asterisk2a + accounting   99

Sports Direct shares dive after results chaos | Business | The Guardian
David Cumming, the chief investment officer for equities and head of UK equities at Aviva Investors, told the BBC on Monday: “Sports Direct is almost a case study in failed corporate governance.” He said Ashley “has obviously got retail talent – or had retail talent”, but the firm had “lost its way”.

Justin Urquhart Stewart, a fund manager at Seven Investment Management, said the delayed publication of the results was “frankly a pathetic way to run a business”.

In the annual results, Ashley warned that the state of House of Fraser, which his company bought out of administration last year, had created “significant uncertainty” as to the future profitability of the entire group. He warned of further store closures at House of Fraser and said he regretted the acquisition.

The billionaire retail tycoon has gone on a buying spree in the past 18 months, with Sports Direct also acquiring Evans Cycles, Sofa.com and Game Digital.

https://www.theguardian.com/business/2019/jul/26/the-state-of-sports-direct-key-points-from-results-statement
Sports  Direct  UK  governance  self-regulation  regulation  regulators  accounting 
7 weeks ago by asterisk2a
Student loans 'heading for trillion pounds' - BBC News
The conversion of means-tested grants into loans has meant that the poorest students end up graduating with the biggest debts, says Lord Forsyth.

And he warns that the current repayment system was more expensive for people in middle income jobs such as nursing, rather than high-paid lawyers or financiers, who would pay off their debts more quickly.

"The people who get screwed by this are those in the middling jobs," says Lord Forsyth.

"This was all done on the basis that it would create a market in higher education - and that has failed, there isn't a market."

Lord Forsyth says that there is no meaningful consumer choice or competition - and he dismissed the system for rating teaching quality in universities, the teaching excellence framework, as a "bit of a joke".

"Because no-one ever turns up to look at the teaching," says Lord Forsyth.
UK  education  policy  David  Cameron  Nick  Clegg  George  Osborne  Tories  University  College  poverty  trap  student  debt  loan  vocational  skills  Mittelstand  apprenticeship  accounting  Austerity  gap  productivity 
june 2018 by asterisk2a
Carillion displayed utter contempt for suppliers – Frank Field | Business | The Guardian
Carillion displayed utter contempt for suppliers – Frank Field
Failed government contractor used suppliers to ‘prop up a failing business model’ and conceal true debt, say MPs
Carillion  UK  Privatisation  outsourcing  governance  Tories  nasty  party  Austerity  accounting  Conservative  Council  NHS  Prison 
may 2018 by asterisk2a
Revealed: Carillion lenders alerted to concerns months before collapse | Business | The Guardian
[of course, business as usual] FTI Consulting accused government contractor of using aggressive accounting to mask underperformance
Carillion  accounting 
march 2018 by asterisk2a
93% Of All Jobs "Created" Since 2008 Were Added Through The Birth/Death Model | Zero Hedge
Here are the details of how over 90% of the jobs created in the past decade were nothing more than a "statistical" adjustment in some BLS model. [...] Furthermore, self-employed persons as a percentage of the working age population and the number of jobs created by establishments less than one year old are also declining. [...] the multi-decade slowdown in new business formation. Further supporting the Harvard study findings, a Brookings Institution paper called “Declining business dynamism in the United States: a look at states and metros” shows that business formations slowed down and business deaths accelerated after the crisis of 2008 (below to the right). (( THE LOW HANGING FRUITS OF INNOVATION HAVE BEEN PLUCKED! + ECON WINNER TAKES ALL = COMPETITION ON PRICE )) [...] The Bureau of Labor Statistics (BLS) seems to be alone in its belief that the entrepreneurial environment in the US is improving. We believe that the BLS has been artificially inflating the monthly payroll numbers via the birth and death adjustment. This overstatement is not trivial in nature – the adjustment added 30% of all jobs reported since 2010.
secular  stagnation  structural  underemployed  unemployment  UK  USA  immigration  working  poor  part-time  zero  hour  contract  economic  history  Precariat  DonaldTrump  Donald  Trump  Brexit  GFC  recovery  innovation  winner  takes  all  oligopol  oligopoly  monopoly  self-regulation  statistics  accounting  fake  news  bank  bailout 
june 2017 by asterisk2a
Where did all the GCSE pupils go – and why has no one noticed? | Education | The Guardian
[ underachieving taking pupils off roll to boost class/school rating! League Table. unintended consequences! macro over micro + staff shortage, pressure, not money, less money! making the short cut to let underachievers and trouble makers go. classic american school dropout. in childhood already left behind! ] Earlier this month, Sean Harford, Ofsted’s national director, said that from now on inspectors should question headteachers during inspections when large numbers of students have left. And Amanda Spielman, the chief inspector, described “off-rolling”, alongside other results-boosting methods, as a scandal.

Our investigation shows that even though the inspectorate recognised this as a national problem going back to 2010, it has not done anything about it.

The research organisation Education Datalab recently published reports on pupils leaving their secondary schools, following an investigation by Education Guardian in 2014. It raised concerns that 20,000 pupils were being lost to state education altogether, with no one knowing where they had gone. The reports do not show whether pupils were encouraged to move or left of their own volition. Those who had disappeared were mostly lower achievers.
UK  education  policy  Austerity  Ofsted  GCSE  PISA  attainment  gap  NEET  Tories  Conservative  Party  nasty  skills  Brexit  welfare  state  College  JSA  dropout  University  structural  unemployment  social  mobility  poverty  trap  child  Precariat  drugs  radicalisation  Islam  accounting  statistics  petty  crime  Secondary  league  table  staff  shortage  burnout  overworked  JAM  Theresa  May  David  Cameron  George  Osborne 
march 2017 by asterisk2a
PMQs: Jeremy Corbyn David Cameron on tax figures
gov claims - closed loopholes 2010 12bn and this parliament 2015 16bn, ... and putting back 1bn into HMRC after raiding it in 2010. // PMQs: Kuenssberg, Paterson and Benn on Cameron v Corbyn - bbc.in/1Yui4OZ &! 'Panama Papers' dominate PMQs clashes - bbc.in/1YtK7OF //&!
budget2010  HMRC  tax  evasion  tax  amnesty  tax  avoidance  Google  Inc.  David  Cameron  George  Osborne  budget2015  Tories  nasty  party  Conservative  legal  loopholes  lobby  revolving  door  Career  Politicians  No  Representation  DWP  JSA  sanctions  spin  doctor  Panama  Papers  Positioning  PR  shareholder  capitalism  squeezed  middle  class  austerity  fairness  bank  bailout  GFC  Greed  profit  maximisation  profit  maximization  white-collar  crime  white-collar  fraud  corporate  crime  corporate  scandal  corporate  social  responsibility  CSR  accounting  scandal  Wall  Street  Main  Street  working  poor  tax  credit  ESA  Disabled  vulnerable  Soziale  Marktwirtschaft  crony  capitalism  capitalism  capitalism  in  crisis  Jeremy  Corbyn  Donald  Trump  Bernie  Sanders  money  laundering 
april 2016 by asterisk2a
What the Panama Papers Tells Us About Global Capitalism
never seen David Cameron red-faced, so much! [...] sold in 2010!? And what was before that time? The time he was a MP!? [...] we are not all in this together, for sure! // book the hidden wealth of nations. - 7-8trn tax evasion and avoidance - not taxed. //&! Rumble - Just like FDR - Bernie Welcomes the GE CEO Hatred... - youtu.be/jT7NIoDS1gw - taking advantage of the tax laws THEY MADE.
