Bearish trader on BBC News says the markets are run by fear and Goldman Sachs. Hilarity ensues.
Nothing this guy says is new or surprising. What’s noteworthy is that the media is so scripted that the only thing they know to push is UP UP UP. When it’s quite clear that things are going in the opposite direction, people should certainly follow the institutions and put their money elsewhere. The rub is that getting on the short side of the market is hard for “normal” people (or impossible, if they don’t meet arbitrary “account minimums”), and they’re actively told not to do anything “too risky” by shitty financial adivsors and the complicit news media.
I can’t stop LOLing - I love this guy; what an dick. He’s clearly contrarian and just trying to stir up shit with his 30 seconds of soundbite, just like all the other douches telling you everything-is-going-to-be-fine-don’t-call-us-we’ll-call-you. The assholes worth fighting, though, are those perpetuating the “put your money in mutual funds and hope for the best” people - they guys that dissuade the populous from thinking and educating themselves about how the markets actually function… i.e. obviously everyone else these anchors have ever spoken to.
HEY WALL STREET PROTESTY PEOPLE: Still looking for a cause that might actually **change** something? Raise awareness of the impossibility of “Main Street” to protect themselves in a down market, and the continuing lie we’re all told about the security of Mutual Funds. The vast majority of mutual funds working class Americans have access to are long only. The minority of long-short funds are still the domain of hedge funds and private asset management. They essentially serve as never ending pools of input money that gets sucked out by the people with the ability to take the other side of a trade. Somebody get me some cardboard and a sharpie, this could use a sign.
As of 8:30am this morning, there were about 100 people “occupying” the public park area outside One Liberty Plaza (Edit: It’s not public, but the owners gave permission, see comment below). The massive NYPD presence is ringing the area without much to do. It’s close to several food vendor trucks and is generally a nice spot to enjoy one’s lunch al fresco, though it’s rather cool and drizzly today, so I doubt they are displacing anyone. It kind of looks like the saddest Phil & Friends show ever.
Foot traffic by the NYSE is being heavily regulated by metal guide barriers, and people seem generally pissed that the trains which normally stop there are not running south of Fulton. Multiple entrances to most buildings have been closed off, and one must show a building ID to get inside. Interestingly, I did *not* see the standard SWAT cops with assault weapons scattered around. The visible NYPD presence is wearing regular cop uniforms.
All in all, there aren’t enough protesters to cause much more than a nuisance, but the city’s protective measures are certainly a pain in the ass to the people who work here. And FYI - we’re not all grossly overcompensated executives or traders.
Disclaimer: I fully support people’s right to peaceably assemble and protest whatever they want. I personally think that the “protest now, figure out our cause later… via Facebook” idea reeks of contrived populism with a dash of ironic “the master’s tools will never dismantle the master’s house,” but I probably would have found the idea romantic in my high school days, too.
One reason I came to work in this industry - with my degrees in Political Science and Economics, and a specialization in International Relations with respect to developing economies - is because of a desire to understand the overwhelming complexity of the global financial/political ecosystem, and to act to make that system a more compassionate one when possible. In my years on The Street I’ve taken a variety of steps to make my small universe of influence accountable to a resonable ethical standard, and beyond that I’ve selfishly absorbed as much information as possible about why the status quo is what it is.
I’m of the opinion that committing one’s life to understanding this shit is hard; sleeping on the street for a while is not only easy, but creates the appearance of an adversarial “outsider” citizenry that is not a critical (and often willing) participant in the system itself. I have no further intention of explaining or defending my admittedly jaded view of the Occupy Wall Street folks.
Yes.
(Surprise, Surprise: The back and forth ping-pong of employment between the SEC and Wall Street banks has created an ethical cesspool.)
A Harvard business prof and a behavioral economist recently asked more than 5,000 Americans how they thought wealth is distributed in the United States. Most thought that it’s more balanced than it actually is. Asked to choose their ideal distribution of wealth, 92% picked one that was even more equitable.
Full article contains eleven charts detailing the startling monetary equality gap in America. Infuriatingly depressing.
Media circus outside the World Trade Center site this morning, following the announcement of Bin Laden’s death. Traffic is complete gridlock and The NYPD must be expecting a zombie uprising, because they are carrying shotguns. (They usually carry assault weapons.) Work should be interesting today.
