank for 77 years. [more inside]
posted by Mutant on Oct 3, 2009 - 54 comments

Dubai: The World in Peril

The pitch was extravagent: a man-made archipelago of 300 islands constructed to approximate the land masses of Earth, located 4 kilometers off the coast of Dubai. Claim part of The World for your own, or as an investment. Angelina Jolie And Brad Pitt bought Ethiopia, Tommy Lee bought Greece for ex-wife Pamela Anderson, David Beckham and Rod Stewart were each rumored to have bought an island, joining other celebrities who had purchased part of The World. The environmental impact of World-creation was raised, and Sir Richard Branson warned that the islands would be submerged in 50 years if global governments did not address climate change. The warning in 2007 did not dissuade the developers, and the final rock was placed in the breakwater in January 2008. The end of The World has not been brought about by rising tides, but financial woes have put the development on long-term hold, potentially ending the project. [more inside]
posted by filthy light thief on Oct 2, 2009 - 47 comments

As bad as inflation is deflation is much, much worse

Why is deflation far worse than inflation? After all, prices are falling, goods and services get cheaper, what's not to like? [more inside]
posted by Mutant on Sep 27, 2009 - 33 comments

Neil Barofsky reviews TARP

Neil Barofsky, special inspector general for the Troubled Asset Relief Program, says: If the goal was to increase lending, well we haven't increased lending. ... Banks that were too big to fail are bigger than ever. ... When TARP was announced, the whole purpose was a statement that we're not going to let our large financial instiutions fail. And with that I think we may be in a far more dangerous place today than we were a year ago. (via)
posted by Joe Beese on Sep 26, 2009 - 15 comments

free as in beer money

Illustrating the cause of, and solution to, too much debt: [more inside]
posted by kliuless on Sep 25, 2009 - 52 comments

Goldman Sachs acquiring media equity

... one wonders why [Goldman Sachs] and [JP Morgan] were so eager to provide "rescue" financings to virtually the entire distressed media space: both companies knew too well that sooner or later they would end up with full equity control over essentially the most coveted industry: thousands of TV stations, radio channels, newspaper and magazines. (via) (previously)
posted by Joe Beese on Sep 23, 2009 - 16 comments

Hopefully they won't screw it up.

Discussed several times in the green, Mint.com announced today that the company will be acquired by Intuit.
posted by ericales on Sep 14, 2009 - 44 comments

If Paul Krugman Was So Right

How Did Economists Get It So Wrong? - The Great Recession was the result not only of lax regulation in Washington and reckless risk-taking on Wall Street but also of faulty theorizing in academia. Can economists learn from their mistakes? (via mr & ev) [more inside]
posted by kliuless on Sep 3, 2009 - 50 comments

UK and USA might lose AAA rating

Standard & Poor’s changed the UK's credit outlook from stable to negative a few days ago, and warned that there is a chance the UK could lose its AAA rating. Meanwhile, Moodys, another of the big 3 rating agencies, has warned that the US might also eventually lose its AAA rating. The UK announcement caused sterling to drop by 1% and the FTSE by 2%. However, many blame the same rating agencies for their part in triggering the subprime crisis. The irony of this is not lost on the Wall Street Journal, who note that "After all, those governments are jacking up spending, in part, to bail out the financial firms who gobbled up those 'AAA' asset backed securities duly blessed by the credit ratings firms." [more inside]
posted by memebake on May 26, 2009 - 38 comments

"There needs to be a general acceptance that the current model has failed."

It's Finished is a witty and erudite essay by MeFi lurker John Lanchester in The London Review of Books on how completely and utterly screwed the British economy is. In the process of laying out his case Lanchester touches on varied issues, such Scottish banknotes, why Alan Hollinghurst's phrase "tremendous, Basil Fawltyish lengths" is applicable to the reaction by the US and UK governments to the banking meltdown, the value destruction of corporate mergers, the invention of modern accounting, and why no one really knows how large a share of the failed banks is owned by governments.
posted by Kattullus on May 26, 2009 - 35 comments

Why the US won't see hyperinflation

The Bulls vs. Bears? The incessant back and forth between equity market longs and shorts is well known to most retail investors via a variety of distribution channels; financial television, the print media, online news. But the really big market battle, one with the potential to impact the entire US economy, happens, as is usual in finance, just out of sight of retail eyes ... [more inside]
posted by Mutant on May 13, 2009 - 24 comments

Waiting for CNBC

Waiting for CNBC: A tragicomedy in one long act. [more inside]
posted by chunking express on May 8, 2009 - 11 comments

Theory versus Statistics, Financial Economics Edition.

Theory versus Statistics, Financial Economics Edition. "You can almost here the lament of this quant that the real math theory has been dead since 1980, and that it has all been applied and statistics ever since. It’s like Fischer Black was Kool Herc and Myron Scholes was Afrika Bambaataa, and they’d all go plug in their computers into lamp posts and do martingale representations in the streets and at house parties. And, of course, it was all ruined in 1979 when it went commercial." A response to The Last Temptation of Risk by Barry Eichengreen.
posted by chunking express on May 4, 2009 - 8 comments

A Banking System We Can Trust

Limited Purpose Banking -- for lending, investing, etc. -- Turn all financial firms into mutual funds: "All mutual funds would break the buck with one exception: cash mutual funds. These funds would strictly hold cash and be valued at $1 per share. Owners of these funds would write checks against their balances and never have to worry about a bank run. Fractional reserve banking and the FDIC would be history." [previously] [more inside]
posted by kliuless on May 3, 2009 - 15 comments

Sir Allen Stanford, the Ponzi artist

The Dark Knight - On Sir Allen Stanford
posted by Gyan on Apr 29, 2009 - 9 comments

Mr. Geithner has changed his return flight from Paris to New York on January 9th

Some have questioned Treasury Secretary Tim Geithner's neutrality in dealing with the elite of the financial community. Here's his calendar [150MB pdf] for the last two years. You decide.
posted by Xurando on Apr 27, 2009 - 32 comments

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