Skip to main content

Home/ Unintended Consequences/ Group items tagged Company

Rss Feed Group items tagged

Skeptical Debunker

Google Argues That Chinese Censorship Was "Trade Dispute" - ITProPortal.com - 0 views

  • Bloomberg.com has reported that the Obama administration is planning to launch an official complaint against China with the World Trade Organisation (WTO) pertaining to the country's stringent web censorship policies. Illinois Senator Richard Durbin has announced that he plans to pass a legislation that will allow the government to prosecute US internet companies if they violate the human rights of their customers when a foreign government asks them to do so. 
  •  
    A Google representative has announced that the web censorship policies adopted by China can be classified as 'Trade Dispute' as local companies benefit when the government restricts the operations of foreign companies.
Skeptical Debunker

Feds charge trendy sushi restaurant for serving whale meat - CNN.com - 0 views

  • The misdemeanor charge carries a federal prison sentence of up to a year and a fine of up to $200,000 for the company, said Thom Mrozek, spokesman for the U.S. Attorney's Office. Lawyers for Typhoon could not be reached for comment. But the restaurant told the Los Angeles Times it accepts responsibility and will pay a fine. The investigation began in October when two members of the team that made "The Cove" visited The Hump, officials said. "The Cove," which exposes the annual killing of dolphins at a Japanese fishing village, won the Academy Award for Best Documentary on Sunday. The restaurant, located at the Santa Monica Airport, is known for its exotic fare. Its Web site asks diners to surrender themselves to its chefs for "a culinary adventure ... unlike any that you have previously experienced." Armed with a hidden camera, the two women captured the waitress serving them whale and horse meat and identifying them as such, a federal criminal complaint said. A receipt from the restaurant at the end of the meal identified their selection as "whale" and "horse" with the cost -- $85 -- written next to them. The women snuck pieces of the meat into a napkin and later sent them for examination to a researcher at Oregon State University. He identified the whale sample to be that of sei whale, prosecutors said.
  •  
    Federal authorities have charged a trendy Santa Monica sushi restaurant with serving whale meat -- an investigation that was spurred by the team behind the Oscar-winning documentary, "The Cove." Prosecutors charged Typhoon Restaurant Inc., the parent company of The Hump, and one of its chefs -- Kiyoshiro Yamamoto, 45 -- with the illegal sale of a marine mammal product for an unauthorized purpose. While it is considered a delicacy in Japan and some other countries, meat from whale -- an endangered species -- is illegal to consume in the United States.
Skeptical Debunker

Firing the $70 billion man - Mar. 10, 2010 - 0 views

  • Not only did TCW oust Gundlach, but the firm also announced that it was acquiring an entire company -- crosstown rival Metropolitan West Asset Management -- to replace him. That in turn set off a wave of defections from TCW, as 45 of the 60 staffers who had worked for Gundlach streamed out the door to join him at a new firm that he had opened within days of leaving.Then things really turned nasty. TCW filed an incendiary lawsuit in January accusing Gundlach of conspiring with confederates at TCW to steal proprietary information as part of a long-running plot to form their own competing firm. The suit added a salacious twist of the knife, perfectly calibrated for maximum media interest -- Gundlach had allegedly stashed a trove of illicit material in his office: 70 pornographic magazines and videos, 12 "sexual devices," and several bags of marijuana.Gundlach has countered with his own lawsuit. He charges TCW and its owner, the French bank Société Générale, with pushing him out so that they can get their hands on his lucrative fees. In addition to his mutual funds, Gundlach had managed what were effectively two hedge funds for TCW, each of which commanded the amped-up fees typical of those vehicles. Gundlach calculates that he would have personally reaped $600 million to $1.2 billion over the next few years.
  • TCW seemed content with the arrangement and did little to tie its managers' fates to the company as a whole. Few of them, for example, received significant stakes in TCW. That bred frustration in multiple generations of standout performers, who viewed corporate executives (some of whom did receive ownership shares) as getting rich off their toil.So it went for Gundlach, a bona fide investing star who, by the end, oversaw about 70% of TCW's assets, some $70 billion, putting him in charge of one of the biggest pots of money in the country. Gundlach didn't just generate steady returns; he avoided the blowup of the century. A specialist in mortgage-backed securities, he publicly warned in 2007 that "the subprime mortgage market is a total, unmitigated disaster, and it's going to get worse." He invested accordingly, not only delivering positive returns in the blighted year of 2008 but also earning himself a growing role as a media sage. His ego grew along with it.There are few people like Jeffrey Gundlach in the mutual fund world -- or in any world. A former rock-and-roll drummer, Gundlach, 50, is a math whiz (but not a quant). He views everything in binary terms: Either you perform to his standards or you don't, and he won't hesitate to let you know which category you fall into. Nor is he shy in articulating his view of himself. "I was by far the biggest revenue generator at TCW, by far the biggest performer," he says. "I created $4 billion in value for clients in '09. If telling you that is self-promotion, so be it. It's just a fact."
  •  
    On November 19, 2009 Jeffrey Gundlach was named a finalist for Morningstar's award for bond fund manager of the decade. For Gundlach, the nomination recognized 10 years of stellar results, exceeding even the returns of the legendary king of bonds, Bill Gross. Two weeks later Gundlach was confronted, fired, and then pursued on foot out of a Los Angeles skyscraper by two lawyers working for TCW, the money management firm with $110 billion in assets where Gundlach had worked for 24 years.
Ace Dee

