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Javier E

A Grieving Father Pulls a Thread That Unravels Illegal Bank Deals - NYTimes.com - 0 views

  • European banks, spotting a lucrative business opportunity that American rivals shunned, opened their doors to countries under sanctions and ultimately exposed their reputations to the stain of criminal cases.
  • The banks chose to cooperate, producing reams of records that laid bare a scheme to disguise how Bank Melli was funneling money into the United States. To avoid detection, the records showed, Credit Suisse and Lloyds falsified money-transfer paperwork, replacing Bank Melli’s name with their own.
  • The cases benefited from a trove of internal emails from Credit Suisse that showed how bank executives strategized ways to capture business from Iran once Lloyds left the market. If Credit Suisse did not act fast, the emails warned, it might lose out to other European banks.
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  • In 2009, prosecutors kicked off a string of cases, first taking aim at Lloyds and then Credit Suisse. Barclays settled in 2010, laying the groundwork for ING, Standard Chartered and HSBC to strike their own deals in 2012.
  • As the deals were being negotiated, a whistle-blower approached a rank-and-file prosecutor at the Manhattan district attorney’s office about BNP’s ties to Iran. BNP was also doing business with Sudan at a time that the nation was operating a genocidal regime.
  • . The volume of transactions reached tens of billions of dollars. And the $8.9 billion penalty is more than triple the amount that the six other banks collectively paid to resolve sanctions cases.
Javier E

Wealthier New Yorkers Aren't Fleeing the City for Tax Havens, a Study Says - NYTimes.com - 0 views

  • 86 percent of the households making $500,000 or more that left the city moved to four states with reputations for high taxes. Only 45 percent of the less wealthy households relocated to those states.
  • only 2 percent of the wealthier households bolted for Florida (compared with 10 percent of households that made less than $500,000, many of them retirees). Just over 4 percent of the wealthier households headed for Texas (as did exactly the same percentage of less wealthy households).
  • States known for lower taxes, among them, South Dakota, Delaware, New Mexico, Utah, Tennessee, Louisiana, Colorado, Alabama and Wyoming, did not even register on the study’s list of destinations for wealthier New York City movers.
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  • Bloomberg has acknowledged previously that high taxes have driven few of his fellow billionaires from New York. The study suggests that wealthier New York City residents, like other movers, weigh job opportunities, housing and family considerations when deciding whether to move.“I can only tell you, among my friends, I’ve never heard one person say, ‘I’m going to move out of the city because of the taxes,’ ” he said.
Javier E

The Enlightenment on Horseback | Standpoint - 0 views

  • does Napoleon deserve to be called Great? As Roberts concedes, the Revolutionary and Napoleonic wars cost a total of around three million military and one million civilian deaths. Of these, 1.4 million were French. For this Napoleon must share much of the responsibility. Roberts also accepts that naval warfare was an almost total blind spot for Napoleon. Even after Trafalgar, he remained convinced that he could build a fleet capable of invading Britain, wasting men, money and material on a doomed enterprise. To this we might add Napoleon's abandonment of his army in Egypt, the abduction and execution of the Duc d'Enghien, the reintroduction of slavery in French colonies in 1802, catastrophic defeat in Russia, and other similar blemishes to his reputation. And, of course, Napoleon ultimately brought France to her knees.
  • Roberts however is in no doubt that the epithet is deserved. A general at 24, Napoleon lost only seven of 60 battles fought. In 1814 he won four separate battles in five days. His capacity for decision-making and daring on the battlefield was extraordinary. If he did not invent new military strategies, he perfected them, using new formations and artillery to maximum effect. Like Napoleon himself, his superbly trained and disciplined armies moved fast, in one case covering 400 miles in 20 marching days. None of this would have been possible without the creation of a new military culture based on honour, patriotism and devotion to Napoleon's person.  Napoleon's military achievements, Roberts further contends, were matched and have been outlasted by his civil achievements. Having put an end to the violence of the Terror and the disorder of the Directory, Napoleon built upon and protected the best achievements of the 1789 Revolution: meritocracy, equality before the law, property rights, religious toleration, secular education, sound finances, and efficient administration. Napoleon, Roberts writes, was no totalitarian dictator but rather "the Enlightenment on horseback". Despite this rather disconcerting image, there is little here with which even the most stern of Napoleon's critics would disagree. For good or ill, he can justifiably lay claim to being the founder of modern France. Finally, there is the fascination aroused by the man himself. "For sheer intellectual capacity and its persistent application in government," Roberts concludes, "there has probably never been another ruler in history to match him."
Javier E

