Write-Offs: 03.09.12

Publish date:

$$$Greece Deal Triggers $3B in Default Swaps: ISDA [Bloomberg]

$$$What Mr Dalio calls the “timeless and universal” core of his economic ideas is set out in a 20-page “Template for Understanding” that he wrote shortly after the collapse of Lehman Brothers in 2008 and recently updated. The document begins: “The economy is like a machine.” This machine may look complex but is, he insists, relatively simple even if it is “not well understood”. Mr Dalio models the macroeconomy from the bottom up, by focusing on the individual transactions that are the machine’s moving parts. Conventional economics does not pay enough attention to the individual components of supply and, above all, demand, he says. To understand demand properly, you must know whether it is funded by the buyers’ own money or by credit from others." [The Economist]

$$$ Fixed-income traders, whose bonuses were cut last year by an average of 35 percent to 45 percent according to Johnson, are likely to see the biggest percentage gains this year, he said. Fixed-income “is doing better but it’s gone from very poor to poor,” Johnson said. “But that’s a pretty big change.” [Bloomberg]

$$$ A study by Penn State University assistant professor D. Lance Ferris found that the annual shift to daylight saving time, which occurs early this Sunday morning, and its accompanying loss of sleep, drives workers to spend more time than normal surfing the Web, resulting in potentially massive productivity losses. [CNBC]

$$$Slow refunds rile taxpayers [WSJ]

$$$ An American Airlines flight to Chicago was delayed at Dallas/Fort Worth International Airport Friday morning after crew members and passengers had to restrain a flight attendant who began ranting over the public-address system that the plane was going to crash, the Dallas Observer reported...Although another crew member told passengers to disregard her warning, the flight attendant kept ranting about technical problems. According to The Dallas Morning News, she also referred to the airline's bankruptcy reorganization during her tirade. [NYP]

$$$Rubin Says He Has Too Many Dollars 13 Years After Departing U.S. Treasury [Bloomberg]

$$$Dan Loeb Charts Plan to Revitalize Yahoo [Dealbook]

$$$Shia LaBeouf is Hipster Jesus Now [TS]


Write-Offs: 10.01.12

$$$ Ben Bernanke is pretty sure the thing he's doing is not a horrible idea [FRB] $$$ Four Charged in U.K. Insider-Trading Probe [WSJ] $$$ Hedge Fund Jana Partners Takes Aim at Agrium [WSJ] $$$ In Goldman Programmer Case, a Way Around Double Jeopardy [DealBook] $$$ "The idea is that while equity owners - management - are like owners of call options on the assets of a firm (aka the Merton Model), banks are like down-and-out call option owners, because if their book equity goes down too far they will be forced into a fire-sale or liquidated by regulators. This is a barrier option, and has the interesting property that its vega - the derivative of the value of the equity with respect to asset volatility - is negative when it gets close in value to its barrier." [Falkenblog] $$$ Looking at cats on the internet makes you more productive at playing games on the internet [Wonkblog] $$$ Shia LaBeouf rescues sea lion [tv3.ie] $$$ Citi Capital Advisors is looking for a director of hedge funds risk management in New York [DBCC] $$$ DVA, one half of Dealbreaker will miss you [WSJ] $$$ LIBOR may converge with CD rates [Sober Look] $$$ Equity Trading and the Allocation of Market Data Revenue [FRB] $$$ "A Miami-bound American Airlines flight made an emergency landing at JFK when a row of passenger seats became unbolted and dangerously slid around like a carnival ride ..." [NYP] $$$ In urban Taiwan, indoor shrimp fishing is booming [LAT] $$$ "Queens teacher suing city claiming he was beaten up by a first-grader"; the pictures are superb [NYP]