Hiring a SEO Company Can Help Your Website - 1 views

My website needed to have more visits and sales. More visits mean greater chances of these visitors to become customers and buy my products. The way to accomplish this is to have a SEO company in ...

SEO Company Perth

started by Ace Dee on 28 Oct 11 no follow-up yet
Skeptical Debunker

Big majority wants Wall Street regulation - U.S. business- msnbc.com - 0 views

  • A Harris release on the February 16-21 telephone survey of 1,010 adults did not specify how financial regulation should be applied but said three-quarters of Americans believe Wall Street companies should pay bonuses only while in the black.Story continues below ↓advertisement | your ad heredap('&PG=NBCMSB&AP=1089','300','250');Harris said the U.S. public does see value in Wall Street itself: nearly 60 percent say the financial sector is an essential benefit to the United States.But a slightly larger majority disagrees that what is good for Wall Street is good for the country, while about two-thirds harbor strong negative views about the people who work there.By a margin of 66 percent to 29 percent, Americans agree that "most people on Wall Street would be willing to break the law if they believed they could make a lot of money and get away with it," pollsters found.Sixty-five percent say most successful people on Wall Street do not deserve the kind of money they make.
  •  
    An overwhelming majority of Americans wants Wall Street subjected to tougher regulation in the aftermath of the bank bailout and the bonus scandals that have rocked the U.S. financial sector, according to a Harris poll released on Thursday. The findings suggest that 82 percent of Americans want the government to clamp down more strongly on Wall Street excesses, with a particular emphasis on bonus schemes that have rewarded employees at loss-making companies such as American International Group.
Skeptical Debunker