5 Big Banks Expected to Plead Guilty to Felony Charges, but Punishments May Be Tempered... - 0 views

  • For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote.
  • The Justice Department negotiations coincide with the banks’ separate efforts to persuade the S.E.C. to issue waivers from automatic bans that occur when a company pleads guilty. If the waivers are not granted, a decision that the Justice Department does not control, the banks could face significant consequences.
  • Most if not all of the pleas are expected to come from the banks’ holding companies, the people said — a first for Wall Street giants that until now have had only subsidiaries or their biggest banking units plead guilty.
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  • The Justice Department is also preparing to resolve accusations of foreign currency misconduct at UBS. As part of that deal, prosecutors are taking the rare step of tearing up a 2012 nonprosecution agreement with the bank over the manipulation of benchmark interest rates, the people said, citing the bank’s foreign currency misconduct as a violation of the earlier agreement.
  • The guilty pleas, scarlet letters affixed to banks of this size and significance, represent another prosecutorial milestone in a broader effort to crack down on financial misdeeds. Yet as much as prosecutors want to punish banks for misdeeds, they are also mindful that too harsh a penalty could imperil banks that are at the heart of the global economy, a balancing act that could produce pleas that are more symbolic than sweeping.
  • While the S.E.C.’s five commissioners have not yet voted on the requests for waivers, which would allow the banks to conduct business as usual despite being felons, the people briefed on the matter expected a majority of commissioners to grant them.
  • In reality, those accommodations render the plea deals, at least in part, an exercise in stagecraft. And while banks might prefer a deferred-prosecution agreement that suspends charges in exchange for fines and other concessions — or a nonprosecution deal like the one that UBS is on the verge of losing — the reputational blow of being a felon does not spell disaster.
  • The action against UBS underscores the threats that Justice Department officials issued in recent months about voiding past deals in the event of new misdeeds, a central tactic in a plan to address the cycle of corporate recidivism. Leslie Caldwell, the head of the Justice Department’s criminal division, recently remarked that she “will not hesitate to tear up a D.P.A. or N.P.A. and file criminal charges where such action is appropriate.”
  • But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup.
  • For example, some banks may be seeking waivers to a ban on overseeing mutual funds, one of the people said. They are also requesting waivers to ensure they do not lose their special status as “well-known seasoned issuers,” which allows them to fast-track securities offerings. For some of the banks, there is also a concern that they will lose their “safe harbor” status for making forward-looking statements in securities documents.
  • it seemed probable that a majority of the S.E.C.’s commissioners would approve most of the waivers, which can be granted for a cause like the public good. Still, the agency’s two Democratic commissioners — Kara M. Stein and Luis A. Aguilar, who have denounced the S.E.C.’s use of waivers — might be more likely to balk.
  • Senator Elizabeth Warren, Democrat of Massachusetts, and other liberal politicians have criticized prosecutors for treating Wall Street with kid gloves. Banks and their lawyers, however, complain about huge penalties and guilty pleas.
  • lingering in the background is the case of Arthur Andersen, an accounting giant that imploded after being convicted in 2002 of criminal charges related to its work for Enron. After the firm’s collapse, and the later reversal of its conviction, prosecutors began to shift from indictments and guilty pleas to deferred-prosecution agreements. And in 2008, the Justice Department updated guidelines for prosecuting corporations, which have long included a requirement that prosecutors weigh collateral consequences like harm to shareholders and innocent employees.
  • “The collateral consequences consideration is designed to address the risk that a particular criminal charge might inflict disproportionate harm to shareholders, pension holders and employees who are not even alleged to be culpable or to have profited potentially from wrongdoing,” said Mark Filip, the Justice Department official who wrote the 2008 memo. “Arthur Andersen was ultimately never convicted of anything, but the mere act of indicting it destroyed one of the cornerstones of the Midwest’s economy.”
  • After years of deferred-prosecution agreements, the pendulum swung back in favor of guilty pleas in 2012
  • In pursuing cases last year against Credit Suisse and BNP Paribas, prosecutors confronted the popular belief that banks had grown so important to the economy that they could not be charged
  • Yet after prosecutors announced the deals, the banks’ chief executives promptly assured investors that the effect would be minimal.“Apart from the impact of the fine, BNP Paribas will once again post solid results this quarter,” BNP’s chief, Jean-Laurent Bonnafé, said.Brady Dougan, Credit Suisse’s chief at the time, said the deal would not cause “any material impact on our operational or business capabilities.”
Javier E

Problems at Volkswagen Start in the Boardroom - The New York Times - 0 views

  • I spoke this week to a longtime former senior Volkswagen executive, who agreed that a scandal, especially one involving emissions, was all but inevitable at Volkswagen. He cited the company’s isolation, its clannish board and a deep-rooted hostility to environmental regulations among its engineers.
  • Wolfsburg, where Volkswagen is based in Lower Saxony and the city with the highest per capita income in Germany, is even more remote and isolated than Detroit was in its heyday. “The entire economy is automotive,” he said. “People have a completely uncritical view of cars and their impact on the environment because they all make a living from the industry.”
  • Moreover, “there’s no other company where the owners and the unions are working so closely together as Volkswagen,” he said. Volkswagen “guarantees jobs for over half the supervisory board. What management, the government and the unions all want is full employment, and the more jobs, the better. Volkswagen is seen as having a national mission to provide employment to the German people. That’s behind the push to be No. 1 in the world. They’ll look the other way about anything.”
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  • “There’s an attitude among the German public that it’s very unfair for the U.S. to target the auto industry over emissions,” Professor Roth said. “If you have electric cars and a coal-fired plant producing the electricity, you gain nothing.”
  • maximizing employment shouldn’t be a primary goal of a board, whose purpose is to monitor management for a company’s investors and ensure the long-term health and profitability of a company.
  • The Volkswagen board has been especially slow to move on environmental issues, investing less in electric and hybrid engine technology than industry leaders.
  • From an employment standpoint, the company has succeeded. Volkswagen said it employed nearly 600,000 people last year to produce about 10 million vehicles. By comparison, No. 2 Toyota employed 340,000 to produce just under nine million vehicles.
  • The former Volkswagen executive said Volkswagen’s engineer-driven culture takes the notion even further. He said the engineers felt that the politicians were guilty of rank hypocrisy, especially in the United States, also grumbling that electric cars make no sense as long as power plants are burning fossil fuels.
  • That Volkswagen is nonetheless obliged to obey applicable environmental laws, he said, is a notion likely to fall on deaf ears in Wolfsburg, especially compared to demands to be No. 1 in sales.
  • Considering the damage to Volkswagen from the still-unfolding scandal, its attitudes and approach to governance may have to change. Volkswagen faces a staggering number of investigations and lawsuits. Volkswagen said it set aside $7.3 billion, which doesn’t seem nearly enough; legal fees are likely to run into the billions, and the Environmental Protection Agency alone could fine the company up to $18 billion
  • Volkswagen shares were trading at about €160, or $180, last Friday before the Environmental Protection Agency announced its investigation. They have dropped about 30 percent in the days after the news broke, wiping out over $26 billion in shareholder value
  • Given the serious financial and reputational damage, the long-term survival of Volkswagen is a real question
Javier E

