Archives: November 2011

NBA's Super-Elite Get Even Super-Eliter: Why the 1% Do Just Fine in New Contract

Posted by: Dan Beucke on November 30

For those following the wealth debate, the contract battle just ended between NBA players and owners raises all sorts of issues: labor vs. capital, pay disparity, the way we...

The Strangest History Of Apple Ever

Posted by: Mark Gimein on November 30

Reading Debt: The First 5,000 Years, the history of the economics and ethics of debt by David Graeber, I stumbled on one of the oddest histories of Silicon Valley...

Wednesday Morning Wealth Watch

Posted by: Dan Beucke on November 30

Occupy LA, Philly: Police Raids Clear Camps (Bloomberg) Shadow of Assange: OWS and Advantages of a Leaderless Movement (NY Magazine) Peer pressure: At Top Colleges, Anti-Wall St. Fervor Complicates...

Tuesday Morning Wealth Watch

Posted by: Dan Beucke on November 29

$100 billion IPO: Why Greedy Stockholders Could Hurt Facebook (TechCrunch) "Crony capitalism": How Paulson Tipped Hedge Funds to GSE Plan (Bloomberg) More, please: Bloomberg Report Exposes the Fed Doing...

Judge on Citi's SEC Deal: "An engine of oppression"

Posted by: Joel Stonington on November 28

Federal Judge Jed S. Rakoff struck down a $285 million settlement between the SEC and Citigroup on Monday. To outsiders who've complained that banks have gotten away with slaps...

This Game Can't Be Rigged. Supposedly.

Posted by: Mark Gimein on November 28

Three hedge fund managers--"Greenwich residents" as the Associated Press helpfully explained--claimed a $254 million Powerball jackpot. According to the AP, the $254 million comes out to $104 million after taxes,...

Monday Morning Wealth Watch

Posted by: Dan Beucke on November 28

Occupy LA: Police and Los Angeles protesters skirmish (Reuters) Secrets of the Fed: Banks Made $13B on Undisclosed Loans (Bloomberg) 2012=1968?: How OWS could consume Obama (NY Magazine) A...

Weekend Wealth Watch

Posted by: Dan Beucke on November 27

To leave or stay in LA: Some vow civil disobedience at midnight (LA Times) 5 PM deadline: Occupy Philadelphia weighs options (Philly Inquirer) Protest becomes performance: The Man Behind...

Black Friday, Pepper Spray, and Holiday Shopping Myths

Posted by: Dan Beucke on November 25

It's now official: 2011 will go down as the Year of Pepper Spray. First, the incidents of police spraying Occupy demonstrators in New York and at UC Davis. And...

Friday Morning Wealth Watch

Posted by: Dan Beucke on November 25

Cuff loan approvers?: America's Modern-Day Debtor's Prison (McArdle, Atlantic) Big plans: Protesters Look for Ways to Feed the Web (NY Times) Forget college: 9 Hot Blue Collar Jobs (The...

No College Degree Will Buy Your Way Into The Top 1%

Posted by: Mark Gimein on November 23

One common perception about the widening income gap is that it's driven by social and economic trends that have put a higher value on education. That idea has been...

Wednesday Morning Wealth Watch

Posted by: Dan Beucke on November 23

Low value-added: What's the Contribution of the Financial Sector? (Naked Capitalism) "Homogeneously high-skilled": The Great Work Divide (McArdle, Atlantic) $30 camcorders: Stores Bow to Shoppers on Black Friday (Bloomberg)...

Finding the Humor in Occupy Wall Street

Posted by: Dan Beucke on November 22

Before "Saturday Night Live," before "Animal House," there was "Lemmings" -- a biting 1973 Off-Broadway musical satire about Woodstock and the peace movement. Written by young comic geniuses from...

Tuesday Morning Wealth Watch

Posted by: Dan Beucke on November 22

Unoccupied: Wave of Layoffs Hits Wall Street (Bloomberg) Pepper-spray apology: Angry UC Davis protesters confront chancellor (SF Chronicle) "Modern-day debtor's prison": Debtor Arrests Criticized (WSJ) Home of the 1%:...

