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The havoc on Wall Street following the collapse of the subprime-mortgage market boils down to a simple truth: for years, lots of very smart people took lots of very foolish risks, betting borrowed billions on dubious mortgage derivatives, and eventually the odds caught up with them. But behind that simple truth is a more surprising one: the financial whizzes made bad decisions in part because that’s what they were paid to do. Not literally, of course. The way that hedge-fund managers and investment-bank C.E.O.s get paid is supposed to make them perform better for the investors they serve. Hedge-fund managers, for instance, typically are paid “2 and 20”: they get two per cent of total assets as a management fee, and they keep twenty per cent of their investment gains (above some agreed-upon benchmark). Letting hedge-fund managers keep a chunk of their winnings gives them an incentive to do well for their clients: in theory, they get rich only if their clients do.

A point arrives in the growth of a big institution...at which the owners of the capital, i.e. the shareholders, are almost entirely dissociated from the management, with the result that the direct personal interest of the latter in the making of great profit becomes quite secondary. When this stage is reached, the general stability and reputation of the institution are more considered by the management than the maximum of profit for the shareholders. The shareholders must be satisfied by conventionally adequate dividends; but once this is secured, the direct interest of the management often consists in avoiding criticism from the public and from the customers of the concern....They are, as time goes on, socializing themselves.

Transformational Government, dressed in the language of consumerism, is what NO2ID calls “the database state” – management of citizens’ lives through centralised computer systems; pooling and cross-referencing information about people gathered on any pretext for any purpose, amounting to mass surveillance. Once your relations with the state preserved your privacy, being limited to relationships with bodies that were separate from each other. A single department was powerful, but it did not judge you on your whole life. Transformational Government changes that. You will have a single permanent record, and your identity managed (or determined) by the state. That will be held together by cross-referencing databases – which is what a National Identity Register is needed for. ‘ID cards’ are the concrete expression of this register, but strictly speaking are not necessary: numbering you and making constant reference to the central file will do.

it should be apparent to all of us that sometimes senior executives, including the chairman, do not fully understand the businesses in which the company is involved. The financial instruments now causing such turmoil were not properly priced for their inherent risk and managers were unaware of the integral problems with these instruments. Much of this was made possible by the advanced technology used to devise and distribute these instruments.

« Previous post Next post » November 22 2007 The Secret Strategies Behind Many “Viral” Videos Dan Ackerman Greenberg 443 comments » Update: Dan has a follow up to this post, here. This guest post was written by Dan Ackerman Greenberg, co-founder of viral video marketing company The Comotion Group and lead TA for the Stanford Facebook Class. Dan will graduate from the Stanford Management Science & Engineering Masters program in June. Have you ever watched a video with 100,000 views on YouTube and thought to yourself: “How the hell did that video get so many views?” Chances are pretty good that this didn’t happen naturally, but rather that some company worked hard to make it happen – some company like mine. When most people talk about “viral videos,” they’re usually referring to videos like Miss Teen South Carolina, Smirnoff’s Tea Partay music video, the Sony Bravia ads, Soulja Boy - videos that have traveled all around the internet and been posted on YouTube, MySpace, Google Video, Facebook, Digg, blogs, etc. - videos with millions and millions of views. Over the past year, I have run clandestine marketing campaigns meant to ensure that promotional videos become truly viral, as these examples have become in the extreme. In this post, I will share some of the techniques I use to do my job: to get at least 100,000 people to watch my clients’ “viral” videos.

His key finding: By thoroughly analysing the USA’s patriotic media coverage of the second War in Iraq (2003) and the contradicting Internet voices to be heard on the Mexican Zapatista revolt or the rise to fame of Arab news station Al Jazeera, Hafez illustrates how the media reinforces the process of globalisation – without itself becoming truly and fundamentally globalised.

Hafez’ intelligent and well-made book will be of interest to media or communication researchers, not least because the author manages to present his analysis in a highly readable way. After all, the recent scandal caused by the Mohammed caricatures published in Denmark and elsewhere in Europe would be a prime example for why the “dialogue between cultures” is ultimately bound to fail: for one thing, there are simply too many different notions of things such as the freedom of the press, or the freedom of speech and religion. According to Hafez, “What remains is, the attempt to demystify a great and grandiose idea by analysing it in a sober and unprejudiced way.”

Thou Shalt Find It Impossible to Live Like the Bible Tells You to By Anneli Rufus, AlterNet. Posted November 17, 2007. Author A.J. Jacobs spent a year trying to follow the 600+ laws he found proscribed in the Bible, and concluded he's doomed to live in sin. Tools EMAIL PRINT 84 COMMENTS The Year of Living Biblically by A.J. Jacobs (Simon & Schuster, 2007) Share and save this post: Also in Rights and Liberties Indicted! Barry Bonds Is a Perfect Distraction from Real Events Dave Zirin Striking Nurses in W. Va are Met With Intimidation, Harassment and Car Fires! Richard Negri Hillary Auditions to Be a Feminist John Wayne Susan Faludi Democracy Belongs in the Workplace, Not Just in the Voting Booth Omar Freilla Gay? U.S. House Says That's Okay Deb Price More stories by Anneli Rufus Rights and Liberties RSS Feed Main AlterNet RSS Feed Get AlterNet in your mailbox!   Advertisement border-style: solid; border-color: rgb(216, 216, 216); border-width: 0pt 1px 1px; p

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Content Producer since: October 28, 2006 I am a student at Clemson University in Clemson, SC. I love sports and I love to write. I am a junior and I study management. Football is my favorite sport and I love Erin Andrews. Coffee in the morning and a donut at night.