U.K. Wants EU to Block Russia From SWIFT Banking Network
Bloomberg – 16 hours ago
The U.K. will press European Union leaders to consider blocking Russian access to the SWIFT banking transaction system under an expansion of sanctions over the conflict in Ukraine, a British government official said.
Business Insider: The UK Has A Plan To Cut Off Russian Businesses From The Rest Of The World
@GTCost: Sure, hit Russian grandmothers & families… RT @BloombergNews: U.K. moves to sever Russia from international finance: [link]
@jsphctrl: Link to Bloomberg’s story on UK pressing for Russia SWIFT block: [link]
@BBC_Joe_Lynam: UK will be pressing fellow EU leaders tomw to ban Russia from using the SWIFT payments platform[link]
@fiatcurrency: “@ljuti: Meanwhile, an escalation on diplomatic front. U.K. Wants EU to Block Russia From SWIFT Banking Network [link]”
@IvanTheK: Now THAT’S a red line.U.K. Wants EU to Block Russia From SWIFT Banking Network [link]
@cate_long: And Germany says? "@tomkeene: U.K. Wants EU to Block Russia From SWIFT Banking Network [link] [link]
@Pawelmorski: RT @IanWishart: U.K. Wants EU to Block Russia From SWIFT Banking Network [link] by @RobDotHutton and @ianwishart
New York City Welcomes Fancy New Denny’s — With $300 ‘Grand Slam’
Wall Street Journal – 12 hours ago
Forty-five minutes after Denny’s opened its first New York City restaurant in Manhattan at 5 a.m. Friday morning, "America’s Diner" got its first order for Dom Perignon.
@BCAppelbaum: WTF? RT @moorehn: Denny’s opens in Manhattan: copper ceilings, Edison lighting, and a $300 Grand Cru breakfast [link]
@bespokeinvest: RT @WSJ: NYC’s first Denny’s has opened, complete with a $300 version of its signature breakfast. [link] [link]…
@danprimack: If this is Denny’s, then Hello Kitty really is a young British girl [link]
@AnnieLowrey: RT @moorehn: Denny’s opens in Brooklyn: copper ceilings, Edison lighting, tender steak and a $300 Grand Cru breakfast [link]
@moorehn: Denny’s opens in Brooklyn: copper ceilings, Edison lighting, tender steak and a $300 Grand Cru breakfast [link]
S.E.C. Commissioner Rebukes His Colleagues
New York Times – 10 hours ago
Luis A. Aguilar issued a surprising dissent that sharply criticized an enforcement action against two senior executives of an information technology company and questioned the agency’s aggressiveness.
Vice Media nears sale of stake to A&E
Financial Times – 12 hours ago
Vice Media is finalising the sale of a 10 per cent stake to A&E Networks, the cable television group jointly owned by Walt Disney and Hearst Corporation, in a deal valuing the digital media company at $2.5bn. The sale could be announced as ...
@felixsalmon: Whoa if true RT @pkafka: FT says @vice will sell 10% stake to A&E (Disney + Hearst) for $250mm. [link]
@ryanchittum: RT @pkafka: FT says @vice will sell 10% stake to A&E (Disney + Hearst) for $250mm. [link]
@FGoria: Vice Media nears sale of stake to A&E [link]
@ericjackson: RT @pkafka: FT says @vice will sell 10% stake to A&E (Disney + Hearst) for $250mm. [link]
JPMorgan Hackers Came In the Front Door -- in June. Two Months of Mayhem
Bloomberg – 18 hours ago
Hackers burrowed into the databanks of JPMorgan Chase & Co. and deftly dodged one of the world’s largest arrays of sophisticated detection systems for months.
@MichaelKitces: Months!? Multiple zero-day exploits! RT @BloombergNews: Hackers deep in JPMorgan’s databanks, stayed for months: [link]
@JohnLothian: JPMorgan Hack Said to Span Months Via Multiple Flaws - Bloomberg [link]
@Techmeme: JPMorgan Hack Said to Span Months Via Multiple Flaws (Bloomberg) [link] [link]
IMF Completes First Review Under Stand-By Arrangement for Ukraine and Approves US$1.39 Billion Disbursement
imf.org – 15 hours ago
@SpiegelPeter: #IMF on releasing $1.4bn to #Ukraine: "Govt persisted in taking difficult measures despite volatile political sit" [link]
@GTCost: RT @russian_market: Lagarde really said that? “@IMFNews: IMF approves US$1.39 billion disbursement for Ukraine [link]” http…
@jsphctrl: IMF: Ukraine programme "continues to hinge crucially" on assumption that eastern conflict ends soon. [link]
@JamesGRickards: Breaking: #IMF disburses $1.4 billion to #Ukraine [link]. I’m sure that was on the merits, nothing to do with politics.
