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Friday, February 18th, 2011Philosophers Take On the Ethics of Big Banker Bonuses
Friday, February 18th, 2011
You may have an opinion about the compensation practices of Wall Street firms, but what would Aristotle do?
We had to look across the pond to get an answer, but the BBC has done a pretty bang-up job of using classic philosophy to talk about modern issues. And the comments below the story are just fantastic.
Aristotle aside, what do you think about the big bonuses? Does your opinion change after reading the article?
Aging Giant Kodak Turns To Lawsuits For Revenue
Wednesday, February 16th, 2011
photo credit: joost j. bakker
Kodak used to be King of Cameraland, but then the digital boom destroyed the darkroom. What happens to a successful company when its industry all but disappears?
- As the end of the film camera approached, Kodak changed its focus to digital technology and printers. But it’s been a long, hard road.
- Kodak products aren’t flying off the shelves these days, but the company does have one huge thing going for it: It owns more than 1,000 patents on digital imaging technology.
- Kodak technology is behind almost all digital cameras produced today – including iPhones and Blackberries.
- That’s no small thing, so Kodak has been fighting hard for its share of digital imaging profits. It’s currently suing Apple and Research in Motion (which makes the Blackberry) over alleged patent infringement.
- The U.S. International Trade Commission just ruled that Apple and Research in Motion did not violate any patents, but Kodak is going to keep fighting. What else can it do?
Facts & Figures
- The Eastman Kodak Co. is 130 years old
- Kodak has successfully negotiated $550 million in royalties from Samsung and $414 million from LG Electronics
Best Quote
“We fully expect the ITC commission will ultimately rule that the patent claim at issue is valid and infringed by Apple and RIM.” – Laura Quatela, Kodak’s chief intellectual property officer
What do you think?
Can you think of any old giants like Kodak that have reinvented themselves to be successful today?
China Sells Off Part Of Its Piece Of The American Pie
Wednesday, February 16th, 2011“WASHINGTON — China, the biggest buyer of U.S. Treasury securities, reduced its holdings in December for the second straight month.
Overseas demand for Treasurys helps lower the interest rate the U.S. government pays on its debt. If the United States had to finance its debt through U.S. investors alone, the government would have to pay higher rates. American companies and consumers would also pay higher rates.”
What do you think?
Remember when we asked about the U.S. back-up plan on the off chance our biggest foreign debt holder decided to sell off our Treasury bonds? Well.
Maybe they’re just rebalancing their national portfolio. Or following the age-old rule of “don’t put all your eggs in one basket?”
Bet You Didn’t Know: The U.S. Still Manufactures 40% More Stuff Than China
Friday, February 11th, 2011“WASHINGTON — U.S. factories are closing. American manufacturing jobs are reappearing overseas. China’s industrial might is growing each year.
Yet America remains by far the No. 1 manufacturing country. It out-produces No. 2 China by more than 40 percent. U.S. manufacturers cranked out nearly $1.7 trillion in goods in 2009, according to the United Nations.
The story of American factories essentially boils down to this: They’ve managed to make more goods with fewer workers.”
What do you think?
What if higher production adds up to fewer jobs? Is efficiency always a good thing?
How often do you see “Made in U.S.A.” on the products you buy? How about “China?”
J.P. Morgan Will Take Your Gold Booty
Wednesday, February 9th, 2011
If gold is the same thing as cash, why can’t you use your gold medals to pay for coffee?
- 40 years after the U.S. dollar stopped being backed by actual gold, JP Morgan is saying that if you’ve got enough of the metal, it will trust you with a loan. From now on, some of their clients will be able to use their gold holdings as collateral* on certain loans.
- This is kind of a big deal. It means that the bank thinks gold, cash, and (super-low-risk) U.S. Treasury bonds are all equally safe bets.
- For a long time, investors stayed away from gold. There weren’t that many gold buyers around, so if you suddenly needed to sell your gold for cash (to buy that cup of coffee, maybe), it would take too long.
- Supporters of the gold-as-collateral decision say that gold is a stable, real-life source of value that can be relied upon no matter how the economy changes. Skeptics point out that the price of gold changes every single day on the commodity market.
*Collateral is something of value (e.g. your house, your credit card, your firstborn) that you give to a lender until you’ve repaid your debt. If you don’t repay your debt, the lender gets to keep whatever you’ve put up as collateral. For instance, if you loan your friend $10, you can keep his sunglasses as collateral until he gives you the money back.
Facts & Figures
- More than $100 billion in trade occurs in the gold market every day
- Former U.S. President Nixon stopped backing up the dollar with real gold in 1971
Best Quote
“When a bank, such as J.P. Morgan, is willing to extend collateral value against an asset such as physical bullion, it shows that they are not worried about the liquidity issue if they might take the collateral over or they have to liquidate the collateral.” – Frank McGhee, Head Precious Metals Trader, Integrated Brokerage Services
What do you think?
Does an old-fashioned form of currency like gold have a place in today’s plastic society? Do you know if there’s any gold in your investment portfolio?
Want to go to the World Economic Forum in Davos? Bring your credit card (or bags and bags of gold).
Thursday, February 3rd, 2011
Andrew Ross Sorkin did the homework none of us wanted to do, and came up with an estimate of how much an evening in Davos will cost if you’re lucky enough to be invited to the WEF this year.
Some highlights:
- One ticket in the nosebleed seats (including membership fee): $72,000
- A ticket for you and four of your best cronies: $622,000
- Number of your cronies who must be a woman for any of you to get in: 1
- The cost of Google’s party on Friday night: $250,000
And still: “You always feel like you are in the wrong place in Davos, like there is some better meeting going on somewhere in one of the hotels that you really ought to be at. Like the real Davos is happening in secret somewhere.“
So, just wondering… what do you do if you can’t afford any of that?
23-year-old entrepreneur Zach Vruwink takes a different view of investing
Thursday, February 3rd, 2011TILE showed up for part of the Global Student Entrepreneur Awards at the New York Stock Exchange this October, and we met some young folks who made us feel bad about sleeping through college.
Zach started a tech support business when he was 14 years old. Since then, he’s followed his heard and stuck by his values, and now that small business has absorbed several others in the area and is on its way to total. market. domination. Watch this clip to see where he’s coming from:
Watch the oh-ficial GSEA 2010 recap video here. To see all our GSEA interviews, click here.
Foursquare Users In North Korea, Rest Of The Entire World, Checking In And Earning Badges
Thursday, February 3rd, 2011“Popular mobile check-in application Foursquare today announced that it grew 3400% in 2010. The company now stands at 6 million users.
Other interesting stats include more than 381 million total check-ins accounting for every country (including North Korea) as well as a check-in from space. California also appears to have the most fit Foursquare users, being the top state for gym check-ins.”
What do you think?
How awesome are these infographics? A check-in from space?!
Financial Crisis Inquiry Commission: Stop Fighting, Guys – It’s Everyone’s Fault
Thursday, February 3rd, 2011“The 2008 financial crisis was ‘avoidable’ and brought on by the actions of government officials and private-sector players, according to a blue-ribbon panel’s draft report that spreads blame broadly for the meltdown.
The Financial Crisis Inquiry Commission’s draft report singles out federal banking regulators for particularly sharp criticism, saying that ‘the prime example’ of the system’s shortcomings was ‘the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages’ over the past decade. But the report also has harsh words for both ‘captains of finance’ and Main Street lenders.”
What do you think?
Who do you think has earned more blame for these bad business decisions – businesspeople or the regulators that are supposed to be setting and enforcing regulations? How have you been affected by the financial crisis?