Now that your public relations chief, Lucas van Praag is (finally!) retiring, it is time for the executive committee to seriously rethink the position of PR head. To be blunt, your efforts have not been up to the level of excellence that one would expect from Goldman Sachs. It would be impolite to speak ill of the job done by LVP has done under challenging circumstances, but you gentlemen need to face the facts, and fast. On his watch, the firm’s reputation has suffered, its ability to recruit top talent has been compromised, and its market cap has gotten shellacked.
In short, your PR efforts have performed about as well as ABACUS 2007-AC1 — the John Paulson created mortgage bundle that cratered. Or, about as well as John Paulson’s fund in 2011, which also cratered (I am seeing a pattern here).
All of which says, you guys have really stunk the joint up.
Thus, it is with great pleasure that I toss my hat into the ring for the position of Director of Communications for Goldman Sachs. Not only do I have the requisite skill set to help rehabilitate the image of the 100+ year old firm — media savvy, legal smarts, netizen, with just a dollop of snark — but I believe I can help you move gracefully into the new century.
Paper Promises: Money, Debt and the new World Order
The world is drowning in debt. Greece is on the verge of default. In Britain, the coalition government is pushing through an austerity programme in the face of economic weakness. The US government almost shut down in August because of a dispute over the size of government debt.
Our latest crisis may seem to have started in 2007, with the collapse of the American housing market. But as Philip Coggan shows in this new book, Paper Promises: Money, Debt and the new World Order which he will talk about in this lecture, the crisis is part of an age-old battle between creditors and borrowers. And that battle has been fought over the nature of money. Creditors always want sound money to ensure that they are paid back in full; borrowers want easy money to reduce the burden of repaying their debts. Money was once linked to gold, a commodity in limited supply; now central banks can create it with the click of a computer mouse.
Time and again, this cycle has resulted in financial and economic crises. In the 1930s, countries abandoned the gold standard in the face of the Great Depression. In the 1970s, they abandoned the system of fixed exchange rates and ushered in a period of paper money. The results have been a long series of asset bubbles, from dotcom stocks to housing, and the elevation of the financial sector to economic dominance.
Famous Photogs Pose With Their Most Iconic Images
Reading About the Financial Crisis: A 21-Book Review
The recent financial crisis has generated many distinct perspectives from various quarters. In this article, I review a diverse set of 21 books on the crisis, 11 written by academics, and 10 written by journalists and one former Treasury Secretary. No single narrative emerges from this broad and often contradictory collection of interpretations, but the sheer variety of conclusions is informative, and underscores the desperate need for the economics profession to establish a single set of facts from which more accurate inferences and narratives can be constructed.
How to Hide from Google
“If you’re not paying for something, you’re not the customer; you’re the product being sold.” —blue_beetle, Metafilter discussion.
Google started off the new year by announcing that they will be changing their privacy policies so that they can create more detailed profiles of their users. Starting March 1st, 2012, Google will combine information from user’s Gmail, Google Search history, YouTube, and other services. Prior to this change, Google profiled their users, but restricted the profile data use to the service from which the data was collected.
Why Facebook Is Never Safe
How to use Facebook safely
Here’s the easy solution: don’t fucking surveil yourself! If you want to stay safe on Facebook, the answer is, you should not use it, and don’t tag people! There are benefits of using it, there are tradeoffs, but in the long run I think it’s going to be pretty bad that you gave a bunch of capitalists all your private information where the US government asserts and has the right to read it without a warrant and with the ability to gag the corporate.
What’s the greatest database of Jews on the planet? Facebook. What will happen when you want the biggest database of leftists on the planet? Or right wing people? That’s really, really scary, so one way to not be part of that dataset is to not put yourself in it voluntarily, and to chastise people who only hang out with you to tag you in facebook as a sort of conspicuous consumption of the 21st Century say: “Hey, if that’s all you get out of our friendship then go fuck yourself!”
There’s an important distinction, this idea of privacy by policy and privacy by design. Privacy by policy is the idea that there is a policy that is like the law. But policy doesn’t really matter because someone can say they’re not going to log, but then they do log. They say they’re not going to give the log data out but someone will copy it, or maybe they’ll sell it.
Disruptions: So Many Apologies, So Much Data Mining
Last week, Arun Thampi, a programmer in Singapore, discovered that the mobile social network Path was surreptitiously copying address book information from users’ iPhones without notifying them.
David Morin, Path’s voluble chief executive, quickly commented on Mr. Thampi’s blog that Path’s actions were an “industry best practice.” He then became uncharacteristically quiet as the Internet disagreed and erupted in outrage. Amid his silence, he did take the time to reply to the actress Alyssa Milano, who was one of hundreds who questioned Path’s practices. (His reply to her via Twitter contained his personal e-mail address.)
Mr. Morin seemed unconcerned about how people could be harmed by his company’s carelessness. Consider this: Amira El Ahl, a foreign journalist covering the Middle East, said bloggers in Egypt and Tunisia are often approached online who are state security in disguise.
The Classes Drift Apart: Can the rich save the American dream by preaching what they practise?
JUST because he belongs to it himself does not make Newt Gingrich wrong when he grumbles that America is run by an out-of-touch elite. If you want evidence, the data can now be found in a book published this week by Charles Murray, the co-author in 1994 of “The Bell Curve”, which became controversial for positing a link between race and intelligence. That controversy should not deter you. “Coming Apart: The State of White America 1960-2010” brims with ideas about what ails America.
David Brooks, a conservative columnist for the New York Times, thinks it will be the most important book this year on American society. And even if you do not buy all Mr Murray’s ideas about what ails America, you will learn much about what conservatives think ails America, a subject no less fascinating. Though it does not set out to do so, this book brings together four themes heard endlessly on the Republican campaign trail. They are the cultural divide between elite values and mainstream values (a favourite of the tea-partiers); the case for religion and family values (think Rick Santorum); American exceptionalism (all the candidates); and (a favourite of Mitt Romney’s) the danger of America becoming a European welfare state.
The Sky Is on Fire! Your Complete Visual Guide to the Northern Lights
Over the past week, Norway has been witness to some jaw-dropping light shows, the result of an M8.7 class flare and a coronal mass ejection in a direction pointed toward Earth. Many Norwegians shared their photos of the northern lights — or “nordlys” in Norwegian — on Flickr, where we reached out to them for permission to republish them here, in the gallery above. Through Flickr, we can see halfway across the world, to the skies above Trondheim and across Norway.
Kodak Files for Bankruptcy Protection
IT WAS the Apple of its era. Just like the late Steve Jobs with computers and music-players, George Eastman (pictured below behind the camera, with Thomas Edison) did not invent the camera and photographic development. But he simplified the technology. He outmaneuvered rivals. And he marketed his products in novel ways.
Yet the empire Eastman started to build at the end of the 19th century, and which dominated the 20th, did not last long into the 21st century. On January 18th Eastman Kodak filed for Chapter 11 bankruptcy protection in New York. The firm was laid low by the rapid shift to digital photography and away from film, where Kodak once earned 70% margins and enjoyed a 90% market share in America.
These handsome profits meant that the firm could invest huge sums in research and development. Yet ironically, extensive R&D contributed to Kodak’s undoing, since the firm ended up pioneering the very digital cameras that went on to kill its core business. The profits also allowed Kodak to be a generous and caring company for generations of employees in Rochester (New York), where it is based, and beyond. This, too, added to its troubles, since its pension obligations left it with less capital to diversify or invest in promising areas that might have saved it.