Migration Isn’t Turning Red States Blue
fivethirtyeight.com – 17 hours ago
Last week, The New York Times’s Robert Gebeloff and David Leonhardt published an article, "The Growing Blue-State Diaspora," which made the case that transplants from blue states are making red sta...
@M_C_Klein: "intra-country migration could be contributing to political polarization rather than making states more purple" [link]
@Neil_Irwin: This is kind of a sad little regression. [link] [link]
@mccarthyryanj: Have to agree with @FiveThirtyEight that Blue state migration thesis is overstated [link]
@DLeonhardt: Worth reading Harry and Nate, as always: [link]. We still like our conclusion. Eg N.C. in 2012: [link]
@Richard_Florida: Migration Isn’t Turning Red States Blue - @FiveThirtyEight - [link]
Is Owning Overrated? The Rental Economy Rises
New York Times – 17 hours ago
Entrepreneurs say the new way of consuming is part of a growing, post-recession movement to value experiences over possessions.
Why are Venezuela’s supermarkets so empty?
Washington Post – 13 hours ago
It’s Econ 101: Price controls cause shortages
Philippe Selendy: the man who took on Wall Street
Financial Times – 17 hours ago
After four exhausting years, the American lawyer and a federal agency have done what very few thought possible: got the banks to start paying – $20bn to date – for their part in the 2008 financial crisis.
@NickTimiraos: Nice profile in the FT of Philippe Selendy, the lawyer who oversaw the FHFA’s successful lawsuits against Wall Street [link]
@ryanchittum: “Compared with the $20bn FHFA tally… the Securities and Exchange Commission has recovered only $3bn in fines” [link]
@nasiripour: Tremendous profile by @TBraithwaite & @KaraScannell of the man who is making Wall Street pay. It’s not Eric Holder. [link]
@petereavis: Didn’t FHFA/Selendy have important legal advantages not enjoyed by other govt. agencies, like the SEC? [link]
About David Tice’s 60% Crash Call . . .
The Big Picture – 21 hours ago
He has repeatedly made the same crash call, while his fund has dropped about 2/3 since 2008, and the S&P has tripled.
The billion-dollar fall of the house of Espirito Santo
Reuters – 23 hours ago
By promising that the bank stood behind the holding company’s debt, Salgado ignored a directive from Portugal’s central bank to stop mixing the lender’s affairs with the family business. The guarantees were also not recorded in the bank’s accounts at the time, which is required by Portuguese law.
@davidenrich: Espirito Santo boss Salgado argued not to disclose company’s mounting problems. [link] very nice by @aagalloni et al
@YanniKouts: ’The billion-dollar fall of the house of Espirito Santo’, @Reuters special report: [link] #Portugal #ECB
@mccarthyryanj: How do regulators miss Portugal’s largest bank failing years *after* the country gets a $78B bailout? [link]
@davidmwessel: There’s a movie or novel to be done from Portugal’s Espirto Santo saga. Reuters: [link] WSJ: [link]
@davidgaffen: RT @specialreports: The tale of a collapsed Portuguese bank, a family empire and 2 letters of “comfort” [link] .@Reuters ht…
Hedge Funds Hunting Clues in Treasury Tax-Inversion Limit
Bloomberg – 1 day ago
Tax lawyer Robert Wellen’s telephone keeps ringing with calls from hedge-fund executives he’s never met.
Here Is The City: US regulators still suing HSBC and Nomura over Fannie and Freddie
@JacobWolinsky: RT @ReformedBroker: Hedge funds think the White House / Treasury’s stance on inversions is adorable / hilarious [link]
@ReformedBroker: Hedge funds think the White House / Treasury’s stance on inversions is adorable / hilarious [link]
Reformed Broker: Hot Links: Goodbye Summer
@hedge_funds: Hedge Funds Hunt for Clues in Treasury Tax-Inversion Limit - Bloomberg [link]
Gillian Tett’s Astonishing Defense of Bank Misconduct
Naked Capitalism – 1 day ago
Today’s column, "Regulatory revenge risks scaring investors away," is a vivid example of Gillian Tett’s professional devolution.