Beyond UC Davis, Worse Tactics Than Pepper Spray

Posted by: Mark Gimein on November 21

This weekend, videos of the pepper spraying of protesters at UC Davis went viral. Many students captured a police officer, Lieutenant John Pike, directing the pepper spray canister at...

Monday Morning Wealth Watch

Posted by: Dan Beucke on November 21

Bizarro Supercommittee: A Neverending Cycle of Dysfunction (Atlantic) Goodbye, growth: The supercommittee's real failure isn't on the deficit (Klein, WashPost) Lobbyist: Banks should "undermine" Occupy protesters (MSNBC, HT/ Business...

Weekend Wealth Watch

Posted by: Dan Beucke on November 20

UC Davis, call for restraint: Too Much Violence, Pepper Spray (Atlantic) UC Davis reactions: The Moral Power of an Image (Fallows, Atlantic) The near-poor: Older, Suburban and Struggling (NY...

OccupyTheInternet.com*: The OWS Digital Land Grab

Posted by: Suzanne Woolley on November 18

While Occupy[fill-in-the-blank]ers are being rousted from camps in the U.S. and abroad, there's a digital land grab underway. Godaddy.com has sold 5,200 domain names with "occupy" in them from September...

Friday Morning Wealth Watch

Posted by: Dan Beucke on November 18

March on Wall Street: Clashes, 240 Arrests Mark 'Day of Action' (NY Times) Going mobile: Occupy Wall Street's new tactics (NY Magazine) "The consumer is an income stream": Why...

Occupy Wall Street After 2 Months: A Scorecard

Posted by: Dan Beucke on November 17

It began on Sept. 17 with a few hundred people gathering in lower Manhattan. The protest -- against banks, moneyed influence in Washington, corporate power, and a host of...

Fighting Your Way To The NYSE

Posted by: Micha Rondeau on November 17

Producer Micha Rondeau is directing Bloomberg TV's coverage of today's march on the New York Stock Exchange and protesters' return to Zuccotti Park. While arrests were made, few cameras...

Thursday Morning Wealth Watch

Posted by: Dan Beucke on November 17

Live coverage: Occupy Wall Street's day of action (Guardian) Subways, stock exchange: New York City Protesters on the March (Bloomberg) Dennis Gartman: God bless income disparity (FT Alphaville) Tick:...

OWS: Simple as You Want It to Be

Posted by: Dan Beucke on November 16

At the tail end of a long interview with Betty Liu on Bloomberg TV today, AIG Chairman Steve Miller was asked what he thought of Occupy Wall Street's criticism...

In Zuccotti Park, Tents Are Gone, People Stay

Posted by: Mark Gimein on November 16

The Occupation is dead. Long live the Occupation! Just before one o'clock this morning, less than 20 hours after Zuccotti Park was cleared by the New York City police,...

Wednesday Morning Wealth Watch

Posted by: Dan Beucke on November 16

Now what?: Occupy Wall Street's Eviction Was a Lucky Break (Atlantic) Hold the pepper spray: After an Earlier Misstep, a Minutely Planned Raid (NY Times) Heard on the street:...

Blocked From Raid, The Media Await A Next Act

Posted by: Mark Gimein on November 15

"Those who were arrested wanted to be arrested," New York City's police commissioner told reporters after today's police raid on Zuccotti park. It's hard to know if this is...

The End Of Utopia In Zuccotti Park

Posted by: Mark Gimein on November 15

Early this morning, the police moved in to clear Zuccotti Park. Whether this was the last day for tent city is still being argued in court. Mike Bloomberg, the...

Tuesday Morning Wealth Watch

Posted by: Dan Beucke on November 15

NYC cracks down: Police Clear Zuccotti Park of Protesters (NY Times) What's next: Mayor speaks, protesters plan next move (NY Times, City Room blog) Prelude to the crackdown: Protesters...

Crackdown at Occupy Camps in Oakland, Portland

Posted by: Dan Beucke on November 14

Police in Oakland, Calif., moved in overnight to clear out the Occupy Oakland camp, hours after police in Portland, Oregon, did the same in that city. At last report...