History News Network | World War II: From the Chinese Perspective - 0 views

  • Japan occupied Manchuria in 1931. A wider invasion began in 1937, and by the time Japan surrendered in 1945, between 13 and 20 million Chinese people died. Refugees trying to flee the fighting numbered 100 million.
  • Was it not the Kuomintang, the nationalists, who largely engaged the Japanese? The Communists, who defeated the Kuomintang in 1949, were in disarray in 1937. Didn't Mao Zedong tell Japanese Prime Minister Kakuei Tanaka in Beijing in 1972, when diplomatic relations were restored between China and Japan, that if it wasn’t for the Japanese the Communists would never have taken power as the invasion gave them time to regroup under an umbrella of resistance to Japan.
  • China accuses the West of generally ignoring its role in the war. In this they are right; the Chinese theatre is only now beginning to be appreciated as a factor in tying down Japanese troops. But also the Communists were none too keen on discussing the war in case it gave credence to the Kuomintang. That has changed. A more assertive Beijing feels it can bolster its reputation by establishing direct lines between resistance to Japan, its legitimacy and its stance against Japan in maritime disputes.
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  • In defeating the Nazis, it is said that the US gave materiel, Britain gave time but the Soviet Union gave blood and more. Four out of every five Nazi soldiers were killed on the eastern front.
  • A new grand alliance? No, at least not yet. China is more outward looking, it wants to engage, on its terms sure, with the West but it still wants to engage more. It is seeking to open up the  "Stans" and central Asia economically and build an efficient, speedy and safe land trade route to Europe. It is also undergoing an economic transformation with less reliance on low-end manufacturing. Russia, hit by sanctions over its actions in Ukraine, views the West with greater suspicion. Beijing and Moscow have formed a partnership of convenience, based, in part, on ignoring inconvenient truths.
Javier E

Is Law School a Losing Game? - 0 views

  • Mr. Wallerstein, who can’t afford to pay down interest and thus watches the outstanding loan balance grow, is in roughly the same financial hell as people who bought more home than they could afford during the real estate boom. But creditors can’t foreclose on him because he didn’t spend the money on a house. He spent it on a law degree. And from every angle, this now looks like a catastrophic investment.
  • Mr. Wallerstein, who can’t afford to pay down interest and thus watches the outstanding loan balance grow, is in roughly the same financial hell as people who bought more home than they could afford during the real estate boom. But creditors can’t foreclose on him because he didn’t spend the money on a house. He spent it on a law degree. And from every angle, this now looks like a catastrophic investment.
  • Number-fudging games are endemic, professors and deans say, because the fortunes of law schools rise and fall on rankings, with reputations and huge sums of money hanging in the balance. You may think of law schools as training grounds for new lawyers, but that is just part of it. They are also cash cows.
Javier E

'Are the Clippers Really Worth $2 Billion?': You're Asking the Wrong Question - Derek T... - 0 views

  • Opportunities for extremely rich people to purchase quantum leaps in their reputation and renown are so rare—and their social, psychological, and emotional rewards so incalculable—that it's impossible to properly use terms like "worth" and "value" when you're looking at these sort of numbers.
  • It's highly debatable that $2 billion for a basketball team is the best use of money for Los Angeles, or California, or the broader world. In the game of utilitarianism, malaria nets beat alley-oops every day. But it might be the best use of money for Steve Ballmer. As psychologists and economists have written exhaustively in the last few years, happiness is hard to buy, but if you're going to try to do it, buy experiences. Owning an ascendent NBA team in a glamorous city that's ready to hail you as the fabulously un-racist savior of their most exciting professional franchise? That's some experience. For $2 billion out of Steve
  • Ballmer's deep pockets, it's practically a steal.
Javier E

Energy Firms in Secretive Alliance With Attorneys General - NYTimes.com - 0 views

  • “When you use a public office, pretty shamelessly, to vouch for a private party with substantial financial interest without the disclosure of the true authorship, that is a dangerous practice,” said David B. Frohnmayer, a Republican who served a decade as attorney general in Oregon. “The puppeteer behind the stage is pulling strings, and you can’t see. I don’t like that. And when it is exposed, it makes you feel used.”
  • Industries that he regulates have also joined him as plaintiffs in court challenges, a departure from the usual role of the state attorney general, who traditionally sues companies to force compliance with state law.Energy industry lobbyists have also distributed draft legislation to attorneys general and asked them to help push it through state legislatures to give the attorneys general clearer authority to challenge the Obama regulatory agenda, the documents show.
  • “It is quite new,” said Paul Nolette, a political-science professor at Marquette University and the author of the forthcoming book “Federalism on Trial: State Attorneys General and National Policy Making in Contemporary America.” “The scope, size and tenor of these collaborations is, without question, unprecedented.”
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  • it is an emerging practice that several former attorneys general say threatens the integrity of the office.“It is a magnificent and noble institution, the office of attorney general, as it is truly the lawyer for the people,”
  • “That independence is clearly at risk here. What is happening diminishes the reputation of individual attorneys general and the community as a group.”
  • But Mr. Pruitt’s ties with industry are clear. One of his closest partners has been Harold G. Hamm, the billionaire chief executive of Continental Resources, which is among the biggest oil and gas drilling companies in both Oklahoma and North Dakota.
  • Mr. Miller’s pitch to Mr. Pruitt became a reality early last year at the historic Skirvin Hilton Hotel in Oklahoma City, where he brought together an extraordinary assembly of energy industry power brokers and attorneys general from nine states for what he called the Summit on Federalism and the Future of Fossil Fuels.
  • The event was organized by an energy-industry-funded law and economics center at George Mason University of Virginia. The center is part of the brain trust of conservative, pro-industry groups that have worked from the sidelines to help Mr. Pruitt and other attorneys general.
  • Attorneys general said they had no choice but to team up with corporate America. “When the federal government oversteps its legal authority and takes actions that hurt our businesses and residents, it’s entirely appropriate for us to partner with the adversely affected private entities in fighting back,” said Attorney General Pam Bondi of Florida, whose top deputy attended the meeting.
  • And the input poured forth. The states worked to detail major federal environmental action, like efforts to curb fish kills, reduce ozone pollution, slow climate change and tighten regulation of coal ash. Then they identified which attorney general’s office was best positioned to try to monitor it and, if necessary, attempt to block it.
Javier E

