U.S. Securities and Exchange Commission
On a recent Friday morning, Michael Saylor appeared before a think-tank audience to cheerfully predict the end of the world. Newspapers and televisions? Obsolete in a smartphone-enhanced future. Banks and wallets? Ditto. Textbooks? About to “dematerialize.” Also doomed: Algebra teachers. "We need to eliminate every one of those algebra teacher jobs," Saylor said, waving his iPhone like a wand. "Instead of five hundred thousand average algebra teachers, we need one good algebra teacher.
In a new book, a former Senate insider and lobbying kingpin spills the beans on how Wall Street throws its weight around Washington.
The new questions about Mitt Romney’s sworn version of his 1999 departure from Bain Capital—which seems to contradict statements in SEC filings, testimony given to prove his Massachusetts residency, and corporate annual reports—are causing his campaign such a headache that someone in Romneyland was moved to float Condi Rice’s veep prospects last night as a diversion. The renewed focus on Bain, as I wrote yesterday, vindicates the Obama team’s decision to press forward with its criticisms of Romney’s tenure year despite the much-ballyhooed warnings of the mayor of the 68th biggest city in the
Facebook’s IPO (Initial Public Offering) is projected to value the company at $104 billion. Reportedly, only Visa has had a larger IPO. Only time will tell if Facebook is really worth such an astronomical sum, but one thing about it is not all extraordinary: Its location in the Bay Area. From 1996 to 2006, 9 percent of all U.S. IPOs were headquartered in the San Francisco metropolitan areas--where Facebook is located--and another 10 percent came from the San Jose metro area. The data come from University of California-Davis professor Martin Kenney and his colleague Don Patton.
In the months since Occupy Wall Street pitched its first tents last September, one criticism of the movement has been that it does not offer much in the way of solutions. Enter Occupy the SEC, an Occupy offshoot made up of activists and veterans of the financial sector. Instead of taking the public stand of OWS, they’re using a different tactic: They’ve written a detailed 325-page analysis of the Volcker rule. And, in my view, they’ve got it exactly right. First, some background.
On Monday, a single, ringing court decision gave hope that Wall Street will finally be held to account for its role in causing the financial crisis. Federal District Court Judge Jed Rakoff’s opinion may soon force the SEC, the federal government’s investment regulator, to take big banks to court, rather than continuing to come to terms with them in out-of-court settlements.
University of Florida football fans everywhere are downcast today at the news that former quarterback Danny Wuerffel has been diagnosed with Guillain-Barre Syndrome, an autoimmune disorder where the immune system mistakenly attacks part of the nervous system. The 1996 Heisman Trophy winner was one of the all-time great college quarterbacks, leading the Gators to 4 SEC championships in 4 years, and the 1996 national championship. His NFL career was less successful, however--just 10 starts and 2100 passing yards over 6 seasons--and he retired from the game in 2002.
With Mitch Daniels officially out of the race, Haley Barbour and Mike Huckabee now a distant after-thought, and Newt Gingrich’s campaign running on fumes, pundits of all political stripes are finding it hard to shake a persistent belief that there’s a gaping hole in the Republican presidential field. Indeed, the most frequent theme that keeps cropping up in smart analysis of the current state of play is that the contest cries out for a late-entering, credible southern candidate.
House Oversight Committee Chairman Darrell Issa wants to zero-out federal funding for scientific research that sounds silly to people who watch Fox News. Issa's proposals: AMENDMENT NO. 417: At the end of the bill (before the short title), insert the following: Sec. __. None of the funds made available by this Act may be used by the National Institutes of Health to study the impact of integral yoga on hot flashes in menopausal women. AMENDMENT NO. 418: At the end of the bill (before the short title), insert the following: Sec. __.
The Obama administration’s FY 2012 budget is all about arguing--perhaps somewhat rhetorically given political realities--the role of investments in growth despite the imperative for austerity. Such tradeoffs are everywhere in the budget. And yet, in no domain are those twin stances more sharply visible than in the Energy Department (DOE) outline, which proposes a classic “cut-to-invest” strategy to maintain progress on key imperatives when retrenchment appears likely. Overall, the new budget request proposes growing the DOE budget (see a detailed press release and Sec.