@retheauditors: RT @TyHealey: Gillian Tett’s Astonishing Defense of Bank Misconduct [link] I might refrain from disappointing Yves... ever…
@cate_long: RT @danwilchins: Are banks being over-charged for their sins? [link] Yves Smith says, "no." [link]
@Kiffmeister: Gillian Tett’s Astonishing Defense of Bank Misconduct #NakedCapitalism [link]
The Geography of Foreign Students in U.S. Higher Education: Origins and Destinations
brookings.edu – 19 hours ago
In an analysis of new data, Neil Ruiz tracks the local origins, size and growth rate of the foreign student population across the United States by metropolitan area. He finds that foreign students attending U.S. colleges and universities o...
@davidmwessel: Half the foreign students in US are from China, India or Korea [link] [link]
@raju: The geography of foreign students in American universities, via @BrookingsInst [link] h/t @DigitalAnika cc @IIEglobal
@chinahearsay: RT @raykwong: The Geography of Foreign Students in U.S. Higher Education: Origins and Destinations. [link]
@Richard_Florida: The Geography of Foreign Students in the US - @neil_ruiz @BrookingsMetro - [link] [link]
Italian doctor works just 15 days in nine years
The Telegraph – 21 hours ago
Sicilian doctor under investigation after taking leave for training courses, illness and family, but denies wrongdoing
@GTCost: RT @5_min_macro: Eurosclerosis ate my future: a continuing series: [link] Sicily has 26 000 forestry workers; more than Bri…
@FGoria: RT @Simon_Nixon: Italian doctor works just 15 days in nine years | via @Telegraph [link] > this is why euro zone needs QE, …
@Simon_Nixon: Sicily vet on state contract required to work just 1 minute/week. Maybe with euro zone stimulus can make it 2? [link]
@mhewson_CMC: Italian doctor works just 15 days in nine years | via @Telegraph [link]
The criminalisation of American business
The Economist – 1 day ago
WHO runs the world’s most lucrative shakedown operation? The Sicilian mafia? The People’s Liberation Army in China? The kleptocracy in the Kremlin? If you are a...
@Alea_: Companies must be punished when they do wrong, but the legal system has become an extortion racket [link]
@davidmwessel: RT @TheEconomist: This week’s cover previews:UK and Europe [link] Americas and Asia Pacific [link] htt…
@Ian_Fraser: RT @TheEconomist: This week’s cover previews:UK and Europe [link] Americas and Asia Pacific [link] htt…
@MichaelKitces: RT @TheEconomist: The criminalisation of American business is bad for the rule of law and for capitalism [link] http://t.co…
Social sciences suffer from severe publication bias
nature.com – 1 day ago
Survey finds that ‘null results’ rarely see the light of the day.
@pkedrosky: Severe publication bias in the social sciences, and its consequences [link]
reddit/Economics: Social sciences suffer from severe publication bias : Nature
@Noahpinion: RT @mc_hankins: "Social sciences suffer from severe publication bias" says Nature[link] [link]
@Richard_Florida: RT @pkedrosky: Severe publication bias in the social sciences, and its consequences [link]
@MarkThoma: Social Sciences Suffer from Severe Publication Bias - Scientific American [link]
@JustinWolfers: Publication bias, big time. Quantified: [link]
London Property Market Falters on Price Resistance
Bloomberg – 16 hours ago
London’s property market stagnated for a second month in August as buyers became reluctant to accept high asking prices amid the prospect of increasing borrowing costs, Hometrack Ltd. said.
The forced flight of the creative class
The Economist – 19 hours ago
THE number of foreign students at universities in America reached a new high of 819,644 last year. Many of them came from China on F-1 visas, which are reserved for...
@davidmwessel: RT @robertguest1: The US educates brainy foreigners, then expels them [link] @neil_ruiz @BrookingsInst [link]…
@petercoy: RT @robertguest1: The US educates brainy foreigners, then expels them [link] @neil_ruiz @BrookingsInst...
@Richard_Florida: The Forced Flight of the Creative Class - @TheEconomist - [link] [link]
Listing Price Drops Will Help Drive a Fall Surge in Home Sales
redfin.com – 15 hours ago
Homebuyers who have been willing to wait for better deals are starting to be rewarded for their patience, as sellers drop listing prices to meet buyers’ more value-focused expectations. Read More