ThinkUp Helps the Social Network User See the Online Self - NYTimes.com - 0 views

  • In addition to a list of people’s most-used words and other straightforward stats like follower counts, ThinkUp shows subscribers more unusual information such as how often they thank and congratulate people, how frequently they swear, whose voices they tend to amplify and which posts get the biggest reaction and from whom.
  • Every morning the service delivers an email packed with information, and in its weighty thoroughness, it reminds you that what you do on Twitter and Facebook can change your life, and other people’s lives, in important, sometimes unforeseen ways.
  • ThinkUp is something like Elf on the Shelf for digitally addled adults — a constant reminder that someone is watching you, and that you’re being judged.
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  • after using ThinkUp for about six months, I’ve found it to be an indispensable guide to how I navigate social networks.
  • “The goal is to make you act like less of a jerk online,” Ms. Trapani said. “The big goal is to create mindfulness and awareness, and also behavioral change.”
  • people often tweet and update without any perspective about themselves. That’s because Facebook and Twitter, as others have observed, have a way of infecting our brains.
  • Because social networks often suggest a false sense of intimacy, they tend to lower people’s self-control.
  • Like a drug or perhaps a parasite, they worm into your devices, your daily habits and your every free moment, and they change how you think.Continue reading the main story Continue reading the main story
  • For those of us most deeply afflicted, myself included, every mundane observation becomes grist for a 140-character quip, and every interaction a potential springboard into an all-consuming, emotionally wrenching flame battle.
  • One of the biggest dangers is saying something off the cuff that might make sense in a particular context, but that sounds completely off the rails to the wider public. The problem, in other words, is acting without thinking — being caught up in the moment, without pausing to reflect on the long-term consequences. You’re never more than a few taps away from an embarrassment that might ruin your career, or at least your reputation, for years to come.
  • More basically, though, it’s helped me pull back from social networks. Each week, ThinkUp tells me how often I’ve tweeted. Sometimes that number is terribly high — a few weeks ago it was more than 800 times — and I realize I’m probably overtaxing my followers
  • getting a daily reminder from ThinkUp that there are good ways and bad ways to behave online — has a tendency to focus the mind.
  • even though “never tweet” became a popular, ironic thing to tweet this year, actually never tweeting, and never being on Facebook, is becoming nearly impossible for many people.
  • ThinkUp charges $5 a month for each social network you connect to it. Is it worth it? After all, there’s a better, more surefire way of avoiding any such long-term catastrophe caused by social media: Just stop using social networks.
  • your online profile plays an important role in how you’re perceived by potential employers. In a recent survey commissioned by the job-hunting site CareerBuilder, almost half of companies said they perused job-seekers’ social networking profiles to look for red flags and to see what sort of image prospective employees portrayed online.
  • The main issue constraining growth, the founders say, is that it has been difficult to explain to people why they might need ThinkUp.
  • That may change as more people falter on social networks, either by posting unthinking comments that end up damaging their careers, or simply by annoying people to the point that their online presence becomes a hindrance to their real-life prospects.
Javier E

Cari Tuna and Dustin Moskovitz: Young Silicon Valley billionaires pioneer new approach ... - 0 views

  • Tuna and Moskovitz were in their mid-20s in 2010 when they became the youngest couple ever to sign on to the Giving Pledge, the campaign started by Bill Gates and Warren E. Buffett to encourage the world’s billionaires to commit to giving away most of their wealth.
  • They had little experience with philanthropy, but they believed that the bulk of the money Moskovitz had made — estimated to be $8.1 billion by Forbes — should be returned to society in their lifetimes.
  • they have narrowed their interests to four major “buckets”: U.S. policy, global catastrophic risks, international aid and science. They plan to announce their first major gifts in early 2015 and eventually hope to scale up to give away hundreds of millions of dollars a year.
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  • As Tuna and Moskovitz, now 29 and 30, respectively, began to compare one possibility with another and then another, they have become pioneers in an emerging philosophy of philanthropy known as “effective altruism” — which applies evidence and reason over things like emotion and intuition to determine where one can do the most good.
  • Early in her research, Tuna came across Peter Singer’s “The Life You Can Save” — a book she cites as the catalyst for their approach. An Australian philosopher, Singer makes the moral case for giving, arguing that many people in the developed world can do so at little cost to themselves.
  • Today, Tuna and Moskovitz have a reputation for being among Silicon Valley’s most low-key billionaires. Friends and colleagues mention that they prefer to spend their free time doing yoga, meditating and taking walks. They fly coach, share a used car and bike or take public transportation to work.
  • Each topic is assigned to one of four researchers who work full-time — which include Tuna, Karnovsky and two other young whizzes from the country’s top colleges. They conduct “shallow” investigations of the ideas that involve making a few phone calls with experts and reading a few smart papers or journal articles on the subject.
  • A former hedge fund analyst, Karnovsky was frustrated that he could not compare the impact of different charities when he tried to give away $5,000 of his own one year. So he and a colleague, Elie Hassenfeld, quit their jobs and founded an independent, nonprofit charity evaluator that they dubbed GiveWell.
  • “Cari and I are stewards of this capital,” Moskovitz wrote in a Quora chat in 2013 shortly before they married. In response to a question about what it feels like to be a billionaire, he said: “It’s pooled up around us right now, but it belongs to the world. We intend not to have much left when we die.”
  • “One thing I learned early on is that a well-placed donation can transform someone’s life, but a poorly placed donation can have no impact or even do harm,” Tuna said. “But it’s not at all obvious from charities’ marketing which are the best buys.”
  • The centerpiece of the team’s investigation is a giant spreadsheet, the origins of which can be traced to a Google Doc list Tuna began in 2011. She added causes as she thought of them: Malaria, microfinance, marijuana policy. The arts. Nuclear security, climate change and on and on until there were hundreds of entries.
  • Tuna and Karnovsky approached the challenge like reporter-scientists, partnering to collect data on the universe of possible causes, evaluate them and share their findings online for anyone interested to see. As part of a joint venture between Good Ventures and GiveWell that they called the Open Philanthropy Project, they talked to foundation heads, technical experts, historians, biologists, former government officials, political campaign managers and many others.
  • They consider three questions when deciding whether a cause has promise. First, importance — how many people’s lives would be affected and by how much? Second, could it be solved, in the short-term and long-term? And third, how crowded is the space? If a lot of smart people are already thinking about the issue, the marginal impact could be less than in other areas.
  • If a topic passes this initial test, an in-depth investigation follows. That can take months and includes discussions with as many as 50 people in the field and an attempt to home in on what kind of specific project could make a difference.
  • One of the topics they zeroed in on was criminal justice reform. Tuna and her team were struck by two statistics: The United States incarcerates a larger percentage than almost any other country in the world at great fiscal cost and it has highest rate of criminal homicides in the developed world. Clearly something wasn’t working.
  • “The world is a big, complicated system,” Tuna said, “and I feel we need to be as smart as we can be in order to stand a chance of having an impact with the resources we have — which are significant in one sense but really small in comparison to the kinds of the problems we want to work on.”
Javier E

