Archived entries for Business

A Conversation On: Matt Taibbi vs Wall St

Goldman Sachs really pisses Matt Taibbi off. 7 longreads published in Rolling Stone in chronological order. Go.

WALL STREET’S BAILOUT HUSTLE
by Matt Taibbi | Rolling Stone | February 2010

Goldman Sachs and other big banks aren’t just pocketing the trillions we gave them to rescue the economy — they’re re-creating the conditions for another crash

LOOTING MAIN STREET
by Matt Taibbi | Rolling Stone | March 2010

How the nation’s biggest banks are ripping off American cities with the same predatory deals that brought down Greece

WALL STREET’S NAKED SWINDLE
by Matt Taibbi | Rolling Stone | April 2010

A scheme to flood the market with counterfiet stocks helped kill Bear Stearns and Lehman Brothers – and the feds have yet to bust the culprits

THE GREAT AMERICAN BUBBLE MACHINE
by Matt Taibbi | Rolling Stone | April 2010

From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression – and they’re about to do it again

WHY ISN’T WALL STREET IN JAIL?
by Matt Taibbi | Rolling Stone | February 2011

Financial crooks brought down the world’s economy – but the feds are doing more to protect them than to prosecute them

THE REAL HOUSEWIVES OF WALL STREET
by Matt Taibbi | Rolling Stone | April 2011

Why is the Federal Reserve forking over $220 million in bailout money to the wives of two Morgan Stanley bigwigs?

THE PEOPLE VS. GOLDMAN SACHS
by Matt Taibbi | Rolling Stone | May 2011

A Senate Committee has laid out the evidence. Now the Justice Department should bring criminal charges

Did I miss any?

Update: Algorithmic Trading

An update to the Algorithmic Trading conversation.

HOW TO MAKE MONEY IN MICROSECONDS
by Donald MacKenzie | London Review of Books | May 2011

What goes on in stock markets appears quite different when viewed on different timescales. Look at a whole day’s trading, and market participants can usually tell you a plausible story about how the arrival of news has changed traders’ perceptions of the prospects for a company or the entire economy and pushed share prices up or down. Look at trading activity on a scale of milliseconds, however, and things seem quite different.

A Conversation On: Donald Trump

And what his net worth might be.

WHAT’S HE REALLY WORTH?
by Timothy O’Brien | New York Times | October 2005

For decades, Donald Trump, America’s most effervescent rich guy, has made his wealth a matter of public discourse. But sometimes his riches are hard to find.

PRESIDENT TRUMP? ‘I’M VERY SERIOUS’
by Sheelah Kolhatkar | Businessweek | April 2011

Donald Trump may or may not run for the White House, but he has already reached his preferred destination: the center of attention.

A Conversation On: Lynn Tilton

Lynn Tilton is nothing if not interesting. First, a short piece from WSJ, then a profile from NYMag. Then, a series of critical blog posts from Forbes, which, published so close together (within minutes) really should have been one longer piece.

TILTON FLAUNTS HER STYLE AT PATRIARCH
by Robert Frank | Wall Street Journal | January 2011

Last year, private-equity chief Lynn Tilton flew to Detroit to try to improve sales at one of her auto-parts companies. She got a cool reception from Ford Motor Co.’s purchasing chief, Tony Brown, who asked if she was like other private-equity chiefs that “strip and flip” their companies.

“You must be mistaken,” she shot back. “It’s only men that I strip and flip. My companies I hold long and close to my heart.”

WHAT DOES IT TAKE FOR A FEMALE TYCOON TO GET NOTICED AROUND HERE?
by Jessica Pressler | New York Magazine | April 2011

Lynn Tilton is one of the wealthiest financiers on Wall Street. She’s also on a spiritual journey to save America’s manufacturing base. But she’s having trouble getting the respect she believes she deserves.

Six Forbes blogs, by Matt Shifrin, Tom Post and Jenna Goudreau. Red highlighting for emphasis.

