Citigroup and Bank of America were the reigning champs of finance in 2006.
The reigning champions of finance in 2006 were Citigroup Inc. (C) and Bank of America Corp. (BAC). As home prices peaked, they were leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
Continue reading… “The aristocracy on Wall Street got $1.2 trillion in secret loans”
Another reason the patent system is so difficult.
Last month, Google stepped up to defend Android coders against notorious patent troll Lodsys. Apple fought the company a few months earlier on behalf of iOS developers. Patent reform is a hot topic right now, especially after President Obama just signed legislation that means the U.S. is shifting to a “first to file” (over “first to invent”) system. This won’t help much with the patent troll situation, which Boston University researchers James Bessen and Mike Meurer say have cost publicly-traded defendants $500 billion since 1990…
Continue reading… “Patent Trolls costing an astronomical $500 Billion”
Patents are a tricky thing these days.
Eric Schmidt, Google’s Executive Chairman and former CEO, took the stage at the Dreamforce conference in San Francisco today to talk about a host of topics, including the success of Google Apps, his feelings about Steve Jobs, Google’s recent acquisition of Motorola, with the conversation with Salesforce CEO Marc Benioff even ranging into Schmidt’s thoughts on the current landscape facing the U.S. patent market.
The executive chairman began by addressing the purchase of Nortel Networks’ roster of patents by a group of buyers that included some of Google’s rivals, including Microsoft and Apple. TechCruncher MG Siegler covered the back-and-forth between Google and Microsoft that unfolded in regard to the supposition that the group that bought the Nortel patents was effectively attempting to cut the legs out from underneath Android…
Continue reading… “Google Chairman Eric Schmidt weighs in on patent issues: They’re ‘Terrible’”
The gap between CEO and average U.S. worker pay rose from a ratio of 263-to-1 in 2009 to 325-to-1 last year.
A report released Wednesday from the Institute for Policy Studies shows many large companies pay more to CEOs in compensation than they did in corporate income taxes to the federal government in 2010.
Continue reading… “Top 25 CEO’s earned more than their company’s tax bills”
Harry Markopolis, Madoff whistleblower
Harry Markopolos, the man whose e-mails detailing Bernie Madoff’s Ponzi scheme were ignored by the Securities and Exchange Commission has a new target — foreign exchange fraud.
Continue reading… “The next big financial scam – foreign exchange fraud”
Seasteading Institute city design (Anthony Ling)
The Seasteading Institute has plans to build floating cities out in the ocean. Now Paypal founder Peter Theil has recently given 1.25 million dollars to the group in an effort to create Libertarian countries out of these floating cities…
Continue reading… “Silicon Valley Billionaire funding creation of Artificial Libertarian Islands”
Biopiracy a Sensitive Issue in India.
Agri-giant Monsanto may be forced to take one on the chin in India: The nation’s first genetically modified food crop, a variety of eggplant known at Bt brinjal, has sucked its Big Ag developers into court. Monsanto, Mahyco, and “collaborators” have been accused of biopiracy by the National Biodiversity Authority of India.
NBA says the developers of Bt brinjal (the introduction of which was halted in 2010 by then environment minister Jairam Ramesh on the grounds that more tests were needed to prove its safety) used local varieties of eggplant in developing the GM crop “without prior approval of the competent authorities.”
Continue reading… “India takes Monsanto to court for biopiracy over development of GM eggplant”
Have you heard of these money laundering cases?
Money laundering is the process by which illegally obtained cash is made to appear as if it has been obtained by legal means. The funds are moved into valid accounts or businesses in order to hide or disguise the financial trail that leads back to the criminal activity. In 1996, it was estimated that between 2 and 5 percent of the world’s gross domestic product consisted of laundered money…
Continue reading… “10 most notorious money laundering cases of the 20th century”
Earth, fire, water, and wind
Technology’s unpredictable “dark side” means our best ideas are also often our most dangerous, one of the world’s best-known scientists says.
Continue reading… “Beware of the dark side of a great idea”
Screwing the public to help corporations is pretty standard procedure
these days for people like New York Attorney General Andrew Cuomo.
Last month, the major American ISPs and entertainment industry lobbyists struck a deal to limit Internet access for alleged copyright infringers. This deal, negotiated in secret with the help of New York Attorney General Andrew Cuomo did not include any public interest groups or comment from the public. As a result, it’s as one-sided and stilted as you’d imagine. Corynne McSherry from the Electronic Frontier Foundation analyzes the material that these cozy corporate negotiators left out, the stuff that public interest groups would have demanded. Here’s an abbreviated list…
Make a grocery list and stick to it.
There are reasons your mother told you to make a grocery list and stick to it. From the parking lot to the checkout counter a supermarket is designed to make you spend more money and buy more food than you need.
Continue reading… “How supermarkets trick you into spending more money”
As part of whisky brand Ballantine’s “Leave an Impression” campaign, Paris-based tattoo artist Karl Marc seared a QR code onto his friend Marco’s chest.
Marc says the whisky company approached him and asked if he would be interested in executing the tattoo — a QR code that unlocked an animation when scanned — via a live stream on the brand’s Facebook Page. The brand is doing similar events with other artists, from ice sculptors to graffiti artists…
Continue reading… “Can’t decide on a tattoo? Get a QR Code inked on your chest!”
By delving into the futuring techniques of Futurist Thomas Frey, you’ll embark on an enlightening journey.
Learn More about this exciting program.