Panama  Papers  David  Cameron  George  Osborne  tax  evasion  tax  amnesty  tax  avoidance  Super  Rich  Toff  Privileged  Establishment  Westminster  Whitehall  expense  scandal  No  Representation  Career  Politicians  1%  legal  loopholes  plutocracy  oligarchy  Tories  nasty  party  Richard  Wolff  Conservative  shell  company  offshore  banking  tax  loopoles  budget  deficit  austerity  fairness  Generationengerechtigkeit  neoliberal  neoliberalism  accounting  scandal  corporate  scandal  white-collar  crime  trickle-down  economics  free  market  corporate  tax  rate  Budget2016  self-regulation  underinvestment  squeezed  middle  class  working  poor  Gini  coefficient  child  poverty  corruption  bribery  money  laundering  UK  USA  Bahamas  CaymanIslands  income  distribution  tax  credit  Disabled  vulnerable  babyboomers  triple-lock  pension  DWP  capital  gains  tax  income  tax  receipts  secular  stagnation  western  world  social  mobility  income  mobility  trust  low  pay  shareholder  capitalism  crony  capitalism  low  income  Service  Sector  Jobs  Universal  Basic  class  warfare  disposable  income  discretionary  spending  credit  bubble  economic  history  Gesellschaft  Wertegesellschaft  materialism  consumerism  status  anxiety  pay 
april 2016 by asterisk2a
Im Zweifel links: Nimm, was du kriegen kannst!
Der globale Kapitalismus macht die ganze Welt zum Spielplatz der Reichen. Die Panama Papers erinnern daran: Nicht die Flüchtlinge sind unser Problem - sondern die Steuerflüchtlinge. //&! Die Mensch-Maschine: Leak ist Pop! Die Inszenierung übertrumpft die Inhalte: Die Panama Papers zeigen, wie sich die Bedeutung von Leaks verändert hat. Jeder liest darin, was er eh schon immer geglaubt hat. - bit.ly/25MV0AF //&! Briefkastenfirmen zerstören die Marktwirtschaft - bit.ly/1q2Vt0S //&! taz.de/!5289286/ //&! Die Panama Papers und das „Lügenpresse“-Dilemma - bit.ly/1VbfejK //&! bit.ly/1N6I1ya - kapitalistische Medienlogik //&! bit.ly/1SGNSfA - NO NYT //&! bit.ly/1PQor9j //&! cynycism wrong reaction - bit.ly/1SnKVjC
Panama  Papers  1%  Super  Rich  oligarchy  plutocracy  tax  evasion  tax  amnesty  tax  avoidance  austerity  budget  deficit  accounting  scandal  corporate  scandal  shareholder  capitalism  crony  capitalism  bank  bailout  Whistleblower  leak  Soziale  Marktwirtschaft  income  distribution  inequality  Gini  coefficient  meritocracy  meritocratic  American  Dream  money  laundering  Lügenpresse  trust  Career  Politicians  No  Representation  revolving  door  Wikileaks  investigative  journalism  journalism  offshore  banking  Schwarzgeld  Schwarze  Kassen  corruption  bribery  legal  loopholes  lobby  revolving  door  Party  Funding  campaign  finance  NYT  neoliberal  trickle-down  economics  neoliberalism  free  market  self-regulation 
april 2016 by asterisk2a
Pfizer's merger collapse prompts speculation it will seek new takeover
$160bn tie-up with Allergan, which would have been world’s biggest pharmaceutical deal, scuppered by US tax crackdown [...] first announced in November and now abandoned after the US Treasury Department stunned financial markets with measures to clamp down on tax efficient mergers and takeovers. [...] The merger plan had been motivated by the ability to save as much as $1bn in tax annually by shifting Pfizer’s domicile from New York to Ireland, after Allergan moved its base there a year ago in a similar move. Allergan moved its head office to Dublin after a reverse merger with the Irish drugmaker Actavis. [...] [ from the inside of Allergan ...] “It really looked like they [the US government] did a very fine job at constructing a temporary rule to stop this deal and obviously it was successful,”
tax  evasion  tax  avoidance  M&A  accounting  scandal  shareholder  capitalism  big  pharma  pharma  pharmaceutical  industry  Wall  Street  shareholder  value  profit  maximisation  profit  maximization 
april 2016 by asterisk2a
Obama calls for international tax reform amid Panama Papers revelations
"a lot of it is legal" ... they are not poorly designed the laws have been designed by the revolving door of corporate lawyers and lobbyists. // We are not all in this together.
austerity  tax  evasion  tax  amnesty  tax  avoidance  Panama  Papers  G20  G8  tax  loopoles  lobby  revolving  door  Career  Politicians  Party  Funding  barackobama  George  Osborne  IRS  HMRC  white-collar  crime  corporate  governance  accounting  scandal  corporate  scandal  offshore  banking  income  tax  receipts  corporate  tax  rate  fairness  Super  Rich  1%  oligarchy  plutocracy  nasty  Tories  Conservative  Party  Google  Inc.  Westminster  Toff  Privileged  Establishment  No  Representation  democracy  squeezed  middle  class  poverty  trap  Precariat  disenfranchise  disenfranchised 
april 2016 by asterisk2a
Die Macht der Finanzkonzerne - Wie Blackrock mittels Geld die Welt regiert - YouTube
extraction of fat. no skin in the game. // Privatisation of housing stock - social and affordable, anglo saxon capitalism style; profit maximisation, dividends. // after Goldman Sachs the new vampiresquid // no skin in game; get money for speculation from pension funds, other investors, mutual funds. << that is the system! // nur wer geld hat, kann es vermehren. // nearly no governance, no guidelines regarding sustainability, ethics, transparency, morals. // no regulation = big profit and exploitation, corruption, bribery.