LYNN TILTON: DIVA IN DISTRESS? 4/6/11, 10:46am
LYNN TILTON: KEEPING HER LAWYERS ON SPEED DIAL 4/6/11, 2:00pm
LYNN TILTON: COURT DOCS REVEAL ACCUSATIONS OF FRAUD 4/6/11, 2:06pm
LYNN TILTON: IN HER OWN WORDS 4/6/11, 2:08pm
FIVE THINGS INVESTORS SHOULD KNOW ABOUT LYNN TILTON’S CLO DEALS 4/6/11, 2:26pm
LYNN TILDONT: THE WILD WOMAN OF WALL STREET 4/7/11, 4:57pm

A Conversation On: NYC’s Micro-Economies

On the fringe, skirting the law or ignoring it completely - five looks into NYC’s micro-economies.

THE ONE MAN DRUG COMPANY
by David Amsden | New York Magazine | April 2006

After prep school, he built a thriving business. Now he’s got to find a way to get out of it.

THE COLUMBIA KID
by Robert Kolker | New York Magazine | December 2010

How do you get through college these days? You and four friends, police say, deal pot, coke, Adderall, ecstasy, and LSD. Until you make a few boneheaded mistakes.

A CIGARETTE FOR 75 CENTS, 2 FOR $1: THE BRISK, SHADY SALE OF ‘LOOSIES’
by Joseph Goldstein | New York Times | April 2011

Rarely does a minute go by without a customer stopping just long enough to pass a dollar bill to Lonnie Loosie, known to the police by his given name, Lonnie Warner, 50. They clench the two “loosies” — as single cigarettes are called — that he thrusts back in return.

HEROIN.COM: SELLING JUNK ONLINE
by David Shapiro | Village Voice | April 2011

“It’s like shooting fish in a barrel,” she told the Daily News. That year, a Citigroup vice president, Mark Rayner, was caught moving ecstasy and cocaine from his Midtown offices using Craigslist. “We see lots of professionals, people with good jobs, doing it,” Brennan said.

Three years later, drug dealing on the classified-ads website is still blatant and ubiquitous.

ADVENTURES IN A BOOK TRADE
by Mitchell Duneier | New York Times | 1999

To some New Yorkers, the men who hawk secondhand books and scavenged magazines on city sidewalks are no better than beggars and squeegee men; they form a parasitic and intimidating gantlet that mars the urban streetscape and consumes precious areas of public space. Protected by local law, vendors of written material have largely weathered Mayor Rudolph Giuliani’s quality-of-life jihad, which has swept away peddlers, panhandlers and other unsavory elements in the name of a safer, saner city.

The entire book is available via google books, here.

A Conversation On: The Economics of Modeling

Two sad, and eye opening pieces from Jenna Sauers.

WHAT VOGUE ACTUALLY PAYS ITS MODELS
by Jenna Sauers | Jezebel | November 2010

It’s not much!  

WHAT I OWE: THE FINANCIAL EXPLOITATION OF MODELS
by Jenna Sauers | dis magazine 

My debt disaster began when I started working as a fashion model. Within eight weeks I owed €4 255,65 to the Elite agency in Paris. I kept at it another two years, until I owed over ten thousand dollars to agencies, friends, and Wells Fargo Card Services. This is a partial accounting of all the bad decisions I made in that time.

 

Update 2: Deepwater

Photo essay.

THE GULF OIL DISASTER: ONE YEAR LATER
by Alan Taylor | The Atlantic (In Focus) | April 2011

One year ago, an explosion rocked the Deepwater Horizon drilling rig in the Gulf of Mexico, killing 11 workers, sinking the rig, and releasing a massive amount of crude oil into the ocean. Nearly 4.9 million barrels of oil (200 million gallons) are believed to have leaked into the Gulf, fouling shorelines, crushing local economies, and damaging the environment to an extent that’s yet to be fully determined. Studies are ongoing, focused on issues such as dispersant effectiveness and long-term health effects on humans and animals — and litigation is ongoing, with more than 300 related lawsuits recently consolidated for a trial, beginning in February 2012, that will assign fault in terms of percentages to BP and other companies. Now, one year later, discovering the full extent of the disaster remains difficult, hampered by the scale of the affected area, the volume of the oil and differing explanations of what happened to the bulk of it, and criminal and civil litigation. These images give both a look back and a current view of the area affected by the largest accidental oil spill in history.

Update: Deepwater

Two updates to the Deepwater conversation.

After the looting we saw post-Katrina, what are the chances that their isn’t any funny business going on around the money BP is paying out to clean up the Gulf?

