A Former Investment Banker & Plan B

I thought that this piece on McSweeney’s was pretty funny. It’s about a failed investment banker turning to his plan B, law school.

Dubai Is Finally Bankrupt

After years of spouting nonsense about being a liberal haven, as well as a tax haven, financial megalopolis Dubai is bankrupt. The city built on slave labor is finally as bankrupt as its morals.

Klepto Capitalism

I came across this term while catching up on my 3QD posts. Klepto capitalism makes a lot of sense and it describes corporate America very well. How can a company pay its workers $50,000 per annum and give its top execs millions, if not billions, of dollars each year? I think that the worst culprits are in the financial sector, especially in merchant banks and investment banks, with their bloated end-of-year bonuses often going into millions. Even with the economic downturn, these ultra-rich are getting richer.

Klepto Capitalism (n.) — an economic system where publicly traded corporations are run not to produce value for shareholders but to provide obscene amounts of wealth for CEOs and top executives.

What we have in the United States is no longer capitalism but klepto-capitalism: a system where publicly traded corporations are run not to produce value for shareholders but to provide loot for a new class of corporate mega-thieves.

★

How Financial Problems Have Plagued Annie Leibovitz

A great 8-page article in the NY Mag. She’s had to “leverage” the body of her work to secure loans. She’s in debt for over 24 million. It’s kind of sad that such a great artist allowed her ego to rule her finances, and essentially bankrupted her. Art Capital is the company who financed and consolidated all of Leibovitz’s debts. They are the only company entitled to sell her work and even if she is able to repay the 24 million, she will have to give them 22.5% of all of her earnings for the next two years. If she defaults, it’s 50%.

Typhoon Weather

Today was an OK day. Yesterday, there was some strange horizontal rain without any rainclouds, followed by a 2AM earthquake, 3 on the Richter scale. I was about 5 minutes late on my usual schedule, but wasn’t late for work. I’ve come to realize that I need to manage my time more effectively if I want to have time to do everything that I have to.

Interview with an Anonymous Head Fund Manager

Part 1 and part 2 of an interview with an anonymous head fund manager about the current state of the economy. (via noah)

How We Can Stop To Worry About The Recession

A great article by Manisha Verma over at 3QDaily about what we could do to improve the economic situation, with some great ideas and thoughtful analysis.

Ways to Save Money after the Economic Meltdown

Bruce Feirstein in Vanity Fair on how to start cutting costs to save money. #1 is to cut down on your costly iPhone plan. #2 is to cut down on your monthly cable bill. Funny, I don’t have either.

Americans Squatting in their Foreclosed Homes

Some families are moving right back into their foreclosed houses. And why shouldn’t they?

Capitalism Sucks By TMCM

Capitalism Sucks webcomic strip by Too Much Coffee Man.