Belief In Climate Change Hinges On Worldview : NPR - 0 views

  • "People tend to conform their factual beliefs to ones that are consistent with their cultural outlook, their world view," Braman says. The Cultural Cognition Project has conducted several experiments to back that up. Participants in these experiments are asked to describe their cultural beliefs. Some embrace new technology, authority and free enterprise. They are labeled the "individualistic" group. Others are suspicious of authority or of commerce and industry. Braman calls them "communitarians." In one experiment, Braman queried these subjects about something unfamiliar to them: nanotechnology — new research into tiny, molecule-sized objects that could lead to novel products. "These two groups start to polarize as soon as you start to describe some of the potential benefits and harms," Braman says. The individualists tended to like nanotechnology. The communitarians generally viewed it as dangerous. Both groups made their decisions based on the same information. "It doesn't matter whether you show them negative or positive information, they reject the information that is contrary to what they would like to believe, and they glom onto the positive information," Braman says.
  • "Basically the reason that people react in a close-minded way to information is that the implications of it threaten their values," says Dan Kahan, a law professor at Yale University and a member of The Cultural Cognition Project. Kahan says people test new information against their preexisting view of how the world should work. "If the implication, the outcome, can affirm your values, you think about it in a much more open-minded way," he says. And if the information doesn't, you tend to reject it. In another experiment, people read a United Nations study about the dangers of global warming. Then the researchers told the participants that the solution to global warming is to regulate industrial pollution. Many in the individualistic group then rejected the climate science. But when more nuclear power was offered as the solution, says Braman, "they said, you know, it turns out global warming is a serious problem."And for the communitarians, climate danger seemed less serious if the only solution was more nuclear power.
  • ...1 more annotation...
  • Then there's the "messenger" effect. In an experiment dealing with the dangers versus benefits of a vaccine, the scientific information came from several people. They ranged from a rumpled and bearded expert to a crisply business-like one. The participants tended to believe the message that came from the person they considered to be more like them. In relation to the climate change debate, this suggests that some people may not listen to those whom they view as hard-core environmentalists. "If you have people who are skeptical of the data on climate change," Braman says, "you can bet that Al Gore is not going to convince them at this point." So, should climate scientists hire, say, Newt Gingrich as their spokesman? Kahan says no. "The goal can't be to create a kind of psychological house of mirrors so that people end up seeing exactly what you want," he argues. "The goal has to be to create an environment that allows them to be open-minded."And Kahan says you can't do that just by publishing more scientific data.
  •  
    "It's a hoax," said coal company CEO Don Blankenship, "because clearly anyone that says that they know what the temperature of the Earth is going to be in 2020 or 2030 needs to be put in an asylum because they don't." On the other side of the debate was environmentalist Robert Kennedy, Jr. "Ninety-eight percent of the research climatologists in the world say that global warming is real, that its impacts are going to be catastrophic," he argued. "There are 2 percent who disagree with that. I have a choice of believing the 98 percent or the 2 percent." To social scientist and lawyer Don Braman, it's not surprising that two people can disagree so strongly over science. Braman is on the faculty at George Washington University and part of The Cultural Cognition Project, a group of scholars who study how cultural values shape public perceptions and policy
Skeptical Debunker

Trying to save money through outsourcing? Why you should think again - Yahoo! News - 0 views

  •  
    "In the realm of IT outsourcing, disengaging from a multiyear, multimillion dollar agreement can be so difficult and costly for customers that it makes a Trump divorce seem like a tea party. But that's exactly what Kellwood did last year, despite the upheaval the company anticipated from ending its 13-year IT outsourcing arrangement with EDS. And it turns out, the move to insourcing increased flexibility and saved money."
  •  
    ah its about time for insourcing, centralization (or is it decentralization time), and m&a, or is it divestiture, I can't keep track anymore. keeps the mba's busy
Skeptical Debunker

EFF: Apple "acting as a jealous and arbitrary feudal lord" | Hardware 2.0 | ZDNet.com - 0 views

  • Fred von Lohmann, EFF’s senior staff attorney, has been through the agreement and calls it “very one-sided contract, favoring Apple at every turn.” Some of the troubling aspects of the agreement that has come under von Lohmann’s scrutiny are: Ban on Public Statements App Store Only Kill Your App Any Time We Never Owe You More than Fifty Bucks How can Apple get away with imposing such heavy-handed restrictions on developers? Because it is the sole gateway to the more than 40 million iPhones that have been sold. In other words, it’s only because Apple still “owns” the customer, long after each iPhone (and soon, iPad) is sold, that it is able to push these contractual terms on the entire universe of software developers for the platform. It’s all down to competition, or the lack of it: In short, no competition among app stores means no competition for the license terms that apply to iPhone developers. von Lohmann then goes on to accuse Apple of acting like a “feudal lord” rather than a “leader.” If Apple wants to be a real leader, it should be fostering innovation and competition, rather than acting as a jealous and arbitrary feudal lord. Developers should demand better terms and customers who love their iPhones should back them.
  •  
    The Electronic Frontier Foundation (EFF) has criticized Apple over its iPhone developer's contract, branding the company "as a jealous and arbitrary feudal lord."
Skeptical Debunker

Hollywood billboards taken down amid legal battle - Yahoo! News - 0 views

  • The ads for Asics athletic gear that hung horizontally across several storefronts near the Kodak Theater where the Oscars will be held Sunday were all removed by Saturday. Three of the four people charged have posted $100,000 bail each. City law bans the installation of supergraphics, vinyl images draped over buildings. Last week in the most severe step taken in the ongoing battle over the banners, Los Angeles businessman Kayvan Setareh was jailed on $1 million bail for hanging an enormous movie ad on a Hollywood Boulevard building he owns near the Kodak Theatre.
  •  
    Five giant billboards have been removed from buildings in Hollywood near the site of the Academy Awards after Los Angeles prosecutors charged four people and four companies with hanging the so-called supergraphics illegally.
Skeptical Debunker