AP IMPACT: BP BUYS GULF COAST MILLIONS IN GEAR
by Michael Kunzelman, Mike  Schneider, Melinda Deslatte | SF Gate | April 2011

Tasers. Brand-new SUVs. A top-of-the-line iPad. A fully loaded laptop. In the year since the Gulf oil spill, officials along the coast have gone on a spending spree with BP money, dropping tens of millions of dollars on gadgets and other gear — much of which had little to do with the cleanup, an Associated Press investigation shows.

Shocking stuff, really. This sort of begs the question, is the Gulf actually being cleaned up…

HAS BP REALLY CLEANED UP THE GULF OIL SPILL?
by Suzanne Goldenberg | The Guardian | April 2011

Officially, marine life is returning to normal in the Gulf of Mexico, but dead animals are still washing up on beaches – and one scientist believes the damage runs much deeper.

 
 

 

 

A Conversation On: Deepwater

If 2010 qualifies as their ‘best’ year in safety performance, one wonders how low the bar is set. I shudder to think what a bad year looks like.

TRANSOCEAN CITES SAFETY IN BONUSES 
by Daniel Gilbert and Tennille Tracy | Wall St Journal | April 2011

Transocean Ltd. had its “best year in safety performance” despite the explosion of its Deepwater Horizon rig that left 11 dead and oil gushing into the Gulf of Mexico, the world’s largest offshore-rig company said in a securities filing Friday.

Now seems like a good time to revisit this next piece.

DEEPWATER HORIZON’S FINAL HOURS
by David Barstow, David Rohde and Stephanie Saul | New York Times | December 2010

Crew members were cut down by shrapnel, hurled across rooms and buried under smoking wreckage. Some were swallowed by fireballs that raced through the oil rig’s shattered interior. Dazed and battered survivors, half-naked and dripping in highly combustible gas, crawled inch by inch in pitch darkness, willing themselves to the lifeboat deck.

Surely BP aren’t shirking any of their responsibilities? O, wait.

BP DELIBERATELY ‘UNDERPAYING’ CLAIMS, MISSISSIPPI SAYS
by Laurel Brubaker Calkins and Margaret Cronin Fisk | Bloomberg | February 2011

Of the 32,691 requests by individuals for interim damage payments from Feinberg’s fund, “none have been paid” as of Jan. 29, Hood said. Of 9,464 businesses that have filed interim damage claims, “only one has been paid,” he said.

4/18/11 – Update:

AP IMPACT: BP BUYS GULF COAST MILLIONS IN GEAR
by Michael Kunzelman, Mike  Schneider, Melinda Deslatte | SF Gate | April 2011

Tasers. Brand-new SUVs. A top-of-the-line iPad. A fully loaded laptop. In the year since the Gulf oil spill, officials along the coast have gone on a spending spree with BP money, dropping tens of millions of dollars on gadgets and other gear — much of which had little to do with the cleanup, an Associated Press investigation shows.

Shocking stuff, really. This sort of begs the question, is the Gulf actually being cleaned up…

HAS BP REALLY CLEANED UP THE GULF OIL SPILL?
by Suzanne Goldenberg | The Guardian | April 2011

Officially, marine life is returning to normal in the Gulf of Mexico, but dead animals are still washing up on beaches – and one scientist believes the damage runs much deeper.

4/19/2011 – Update 2:

THE GULF OIL DISASTER: ONE YEAR LATER
by Alan Taylor | The Atlantic (In Focus) | April 2011

One year ago, an explosion rocked the Deepwater Horizon drilling rig in the Gulf of Mexico, killing 11 workers, sinking the rig, and releasing a massive amount of crude oil into the ocean. Nearly 4.9 million barrels of oil (200 million gallons) are believed to have leaked into the Gulf, fouling shorelines, crushing local economies, and damaging the environment to an extent that’s yet to be fully determined. Studies are ongoing, focused on issues such as dispersant effectiveness and long-term health effects on humans and animals — and litigation is ongoing, with more than 300 related lawsuits recently consolidated for a trial, beginning in February 2012, that will assign fault in terms of percentages to BP and other companies. Now, one year later, discovering the full extent of the disaster remains difficult, hampered by the scale of the affected area, the volume of the oil and differing explanations of what happened to the bulk of it, and criminal and civil litigation. These images give both a look back and a current view of the area affected by the largest accidental oil spill in history.



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