For Stanford Class of '94, a Gender Gap More Powerful Than the Internet - NYTimes.com - 0 views

  • “The Internet was supposed to be the great equalizer,” said Gina Bianchini, the woman who had appeared on the cover of Fortune. “So why hasn’t our generation of women moved the needle?”
  • identity politics pushed many people into homogeneous groups; Scott Walker, one of the only African-Americans in the class to try founding a start-up, said in an interview that he regretted spending so much time at his all-black fraternity, which took him away from the white friends from freshman year who went on to found and then invest in technology companies.
  • But there were still many hoops women had greater trouble jumping through — components that had to be custom-built, capital that needed to be secured from a small number of mostly male-run venture firms.
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  • But with the web, “all of the sudden we began moving to a market where first mover advantage became enormous,” he said. Connection speeds were growing faster, Americans were starting to shop online, and multiplying e-commerce sites fought gladiatorial battles to control most every area of spending.
  • If the dawn of the start-up era meant that consumer-oriented ideas were becoming more important than proprietary technology, he asked himself aloud, shouldn’t more women have flooded in?
  • “The notion that diversity in an early team is important or good is completely wrong,” he added. “The more diverse the early group, the harder it is for people to find common ground.”
  • David Sacks, on the other hand, was unmarried and unencumbered, and in 1999 he left politics, his law degree and a job at the consulting firm McKinsey & Company to join his Stanford Review friends at a technology start-up, because of “the desire to live on the edge, to fight an epic battle, to experience in a very diluted way what previous generations must have felt as they prepared to go to war,” he wrote at the time. For his generation, he wrote, “instead of violence, unbridled capitalism has become the preferred vehicle for channeling their energy, intellect and aggression.”
  • his lack of social grace became an asset, according to Mr. Thiel and other former colleagues. He did not waste time on meetings that seemed pointless, and he bluntly insisted that the engineers whittle an eight-page PayPal registration process down to one.
  • But those debates did a great deal for Mr. Sacks. After graduation, he and Mr. Thiel published “The Diversity Myth,” a book-length critique of Stanford’s efforts. Within a few more years, he, Mr. Thiel, Mr. Rabois and others had transformed themselves into a close-knit network of technology entrepreneurs — innovators who created billion-dollar business after billion-dollar business, using the ideas, ethos and group bonds they had honed at The Stanford Review.
  • he and Mr. Thiel now had a setting in which to try out their ideas about diversity and meritocracy. “In the start-up crucible, performing is all that matters,” Mr. Sacks wrote about that time. He wanted to give all job applicants tests of cognitive ability, according to his colleague Keith Rabois, and when the company searched for a new chief executive, one of the requirements was an I.Q. of 160 — genius level.
  • intentionally or not, he stated something many people quietly believed: The same thing that made Silicon Valley phenomenally successful also kept it homogeneous, and start-ups had an almost inevitable like-with-like quality.
  • The kind of common ground shared by the early PayPal leaders “is always the critical ingredient on the founding teams,” Mr. Thiel said in an interview. “You have these great friendships that were built over some period of time. Silicon Valley flows out of deep relationships that people have built. That’s the structural reality.”
  • Another woman from the class of 1994 was quoted in the Fortune article: Trae Vassallo, who was Traci Neist when she built the taco-eating machine all those years ago, attended Stanford Business School with Ms. Herrin and Ms. Bianchini, co-founded a mobile device company, and then joined Kleiner Perkins, a premier venture capital firm.
  • The success of the struggle to create PayPal, and its eventual sale price, gave the men a new power: the knowledge to create new companies and the ability to fund their own and one another’s. Billion-dollar start-ups had been rare. But in the next few years, the so-called PayPal Mafia went on to found seven companies that reached blockbuster scale, including YouTube, LinkedIn, Yelp and a business-messaging service called Yammer, founded by Mr. Sacks and sold a few years later to Microsoft for $1.2 billion.
  • Since 1999, the number of female partners in venture capital has declined by nearly half, from 10 percent to 6 percent, according to a recent Babson College study.
  • in early 2014, Ms. Vassallo was quietly let go. The firm was downsizing over all, especially in green technology, one of Ms. Vassallo’s specialties, and men were shown the exit as well. But in interviews, several former colleagues said it was far from an easy environment for women, with all-male outings and fierce internal competition for who got which board seat — meaning internal credit — for each company, not to mention a sexual discrimination lawsuit filed by a female junior partner, scheduled for trial in early 2015.
  • They also said that Ms. Vassallo, earnest and so technical that she started a robotics program at a local girls’ school, had not been as forceful, or as adept a politician, as some of her male peers.
  • Less than 10 years after graduation, he and Mr. Thiel had been transformed from outcasts into favorites with a reputation for seeing the future. Far from the only libertarians in Silicon Valley, they had finally found an environment that meshed perfectly with their desire for unfettered competition and freedom from constraints. The money they made seemed like vindication of their ideas.
  • As classmates started conversations with greetings like “How’s your fund?” some of those who did not work in technology joked that they felt like chumps. The Stanford campus had gone computer science crazy, with the majority of students taking programming courses. A career in technology didn’t feel like a risk anymore — it felt like a wise bet, said Jennifer Widom, a programming professor turned engineering dean. Computer science “is a degree that guarantees you a future, regardless of what form you decide to take it in,” she said.
  • The nature of start-ups was shifting again, too, this time largely in women’s favor. From servers onward, many components could be inexpensively licensed instead of custom-built. Founders could turn to a multiplying array of investment sources, meaning they no longer had to be supplicants at a handful of male-run venture firms. The promise that the Internet would be a leveler was finally becoming a bit more fulfilled.
  • The frenzy had an unlikely effect on the some members of the Stanford Review group: They were becoming cheerleaders for women in technology, not for ideological reasons, but for market-based ones.
  • Like many others, he was finding that the biggest obstacle to starting new companies was a dearth of technical talent so severe they worried it would hinder innovation.
  • The real surprise of the reunion weekend, however, was that more of the women in the class of ’94 were finally becoming entrepreneurs, later and on a smaller scale than many of the men, but founders nonetheless.
  • The rhythms of their lives and the technology industry were finally clicking: Companies were becoming easier to start just as their children were becoming more self-sufficient, and they did not want to miss another chance.
Javier E

