When the Supreme Court of Assholedom decided to consider the case of the late Steve Jobs, we instantly collided with a problem we’ll call the Edison Conundrum. This dictates that the question of whether or not a person is an asshole can be complicated by the utility of that person’s assholedom.
In other words, if being an asshole is part of what brought us electric light, motion pictures, the phonograph, or (more pertinently) the iPhone, do we excuse the assholedom? Or do we just share in it?
I truly feel that a simple, focused and powerful product line is what’s not only better for the company but also consumers. Seriously, if you had to buy a Samsung phone, which would you buy?
Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.
The top five executives at Fannie Mae received $33.3 million in 2009 and 2010, while the top five at Freddie Mac received $28.1 million. And each company has set pay targets of as much as $17 million for its top managers for 2011.
That’s a total of $95.4 million, which will essentially be coming from taxpayers, who have been keeping the mortgage finance giants alive with regular quarterly cash infusions since the Federal Home Finance Agency (FHFA) took control of the companies in September 2008.
JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS), among the world’s biggest traders of credit derivatives, disclosed to shareholders that they have sold protection on more than $5 trillion of debt globally.
Just don’t ask them how much of that was issued by Greece, Italy, Ireland, Portugal and Spain, known as the GIIPS.
As concerns mount that those countries may not be creditworthy, investors are being kept in the dark about how much risk U.S. banks face from a default. Firms including Goldman Sachs and JPMorgan don’t provide a full picture of potential losses and gains in such a scenario, giving only net numbers or excluding some derivatives altogether.
JPMorgan said in its third-quarter SEC filing that more than 98 percent of the credit-default swaps the New York-based bank has written on GIIPS debt is balanced by CDS contracts purchased on the same bonds.
So if they can’t pay the bills… They are protected by someone else who cant pay the bills either?
And what’s this “net-risk” bullshit? If you net it all out there’s only about 50 dollar total exposure worldwide, right?
By my calculations, at least 10 times as many girls are now trafficked into brothels annually as African slaves were transported to the New World in the peak years of the trans-Atlantic slave trade.
The stories in Nick Kristof’s column will break your heart, but I think this column is required reading.
Next time I get ticked at the NYT for their subscription fee B.S., I’ll convince myself to pay them again just to support Kristof’s salary and the fact that they give him this megaphone to get his stories out.
Nearly 140 millionaires have asked a divided US congress to increase their taxes for the sake of the nation.
“Please do the right thing, raise our taxes,” the entrepreneurs and business leaders wrote to President Barack Obama and congressional leaders on Wednesday, noting that they benefited from a sound economy and now want others to do so.
According to Wikipedia there are anything between 2 million and 16 million “high net worth individuals” with household assets of more than $1 million. Where are the rest of them?
The emergency administration, which is meant to govern Italy until elections are due in 2013, is made up of bankers, lawyers and university professors but not a single elected official – an extraordinary development for a Western democracy.
Crisis caused by groupthink among economists best addressed by appointing economists to head governments, say all economists.
Britain’s jobless young people are being sent to work for supermarkets and budget stores for up to two months for no pay and no guarantee of a job, the Guardian can reveal.
Under the government’s work experience programme young jobseekers are exempted from national minimum wage laws for up to eight weeks and are being offered placements in Tesco, Poundland, Argos, Sainsbury’s and a multitude of other big-name businesses.
The Department for Work and Pensions (DWP) says that if jobseekers "express an interest" in an offer of work experience they must continue to work without pay, after a one-week cooling-off period or face having their benefits docked.
Young people have told the Guardian that they are doing up to 30 hours a week of unpaid labour and have to be available from 9am to 10pm.
Which leaves them no time at all to look for real jobs. But then again, why would any company hire an employee if the government provides them for free?
Anybody want to bet these “apprenticeships” count as employment in government stats? In a few months there will be proud claims unemployment went down despite the economy in the shitter.
Whatever you do, don’t blink!