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the uptick rule—regulation that had been introduced by the Securities and Exchange Commission in 1938 to prevent investors from continually shorting a stock that was falling. (In other words, before a stock could be shorted, the price had to rise, indicating that there were active buyers for it in the market. Theoretically, the rule would prevent s
... See moreAndrew Ross Sorkin • Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Drawing a parallel between the US Forest Service and Federal Reserve is irresistible. The Fed was created less than a decade after its environmental counterpart. By the 1920s the Fed was attempting to suppress the business cycle. While ‘federal fire suppression acts to subsidize developments of private lands in fire-prone areas’, the Fed’s policy o
... See moreEdward Chancellor • The Price of Time: The Real Story of Interest
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Is he irreplaceable? Is he the Steve Jobs of JPMorgan Chase?
Duff McDonald • Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
"It's like a nephew who becomes dependent on a very rich, doting uncle," said William McDonough, who was president of the Federal Reserve Bank of New York until 2003. "Suddenly the uncle dies and leaves the money to someone else, or decides he doesn't love the nephew anymore and cuts him off. You can ask, who's responsible—the uncle
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
I didn’t know what the banks were doing by granting loans with insufficient collateral, but I thought as founder and major stakeholder of PSG I dare not sell any of my shares – what kind of example would that have set? The market would see on the news service Sens if PSG was up to something. Since I knew I would always be invested in PSG, I just cl
... See moreCarié Maas • Jannie Mouton: And then they fired me
typically enjoy far lower rates. Portfolio-wide, the average
APR of all of our customers is 13.55%. Among those who have not
been repriced, vast majority of accounts have rates below 20%,
and the average APR is only 11.46%.