Hold vendors liable for buggy software, group says - 0 views

  • "The only way programming errors can be eradicated is by making software development organizations legally liable for the errors," he said. SANS and Mitre, a Bedford, Mass.-based government contractor, also released their second annual list of the top 25 security errors made by programmers. The authors said those errors have been at the root of almost every major type of cyberattack, including the recent hacks of Google and numerous utilities and government agencies. According to the list, the most common mistakes continue to involve SQL injection errors, cross-site scripting flaws and buffer overflow vulnerabilities. All three have been well-known problems for
  •  
    A coalition of security experts from more than 30 organizations is urging enterprises to exert more pressure on software vendors to ensure that they use secure code development practices. The group, led by the SANS Institute and Mitre Corp., offered enterprises recent hacks of Google draft contract language that would require vendors to adhere to a strict set of security standards for software development. In essence, the terms would make vendors liable for software defects that lead to security breaches. "Nearly every attack is enabled by [programming] mistakes that provide a handhold for attackers," said Alan Paller, director of research at SANS, a security training and certification group.
  •  
    Of course, a more general way to address this and other "business" generated problems / abuses (like expensive required "arbitration" by companies owned and in bed with the companies requiring the arbitration!), is to FORBID contract elements that effectively strip any party of certain "rights" (like the right to sue for defectives; the right to freedom of speech; the right to warranty protections; the right to hold either party to public or published promises / representations, etc.). Basically, by making LYING and DECEIT and NEGLIGENCE liability and culpability unrestricted. Or will we hear / be told that being honest and producing a quality product is "anti-business"? What!? Is this like, if I can't lie and cheat being in business isn't worth it!? If that is true, then those parties and businesses could just as well "go away"! Just as "conservatives" say other criminals like that should. One may have argued that the software industry would never have "gotten off the ground" (at least, as fast as it did) if such strict liability had been enforced (as say, was eventually and is more often applied to physical building and their defects / collapses). That is, that the EULAs and contracts typically accompanying software ("not represented as fit for any purpose" more or less!) had been restricted. On the other hand, we might have gotten software somewhat slower but BETTER - NOT being associated with or causing the BILLIONS of dollars in losses due to bugs, security holes, etc. Others will rail that this will merely "make lawyers richer". So what if it will? As long as government isn't primarily "on the side" of the majority of the people (you know, like a "democracy" should be), then being able to get a individual "hired gun" is one of the only ways for the "little guy" to effectively defend themselves from corporate criminals and other "special interest" elites.
Skeptical Debunker

Paper prevails over electronic documents - 0 views

  • "Despite the fact that the legal admissibility of scanned paper documents has been established for nearly 20 years and is nailed down in legislation and standards around the world, there is still this suspicion among users that they may need to produce the original paper copy at some stage," Mancini said. The survey also found that many documents are "born digital," then printed out to be signed and later scanned into document systems.
  •  
    Office employees are loath to give up the vast amount of paper stored in their filing cabinets, much to the chagrin of companies that sell scanners and electronic document management systems. A recent survey by AIIM, an industry association representing vendors of such products, found that 62% of important documents are still archived in paper form. Even when documents are sent off to be scanned for archiving, 25% are photocopied beforehand "just in case," the survey found.
  •  
    And no wonder. We know that "quality" paper will last for hundreds of years through a wide variety of conditions. Even "cheap" and/or abused paper can still be marginally useful (or have information from it recovered with extreme means). Generally NOT so with electronic media. Remember NASA's sad loss of terabytes of space data stored on tape? And then there is the real (as little as 2 years) verses the touted (20 to 100 years) lifetime of optical disks of various sorts. From http://www.archives.gov/records-mgmt/initiatives/temp-opmedia-faq.html - CD/DVD experiential life expectancy is 2 to 5 years even though published life expectancies are often cited as 10 years, 25 years, or longer. However, a variety of factors discussed in the sources cited in FAQ 15, below, may result in a much shorter life span for CDs/DVDs. Life expectancies are statistically based; any specific medium may experience a critical failure before its life expectancy is reached. Additionally, the quality of your storage environment may increase or decrease the life expectancy of the media. We recommend testing your media at least every two years to assure your records are still readable.
Skeptical Debunker

