Billions of dollars' worth of predatory student loans may... just... vanish

Private student loans are the worst of a bad bunch, with incredibly high interest rates and penalties on funds used to finance educations at the kinds of "universities" who later get their accreditations yanked for academic malpractice and deceptive advertising -- universities that target the most naive kids from the least educated backgrounds, load them up with debt, waste four years of their lives, and pop them out the door with a useless "degree."

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New hedge-fund HQ will have "Champagne" buttons for the traders' desks

Any time a trader at Enstar Capital's new London Soho offices fancies sushi and Champagne delivered to their desk, they can press a dedicated "Champagne" button that's being installed at each workplace, as a kind of grotesque, guillotine-inspiring homage to Amazon's Dash button, which lets mere mortals order laundry detergent. Read the rest

The richest person in every state, by industry

You might think every American state is overrun with tech billionaires, given the amount of press they get, but Forbes shows that the richest person in each state is more likely to have made their fortune in fashion, retail, finance, or investing: Read the rest

China's billionaires are disappearing into police custody and/or early graves

Dozens of the richest executives in China have disappeared under mysterious circumstances and are assumed to be in police detention as the country pursues an aggressive anti-corruption agenda. Read the rest

Leaked tax-haven data shows that the super rich are way, way richer than suspected

When Thomas Piketty and his team undertook their landmark study of wealth inequality in the world, they had to rely on the self-reported income of the super rich to see just how income was distributed -- by definition, they couldn't directly measure the unreported income hidden in tax havens (though they did estimate it, with what was eventually shown to be pretty good precision). Read the rest

Shareholder revolt at Mylan over Epipen-gouging CEO's $98M bonus

The board of directors at Mylan have rewarded former CEO Robert Coury with a $98m bonus as he steps into the executive chairman's role, having overseen a price-gouging scandal over the Epipens used by people prone to life-threatening allergic reactions. Read the rest

Britain's preferred car-loans are incomprehensible financialized garbage: what could go wrong?

Thinking of buying a car in the UK? Good news! You can get a personal contract purchase (PCP) and it will cost you less to buy a new Merc than it would to buy a used Ford Focus. Read the rest

Aviation is hell because airline exec pay is solely based on quarterly profits

There was a time when airline execs were paid based on a mix of on-time arrivals, accurate and timely baggage delivery, and profits. Now it's just profits. Read the rest

Leaked confidential memo reveals Facebook program to identify and target "insecure" kids

The Australian reports on a leaked memo -- described but not published -- marked "confidential" and created and distributed internally by Facebook that describes how the system's surveillance tools can identify children and teens in "insecure" moments when they "need a boost," explaining that they had identified markers to tell them when a young person was feeling "stressed", "defeated", "overwhelmed", "anxious", "nervous", "stupid", "silly", "useless", and a "failure." Read the rest

Wells Fargo woulda gotten away with it too, if it wasn't for that darn trade union

For decades, Wells Fargo pressured its employees to commit millions of acts of fraud against its customers, using threats and blackballing to terrorize low-level employees. Read the rest

The latest NSA dump from the Shadow Brokers tells you how to break into banks

The mysterious tragicomic hacking group The Shadow Brokers continues to dump incredibly compromising cyberweapons and internal information looted from the NSA, accompanied by Borat-compliant gibberish that reads like someone trying to make you guess whether there's a false flag in play, and if so, who is waving it. Read the rest

"Global Britain": the plan to turn post-Brexit Britain into the world's money-laundering arms-dealer

UK Prime Minister Theresa May says that post-Brexit Britain won't rely on the EU, but will become a "Global Britain," turning to the rest of the world to bring the the billions the UK will lose when it departs from the European Union. Read the rest

Drill a single hole in an ATM and you can comprehensively pwn it

A presentation by Igor Soumenkov at Kaspersky's Security Analyst Summit reveals that the method behind a rash of mysterious ATM heists that left behind no evidence of hacking -- only a single small hole drilled by the machines' PIN pads -- were likely accomplished by using the hole to insert a $15 connector that allowed thieves to hijack the ATMs and order them to spit out all their money. Read the rest

Australia leads the world in selling housing to money-launderers

A new Transparency International report ranks the world's most superheated urban property markets to find the most corrupt and finds that Australia is a playground for offshore criminals looking to launder their money, because "real estate agents are not subject to the provisions of the Anti-Money Laundering and CounterTerrorism Financing Act 2006," thus, "70 per cent of Chinese buyers pay in cash and they represent the largest proportion of foreign purchases in the country." Read the rest

Bank fraud and Dieselgate: how do we design regulations that are harder to cheat?

Tim Harford points out that Dieselgate -- when VW designed cars that tried to guess when they were undergoing emissions test and dial back their pollution -- wasn't the first time an industry designed its products to cheat when regulators were looking; the big banks did the same thing to beat the "stress tests" that finance regulators used to check whether they would collapse during economic downturns (the banks "made very specific, narrow bets designed to pay off gloriously in specific stress-test scenarios" so that they looked like they'd do better than they actually would). Read the rest

Chinese government creates gate-guarded private village for hedge-funds near Hangzhou

Yuhuang Shannan -- an hour's high-speed train journey from Shanghai -- is a newly formed, walled village in which only hedge fund employees and their visitors are allowed to venture, a kind of Canary Wharf with Chinese characteristics, with schools staffed by non-Chinese teachers, a private club, and its own health care facilities. Read the rest

Multigenerational wealth makes white Americans richer than black Americans

Black American wage disparity can be offset by education; but even though black American families -- one parent, two parent, educated, uneducated, employed, unemployed -- save more and spend less than their white counterparts, white families have substantially more wealth than black families -- college-educated white adults have 7.2 times the wealth of their black counterparts. Read the rest

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