My afternoon train reading:

• How Apple and Microsoft Armed 4,000 Patent Warheads (Wired)
• SEC Trials Increase 50 Percent as Execs Fight Lawsuits (Bloomberg)
• Social Security is not going broke (Reuters)
• Creating the Windows 8 user experience (MSDN Blog)
• Goldman Sachs Boosts Tech Investments After Facebook IPO (Bloomberg)
• A new measure of attention: the nano-Kardashians (Ethan Zuckerman)
• Robbie Adams: Recording U2′s Achtung Baby & Zooropa (Sound On Sound)
• 3 Things I Learned When My Site’s Traffic Increased 25,000% in One Day (Lars Martinson: Cartoonist)
• How Neuroscientists and Magicians Are Conjuring Brain Insights (Scientific American) see also The Neuroscience of Effort (Wired)
• Subways ‘share universal structure’, research suggests (BBC News)

What are you reading?

>

How Banks Bought The Tea Party

Source: Think Progress

Category: Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

31 Responses to “10 Tuesday PM Reads”

  1. alexanderdelarge says:

    …and the Union contributions to their favorite Congressional reps ?

  2. NoKidding says:

    I loved “Things I Learned When My Site’s Traffic Increased 25,000% in One Day”
    How TF do you dig this stuff up.

    You’re probably going to spike his traffic again.

  3. AHodge says:

    here let me help you with JPM:)

    http://www.bloomberg.com/news/2012-05-22/jpmorgan-said-to-hire-ex-sec-enforcement-chief-mclucas.html

    QUOTe Investigators may focus on how JPMorgan disclosed the risk of losses, SEC Chairman Mary Schapiro said today in congressional testimony. The agency is studying the veracity of JPMorgan’s first-quarter reports, she said.
    McLucas, a Washington-based partner at law firm Wilmer Cutler Pickering Hale & Dorr LLP, led the SEC’s enforcement division from 1989 to 1998. THEN (my addition) He represented board committees in the collapses of Enron Corp. and WorldCom Inc. McLucas, 61, didn’t reply to a phone call and e-mail seeking comment.

    Oooooh this is gonna be good
    or maybe not with the SEC in charge

  4. AHodge says:

    i have been guessing some of this above and yet undeclared JPM losses are unmarked from the first quarter and maybe before
    they could check on the prices they dealt to THEIR OWN HEDGE FUND 1Q which i have on good authority are mismatched

  5. Bill in SF says:

    Silicon Valley tech exec accused of Lego thefts

    Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2012/05/22/state/n111212D46.DTL#ixzz1vdOmSxzc

    See what moral hazard has wrought! But, really; Legos!!! Wouldn’t he have more easily gotten away with buying cheap toilet seats or oil pans and then reselling them to the defense department?

  6. TLH says:

    Let’s see. It is illegal for Walmart to pay bribes in Mexico. It is perfectly legal for banks to bribe our representatives in this country.

  7. rd says:

    One of the biggest propaganda lines out there is that “50% of the population don’t pay income taxes.”

    About one-half of federal spending is on Social Security and Medicare. This is covered by payroll taxes, not income taxes. Wage and salary earners pay these, not people with capital gains, dividends, and interest so there is a direct tax on income to more than cover half of the spending that does not get covered under “income taxes”.

    Additionally, the government further obsucres this payroll tax by having half it it paid by employers on the employees behalf. the only time this comes out in the open is when you are an “independent contractor” and you have to pick up the other half. At that moment, this person who may not be paying “income tax” has the same tax rate as Mitt Romney. Any “income tax” would be on top of this rate, thereby creating a tax on their payroll income that substantially exceeds Mitt’s and Warren’s tax rates.

    These obfuscations and propaganda lines mean that the US is virtually incapable of having an intelligent debtate about its tax system.

  8. DeDude says:

    Why did the black guy get so little. They always put in a token black and then they treat him like he isn’t a member of the club.

