dogs

Among other things! Like “I have some work to do, let me just set up this laptop in front of the bed.” Read more »

A former Morgan Stanley investment manager accused of secretly videotaping romps with three women claimed the camera was only intended to monitor his pooch. “I have this camera set up in my apartment to watch my dog when I’m not there,” John C. Kelly told investigators on Feb. 26, according to court papers made public Thursday. “It’s on and sometimes stays on. So I accidentally recorded myself having sex because it’s always recording.” … Daniel Parker, the defense lawyer for one of the victim’s, said Kelly posted the illicit videos on Internet sites. “He used an elaborate system of surveillance using multiple devices in both his bedroom and their homes,” said Parker. “He left a trail and it was on YouTube and Vimeo.” Kelly used a hidden camera, a web cam and a stealth phone app to film the women engaged in various sexual acts. He even installed a hidden camera in the bookshelf of his East 69th Street apartment, Park said. [NYP]

  • 03 Sep 2013 at 12:49 PM

Bank of America Kicked Labor Day Weekend Off In Style

Bed bug-sniffing dog style. Read more »

STAMFORD, Conn.– As federal prosecutors filed criminal charges against SAC Capital, it appeared to be business as usual outside the firm’s headquarters at a suburban office park about an hour northeast of New York City by train…Grace DeVito and her daughter Gaea were walking their dog Ivy and Maggie, a four-month-old German shepherd past SAC, as they do most mornings. DeVito, a 48-year-old portrait artist wearing a straw hat, said it appeared there were more security guards outside SAC than usual…“It’s usually quiet here except for the 8-to-9 and 4-to-6 traffic,” said DeVito, who said she lives nearby and wasn’t aware of the criminal indictment. “It’s a great place to walk around,” DeVito said, adding that she thinks SAC must have a nice cafeteria inside their headquarters, as she can smell good food wafting as she walks by in the morning. [WSJ]

A potential silver lining to finally being arrested Saturday in Florence, if Florian Homm is trying to look on the bright side. Read more »

Most individuals working on Wall Street are good, honest people. But, as with every industry, you will always have your bad seeds. And should you perhaps wake up one morning to find the Feds outside your door, because your best friend sold you out by recording your explicit instructions re: how to dispose of evidence you committed securities fraud, or you were (allegedly) part of a “criminal club” that met regularly to share material non-public information with each other, or you bribed people with lobsters to do your bidding for you, and prison life is not the life for you and you need to come up with a hiding place they’ll never find you, STAT, sand and a cardboard box are a good place to start. Read more »

Ben Bernanke gave another Augustinian give-us-QEn-but-not-yet* speech at Jackson Hole today and you could go read it but honestly why would you, you know what it says, which is “everything is bad, but not as bad as it could be, and we want to make it a bit better, but only once it’s gotten a bit worse.” Moving right along.

To Andrew Haldane’s speech, which is a treat! It is here and its title is “The dog and the frisbee,” so obviously he had Dealbreaker on his side right there. Haldane, the Bank of England’s financial-stability guy, basically argues that while the financial system is complex, it should be regulated simply – “As you do not fight fire with fire, you do not fight complexity with complexity” – just as a dog uses only elementary trigonometry and differential calculus to solve the complex and multivariate problem of catching a frisbee.**

Haldane’s main example of overcomplexity in regulation is risk-based capital regulation, in which the Basel accords have moved from simple leverage tests – common equity divided by total assets – to complicated tests where the numerator is made up of different tiers of capital and the denominator uses risk-weights that are largely driven by the bank’s own models of riskiness. One thing you could do is compare the performance of those measures in the recent crisis, so he did. Here is how Basel risk-based capital did:

That looks bad and also is bad, with no statistically significant difference between banks that blew up and banks that did not. This is just boring leverage: Read more »