BlackRock  MBO  LBO  M&A  Private  Equity  financial  product  Hedge  Fund  Black  Swan  blackswan  Nassim  Taleb  self-regulation  Mutual  Fund  Venture  Capital  risk  governance  corporate  governance  lobbyist  lobby  Lobbying  Wall  Street  shareholder  value  profit  maximisation  activist  investor  Main  Street  accountability  transparency  mainstreet  arbitrage  squeezed  middle  class  wage  stagnation  bonuses  bonus  speculation  revolving  door  regulation  regulators  Career  Politicians  CEO  pay  dividends  Heuschrecken  ROI  speculative  sustainability  tax  code  ethics  corporate  scandal  accounting  scandal  oligarchy  plutocracy  Super  Rich  1%  GFC  sovereign  debt  crisis 
february 2016 by asterisk2a
Politicking: Matt Taibbi on America's 'Injustice System' - YouTube
worship culture of success. [...] jail is for poor people. [...] securities fraud go jail free w fine, and do benefit/welfare fraud, go straight to jail! // For Profit Bail System - on YouTube Vice Channel. //&! Matt Taibbi, "The Divide" - youtu.be/k4CohXkdR0w //&! Matt Taibbi: Minding the Wealth Gap - youtu.be/KiRe1PK3zkM //&! Too Big To Fail, Too Big To Jail: Matt Taibbi, Bernie Sanders Town Hall 2013 - youtu.be/d-nh8DYJvlM //&! Matt Taibbi: The Conspiracy To Destroy Our Pensions - youtu.be/ZIDfyfXDGME //&! Matt Taibbi explores US criminal injustice with Bill Maher - youtu.be/uS9LHBPTM7A //&! The Divide: American Injustice in the Age of the Wealth Gap (w/ Matt Taibbi) - youtu.be/iFl-o7qJHaY
white-collar  crime  mandatory  minimum  sentences  Beschaffungskriminalität  post-racial  America  racial  profiling  economic  justice  injustice  System  Law  &  Career  Politicians  War  on  Drugs  Precariat  deprivation  poverty  trap  USA  Gini  coefficient  prison–industrial  complex  inequality  meritocracy  meritocratic  American  Dream  education  policy  social  mobility  income  mobility  health  inequality  mental  health  mental  illness  chronic  stress  poverty  book  compassion  empathy  Greed  welfare  state  stigma  plutocracy  oligarchy  Super  Rich  1%  Fraud  securities-fraud  social  safety  net  Food  Stamps  Food  Bank  public  sentiment  prejudice  bias  downward  mobility  trickle-down  economics  neoliberalism  neoliberal  neoconservatism  neoconservatives  financial  accounting  scandal  corporate  scandal  lobbyist  lobby  Lobbying  interest  groups  vested  interest  too  big  to  jail  money  laundering  bribery  corruption  DOJ  SEC  presidency  barackobama  GFC  financial  product  economic  history  squeezed  middle  class  working  poor  wage  stagnation  libor  rigging  scandal 
february 2016 by asterisk2a
"The Untouchables (2013)" PBS documentary about how the Holder Justice Department refused to prosecute Wall Street Fraud despite overwhelming evidence : Documentaries
faustian pact they've made. getting funded their elections by greedy crony capitalists. and are thus beholden to their calls they make and the framework they said they would give them funding for their campaign under. // "breakdown of internal controls [...] 60% of loans in possible portfolio did not meet its own standards, were still bought, put into portfolio" - Citigroup exec // Underfunded/understaffed/non-experience/no-stars @FBI and CIA! corporates have a bigger pocket and star lawyers who know how to position and spin. And without a Whistleblower/Leak it is nearly impossible if not for the case that the accused was really stupid and left a clear trail and or incriminates himself in paperwork/communication. // "criminal intent" //&! No Regrets at Countrywide - bloom.bg/1UptWQC //&! Countrywide’s Mozilo Said to Face U.S. Suit Over Loans - bloom.bg/1RMqPEA //&! NEW SUIT - No, the US government hasn’t forgotten about Countrywide founder Angelo Mozilo - bit.ly/1lQbEfD
GFC  banking  crisis  Greed  crony  capitalism  bank  bailout  economic  history  white-collar  crime  accounting  scandal  corporate  scandal  lobbyist  lobby  Lobbying  Career  Politicians  No  Representation  oligarchy  plutocracy  Super  Rich  1%  Fraud  securities-fraud  bonuses  bonus  financial  incentive  financial  literacy  FinancialCrisisInquiryCommission  Mozilo  CountrywideFinancial  Angelo  Mozilo  subprime  NINJA  Loan  non-performing  NPL  CDS  CDO  citigroup  misselling  misrepresentation  Consumer  Protection  misleading  Positioning  PR  spin  doctor  manufactured  consent  Whistleblower  Eric  Holder  presidency  barackobama  Party  Funding  Justice  System  economic  injustice  Washington  revolving  door  accountability  due  diligence  miconduct 
january 2016 by asterisk2a
Tesco knowingly delayed payments to suppliers - BBC News
Tesco "knowingly delayed paying money to suppliers in order to improve its own financial position", the supermarket ombudsman has found.
Tesco  corporate  strategy  accounting  scandal  white-collar  crime  Wall  Street  profit  maximisation  shareholder  value 
january 2016 by asterisk2a
BBC iPlayer - Britain's Trillion Pound Island - Inside Cayman
20bn£/year go through tax avoidance (legal through loopholes). = 20bn austerity for next 4-5 years this parliament from 2015. and was around the same from 2010 as Tories came to power forming coalition with lib dems. // who can pay for the lawyer and lobbyist - to implement loopholes. // its the gov that lets make the rules, by lobbyists. // (New Labour) Gordon Brown cut corp tax in his time by 5% and Osborne will have it cut by further 10% points in his two parliament sittings as chancellor. "You can't compete with Zero." << Cayman Islands (no infrastructure and no educated people) - vs. - UK (with infrastructure and educated people, social safety net, pensions). // ultimately, tax laws have to be changed in the local country, not cayman islands.
UK  offshore  banking  tax  avoidance  austerity  fairness  Generationengerechtigkeit  budget  deficit  Wall  Street  shareholder  value  profit  maximisation  lobbyist  lobby  Lobbying  Tories  Conservative  Party  nasty  HMRC  revolving  door  No  Representation  democracy  social  democracy  bank  bailout  GFC  crony  capitalism  capitalism  Greed  budget2015  budget2010  non-dom  Super  Rich  1%  oligarchy  plutocracy  City  of  London  poverty  income  distribution  income  redistribution  inequality  Gini  coefficient  social  mobility  income  mobility  Policy  Makers  Career  Politicians  Westminster  Council  Public  Services  Services  constituency  babyboomers  globalization  globalisation  neoliberalism  neoliberal  tax  evasion  loopholes  welfare  state  social  safety  net  corporate  tax  rate  trickle-down  economics  George  Osborne  David  Cameron  GordonBrown  Labour  Party  borderless  accounting  scandal  white-collar  crime  corporate  scandal  corporate  crime  IMF  OECD 
january 2016 by asterisk2a
Can we really trust judges to protect reporters' confidential sources? | Media | The Guardian
Journalists won’t even be safe to talk email whistleblowers from a coffee shop [...] In stressing that the powers would not be used for mass surveillance, May said the onus would be on the home office to show necessity and proportionality. And who would decide whether that was justified? Judicial commissioners, she said. They would operate a “double-lock” authorisation process on intercept and bulk interception warrants in order to prevent intrusive snooping. [ old boys club with career interests? titles, pensions? ] But will this judicial oversight provide enough protection? That’s the key worry for journalists who now know that there is nowhere for them to conceal their communications with confidential sources. [...] We already know from instances of the police use of the regulation of investigatory powers act (Ripa) //&! Police spying row officers decline Holyrood invitation - http://bbc.in/1RSXQxl
Snoopers  Charter  Theresa  May  Surveillance-Industrial  Complex  surveillance  surveillance  state  Orwellian  free  press  Pressefreiheit  freedom  of  press  investigative  journalism  journalismus  journalism  Whistleblower  accounting  accountability  Career  Politicians  UK  USA  NSA  GCHQ  corporate  scandal  political  scandal  of  Information  Act  FOI  democracy  transparency  oversight  encryption  backdoors  backdoor  Westminster  War  on  Terror  organised  crime  War  on  Drugs  MI6  CIA  Toff  Privileged  Establishment  Edward  Snowden  Julian  Assange  Wikileaks  cablegate  Chelsea  Manning  Pentagon  Police 
january 2016 by asterisk2a
Congress OKs year-end budget deal, sends to Obama