NYT: Many polluters escape prosecution - The New York Times- msnbc.com - 0 views

  • Thousands of the nation’s largest water polluters are outside the Clean Water Act’s reach because the Supreme Court has left uncertain which waterways are protected by that law, according to interviews with regulators. As a result, some businesses are declaring that the law no longer applies to them. And pollution rates are rising. Companies that have spilled oil, carcinogens and dangerous bacteria into lakes, rivers and other waters are not being prosecuted, according to Environmental Protection Agency regulators working on those cases, who estimate that more than 1,500 major pollution investigations have been discontinued or shelved in the last four years. Story continues below ↓advertisement | your ad heredap('&PG=NBCMSN&AP=1089','300','250');The Clean Water Act was intended to end dangerous water pollution by regulating every major polluter. But today, regulators may be unable to prosecute as many as half of the nation’s largest known polluters because officials lack jurisdiction or because proving jurisdiction would be overwhelmingly difficult or time consuming, according to midlevel officials.
  •  
    The best "justice" money can buy via packing the Supreme Court with "conservatives" is bearing smelly, polluted fruit. Specifically, those "conservatives" are showing themselves to be "activist judges" in "watering down" conservation and public safety laws passed by Congress. Polluting "business" entities are apparently NOT to be considered to be within the oft-quoted and loved "conservative" limitation of the purview of the federal government to merely protect the populace from "enemies foreign and domestic". That this pollution kills and injures thousands (and poisons the environment for the countless of the "unborn") apparently doesn't matter (but if Al Qaeda was doing it, then complete suspension of all domestic rights would be justified to "fight" that!). Pictured: In 2007, a pipe maker was fined millions of dollars for dumping oil, lead and zinc into Avondale Creek in Alabama. A court ruled the waterway was exempt from the Clean Water Act. The firm eventually settled by agreeing to pay a smaller amount and submit to probation.
Skeptical Debunker

Ravitch Offers Passionate Defense of America's Public School System - March 2, 2010 - T... - 0 views