Monday Morning Wealth Watch

Posted by: Dan Beucke on November 14

Perfect timing: Is Congress trading stock on inside information? (60 Minutes, CBS) Capitol gains: Congress and stocks: Does it matter? (Atlantic) Fee for all: Banks Quietly Ramping Up Costs...

Military Veterans and Corporate America

Posted by: Dan Beucke on November 13

My post last Friday about the jobless picture for young veterans clearly struck a nerve. The commentary that followed ranges across issues of war, peace, hope, despair, skills training --...

Weekend Wealth Watch

Posted by: Dan Beucke on November 12

Chef takes heat: Bankers Blast Batali; Others Say 'Leave Mario Alone!' (Bloomberg) Sandy Weill's $88 million downsizing: Occupy This, OWS (Greiff, Bloomberg View) Back at ya: Occupy Wall Street...

Unemployment for Young Vets: 30%, and Rising

Posted by: Dan Beucke on November 11

On Veterans Day in America, it's sobering to realize just how badly the job market has turned against the men and women who fought in Iraq and Afghanistan. Their...

Occupy Wall Street, Day 56

Posted by: Dan Beucke on November 11

Margaret Brennan of Bloomberg Television provides a quick roundup of OWS news from, where else, the New York Stock Exchange floor. Here's some more context on the first two...

Friday Morning Wealth Watch

Posted by: Dan Beucke on November 11

J.C. Penney takes a stand: Thanksgiving as Day to Shop Meets Rejection (NY Times) Congrats, you made the 10Q: OWS Gets CME Group's Attention (Footnoted.org) Bad day for OWS:...

Thursday Morning Wealth Watch

Posted by: Dan Beucke on November 10

Bobby Bailout, Flash Cash: Meet OWS's Mysterious Finance Committee (NY Magazine) Down the sewer: Jefferson County in Biggest Municipal Bankruptcy (Bloomberg) Bragging rights: Ultra Wealthy in U.S. to Outnumber...

In Zuccotti Park, Supplying the Occupying Army

Posted by: Kenzie Delaine on November 10

Bloomberg reporter Kenzie Delaine and producer Annmarie Hordern go inside the Zuccotti Park donation center, where 200 to 400 boxes of supplies for the protesters arrive each day. Distributing...

Losing It on the Home Front

Posted by: Dan Beucke on November 09

The housing crisis just keeps grinding on. Home prices fell in three-quarters of U.S. cities in the third quarter, by double digits in some places, according to the latest...

Students Protest Fees, Cuts in London

Posted by: Dan Beucke on November 09

University students took to the streets of central London on Wednesday to protest rising fees and cuts in U.K. government education spending. The Guardian said a smaller crowd than...

Wednesday Morning Wealth Watch

Posted by: Dan Beucke on November 09

Tide turns: Ohio Turns Back a Law Limiting Unions' Rights (NY Times) Tapping energy: Occupy Movement Inspires Unions to Embrace Bold Tactics (NY Times) Economic bias: I Was Wrong,...

Tuesday Morning Wealth Watch

Posted by: Dan Beucke on November 08

The "safe" side: The Truth About Crime And Sexual Assault At OWS (Business Insider) Too big for bonuses: End Bonuses for Bankers (Taleb, NY Times) $1 million medallion: Taxi...

The Web's Next Big Thing: Cheap Labor

Posted by: Dan Beucke on November 07

For $25, Daniel H will help debug your software. Valerie asks just $20 to pick your folks up from the airport. Miss Minty, for $50, will teach you to...

Even Bankers Think Bankers Are Paid Too Much

Posted by: Mark Gimein on November 07

A popular take on those who work in finance is that they don't care about the income gap and would just as soon tell the poor to shove off....

Monday Morning Wealth Watch

Posted by: Dan Beucke on November 07

Lending bubble: China Credit Squeeze Spurs Suicides, Violence (Bloomberg) What caused the crisis? The Big Lie goes viral (The Big Picture) Do I hear 10 years?: The Trials of...

