Happy Tuesday morning! Here are some reads to start you off:

• The decline and fall of trading as a money maker for giant banks (Quartz)
• RIP Record Profit Margins (Reformed Broker) see also Help Wanted Signs Are Popping Up in U.S. Cities (Businessweek)
• The Problem with Payments (stratechery)
• On the intriguing drop in commodity correlation (FT Alphaville)
• Bank of America’s Bad Accounting (DealBook) see also Bank of America Lost $2.7 Billion in a Maze of Accounting (Bloomberg View)
• Average U.S. Retirement Age Rises to 62 (Gallup)
• One in ten U.S. bridges in urgent need of repair (Reuters)
• Meet the Secret Fed Cybersecurity Unit Keeping Trillions of Dollars Safe From Hackers (Foreign Policy)
• To Find a Career Like Tim Duncan’s, We Have to Go Back to Kareem Abdul-Jabbar (FiveThirtyEight) see also Shaq’s Still Scoring in Retirement (Businessweek)
• Sunken Gold Untouched for 157 Years Off U.S. Lures Hunter (Bloomberg)

What are you reading?

 

GDP by Industry

Source: Real Time Economics

Category: Financial Press

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3 Responses to “10 Tuesday AM Reads”

  1. jsmfr says:

    More recommended reading (lengthy, but well worth your time):

    http://theamericanscholar.org/solitude-and-leadership/#.U1-94KJj7N5

  2. RW says:

    Sounds like a winning strategy to me.

    The Republican replacement for Obamacare is Fauxbamacare

    …the polls are clear. The American people don’t want Obamacare. However, they like what’s in Obamacare. And they don’t like it when Republicans try to get rid of Obamacare. Brown’s position shows Republicans a way out: a rebranding of Obamacare, accompanied, perhaps, by some vague tweaks and changes to be named later. Fauxbamacare, in other words.

    “No one in this world, so far as I know — and I have searched the record for years, and employed agents to help me — has ever lost money by underestimating the intelligence of the great masses of the plain people.” —H. L. Mencken (often misquoted as, “[N]o one ever went broke underestimating the intelligence of the American people,” and attributed to P.T. Barnum who didn’t say it but sure as hell lived it).

  3. rd says:

    The main takeaway fr me regarding the BoA accounting hiccup is that TBTF accounting is so complex so it is conceivable that a TBTF bank could go MF Global without anybody realizing it until the Fed had to shovel so much money into it that the cash flow would catch their attention.