  9. MorticiaA says:

    http://www.huffingtonpost.com/2012/05/22/google-ceo-larry-page-charlie-rose_n_1535683.html

    Google CEO Larry Page’s comments regarding Facebook.

    http://movies.nytimes.com/2012/04/27/movies/bernie-with-jack-black-and-shirley-maclaine.html

    If you get a chance to see the latest Jack Black / Richard Linklater film, “Bernie,” do so as soon as you can. It’s a true-life murder story – and it’s a comedy.

  10. Singmaster says:

    Morgan Stanley may have shared an analyst’s negative reports with some institutional investors but not others ahead of the social networking firm’s high-profile IPO last week, according to news reports.
    http://www.latimes.com/business/money/la-fi-mo-morgan-facebook-20120522,0,5956937.story

  11. Jojo says:

    Wall Street struggles to find Facebook’s worth
    22 May 2012

    NEW YORK (Reuters) – In its three days of trading, Facebook’s stock has dropped 18 percent from its $38 issue price. For the thousands of investors that bought at the IPO, that’s bad enough, but one analysis of its earnings prospects suggests it could get a lot worse – more like $10 a share.

    Setting aside the hype and the cultural phenomenon that is the online networking site, Facebook Inc would be fairly priced at $9.59, according to the smattering of Wall Street estimates analyzed and modeled by Thomson Reuters StarMine.

    Data from six brokerages modeled by StarMine forecast the company’s estimated annualized earnings growth over the next 10 years at 10.8 percent. That’s almost exactly the mean for the technology sector and far below the 24 percent growth rate implied by the current stock price.

    http://news.yahoo.com/wall-street-struggles-facebooks-worth-204757844–sector.html

  12. Ridge Runner says:

    Partial tables like this, which are very selective in reporting payouts to ‘targeted’ candidates, tell me nothing useful since political investors tend to ‘buy’ on both sides of the aisle, for example – -http://hotair.com/archives/2012/05/22/guess-who-got-the-most-private-equity-money-in-2008/ . This data filtered through a partisan lens might become useful information if arranged with a complete listing of bankster payouts to all the candidates, including conversions to percent of total campaign spending by each of the candidates. As it is, the partisan axe is grinding loud and clear.

  13. James Cameron says:

    “Portland is No. 1 for bike commuting in the U.S., according to 2010 Census figures for cities with more than 250,000 workers. A study of the data by Bloomberg Rankings shows that bicycles carry 5.4 percent of workers in Portland, ahead of second-place San Francisco, at 3 percent. Seattle is third at 2.8 percent, and Washington, D.C., is fourth, with 2.2 percent.”

    Portland Is Top Bike-To-Work City As Lawyers Hit Street

    http://goo.gl/c7aqG

  14. Oral Hazard says:

    Mass. subpoenas Morgan Stanley in Facebook case
    In a statement Tuesday, Secretary of the Commonwealth William Galvin said his office is investigating whether Morgan Stanley divulged to some clients that its analyst had cut his revenue estimate for Facebook.

    http://www.boston.com/business/articles/2012/05/22/mass_subpoenas_morgan_stanley_in_facebook_case/?p1=News_links

  15. willid3 says:

    Germany really really doesn’t want Greece (or any of the current problem children) to leave.
    as the slow bank run that is happening as folks move their money from local banks to German banks. means that the ECB is having to step in to replace all of those deposits (just like any central banks has to. or a real bank run in the old style will happen). but that bank run is causing a huge buildup of risk in the ECB. because if the problem children leave, it cause major headaches for the ECB as immense loses happen
    http://www.nakedcapitalism.com/2012/05/why-the-germans-probably-wont-allow-greece-to-exit-the-euro.html

  16. willid3 says:

    the commencement speech that will never happen
    http://blogs.berkeley.edu/2012/05/21/the-commencement-address-that-wont-be-given/

    nobody will tell the new college graduates (who also have the largest student loans, $1 trillion and counting and the total of these loans now exceeds credit card debt) that for their 4 years of work, that Last year’s young college graduates lucky enough to land jobs had an average hourly wage of only $16.81, according to a new study by the Economic Policy Institute. That’s about $35,000 a year – lower than the yearly earnings of young college graduates in 2007. and while it might better this year, its not that much better

    http://blogs.berkeley.edu/2012/05/21/the-commencement-address-that-wont-be-given/

    the problem is the college debt. and the fact that even with a degree enabling them to make almost %70 more than those without over their life times, they are far behind the starting block at the beginning.
    and this is a big problem for the US economy going forward, cause most well paying work requires a degree. and without a highly educated work force, the US wont be able to compete any more and the stgandard of living will fall even further.
    course at the current rate of dis-investment by states and local government, the cost of education will sky rocket and make the cost prohibitive

