Bonus Bananas August 10, 2012ST
1) Why Wall Street Likes LinkedIn More Than Facebook (Forbes) - I posted this one just for Patrick.
2) Bypassing Wall Street (AVC) - Fred Wilson writes about what I've long suspected: Wall Street has done so much to damage the integrity of the stock market since 2007 that many astute investors will no longer touch stocks. Knight Capital's screw-up only highlights the vulnerabilities that exist in the public markets today, and also why alternative investments are looking better and better. It's hard to argue with the 13.74% I'm getting on my Lending Club account.
3) Should the U.S. Have a Maximum Income? (No.) (The Atlantic) - There is a lot of chatter in France right now about all things taxation. The new government is pushing a 75% tax on any income over a million Euro a year, and some are even proposing a maximum income (so a 100% tax above a certain level). Would that fly in the States?
4) I, Too, Have Messed with Boston Review) - The latest from our old pal Omer Rosen about more shenanigans at the Citibank of old.(
5) How to clean the banking cesspit (Reuters) - Some interesting ideas here, moreso because the author takes the conventional wisdom about how to fix Wall Street and points out where it's wrong. The section on executive compensation is especially poignant.
6) Save your way to $1 million (CNN Money) - Good personal finance piece on how to get that first million socked away. This will be old hat to some of the more experienced guys on WSO, but the younger guys can definitely benefit from it.
7) World’s Oldest Shipping Company Closes In Industry Slide (Bloomberg) - I know a lot of you are interested in the shipping industry, and this is pretty significant news. Stephenson Clarke has been around since 1730 and they just shut down. Hard to imagine that they saw something after nearly 300 years in business that they didn't think they could overcome.
8) The Company Man’s Guide to Starting a Side Hustle — Part II: Think Big, Act Small (Art of Manliness) - You guys know I'm big on diversifying your income streams. This is a good nuts-and-bolts article about starting a small side gig. You'll notice it's Part 2 of two, and you should definitely read part one as well, but this one is the meat and potatoes.
9) Jets' Sanchez reveals how he muscled up for his biggest challenge (NY Post) - Somebody got swole over the summer. Guess he's hearing footsteps. Call me naive, but isn't staying in shape part of the job?
10) Check Out The Debauchery When Applebee's Turns Into 'Club Applebee's' After 10 PM (Business Insider) - This is just fucking awesome. Who knew this shit went on at Appleby's? I have to admit when I first saw this all I could think about was Owen Wilson in Hall Pass. But if these photos are legit, Appleby's could be the next 1Oak.
Video of the Week:
Richard Fisher, president of the Dallas Federal Reserve Bank, has a pretty sobering view when it comes to additional quantitative easing: it won't work. He says the Fed has already done all they can and, to use his analogy, the gas tank is full and now someone needs to figure out how to engage the transmission. He says more quantitative easing is akin to "pushing on a string". Sound like me trying to get lucky after a pint of scotch.
Monetary ritalin indeed.
Anyway, let me know what you guys think about this week's Bananas in the comments and have a fantastic weekend!