$680 billion tax package extending dozens of breaks touching all sectors of the economy, making several of them permanent & tossing the entire cost onto the deficit. [pork barrels] [...] But they boasted of using their leverage, veto threats from Obama & the GOP's craving for the oil export ban to extract numerous concessions from Republicans, including five-year extensions of solar and wind tax credits, a top goal for Reid. And they blocked numerous policy "riders" Republicans sought on the environment and other issues. "They wanted big oil so much that they gave away the store," Pelosi gloated [...] The bill extends more than 50 expiring tax cuts, with more than 20 becoming permanent, including credits for companies' expenditures for research and equipment purchases, and reductions for lower-earning families and households with children and college students. Ryan cited the lifting of the oil export ban, the large increase for the Pentagon & curbs on the activities of EPA & IRS
corporate  tax  rate  subsidies  subsidizing  corporate  welfare  trickle-down  economics  neoliberalism  neoliberal  lobbyist  lobby  Lobbying  fairness  presidency  barackobama  austerity  USA  GFC  bank  bailout  budget  deficit  globalization  globalisation  revolving  door  democracy  social  democracy  No  Representation  Career  Politicians  corporate  scandal  accounting  scandal  economic  history  Gini  coefficient  inequality  Super  Rich  1%  meritocracy  meritocratic  social  mobility  income  mobility  American  Dream  compromise  IRS  EPA  Pentagon  military–industrial  complex  War  on  Terror  CISA 
december 2015 by asterisk2a
Sports Direct is a reflection of the modern British economy | Letters | Business | The Guardian
Sports Direct seems to be a metaphor for the modern British economy. “The conscious strategy would seem to be to rely on cheap labour rather than costly investment,” as your editorial (11 December) says. It also illustrates the epidemic growth of workforce insecurity which plagues a nation scarred by the rise of the precariat. Britain is rapidly becoming the sweatshop of Europe, and this, along with bubbles in consumer debt and house prices, has been a major part in such anaemic recovery as we have seen over the past five years. [...] [ HMRC cut under austerity, can't do it's job ] //&! theguardian.com/business/sports-direct-international //&! bit.ly/1jTkmsi - transferring assets. then bringing in administrators. leaving suppliers empty.
corporate  scandal  Precariat  working  poor  precarious  work  job  security  low  pay  low  income  investigative  journalism  Whistleblower  Amazon  Retail  Online  Shopping  commodity  business  commoditization  crony  capitalism  capitalism  Wall  Street  shareholder  value  profit  maximisation  George  Osborne  industrial  policy  STEM  David  Cameron  Tories  nasty  party  underinvestment  Conservative  competitive  competitiveness  self-regulation  regulation  regulators  Zero  Hour  Contract  Contractor  exploitation  lobbyist  lobby  Lobbying  trickle-down  economics  neoliberalism  neoliberal  microeconomic  policy  macroeconomic  policy  macroprudential  policy  business  investment  productivity  output  gap  austerity  tax  evasion  tax  avoidance  corporate  welfare  white-collar  crime  subsidies  subsidizing  HMRC  Trade  Union  Workers  Union  skills  gap  accounting  scandal 
december 2015 by asterisk2a
Becoming radicalised – and keeping a secret - BBC News
Some of these individuals identified with an organisation such as IS or al-Qaeda while others followed their own extremist beliefs and underwent a more personal form of radicalisation. [...] Still in many cases individuals are drawn to IS or other extremist groups because they're unhappy in their own lives and are looking for a cause that's bigger than themselves. "The radicalisation process has been triggered by a personal crisis - the loss of a loved one, the loss of a job," says Indiana State University's Mark Hamm, the author of The Spectacular Few, a book about extremism. "Typically there's somebody in cyberspace who shows them a way - walks them from the brink of a cliff." // brutality of society at large. enabled by forces and pillars capitalism. ie your worth as a person is defined by your net work and credit score. what education you have (thus family). //&! bit.ly/1N9qQfa
radicalization  radicalisation  ISIS  Sozialpolitik  Integrationspolitik  Perspektivlosigkeit  deprivation  society  Wertegesellschaft  crony  capitalism  Wegwerfgesellschaft  Gesellschaft  capitalism  Banlieue  immigration  migration  integration  youth  unemployment  Niall  Ferguson  Europe  austerity  fairness  Generationengerechtigkeit  bank  bailout  GFC  recovery  inequality  Gini  coefficient  Super  Rich  social  democracy  democracy  No  Representation  Career  Politicians  1%  double  standard  white-collar  crime  corporate  scandal  accounting  scandal  status  anxiety  rat  race  status  symbol  socioeconomic  status  materialism  zombie  consumer  psychology  sociology  social  mobility  income  mobility  compassion  empathy  Selbstdarstellung  Selbstfürsorge  downward  mobility  social  safety  net  hartz-iv  refugee  crisis  Rechtsruck  Rechtsextremismus  Xenophobia  post-racial  America  homophobic  Homophobia  Unrechtsstaat  western  world  racism  discrimination  ethnic  discrimination  social  discrimination  Islamophobia  hate  speech  hate  crime 
december 2015 by asterisk2a
HMRC asked tax avoider to sign pledge not to engage in practice again | Politics | The Guardian
HMRC asked tax avoider to sign pledge not to engage in practice again Department says letter was sent as part of series of measures to discourage wider issue of tax avoidance and was not a legally binding document. [...] [ out of the lions mouth ] "one man’s aggressive avoidance is another man’s sensible planning" [...] [ but benefit "scroungers" go to jail. one tax cheat has yet to go to jail // google "daily mail benefits cheat jailed" vs daily mail tax cheat jailed // tax cheats fleece state because they use infrastructure and services for free, have thought about that? but can't jail you because you create jobs, and thus have a meaning to capitalistic society. benefit claimants, the sick, the vulnerable, the disabled have no place in a capitalistic society and thus in Osborne's budget considerations nor for the NHS which is in his eyes (actions speak louder than words, no investment to better society ... where is the Big Society item?) only a cost item. ] [write ur own rules $]
HMRC  double  standard  benefits  benefit  sanctions  sanctions  welfare  state  corporate  welfare  social  safety  net  Food  Bank  tax  evasion  tax  avoidance  Super  Rich  1%  UK  nasty  party  Tories  Conservative  ethics  society  social  tension  social  cohesion  Daily  Mail  newscorp  News  Corp.  News  Corporation  Positioning  spin  doctor  reframing  framing  Polarisation  populism  neoliberalism  neoliberal  trickle-down  economics  skiver  scrounger  corporate  media  corporate  state  Wall  Street  profit  maximisation  shareholder  value  No  Representation  social  democracy  inequality  Gini  coefficient  Precariat  Iain  Duncan  Smith  DWP  George  Osborne  David  Cameron  general  election  2015  election  campaign  promises  budget2015  tax  credit  child  tax  credit  working  tax  credit  white-collar  crime  corporate  scandal  accounting  scandal  budget  deficit  lobbyist  lobby  Lobbying  Toff  Establishment  capitalism  crony  capitalism  austerity  macroeconomic  policy  microeconomic  policy  NHS  public  health  health  crisis  productivity  sick  day  output  gap  competitiveness  education  policy  underinvestment  short-termism  general  election  2020  fairness  Generationengerechtigkeit  babyboomers  Millennials  GFC  bailout  Westminster  Career  Politicians  economic  history  economic  justice  justice 
november 2015 by asterisk2a
US overtakes Caymans and Singapore as haven for assets of super-rich | Politics | The Guardian
But financial secrecy index report notes if UK and affiliated tax havens such as Jersey were treated as one, it would top the list // Netherlands plans to rein in tax avoidance during EU presidency. Dutch finance minister’s comments come after European commission criticised its tax deal with Starbucks as illegal state aid - bit.ly/1HnT8A5
tax  evasion  tax  avoidance  Career  Politicians  presidency  barackobama  George  Osborne  David  Cameron  No  Representation  corporate  scandal  fairness  Generationengerechtigkeit  crony  capitalism  capitalism  Wall  Street  shareholder  value  profit  maximisation  exploration  lobbyist  lobby  Lobbying  accounting  scandal  corporate  tax  rate  corporate  state  Gini  coefficient  inequality  income  distribution  UK  USA  corporate  media  trickle-down  economics  neoliberalism  neoliberal  secular  stagnation  Niall  Ferguson  offshore  banking 
november 2015 by asterisk2a
IBM Under SEC Investigation for Accounting Practices | Re/code
The investigation appears to center on how Big Blue recognized revenue on certain deals. That’s accounting-speak for whether a company considers itself to have been paid for delivering a product or a service.