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(via ataferner)
Investing in penny stocks is not for the faint of heart. As such, accredited investors and bulletin board traders are typically aware of the risk of making bets on less established companies. If the company “makes it,” the rewards can be immense, and chasing this dream drives the market. Investment in firms like LIGATT Security International (LGTT.PK) comes with a heavy dose of caveat emptor, and the lack of transparency into company operations often leaves the investor to perform their own research and make decisions without a complete representation of the company’s true worth. The following information has been culled from publicly available sources such as filings with the SEC, OTCMarkets and state regulatory bodies, as well as web activity, forum posts and LIGATT’s own press releases. While this article is based on a considerable amount of research, many items have not been fully addressed in an effort to avoid undue speculation. If you have insights or comments, please send your thoughts via email to errata[at]attrition.org.
Full Article (Attrition - attrition.org)
ZOMG the writing in this article is fantastic. Someone alert the Pulitzer committee, stat.
It’s so nice out! Let’s do our shady market manipulation outside today!
I wish this was today. I’m looking at the NYSE, and it’s wet and gray out there.
via BusinessWeek:
Back in an era that some Wall Street guys consider the good old days, men got the promotions, women got left out of important meetings and anyone dumb enough to complain met with a blitz of retaliation.
Ultimately, legal actions including the embarrassing 1996 “Boom-Boom Room” lawsuit against Smith Barney & Co. got Wall Street’s attention. Some firms apologized, sort of, using that “We didn’t do anything wrong but we sure are sorry if you think we did” ploy that financial firms pull off like no others.
Fast forward 14 years. These days, women filing lawsuits against big financial firms say men are getting the promotions, women are getting left out of important meetings and anyone dumb enough to complain is met with a blitz of retaliation. Sound familiar?
A female coworker and I both had the same reaction to this article: we are so surrounded by, used to, and unfazed by the pervasive sexism on Wall Street that we just accept it and move on. We also agreed that is not ok, and we need to do more to notice it and actively call it out.
via WSJOnline:
Brooklyn photographer Kristina Hill, for example, checks in at her local coffee shop Roots Café every morning. And nearly every morning she spies Roots Café’s Foursquare mayor, currently New York University graduate student Travis Helwig, also grabbing his caffeine fix.
Hill said she now finds herself stopping for coffee just so she can check in. She vehemently wants that mayorship, and she intends to get it no matter the coffee-cost.
Article Comments: 1/3:
7:48 pm March 30, 2010 Travis Helwig wrote:
Kristina Hill,
While I don’t know you, your big mistake was telling a major newspaper you were coming after me. Now I’ll never be lazy with my check-ins.
Bring it.
Your highness,
Travis Helwig
This exchange demonstrates why (A) foursquare will hit that 1M mark and (B) the internet is awesome.
From: The Recruiter Whose Calls I Stopped Returning Even When I Was Unemployed, Because She Refused to Understand the Difference Between Consulting and Temping
To: Me, and Whomever Else Is On the “Very Exclusive List”
Subject:Business Analyst - Please Read
Hi,
Just wanted to pass along a great opportunity for a 5-7 yr Business Analyst/Project Manager. The role is very detailed oriented and not your ordinary BA role. Your background cannot go past 10yrs experience total.
Responsibilities include.. Strong MS Visio, Excel, macros, V&H look ups, PowerPoint. You will be tested on Excel 2007. Very strong communication skills, this manager is looking for someone to not only take minutes and notes but to have someone get her coffee. If you feel like you cannot do this on a daily basis then this is not the right fit for you. If you come out of an BA/PM within Credit products that is a huge plus.
If you are not available or this is not the right fit for you. Please pass this opportunity along to someone with 5-7 yrs experience as a Business Analyst.
I appreciate all your help.
(All emphasis mine. All grammatical errors not mine.)
Hi, I’ve just spent the last five to seven years of my life developing a specialized skill set involving deep knowledge of the network infrastructure, vendor products’ database schema and APIs, and Broker-Dealer Operations process flow needed to trade derivative credit instruments. Would you like some cream with your you’ve got to be fucking kidding me.
Based on Postage by Greg Cooper. Everything heavily modified by me.
*Unlikely to find your lost post using this but you can try...
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