  17. VennData says:

    SEC, FINRA to review Facebook issues

    Defenses notwithstanding, Barry Ritholtz, a widely followed financial blogger and the chief market strategist at Fusion IQ in New York, took all sides – Facebook, Morgan Stanley and Nasdaq – to task in the sharpest terms on his blog Tuesday. “Thus, what we see are a series of bad decisions made by Facebook’s executives going back many years. The insiders got greedy, too clever by half, in how they used secondary markets. They picked a bad banker and an awful exchange,” Ritholtz said.

    http://www.reuters.com/article/2012/05/22/us-usa-markets-facebook-idUSBRE84L0PE20120522

    Get gov’t off my back! Oh well, I mean not now, I mean this is different… this is real money, not some regulatory burden to – blech! – protect people. This is capital we’re talking about!

  18. Iamthe50percent says:

    To alexanderdelarge,

    Re; What about Union contributions?
    What does that have to do with anything? Unions didn’t get trillions of dollars in TARP money. I’s be delighted if they had, but the point is that the TBTF’s get government money then give it to Congressmen. Unions give VOLUNTARY (NOT dues money) contributions to Congressmen, but NONE of that came from forced dues or the federal government. It is not equivalent or germane.

  19. stonedwino says:

    BR: “My afternoon train reading:”…Hey man, how long is the freaking train ride? Geez….I love some of your reading choices, but that’s more reading than a loooong train ride.

  20. Mike in Nola says:

    The Sinofsky post is interesting although I couldn’t bring myself to trudge through the whole thing. The guy writes novels, not blog posts, burying important stuff a couple of thousand words in.

    I think the full screen, one-at-a-time Metro apps reflect how most people use their computer. I always have half a dozen things running, but my wife closes each program when she goes to the next. Drives me crazy and I try to explain that she doesn’t need to do that but it does no good. I suspect most people are like that and the Metro interface is acknowledging that.

    You can see by the number of negative comments that a lot of the old timers really don’t like the idea of a new interface and it looks like this post is an attempt to take that attitude head on. As he points out, a lot old timers didn’t think leaving DOS behind was necessary and later didn’t like the desktop interface that’s been around for a decade or more. Sinofsky is taking the Steve Jobs approach: get used to it.

    You can also see that a great many of the negative comments are from people who haven’t tried the new interface. I tried it and it ain’t bad. If you want to use it like Windows 7 or XP (which I suspect a lot of the complainers still use) you can pretty much do that once you learn a few new controls, the main problem being that they didn’t supply a good tutorial with the preview releases. It runs old apps fine: Office, photoshop, etc.

    An unintentional irony was one of the comments about how changes to the OS was why no one is buying Windows Phone. It was acutally bad marketing which Nokia to slowly reversing. Recently, The Woz praised it and more recently, the Nokia Lumia 900 is Consumer Reports recommended phone for Grads and Dads.
    http://news.consumerreports.org/electronics/2012/05/top-7-electronics-gifts-for-dads-and-grads.html

  21. brianinla says:

    Iam50%: clearly not the case for public unions. Those employees get paid from the government, who then pay unions dues, and those unions give bribe money back to the politicians. So the politicians get to feed from multiple sources. And don’t act like unions don’t get bailed out year after year when they want to raise taxes because ‘it’s for the children’.

  22. socaljoe says:

    No doubt Congress is for sale… by I doubt it would come that cheap.

  23. Mike in Nola says:

    Re: patent wars

    Today one ITC judge recommended banning imports of Xboxes; another recommended banning Android phones.
    Great comment by a user named Howitzer86 on the Xbox story:

    “America 2050 – all new electronics are banned by the courts due to The Great Patent War of 2012-2034. All tech companies subsequently move overseas. America reduced to a Cuban-like lifestyle of using and maintaining decades old technology. The native population, prevented from selling their electronic possessions on the market, are forced instead to secretly trade them for goods and services, or pass them down over the years to relatives.”