accounting  scandal  corporate  scandal  Wall  Street  profit  maximisation  shareholder  value  IBM  crony  capitalism  capitalism  tax  evasion  tax  avoidance 
october 2015 by asterisk2a
Global Capitalism: October 2015 Monthly Update - YouTube
33:40 Price Increase 13.1% 2013/14. Big Pharma + Lobby + insurance company + letting itself being sugar-coated-medical profession = medical-industrial complex. A cosy relationship. // Big Sugar. Big Tobacco. Big Oil/Fossil Fuel. // US spends more % (18%) of GDP on medical related expenses than any other developed/western country. //&! 44:40 - VW! No.1 air polluter is private automobil. "we are not talking about more profits. but maximising profits while accepting the contribution to air pollution and death of the vulnerable (asthma). [...] fraud. that caused who know how many people. [...] example of what capitalism is. if there is more money to make. do it." [+ Zeitarbeit, Leiharbeit exploitation] "deadly behaviour of conglomerates (many recalls blamed on complexity of car) in a rational society, but no questions have been asked." [] [Underinvestment in public transportation in USA. 1/2 of Berlin citizens have no car. tell that LA.] "Decision to Deceive. Knowingly harm People."
USA  military–industrial  complex  Surveillance-Industrial  prison–industrial  complex  lobbyist  lobby  Lobbying  medical  profession  pharmaceutical  industry  pharma  big  pharma  tobacco  Wall  Street  shareholder  value  profit  maximisation  capitalism  crony  capitalism  food  industry  insurance  premium  private  medical  insurance  insurance  medical-industrial  complex  chronic  diseases  sick  population  medical  care  public  health  public  health  policy  corruption  bribery  morality  Positioning  corporate  state  corporate  media  propaganda  populism  Dairy  Meat  Poultry  Egg  Milk  Fish  VW  Volkswagen  revolving  door  No  Representation  Career  Politicians  Makers  nanny  state  oversight  transparency  democracy  policy  folly  policy  error  self-regulation  regulation  regulators  deregulation  corporate  scandal  accounting  scandal  corporate  culture  corporate  values  corporate  social  responsibility  corporate  welfare  corporate  governance  subsidies  subsidizing  fossil  fuel  air  pollution  carbon  tax  carbonfootprint  carbon  trading  scheme  carbonemission  emissions  public  transportation  transportation  neoliberalism  neoliberal  dogma  ideology  public  investment  TPP  TTIP  global  trade  interdependence  national  interest  trade  agreement  Workers  Union  Union 
october 2015 by asterisk2a
Steuerdeals: Fiat und Starbucks müssen offenbar zahlen - SPIEGEL ONLINE
[ POSITIONING: all in the name of job creation and prevention of job losses. Playing with fear, spin, pr, polarization, populism, propaganda, corporate media. Policy Makers making policy for capital. // Policy Making for the Super Rich, 1%, vested interest groups. ] Seit Monaten prüft die EU-Kommission dubiose Steuerabsprachen zwischen Konzernen und Mitgliedstaaten. Nun soll offenbar eine erste Entscheidung verkündet werden: Insidern zufolge drohen Starbucks und Fiat hohe Nachzahlungen. [...] Laut Insidern wird die Brüsseler Behörde Steuerabsprachen mit dem italienischen Autohersteller Fiat in Luxemburg und der US-Kaffeehauskette Starbucks in den Niederlanden voraussichtlich als unzulässige Subventionen bewerten. //&! bit.ly/1W4TY0F
corporate  welfare  corporate  scandal  accounting  scandal  tax  evasion  tax  avoidance  shared  economic  interest  budget  deficit  austerity  fairness  Generationengerechtigkeit  crony  capitalism  capitalism  shareholder  value  profit  maximisation  lobbyist  lobby  Lobbying  No  Representation  democracy  morality  sovereign  debt  crisis  bank  bailout  trickle-down  economics  neoliberalism  neoliberal  European  Union  tac  code  corporate  tax  rate  tax  code  Gesellschaft  Wertegesellschaft  ethics  subsidies  subsidizing  corporate  culture  corporate  values  corporate  state  corporate  media  Polarisation  propaganda  populism  PR  spin  doctor  Positioning  Fear  manufactured  consent  globalisation  globalization  exploitation  antitrust  European  Commission  Brussels  transparency  white-collar  crime  injustice  Justice  System  accountability  revolving  door  corruption  bribery  Career  Politicians  Policy  Makers  society  Super  Rich  1%  inequality  Gini  coefficient  corporate  governance  fiduciary  responsibility  Bernie  Sanders  Jeremy  Corbyn  Fiscal  Pact  Schuldenbremse 
october 2015 by asterisk2a
The new European Union | Credit Writedowns
[ EU banking system was too big to bail in case Greece and else would default even in parts on some of its debt and or make no or delay repayment with interest in full ] In conclusion, the conditions asked of Greece are not likely to be met, because they cannot be met. Greece will be blamed for not living up to its commitments, as it has been this time around. Yet, somehow, the notion of asking for the impossible from a country that has no choice but to sign is fundamentally perverse. [...] The mistake was to break the no-bailout clause that was designed to make sure the Eurozone would not find itself in this position. For selfish reasons (i.e. preventing a bank crisis in Europe and the US), Greece was convinced to accept the first bailout in 2010.