With Gaza War, Movement to Boycott Israel Gains Momentum in Europe - NYTimes.com - 0 views

  • “We entered this war in Gaza with the perception that the Israeli government is not interested in reaching peace with the Palestinians,” said Meir Javedanfar, an Israeli analyst at the Interdisciplinary Center Herzliya, a private university. “Now, after the casualties and the destruction, I’m very worried about the impact this could have on Israel. It could make it very easy for the BDS campaign to isolate Israel and call for more boycotts.”
  • In an agreement last December on scientific exchanges and funding, known as Horizon 2020, Brussels insisted, despite fierce opposition from the Israeli government, on keeping Israeli institutions in the West Bank, like Ariel University, out of the deal. Since European funding is so important to Israeli academic institutions, the Israeli government gave in
  • To that end, the European Union has demanded that all products produced by Israelis beyond the 1967 lines be labeled differently, and they are excluded from the duty-free trade agreement the bloc has with Israel proper. Goods from settlements are imported, but under different labels and tariffs. “There is no question of a boycott,”
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  • “Our relationship with Israel is close and one of the best we have in the region, but only with Israel in its 1967 lines unless there is a peace agreement,” said a senior European Union official who spoke on the condition of anonymity in keeping with diplomatic protocol. “We are clear, however, that what came under Israeli control in 1967 is not a part of Israel, so the settlements are illegal under international law and not helpful in the peace process.”
  • The European Union has gone considerably further than the United States, declaring that Israeli settlements over the Green Line are “illegal” under international law; the United States simply calls them “illegitimate” and “obstacles to peace.”
  • Some countries, like Britain, have gone further. Britain issued voluntary labeling guidelines in December 2009 “to enable consumers to make a more fully informed decision concerning the products they buy,” according to the UK Trade and Investment agency, because “we understand the concerns of people who do not wish to purchase goods exported from Israeli settlements in the Occupied Palestinian Territories.
  • More troubling to Israel, in December the agency warned companies and citizens to be “aware of the potential reputational implications” of investments in settlement areas. “We do not encourage or offer support to such activities,” it said.
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    "boyc"
Javier E

Simon Heffer Battles Historians about the First World War | New Republic - 0 views

