The cover story on this week's The Economist is Save the City, a love-note to London's legendarily corrupt, self-governing financial district, ground zero of the global financial collapse, and home to some of the world's top-compensated crooks, whose pay is totally disconnected from their performance.
Naked Capitalism rounds up a ton of online reaction to this puff-piece:
Yes, the City did once fulfil the function of efficiently allocating capital, but that stopped some ten to 20 years ago when the ‘zero sum’ game of financial speculation for the self-enrichment of the participants took over.
As I have said before the City has, with a few exceptions, become the cuckoo in the nest of the UK economy.
It has become gigantic skimming machine/casino. In addition to making taxpayer-underwritten bets, however absurd, it largely serves to diminish the savings and pensions of UK citizens, though outrageous fees, spurious and unwarranted trading and an intermediated structure that favours the interests of the people that work in its own, often-conflicted institutions (plus the people in their various suppliers including brokerages, law firms, accountancy firms, investment and actuarial consultancies, etc, etc) over and above the long-term interests of savers and the needs of the wider economy.
Ian Fraser: The Economist Loses the Plot With This Shallow, Pro-City Propaganda
It’s no secret that “resisting arrest” is the go-to excuse for violence committed against suspects by corrupt cops — it’s practically a running gag.
Though India’s independent telcoms regulator has banned services like Facebook’s “Free Basics” — which bribed phone companies to exempt Facebook’s chosen services from the carriers’ punishing data-caps — the debate rages on, as Free Basics has taken hold through many poor countries around the world.
Lee Baca is a piece of work. The former LA County Sheriff — tied with Arizona’s Joe Arpaio for worse in the nation — presided over a series of scandals, none so grotesque as the ring of corrupt deputies whose abuse and misconduct in the county jails were capped off by an attempt to intimidate […]
Hackers are people too. And sometimes, they’re the good guys. The fundamentals of hacking have created an entire new level to the security industry and one that you can totally dominate with this certification training course that’s 98% off now. To know how to protect something, you have to be able to see how it’s […]
Light used to just be one of two things: on or off. Simple as that. Either a flood of yellow or total darkness. Then the dimmer switch happened and you could adjust the brightness to meet your seductive needs and suddenly everyone looked a little better in the gentler light. And now your luminary universe […]
Projects will always need management. And now with the tech gold rush it feels like there are more projects than ever with fewer managers than there’s demand for. But it takes too much time and money to go back to school full time so luckily the Project Management Professional certification training course is now 96% […]