Greece  bank  bailout  banking  crisis  bank  crisis  investment  banking  retail  banking  TBTF  too  big  to  jail  too  big  to  bail  European  Union  Positioning  ECB  Career  Politicians  lobbyist  lobby  Lobbying  crony  capitalism  corporate  scandal  austerity  accounting  scandal  bailout  bail-in  Cyprus  of  Cyprus  deposit  haircut  deposit  levy  fairness  Generationengerechtigkeit  Wall  Street  profit  maximisation  shareholder  value  economic  history  fiscal  policy  monetary  policy  Basel3  banking  fractional  reserve  banking  EuropeanSystemicRiskBoard  GFC  recovery  Debt  Super  Cycle  Privatisation  ideology  dogma  PIIGSFB  PIGS  PIIGS  France  Germany  Bundesbank  trichet  Jens  Weidmann  Angela  Merkel  Peer  Steinbrück  corruption  blackmail  josefackermann  ackermann  Deutsche  subsidies  subsidizing  Mark  Blyth  social  contract  social  tension  social  cohesion  constituency  Nationalizing  badbank  badbanks  restructuring  monetary 
october 2015 by asterisk2a
Erneuerbare Energien: Industrie nennt Ökostrom-Umlage Kostenmonster - SPIEGEL ONLINE
Die EEG-Umlage steigt auf Rekordniveau - und die Kritik ist groß. Die Industrie bezeichnet die Umlage als "Kostenmonster" und Gefahr für den Standort, die Opposition kritisiert zu viele Ausnahmen für energieintensive Betriebe. // "Standortsicherung"
Germany  renewable  energy  subsidies  subsidizing  Career  Politicians  democracy  No  Representation  EEG-Umlage  corporate  welfare  corporate  scandal  accounting  scandal  energy  policy  Makers  social  contract  Wall  Street  crony  capitalism  profit  maximisation  shareholder  value  bank  bailout  capitalism  revolving  door  Workers  Union  Trade  Union  conflict  of  interest  fairness  Generationengerechtigkeit  budget  deficit  morality  energy  price  energy  security  wind  energy  green  energy 
october 2015 by asterisk2a
MPs approve Osborne's spending rules after heated Commons debate - BBC News
MPs have backed the government's new spending rules by 320 to 258 votes after a heated debate in the Commons. [...] He accused Labour of being "profligate" and wanting "to spend money we don't have and borrow for ever". >> bank bailout profligate?
Schuldenbremse  austerity  Fiscal  Pact  dogma  ideology  UK  European  Union  Wolfgang  Schäuble  Angela  Merkel  Germany  George  Osborne  David  Cameron  recovery  Tories  Conservative  Party  Policy  Makers  constituency  fairness  Generationengerechtigkeit  bank  bailout  budget  deficit  No  Representation  Career  Politicians  trickle-down  economics  neoliberalism  neoliberal  economic  history  infrastructure  investment  underinvestment  globalization  globalisation  competitiveness  competitive  crony  capitalism  corporate  scandal  accounting  scandal  capitalism  Wall  Street  shareholder  value  profit  maximisation  tax  evasion  tax  avoidance  subsidies  subsidizing  welfare  state  social  safety  net  Gini  coefficient  inequality  income  mobility  social  mobility  Labour  Party  Polarisation  Positioning  corporate  media  corporate  state  democracy  populism  Establishment  Entitlement  Privileged  Toff  Westminster  accountability  self-regulation  regulation  deregulation  regulators  transparency  oversight  Freedom  of  Information  Act  FOI  Lügenpresse  GFC  spin  doctor  PR 
october 2015 by asterisk2a
Three City Link directors to face criminal charges over firm's collapse | Business | The Guardian
[ sticking the bill to the state, also lowering the insurance bill by employing drivers as self-employed (have to pay their own insurance, vehicle, vehicle tax, maintenance, etc) and not even making minimum wage (per hour income) << circumventing minimum wage payments and insurance payments. no morality. ] The Insolvency Service (IS) declined to comment on why the department was suddenly using its powers under the act. But the action comes after the government has been forced to pay out millions in compensatory payments to staff made redundant without proper consultation. The cases have emerged amid a government investigation into the issue of redundancy consultations in insolvencies and the potentially clashing demands of employment and insolvency law.
corporate  scandal  white-collar  crime  accounting  scandal  self-employment  tax  avoidance  tax  evasion  exploitation  lobbyist  lobby  Lobbying  Workers  Union  Trade  Union  working  poor  precarious  work  Precariat  job  security  job  creation  low  income  manual  labour  minimum  wage  morality  Wall  Street  profit  maximisation  shareholder  value 
october 2015 by asterisk2a
Ben Bernanke urges punishment of individual bankers - BBC News
>> Privatisation where and when it is needed. No, only if it suits their ideology and agenda. // regulatory failure. - youtu.be/Yx1P5Wz2iX4 - Ben Bernanke, John Mack Reflect on 2008 Financial Crisis >> NINJA Loan, homeownership, subprime, ... //&! Ben Bernanke on Lehman Crisis: "We Agreed to Be Vague" (Oct. 6, 2015) | Charlie Rose - youtu.be/EYGbtxzIkvw - 'lehman brothers was a sink hole. money put in from gov in a saving attempt would have resulted in being pulled out by its counterparties and creditors. and had not enough collateral and assets.'
too  big  to  jail  regulators  morality  Justice  System  injustice  Law  &  Justice  white-collar  crime  corporate  scandal  accounting  scandal  mis-selling  CDO  CDS  Interestrateswap  benbernanke  book  TBTF  too  big  to  bail  GFC  trickle-down  economics  economic  history  Super  Rich  1%  bank  bailout  banking  crisis  investment  banking  bank  crisis  retail  banking  CEO  pay  CEO  Abacus  subprime  car  loan  NINJA  fairness  Generationengerechtigkeit  austerity  budget  deficit  Student  Bubble  Wall  Street  profit  maximisation  shareholder  value  free  market  Privatisation  MervynKing  George  Osborne  David  Cameron  self-regulation  regulation  deregulation  Career  Politicians  No  Representation  revolving  door  inequality  Gini  coefficient  income  distribution  oligarchy  democracy  social  contract  political  theory  timgeithner  UK  USA  ideology  dogma  lehmanbrothers 
october 2015 by asterisk2a
Facebook paid £4,327 corporation tax in 2014 - BBC News
The latest revelations will reignite the debate about how much UK corporation tax companies pay at a time when several multinational corporations are being investigated by the European Commission over the tax arrangements they have with European Union member states. Google, Amazon, a division of the Fiat motor company and Starbucks are all subject to the investigation and the European Commission has said it could widen its probe further. The investigation came after Starbucks was revealed to have paid just £8.6m in UK corporation tax in the 14 years between 1998 and 2012, despite making more than £3bn in UK sales in the same period. Last week, EU finance ministers agreed to boost information sharing in response to the so-called LuxLeaks scandal that emerged last year. The scandal showed Luxembourg had issued hundreds of tax rulings allowing companies to lower their tax bill by funnelling their profits through the country. //&! bbc.in/1LJG6DY &! bit.ly/1R7PjEf
tax  evasion  tax  avoidance  Wall  Street  shared  economic  interest  profit  maximisation  shareholder  value  Super  Rich  1%  UK  USA  European  Union  Niall  Ferguson  secular  stagnation  budget  deficit  infrastructure  mainstreet.org  oligarchy  monopoly  monopsony  revolving  door  lobbyist  lobby  Lobbying  Career  Politicians  No  Representation  Generationengerechtigkeit  fairness  austerity  crony  capitalism  TBTF  too  big  to  jail  too  big  to  bail  capitalism  exploitation  neoliberalism  neoliberal  neoconservatism  neoconservatives  corporate  scandal  accounting  scandal 
october 2015 by asterisk2a
How The Socialist Surge is Growing - YouTube
via Robert Reich on.fb.me/1Pn6XFK - According to a New York Times investigation reported this morning, just 358 families and the businesses they control have contributed over half the money to the 2016 presidential election so far – mostly to Republicans who have pledged to pare regulations; cut taxes on income, capital gains and inheritances; and shrink Social Security and Medicare. On the other hand, two-thirds of Americans support higher taxes on those earning $1 million or more a year, according to a June New York Times/CBS News poll, and six in 10 favor more government intervention to reduce the gap between the rich and the poor. And according to the Pew Research Center, nearly seven in 10 favor preserving Social Security and Medicare benefits as they are. To an extent we haven’t seen since the Gilded Age of the 1890s, the upcoming election is between a tiny group of super-rich and the rest of us. We must do everything possible to reclaim our democracy.
