Commenting on the WSJ's revelation that analysts and investment banks colluded when evaluating stocks, Dan Gillmor writes:
The wink-wink, nudge-nudge culture of Wall Street in the late 1990s wouldn't have given this e-mail a second thought. After all, didn't everyone know that the investment bankers were in bed with their supposed "analysts" of companies paying them millions in fees?
No, not everyone knew. Only the in-crowd knew. And the way they acted was disgraceful -- not that people like this appear to have any fundamental notion of shame, of course.
The people who didn't know were the general public. Yes, the small investors got greedy, but they were led into it by the sharks who have pocketed billions.
In traditional "Big Con
" grifts, the roper and the inside man work to convince the mark that by participating in some bit of harmless larceny, he will become immensely wealthy. The mark gets sucked into the scam and is eventually fleeced of every cent he can lay hands on.
Con artists say, "You can't cheat an honest man," because every mark believes that he is participating in a scam -- and he is, only it's not the scam he thinks he's participating in. An honest man, with no interest in ripping off a bank, or a betting parlor, or a rich, foolish stranger, or a small stock-exchange, will never be roped and never be suckered and never lose a nickle to the players.
This is the same specious rationalization used to describe the small investors who "got greedy." Analysts, bankers, VCs and snake-oil salesmen created an enormous con -- Enron even had show-rooms filled with fake traders that they staffed when the press came on tours -- that led millions to believe that there really was money to be had in playing the markets. And there was -- their money. They got had, and the grifters did the having.
This gadget does exactly as promised: it looks like a thumbdrive (sort of) and fries the circuitry of any computer it’s plugged into. It’s made from camera flash parts, is charged with a standard AA battery, and delivers a 300V zap of DC destruction to the port for all your USB-murdering needs. Note that this […]
The Cobham catalog, exposed by The Intercept, features countless pages of surveillance gadgets sold to U.S. police to spy on American citizens: tiny black boxes with a big interest in you. In the creepily bland feature lists and nerdy product names is a whisper of a dark future; perhaps darker than anyone can imagine.
This image depicts the most commonly-found stylesheet colors on the web’s top sites—Paul Hebert did an amazing amount of analysis and this is just one of the intriguing visualizations he came up with. Most of these are obvious staples, especially HTML red and blue, though it’s interesting how far the blue “cluster” is from the […]
These days, there’s definitely no shortage of touchscreen gloves available, but the key is finding ones that consistently work well. These iGloves Touchscreen Gloves are super reliable, and are on sale for just $11.99.Super comfortable and functional, these gloves will keep your hands warm and still let you use any touchscreen, from phones to tablets. The iGloves’ […]
The Black Friday Mac Bundle 2.0 is one of the Boing Boing Store’s best-selling Mac bundles yet, and it’s about to come to an end. If you don’t get your copy now, here’s what you’ll be missing:This bundle comes packing 9 top-rated Mac apps in one package, at the hugely discounted price of just $23.99. […]
The Boing Boing Store’s Gift Guide is full of ideas for pretty much anyone in your life like hipster ice cub trays, Xbox controllers, Halo Boards, and even diamond necklaces. As always, all products in the Boing Boing Store come at great discounts, too. Shop by price bucket starting at under $20. Under $20:Bloxx Jumbo Ice Trays […]