  • Now no one is alive who served in the trenches or on a dreadnought, and the reliance is entirely upon documents, there can be, paradoxically, far more rigour in the analysis, as sources are tested against each other, and the unreliability of active memory ceases to intrude.
  • Few historians have the range of specialisms needed, at least in the depth to which each is required, to tell the whole story,
  • First, an understanding of the history of power, international relations since (at least) the Congress of Berlin and of European diplomacy is required to illuminate the catastrophe of August 1914.
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  • One also requires
  • knowledge of the political heritage and divisions in certain countries that played a leading role in the drama
  • The historiography of the war began when the war did. On the most basic level there was a running commentary in the press. Further up the scale of debate and analysis, Oxford University Press quickly published Why We Are At War
  • there is the question of life away from the front. The political pressures and civilian unrest that led to the dissolution of first the Romanov, and then the Hohenzollern, the Habsburg and the Ottoman empires in 1917-18 say as much about the effect of the war and its pervasive influence in the ensuing decades as the final outcome itself.
  • Second, one needs the skills of the advanced military historian not simply to outline strategy and tactics after war breaks out, and to recount the movements of troops and the joining of battle, but also to link these with the political direction (or, sometimes, lack of it) of the chancelleries of Europ
  • The book went through several editions in the first few months of the conflict as governments made available correspondence and documents that presented each nation’s justification for its course of action – Britain’s Blue Book, the German White Book, the Russian Orange Book and the Belgian Grey Book.
  • Of the general histories still read today the first truly rigorous one that probed more deeply was Captain Basil Liddell Hart’s. He was a veteran of the Somme; his The Real War was published in 1930 and is still in print today under the title History of the First World War.
  • Wars are fought in cabinet rooms as well as on battlefields, and Repington’s eyewitness accounts of both make his book an essential source today. He was also the man who first used the term “the First World War”, in September 1918: not so much to coin a phrase to describe a conflict involving international empires and, since the previous year, America, but to warn that there might one day be a second one. 
  • The modern school of First World War history has its origins in the 1960s, at around the time of the 50th anniversary of the conflict. It is from this time onwards that popular history – that is, books written with the intention of being read by an intelligent general public, rather than just a small circle of elevated academics – begins to evolve to its present sophisticated state, and standards of scholarship rise considerably
  • the new vogue for popular history of the First World War began with a book that displays none of these qualities – Alan Clark’s The Donkeys, published in 1961.
  • Sir Michael Howard called it “worthless” as history because of its “slovenly scholarship”. Unlike later historians, Clark did not attempt to explore whether there might be two sides to the story of apparently weak British generalship.
  • The book is a clever piece of propaganda and manipulation of (usually) the truth, and its revisionism created an entirely new view of the war and how it was fought. It is, however, a view that more reputable historians have sought to correct for the past half-century.
  • The BBC’s landmark documentary series of 1964, entitled The Great War, stimulated great interest in the subject, not least because of the realisation that the generation that survived it was beginning to die. The series filmed numerous veterans and prompted a vogue for oral history; the Imperial War Museum undertook an enormous, and hugely valuable, project. For the rest of that generation’s life oral history was given more emphasis than documentary records
  • In America, Barbara Tuchman’s The Guns of August had appeared in 1962. George Malcolm Thomson covered similar ground in his highly acclaimed The Twelve Days, published in 1964, a detailed account of the diplomatic activity between 24 July and 4 August 1914.
  • A J P Taylor, the highest-profile historian of the time, published in 1969 War by Timetable, which argued that the mobilisation timetables of all the great powers – whose generals had prided themselves on being able to mobilise faster than their potential enemies – led to an inevitable drift towards a war no one actually wanted.
  • led to the birth of the two rival schools of thought that have dominated the study of the war in recent years: one that says Germany was hell-bent on world domination, the other that says the war happened by accident.
  • In 1998 two serious British historians of different generations published authoritative histories of the conflict. Sir John Keegan’s The First World Warwas based almost entirely on secondary sources, but written with a measured expertise that made it the perfect entry-level guide to the fighting, taking into account almost all of the scholarship since 1914
  • Professor Niall Ferguson’sThe Pity of War was a different beast; a more political book, making greater use of primary sources, and offering a more controversial judgement: that the kaiser had not wanted war, and Britain’s security did not rely on Germany’s defeat.
  • The next great landmark of British war studies – and in one respect the most frustrating – was the first volume of Sir Hew Strachan’s The First World War, published in 2001
  • The anniversary has prompted not just more publications, but also a renewed argument about the necessity of fighting such a horrendous conflict.
  • In a magisterial review in the Times Literary Supplement last autumn of Sir Max’s and two other books – Professor Margaret MacMillan’s bizarrely titled but widely acclaimed The War That Ended Peace and Brigadier Allan Mallinson’s 1914: Fight the Good Fight – William Philpott, professor of the history of warfare in the world-renowned war studies department at King’s College London, drew some distinctions between rigorous and populist histor
  • Of all the recent works of history, one stands far above all others, and should be regarded as an indispensable read for anyone who wishes to understand why the war happened: Christopher Clark’s Sleepwalkers, published in 2012
  • relying on a grasp of the main languages involved and a serious study of foreign archives, Clark gets to the heart of the two principal questions: why Gavrilo Princip felt moved to shoot Franz Ferdinand and his wife when they went to Sarajevo on 28 June 1914, and why the ensuing quarrel could not be contained to one between Austria-Hungary and Serbia. After much inquiry, presentation of evidence and discussion, he reaches a judgement: that the kaiser didn’t want war, and that a war occurred was largely down to the bellicosity, incompetence and weaknesses of others.
  • I suspect that Clark’s view will gain more adherents, not least as a more nuanced and thoughtful understanding of this abominable conflict becomes more possible now that those who remember it are dead
Javier E