  • No silver bullets. This is the simple premise of Diane Ravitch’s new book, “The Death and Life of the Great American School System,” which is being brought out this week by Basic Books. Written by one of our nation’s most respected scholars, it has been eagerly awaited. But it has also been, at least in some quarters, anticipated with a certain foreboding, because it was likely to debunk much of the conventional — and some not so conventional — wisdom surrounding education reform. Click Image to Enlarge
  • What of the once-great comprehensive high schools, institutions with history and in some cases a track record of success going back generations? As time moves on, it is fast becoming clear that the new small schools, many with inane themes (how about the School of Peace and Diversity?), can never substitute for a good neighborhood high school, which can become a center of communal life and pride. Ms. Ravitch’s report underscores the fact that the trick is to fix the neighborhood schools beset with problems, not destroy them.
  • It is not only the foundations that Ms. Ravitch blames for the current crisis: government has also failed in the attempt to reform the schools from above, lacking a clear perspective of how schools work on a day-to-day basis. Thus, the major federal initiative, No Child Left Behind, well intentioned as it may have been, ended up damaging the quality of education, not improving it. While the federal government declares schools as “failing” and prescribes sanctions for schools not meeting its goal of “annual yearly progress,” it is the states that are allowed to write and administer the tests. This has led to a culture of ever easier tests and more test preparation rather than real instruction. More ominously, it led to such scandals as the New York State Education Department lowering the “cut scores” that define the line between passing and failing. Ms. Ravitch suggests that the proper roles of the states and federal government have been reversed under NCLB. Maybe the standards for achievement should be set in Washington, which, after all, administers the National Assessment of Educational Progress , and the solutions found at the local level, using the accurate data provided by Washington. Instead of moving in a different direction from the failed NCLB model of the Bush Administration, the Obama administration has adopted and expanded on them.
  • ...1 more annotation...
  • Teacher-bashing, so in vogue among the “reformers” dominating the national discussion, is rejected by Mrs. Ravitch. How could the unions be responsible for so much failure when, she asks, traditionally, the highest scores in the nation are posted by strong union states such as Massachusetts (best results in the nation) and the lowest scores in the south, where unions are weak or non-existent? The mania for closing “failing” schools also comes under the Ravitch microscope. To her mind, closing schools should be reserved for the “most extreme cases.” Virtually alone among those discussing educational policy, Mrs. Ravitch appreciates the value of schools as neighborhood institutions. To her mind, closing schools “accelerates a sense of transiency and impermanence, while dismissing the values of continuity and tradition, which children, families and communities need as anchors in their lives.”
  •  
    It turns out that "The Death and Life of the Great American School System" is a passionate defense of our nation's public schools, a national treasure that Ms. Ravitch believes is "intimately connected to our concepts of citizenship and democracy and to the promise of American life." She issues a warning against handing over educational policy decisions to private interests, and criticizes misguided government policies that have done more harm than good. Ideas such as choice, utilizing a "business model" structure, accountability based on standardized tests and others, some favored by the left, others by the right are deemed as less, often much less, than advertised. Ms. Ravitch doesn't oppose charters, but rather feels that the structure itself doesn't mandate success. As in conventional schools, there will be good ones and bad ones. But charters must not be allowed to cream off the best students, or avoid taking the most troubled, as has been alleged here in New York City. Here main point, however, is broader. "It is worth reflecting on the wisdom of allowing educational policy to be directed, or one might say, captured by private foundations," Ms. Ravitch notes. She suggests that there is "something fundamentally antidemocratic about relinquishing control of the public educational policy to private foundations run by society's wealthiest people." However well intended the effort, the results, in her telling, have not been impressive, in some cases doing more harm than good.
  •  
    According to this CONSERVATIVE and BUSH Assistant Secretary of Education, "No Child Left Behind" is destroying one of the great social "glues" of America - its public school system. Of course, not only Bush and the Republicans are to blame, Democrats went along with NCLB on the "promise" of extra federal funding for implementing it AND supporting American public schools. That was funding that never materialized due to our other great national priority - making corporate cronies rich via the war in Iraq (and hoping to make the oil companies richer there as well, but apparently failing miserably to do so ... so far). NCLB could have been suspended when that happened, but strangely (NOT!) Bush and the Republican controlled Congress conveniently forgot their promise (perhaps because NCLB unfunded was more like no teachers union left un-destroyed!?). More from http://articles.latimes.com/2010/feb/28/entertainment/la-ca-diane-ravitch28-2010feb28 on this book - Diane Ravitch, probably this nation's most respected historian of education and long one of our most thoughtful educational conservatives, has changed her mind -- and changed it big time. Ravitch's critical guns are still firing, but now they're aimed at the forces of testing, accountability and educational markets, forces for which she was once a leading proponent and strategist. As President Obama and his education secretary, Arne Duncan, embrace charter schools and testing, picking up just where, in her opinion, the George W. Bush administration left off, "The Death and Life of the Great American School System" may yet inspire a lot of high-level rethinking. The book, titled to echo Jane Jacobs' 1961 demolition of grandiose urban planning schemes, "The Death and Life of Great American Cities," has similarly dark warnings and equally grand ambitions. Ravitch -- the author of "Left Back" and other critiques of liberal school reforms, an assistant secretary of education in the first Bush administration and a
Skeptical Debunker

