Hedge funds buy swathes of foreclosed subprimes, force up rents, float rent-bonds

When a giant hedge fund is bidding on all the foreclosed houses in a poor neighborhood, living humans don't stand a chance -- but that's OK, because rapacious investors make great landlords. Read the rest

Today's terrifying Web security vulnerability, courtesy of the 1990s crypto wars

The Logjam bug allows attackers to break secure connections by tricking the browser and server to communicate using weak crypto -- but why do browsers and servers support weak crypto in the first place? Read the rest

Class of 2015: most indebted in history

A report (issued by a college savings business, caveat lector) says that the US graduating college class of 2015 has more debt than any other class in history. Read the rest

Slack's CEO gives charmingly bullshit-free justification for $2.8B valuation

The delightful Stewart Butterfield: "Q So do you think Slack is worth $3 billion? A It is, because people say it is." Read the rest

Emma Thompson on tax-strike until HSBC tax evaders are jailed

The actor and her husband, Greg Wise, have vowed to withhold their tax until the UK tax authorities begin to imprison the tax-cheats who were revealed to be using HSBC's Swiss money-laundry, even if it means going to jail themselves. Read the rest

Billboards tell the stories of professionals who can't afford London anymore

The London is Changing project collects the personal stories of professional people who are leaving the city because it has been remade as a playground for the global rich. Read the rest

HSBC boss used tax havens to keep underlings from discovering his outrageous pay

HSBC CEO Stuart Gulliver admitted that he used two secretive banks -- one in Switzerland, the other in Panama -- not just to avoid taxes, but to hide his amazing compensation package from other HSBC bankers, lest they wax jealous. Read the rest

London: the dead-eyed banker psycho dream

"Its protagonist lives in a world of almost continual night, with the hungry eyes and dead affect of an Ayn Rand wet dream: his world is constituted of chrome, glass, a palette of white-to-taupe, a spatter-pattern rug and one book, a single book, on graphic design" - Piercepenniless on the Redrow London property development promo video. Read the rest

A modest proposal for Wall Street's future

Michael "Flash Boys" Lewis gives us a wish-list of eight (implausible) steps that Wall Street could take to check its feckless, reckless, destructive lurch through the 21st century. Read the rest

IBM's banking security software demands the right to spy on you

IBM's Trusteer Rapport is a security package that many banks recommend to their customers -- but its latest license agreement includes this gem: Read the rest

Wall Street phishers show how dangerous good syntax and a good pitch can be

Major Wall Street institutions were cracked wide open by a phishing scam from FIN4, a hacker group that, unlike its competition, can write convincingly and employs some basic smarts about why people open attachments. Read the rest

Chicago schools lost $100M by letting Wall Street engineer their finances

In 2007, the school raised $1B, and instead of issuing bonds, it let the bankers who'd been courting it talk it into issuing a floating-rate bond that it swapped into a fixed-rate issue. Read the rest

Chip-and-PIN cards let nearby fraudsters steal $1M at a time

Visa's new Paywave chip-and-PIN credit-cards have a $1M limit on foreign-currency transactions that can be verified "in-card," meaning that someone who gets close enough to your UK wallet can simply wave a phone at it and charge a megabuck to it without raising any realtime security alerts. Read the rest

Payday loans for kids

Pocket Money Loans is the latest from prankster/artist Darren Cullen (previously), offering 5000% APR loans to children so that they can "get out of debt with a loan" and "spend each day like it's your last." Read the rest

What's financialism, and how is it destroying your life?

As businesses start retaining and investing larger cash-reserves, they're turning into banks. Banks, meanwhile, need to find another line of work: they become asset traders. Meanwhile, your wages have been stagnant for decades, which means that in order to survive, you must become a debtor. Read the rest

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