  24. Bob is still unemployed   says:

    Patents & the Tea Party:

    Once lawyers become the central force in anything; innovation stops, and defensive maneuvers start.

    The patent system is currently being grossly abused, abdicating the original purpose of patents.

    Why isn’t the Tea Party railing against the abuse of the patent system? Isn’t the Tea Party in favor of propagating the intent of our Great Constitution?

  25. Mike in Nola says:

    Bob: I assume that you are smart enough that those are merely rhetorical questions :)

  26. alexanderdelarge says:

    Iamthe50percent Says:
    To alexanderdelarge,

    Re; What about Union contributions?
    What does that have to do with anything? Unions didn’t get trillions of dollars in TARP money. I’s be delighted if they had, but the point is that the TBTF’s get government money then give it to Congressmen. Unions give VOLUNTARY (NOT dues money) contributions to Congressmen, but NONE of that came from forced dues or the federal government. It is not equivalent or germane

    Iamthe50percent Says,

    Why the Unions post ? As a longtime BR reader I’ve learned to try to look at all sides of the equation, or, to try and look for bias’s, hidden interests, etc.
    So, when BR posts the very informative inforgraphic re the TeaParty congressional folks and how they’ve rcvd $$ from the banksters…. i ask, who else is bought and paid for on the Hill.

    Survey says = Unions.

    Let’s look at your line here ” but the point is that the TBTF’s get government money then give it to Congressmen “.

    Where do Public sector unions get their $$ ? The taxpayer. And who is fist deep in helping the unions to negotiate their salaries, pensions, etc. ? The local government ( town, county, state, etc. )
    And who do the public sector unions Overwhelmingly support with votes and $ donations ?
    Democrats.

    Here’s another fun one “Unions didn’t get trillions of dollars in TARP money “. Right, they did not.
    But, they benefitted massively from the ‘Stimulus’ and the 2 of the 3 legacy car companies and the UAW benefitted massively from the administrations ‘saving the auto industry.’

    My point is that i wish BR would post both the Tea Party / GOP data on who contributes to them, and right along side that post the contribs from the UAW, SEIU, the Teachers unions, AFL-CIO, etc.

    Good day.

  27. DarthBeta says:

    @ brianinla & alexanderdelarg
    PLease clarify what you mean by public sector unions
    Are you refering to teachers, police and fire? Or are you refering to situations where government employees are also union members?
    Do you know the difference?

  28. VennData says:

    Now, if a Democrat put together a stupid bill like this to force people to not be anon. Online, the GOP in New York would be howling that ‘All the blogs will leave New York!’ ‘This is anti-business!” “Hurting the people that create the jobs!”

    http://assembly.state.ny.us/leg/?default_fld=&bn=S06779&term=2011&Text=Y

    But since it’s the GOP, you don’t hear their silly spin jobs.

  29. alexanderdelarge says:

    DarthBeta Says,

    I’m referring to any union representing ‘public sector’ employees.

    In my mind this includes, teachers, police, fire, dpw, local – state – federal employees, etc.

    You ask if i know the difference…. i’m guessing your point is that a person who works for the government has to join a union… is that it ? Or, is that a point you’d make ?

    And… ?

    This debate stemmed a list of TP Congress-folks who rcv money, and we’re to assume in return do the bidding for these donors / banks. My point is that public sector unions donate / influence / get bills passed and the system rigged as much in their favor / buy and pay for their congressional bidders right along with any other interest / lobbying group.

    In fact i think they are more embedded in the system and have greater advantage when it comes to harnessing taxpayer $$ + their voter turnout machines + the natural monopoly of most of their services to effect their desired outcome(s.)

    That includes, to me, govt workers who have to join the union. Same set up. Paid by the taxpayer ( govt ), negotiate pay / benefits / pension, and the union donates $$ back to their favored DNC reps ( and some GOP’ers ) to sweeten deal / outcomes for all.

    Hope that helps. Thanks, AD

    Thanks