Gary Gensler's Conversion to Financial Reformer - NYTimes.com - 0 views

  • Today, he is emerging as one of the nation’s archreformers, pushing to impose some of the most stringent new financial regulations in history. And as the head of the Commodity Futures Trading Commission, the leading contender to oversee the complex derivatives contracts that played a central role in the financial crisis and, in turn, the Great Recession, he is in a position to influence the outcome. It may seem an unlikely conversion, but it is one that has won the approval of Brooksley E. Born, of all people, a former outspoken head of the commission. She sounded alarms more than a decade ago about the dangers hiding in the poorly understood derivatives market and was silenced by the same Washington power brokers that counted Mr. Gensler as a member. Mr. Gensler opposed Ms. Born, according to people who worked at the commission in the 1990s, and in 2000 played a significant role in shepherding through Congress deregulation measures that led to explosive growth of the over-the-counter derivatives market. That was then. These days, Ms. Born is convinced of Mr. Gensler’s reformist zeal, as he takes on Wall Street in what is becoming one of the fiercest battles over regulation in the postcrisis era. “I think he is doing very well,” she said in an interview. “He certainly seems to be committed to robust oversight of derivatives and limiting excessive speculation and leverage.” The proposals championed by Mr. Gensler, if adopted by Congress, would substantially alter what is now a largely unregulated market in over-the-counter derivatives, financial instruments used by companies and investors to protect themselves and bet on moves in variables, like interest rates or currencies, and to speculate. The proposals include forcing the big banks that sell derivatives to conduct their trades in the open on public exchanges and clear them through central clearinghouses, so that any investor can see the prices that dealers charge their customers. Today, those transactions are bilateral and private.
  •  
    For 18 years, Gary G. Gensler worked on Wall Street, striking merger deals at the venerable Goldman Sachs. Then in the late 1990s, he moved to the Treasury Department, joining a Washington establishment that celebrated the power of markets and fought off regulation at almost every turn.
  •  
    Maybe he has "SEEN THE LIGHT" (had an almost "religious" conversion to the benefits of regulation). Then again, maybe his old employer (Goldman Sachs) - having become the "biggest and baddest" in the regulation-less free-for-all (including getting bailout funds through AIG for credit-default-swap "insurance" on derivatives) - wants to "cement" their position with regulation preventing any other party from doing what they did (and he is willing to help them in that regard)!?
  •  
    Maybe he has "SEEN THE LIGHT" (had an almost "religious" conversion to the benefits of regulation). Then again, maybe his old employer (Goldman Sachs) - having become the "biggest and baddest" in the regulation-less free-for-all (including getting bailout funds through AIG for credit-default-swap "insurance" on derivatives) - wants to "cement" their position with regulation preventing any other party from doing what they did (and he is willing to help them in that regard)!?
Skeptical Debunker

In Past Decade, American Funds Created Most Wealth - Yahoo! News - 0 views

  • Morningstar determined that Janus and Putnam were the two largest "wealth destroyers" during the decade, losing $58 billion and $46 billion, respectively. "Janus and Putnam rode the growth wave more than anyone else," Kinnel says. "They had some very aggressive funds that put up big numbers that got huge inflows." After the tech bubble burst, the funds that were most heavily invested in these types of holdings experienced huge sell-offs, which made it difficult for these funds to attract inflows through the remainder of the decade. According to Morningstar, American Funds created about $191 million in wealth for investors during the decade, followed by Vanguard and Fidelity. Since American Funds generally employs a more value-oriented strategy, the firm was largely able to avert the first bear market of the decade. "The 2000 to 2002 bear market was all growth and tech, and American barely touched that, whereas they had lots of value, dividend payers, and bonds, which did very well," Kinnel says. Recently, the tables have turned for American. In 2009, it lost the most of any fund family (more than $25 billion). No fund family, including American, was able to avoid the bear market of 2008. The same strategy that allowed American to bypass most of the first bear market failed because many well-known dividend-paying companies, like big financial firms, experienced huge losses.
  •  
    In a decade with two bear markets and lackluster returns for many investors, American Funds created the most wealth for investors, while Janus destroyed the most wealth, according to a survey released by Morningstar. For the survey, Morningstar looked at the 50 largest mutual fund families and their total net assets at the end of 1999. Then the fund tracker subtracted each fund company's total cash flows over the decade and deducted their total net assets at the end of 2009. Numbers were calculated in dollar terms so that any funds that were liquidated during the decade would also be included.
  •  
    Get this! Mutual funds, where most American's have their 401Ks, IRAs, and retirement savings, performed pitifully in the "great economy" of the 2000's (brought to you by Republican deregulationists starting with Ronald Reagan). The "best" made $191 million (but lost $25 billion in 2009!), the worst lost around $50 billion! What a great way to transfer all that hard earned savings, mostly by the "little guy", from them to the Wall Street gamblers. Another socialistic Republican "redistribution of wealth" of the corporate criminal rich, by the corporate criminal rich, and for the corporate criminal rich.
1 - 15 of 15
Showing 20 items per page