lefty  Bernie  Sanders  Jeremy  Corbyn  USA  UK  European  Union  neoliberalism  neoliberal  crony  capitalism  bank  bailout  banking  crisis  squeezed  middle  class  injustice  justice  morality  TBTF  too  big  to  jail  too  big  to  bail  white-collar  crime  corporate  scandal  accounting  scandal  Wall  Street  profit  maximisation  shareholder  value  lobbyist  Lobbying  lobby  No  Representation  Career  Politicians  austerity  Generationengerechtigkeit  fairness  neoconservatism  neoconservatives  progressive  wage  stagnation  secular  stagnation  income  growth  income  distribution  income  inequality  income  mobility  social  mobility  low  income  income  redistribution  capital  gains  capital  gains  tax  tax  code  capitalism  post-capitalism  GFC  Super  Rich  1%  Gini  coefficient  post  code  lottery  NHS  Privatisation  tax  evasion  tax  avoidance  TINA  Alternativlos  Wolfgang  Schäuble  Angela  Merkel  character  barackobama  georgewbush  gwbush  presidency  David  Cameron  George  Osborne  Toff  Privileged  Establishment  Sozialer  Abstieg  precarious  work  Precariat  globalization  globalisation  working  poor  Labour  Party  Tony  Blair  GordonBrown  sovereign  debt  crisis  Positioning  Polarisation  corporate  state  corporate  media  Lügenpresse  social  Party  p 
october 2015 by asterisk2a
Volkswagen Congress Hearing: Emissions scandal - watch live - YouTube
VW USA subsidiary CEO Michael Horn. // 'VW the people's car.' 36:40 - I had no understanding what a defeat device is & that it could be installed to cheat emission tests. [<< Symptom of being a conglomerate! Corporate Culture & Values.] min 38:09 - Is hardware, software & even has to do something with the fuel tank. In some models (gen 2) its just software & a sensor. // 49:20 - framing of the answer with EPA (influenced?), cars on the road right now, even they are not passing emissions test, "are legal & safe to drive for the owners." // min 57 NOx, air pollution. 'compensation will be part of discussion'. 40 times than allowable limit. // 1:11:00 - according to him, @ the current state of investigations, this was out of the engine-drivetrain-engineering/software/emissions department within VW. Was not a corporate executive decision from the top. [My 2 cents: more likely decision was made within those departments due to pressure from top to make the test pass happen. << 1:51:00]
VW  Volkswagen  conglomerate  corporate  culture  corporate  values  air  pollution  libor  rigging  scandal  banking  crisis  investment  banking  self-regulation  regulation  regulators  accountability  Wall  Street  shareholder  value  profit  maximisation  retail  banking  PPI  mis-selling  scandal  bank  crisis  CDO  CDS  pharmaceutical  industry  pharma  big  pharma  corruption  bribery  Petroleum  automotive  autoindustry  carbonemission  carbonfootprint  emissions  white-collar  crime  Justice  System  Law  &  Justice  corporate  state  corporate  media  Positioning  Meat  Egg  Dairy  food  industry  lobbyist  lobby  Lobbying  revolving  door  conflict  of  interest  fiduciary  responsibility  exploitation  mainstreet.org  ethics  ethical  machine  democracy  Career  Politicians  No  Representation  double  standard  Abgas-Affäre  Interestrateswap  corporate  social  responsibility  corporate  scandal  Chemical  Fashion  deception  PR  spin  doctor  monopsony  oligopol  madoff  Enron  Worldcom  BP  accounting  accounting  scandal  tax  evasion  tax  avoidance  crony  capitalism  TBTF  too  big  to  jail  too  big  to  bail  Ego  arrogance  Monsanto  Protection  Act  patent  troll  intellectual  property  willful  ignorance  willful  negligence  DeepwaterHorizon  tax  code  consumer  fraud  Protection 
october 2015 by asterisk2a
Corporate disclosure - deciding what matters | Authers' Note - YouTube
"material" - based judgement. unter anderem.... ie also audience short vs long-term investor.
fiduciary  responsibility  Wall  Street  shareholder  value  profit  maximisation  corporate  law  accounting  CEO  financial  reporting 
september 2015 by asterisk2a
The Math Behind SaaS Startup Valuation | TechCrunch
One of the most critical metrics for software companies — but also one of the most difficult to measure — is the lifetime value of their customers (LTV). The lifetime value dictates how a company should spend its marketing and sales dollars. Unfortunately, many early stage startups struggle to measure LTV, because they haven’t been around very long and, consequently, haven’t seen a large number of customers through their lifespans with the product. // &! http://techcrunch.com/2015/08/29/the-saas-success-database/
SAAS  CAC  LTCV  business  model  subscription  model  customer  acquisition  user  acquisition  user  churn  customer  retention  metrics  KPI  Start-Up  lesson  Start-Up  advice  accounting  freemium  business  education  MBA  accelerated  learning 
august 2015 by asterisk2a
Why Billion-Dollar Valuations Don’t Matter | TechCrunch
I recently heard a story about one VC pushing a company to drive their burn up from $1 million a month to $2.5 million. Unfortunately, an inefficient sales force will always come back to bite you in the butt. We typically think of 60 percent as the benchmark for a healthy performing sales organization. Anything less and you don’t have a repeatable model. [ avc did write about that you need to find product/market fit, traction, self starter, great net promoting score, without spending marketing/advertising/pr ] [...] The goal of every entrepreneur and VC for that matter should be to build sustainable and scalable businesses. The only way to do that is to focus on the metrics that truly matter. The companies that nail many, if not all, of the above criteria will be the ones that make it to the finish line, and the balance will be wandering through the forest looking for someone to feed them.