Weekend Wealth Watch

Posted by: Dan Beucke on November 05

How long?: Occupy Wall Street Protest Reaches a Crossroads (NY Times) Occupy My Wallet: Moving Money Off Wall Street (Bloomberg PF) Plight of the puppeteer: Not From the Onion...

Who's Gaining and Losing in the Job Market

Posted by: Dan Beucke on November 04

The early read on this morning's jobs report from the Bureau of Labor Statistics is that it illustrates the "frustratingly slow," "sluggish," or "muddling" recovery. Certainly the 80,000 overall...

Groupon, Beware: Of 25 Hot IPOs, 20 Tanked Later

Posted by: Mark Gimein on November 04

Update: Pop! Groupon opens at $28, 40% above the $20 offering price. That would put it at #17 on the chart, tied with TAL and Yandex. Groupon increased the...

Friday Morning Wealth Watch

Posted by: Dan Beucke on November 04

Residents' revolt: Calls grow for Mayor Bloomberg to act on protest camp (Guardian) No $12 million severance: Corzine Resigns From MF Global (NY Times) Today's tepid jobs report: A...

Occupiers Put Goldman on 'Trial'

Posted by: Kenzie Delaine on November 03

Bloomberg reporter Kenzie Delaine and producer Annmarie Hordern put together this piece on the Occupy Wall Street demonstrators' mock trial today of Goldman Sachs. After "trying" Goldman for what...

Bank Fees Are a Gift for Credit Unions

Posted by: Dan Beucke on November 03

Kristen Christian, a 27-year-old Los Angeles gallery owner, came up with the idea for Bank Transfer Day after getting socked with one bank fee after another. Now that big banks...

Thursday Morning Wealth Watch

Posted by: Dan Beucke on November 03

Port shut down: Protest in Oakland Turns Violent (NY Times) Occupying Jamie Dimon: Occupy Seattle swoops in on JPMorgan CEO (LA Times) Portrait of Scott Olsen: Veteran's journey from...

MF Global: It's Not Just Corzine's Fault

Posted by: Mark Gimein on November 02

The basic storyline about MF Global seems to be solidifying: ex-Goldmanite Jon Corzine digs into a hole and blows up a company with risky bets on sovereign debt. Just another...

Yes, There Will Be A Student Loan Bailout

Posted by: Mark Gimein on November 02

When will the student loan bailout happen? And more important, will it be students who get bailed out, lenders or both? If you think it's too early to be...

Wednesday Morning Wealth Watch

Posted by: Dan Beucke on November 02

Goodbye, debit-card fee: Will BofA Just Accept a $2 Billion Loss? (Atlantic) Head count: They're occupying, but who's counting? (Washington Post) Occupy London: St Paul's holy smokescreen lifts to...

Voting: The New Reckless

Posted by: Mark Gimein on November 02

Over at our Euro Crisis blog, London based editor Andy Reinhardt unwinds the twists of Greek Prime Minister George Papandreou's call for a referendum on the bailout and austerity plan....

Full Tilt Trading?

Posted by: Dan Beucke on November 01

If the collapse of MF Global wasn't enough for critics who accuse Wall Street of being one big casino, this should do it: Reports say that the big brokerage was...

Misery is the River of the World

Posted by: Dan Beucke on November 01

If you're out of work and see that prices are rising, you have every right to feel miserable. And there's a chart for that: the misery index (above) --...

OWS Does Halloween

Posted by: Kenzie Delaine on November 01

Bloomberg videographer Kenzie Delaine recorded Occupy Wall Street demonstrators dressed up as vampire bankers, bleeding bank customers, and zombie billionaires as they marched at the New York City Annual...

Tuesday Morning Wealth Watch

Posted by: Dan Beucke on November 01

Update: Banks fold: BofA Eliminates Plan for $5 Debit-Card Fee (Bloomberg) Making Volcker's point: MF Global Exposes Trading Risk (Bloomberg) Gimme shelter: Homeless Stake a Claim at Protests (NY...