'Eichmann Before Jerusalem,' by Bettina Stangneth - NYTimes.com - 0 views

  • “Eichmann in Jerusalem” in many ways mirrored Eichmann’s own self-presentation. She insisted that, contrary to expectations, the man in the dock was not some kind of demonic Nazi sadist but a thoughtless, relatively anonymous, nonideological bureaucrat dutifully executing orders for the emigration, deportation and murder of European Jewry. Arendt’s insights — that genocide and bureaucratic banality are not necessarily opposed, that fanatical anti-Semitism (or for that matter, any ideological predisposition) is not a sufficient precondition for mass murder — remain pertinent.
  • as Bettina Stangneth demonstrates in “Eichmann Before Jerusalem,” her critical — albeit respectful — dialogue with Arendt, these insights most certainly do not apply to Eichmann himself. Throughout his post-1945 exile he remained a passionate, ideologically convinced National Socialist.
  • Since he had a penchant for tailoring his endless chatting and voluminous writings to what he believed his audience desired, it may not be immediately evident why his statements in Buenos Aires should be considered more authentic than the “little man” portrait he painted in Jerusalem. The answer lies in the stance he took against what his Nazi and radical-right audience wanted to hear. For they were intent on either denying the Holocaust altogether, or outlandishly regarding it as either a Zionist plot to obtain a Jewish state or a conspiracy of the Gestapo (not the SS) working against Hitler and without his knowledge. Eichmann dashed these expectations. Not only did he affirm that the horrific events had indeed taken place; he attested to his decisive role in them. Hardly anonymous, he insisted on his reputation as the great mover behind Jewish policy, which became part of the fear, the mystique of power, surrounding him. As Stangneth observes: “He dispatched, decreed, allowed, took steps, issued orders and gave audiences.”
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  • Like many Nazi mass murderers, he possessed a puritanical petit-bourgeois sense of family and social propriety, indignantly denying that he indulged in extramarital relations or that he profited personally from his duties, and yet he lived quite comfortably with the mass killing of Jews. This was so, Stangneth argues, because Eichmann was far from a thoughtless functionary simply performing his duty. He proceeded quite intentionally from a set of tenaciously held Nazi beliefs (hardly consonant with Arendt’s puzzling contention that he “never realized what he was doing”). His was a consciously wrought racial “ethics,” one that pitted as an ultimate value the survival of one’s own blood against that of one’s enemies. He defined “sacred law” as what “benefits my people.” Morality was thus not universal or, as Eichmann put it, “international.” How could it be, given that the Jewish enemy was an international one, propounding precisely those universal values?
  • In the trial in Jerusalem Eichmann cynically invoked Kantian morality, but as a free man in Argentina he declared that “the drive toward self-preservation is stronger than any so-called moral requirement.” Kantian universalism was diametrically opposed to his racially tinged völkisch outlook. He had been a “fanatical warrior” for the law, “which creates order and destroys the sick and the ‘degenerate,’ ” and which had nothing to do with humanist ideals or other weaknesses. From a surprising admission of German inferiority — “we are fighting an enemy who . . . is intellectually superior to us” — it followed that total extermination of the Jewish adversary “would have fulfilled our duty to our blood and our people and to the freedom of the peoples.”
  • She documents the almost incredible lack of interest, inactivity, even cover-ups by the numerous groups charged with bringing Eichmann to justice. It now appears that by 1952, German intelligence services — and to some degree Jewish and Israeli bodies — were aware of Eichmann’s whereabouts, yet for various political reasons did nothing to apprehend him. Remarkably, Eichmann actually drafted an unpublished letter to Chancellor Adenauer proposing to go back to Germany to stand trial. Convinced of his blamelessness, he felt sure that he would receive only a light sentence and, like many other Nazis at the time, go on to live a comfortable German life. The story of Eichmann before Jerusalem is thus also a tale of missed opportunities to hold the trial in Germany and create a genuine new beginning in an era that wished the dark past would simply go away.
  • no future discussion will be able to confront the Eichmann phenomenon and its wider political implications without reference to this book. To what degree the man’s biography is unique or exemplary of mass murderers in general remains, of course, an open question.
jlessner

France to Deploy Thousands of Troops to Protect Jewish Schools and 'Sensitive Sites' - ... - 0 views

  • PARIS — Confronting a nation in shock from last week’s terrorist attacks, the French authorities on Monday began to unveil a broad array of measures to send thousands of soldiers and police officers to guard Jewish schools and other sites, reinforce electronic surveillance and reach into schools and prisons that have a reputation as crucibles of jihadist recruitment.
  • Seeking to reassure jittery citizens, the French defense minister, Jean-Yves Le Drian, said Monday that 10,000 soldiers would be deployed by Tuesday evening, in what he called “the first mobilization on this scale on our territory.”
maddieireland334

France to Deploy Thousands of Troops to Protect Jewish Schools and 'Sensitive Sites' - 0 views

  •  
    PARIS - Confronting a nation in shock from last week's terrorist attacks, the French authorities on Monday began to unveil a broad array of measures to send thousands of soldiers and police officers to guard Jewish schools and other sites, reinforce electronic surveillance and reach into schools and prisons that have a reputation as crucibles of jihadist recruitment.
Hannah Caspar-Johnson

Xi's Selective Punishment - NYTimes.com - 0 views

  • A Chinese government official I know was put under
  • shuanggui, the secretive system of internal Communist Party investigation in which victims are detained, questioned without counsel and sometimes tortured
  • the most probable reason for his travails with the authorities was that his political patron also got in trouble.
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  • A huge number of top officials have been either arrested or placed under investigation.
  • Whenever a top official falls, people aren’t concerned about what he has done, but with those he might bring down with him.
  • In the past two years, President Xi Jinping’s anticorruption drive has burnished his reputation with the Chinese media
  • the anticorruption push is more of a Stalinist purge than a genuine attempt to clean up the government
  • Most telling of all, the purge has mainly targeted specific party factions, while those groups that support and pledge loyalty to Mr. Xi appear untouched.
  • Mr. Xi’s most important supporters are the so-called second generation reds — descendants of senior Communist Party founders. (Mr. Xi himself is one of them.)
  • This privileged tribe enjoys almost unimaginable power
  • High officials in China exercise unchecked power (until they don’t)
  • Recently the question was raised in a post on the Internet: Why have no “big tigers” been found in Fujian and Zhejiang? The message was almost immediately deleted.
  • This professor seemed to think that Mr. Xi might use his authority to guide China toward democracy. But this notion is wishful thinking. For a dictator, power is not a means to an end, power is the end.
  • Besides, anticorruption campaigns don’t guarantee real justice.
  • When the government media runs reports about cases that are still under investigation and gloats about how severely corrupt officials are being punished, it seems improbable that the accused will get a proper defense
  • He is just another dictator
  • They may well have committed crimes, but they have rights too, even if they have denied them to others.
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    An opinion article that equates Chinese President Xi's recent attack on corruption in the government (directly almost completely towards politicians not from his party) to a dictatorial action such as that of Stalin.  
aqconces

BBC News | Europe | Germans divided over Bismarck - 0 views

  • Few Germans question the achievements of the Iron Chancellor, as Bismarck was known
  • But many have come to associate him with the far right because of his politically authoritarian style of government and strong belief in nationhood.
  • He was embraced as a hero by Hitler
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  • Some historians say Bismarck's iron rule earned him an undeservedly negative reputation.
  • "People who don't understand history have seized on the fact that he created the country from three wars, and discriminated against the Polish people and others," said the historian Dr Michael Lehmke
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