Unicorn  SAAS  Slack  DropBox  Box  Venture  Capital  Silicon  Valley  growth  round  2015  KPI  metrics  accounting  user  churn  customer  retention  upselling  customer  acquisition  CAC  Decacorn  on-demand  convenience  Marketplace  business  model  user  acquisition  Product/Market  Fit  Share  Economy  middleman  scale  economies  of  scale  FOMO  hunt  for  yield  Start-Up  advice  Start-Up  lesson  burn  rate  runway  Homejoy  Net  Promoter  Score  consumer  product  business  product  B2C  B2B 
august 2015 by asterisk2a
An Analysis Of Zirtual’s Reality And The Perils Of Debt | TechCrunch
[ SEC filings show it wanted to raise lots more money ] Think about the implications of this for a moment: we know the company wanted $2.75 million in June, and got most of it. But we also know that 35 days later, Zirtual had been looking for another $3 million, and only got $650,000. That is a meaningful shortfall, an 80% difference between the money they needed and the money they got. [...] In fact, you might have concluded they were in for some kind of serious financing and operational problem weeks in advance [ talked also in Jason's interview that they still have legacy customers who cost them too much but are sort of still keep on: book 'hard things about hard things'], when you connect the fairly clear dots between two attempts to raise capital within a month of each other, and which are increasingly unsuccessful. [...] We’re not talking about an equity financing here, we’re talking about debt. [...] debt is a harsh mistress, especially for a startup tech company.
Zirtual  burn  rate  runway  Venture  Capital  fundraising  operations  operation  convertible  note  debt  cash  flow  cash-is-king  Start-Up  lesson  Start-Up  advice  CEO  CFO  financial  literacy  accounting  accountability  execution 
august 2015 by asterisk2a
The real truth about the 2008 financial crisis | Brian S. Wesbury | TEDxCountyLineRoad - YouTube
bankers are greedy & excess speculation, is the story. Fed controls short-term interest rate through interest rate setting/Fed meetings based on fundy of American economy, // NIRP (greenspan put) post dot.com, distorts market, decision makers decisions. housing bubble w help of NIRP after dot.com & home-ownership campaign in bush years (fiscal stimulus/subsidies) 2 push that "asset." Not "home" to live in. // banks got too big to fail (their balance sheet/lending book) as liabilities (toxic assets - real downside unknown (due to complexity and day to day changes during crisis years), like CDO/CDS etc) overtook book, overall, value. Banking being actually insolvent, but how insolvent one doesn't know. Thus bad bank idea. ACCOUNTING. // Paul Volker raised rates ... was able, because USA (private household, banks, corporates) were not in a balance sheet recession. Problem was endogenous. // Deregulation + Lax accounting contributed to GFC greatly, unable to value banks books.
GFC  economic  history  fractional  reserve  banking  financial  crisis  monetary  theory  systemicrisk  Greenspan-Put  NIRP  ZIRP  negative  real  interest  rate  interestrate  dot.com  reflation  reflate  balance  sheet  recession  deleveraging  debtoverhang  savings  rate  leverage  alangreenspan  greenspan  Ben  Bernanke  benbernanke  distortion  housing  market  accounting  too  big  to  jail  toobigtofail  TBTF  financial  market  financial  incentive  speculative  bubbles  speculative  speculation  hunt  for  yield  asset  allocation  asset  bubble  TARP  subprime  QE  stresstest  timgeithner  henrypaulson  economic  model  economic  damage  macroeconomic  policy  fiscal  policy  monetary  policy  history  paulvolcker  complexity  incomplete  information  business  confidence  consumer  confidence  confidence  banking  crisis  zombie  banks  mark-to-market  Janet  Yellen 
july 2015 by asterisk2a
Salesforce Isn’t Going Anywhere | TechCrunch
Benioff noted in the company’s earnings release that Salesforce will reach a run rate of $7 billion in its current fiscal year. In short, Salesforce has a proven model, massive revenue, and profits that are besting market expectations. The ripple under that particular pond, however, is that the company is barely profitable when normal accounting measures (non-GAAP) are taken into account. Fully accounting for costs, Salesforce turned a mere $0.01 per-share profit in its most recent quarter. What would turn around that GAAP profit, perhaps to better match its adjusted net income? Lower sales costs and efficiencies, the burr in the side of every enterprise SaaS company. This bleeds both directions — if any acquiring party thinks that it could absorb Salesforce and help it accelerate its growth rates, which are in decline, and also boost its profitability at the same time, the SaaS company is inherently worth more than its current market valuation.
accounting  Wall  Street  Salesforce  Silicon  Valley  SAAS  Marc  Benioff 
may 2015 by asterisk2a
Verdacht von CDS-Absprachen: EU verschärft Ermittlungen gegen Banken - SPIEGEL ONLINE
Die EU-Kommission droht zahlreichen internationalen Großbanken mit empfindlichen Geldstrafen. Sie wirft unter anderem der Deutschen Bank verbotene Absprachen bei Geschäften für Kreditausfallversicherungen vor. >> /watch?v=u84NhfiGJ7o "Banks in the dock over CDS"
value  at  risk  OTC  trust  cartel  CDS  Corruption  accounting  jpmorgan  confidence  GoldmanSachs  transparency  deutschebank  trustagent  VAR  banking  crisis  too  big  to  jail  Barclays  toobigtofail  bank  crisis 
july 2013 by asterisk2a
IMF Admits Mistakes on Greece Bailout - WSJ.com
"The International Monetary Fund is set to admit to major missteps over the past three years in its handling of the bailout of Greece, the first spark in a debt crisis that spread across Europe." > http://www.zerohedge.com/news/2013-06-05/imf-admits-it-idiot-and-liar "" The greater beneficiary of the 2010 bailout wasn't so much Greece as the wider euro-zone, the document suggested. It described the rescue as a "holding operation" that "gave the euro area time to build a firewall to protect other vulnerable members and averted potentially severe effects on the global economy." "" >> + http://www.spiegel.de/wirtschaft/oecd-und-eu-kommission-gegen-euro-sparpolitik-und-fuer-mehr-inflation-a-903575.html
monetary  policy  Politics  GFC  monetary  theory  Europe  accountability  accounting  European  Commission  GoldmanSachs  Euro  Troika  Brussels  ECB  political  folly  policy  error  greatrecession  policy  folly  debtoverhang  ChristineLagarde  trust  economic  history  fiscal  policy  Debt  Super  Cycle  confidence  political  error  sovereign  crisis  trustagent  austerity  PIIGS  fiscal  theory  greatdepression  balance  sheet  recession  IMF  bailout 
june 2013 by asterisk2a
Wolfgang Münchau: EU-Pläne zum Sparkurs helfen nicht - SPIEGEL ONLINE
Der EU-Plan zur Aufweichung des Sparkurses ist weder politisch, rechtlich noch moralisch akzeptabel - er löst nicht einmal das Problem der Krise. Die neuen Taschenspielertricks aus Brüssel sind der Höhepunkt der Verlogenheit. [...] Die Angst geht um in Brüssel. Nach zwei Jahren harter internationaler Kritik gegen den wirtschaftspolitischen Sparkurs knickt die EU-Kommission jetzt ein. Sie will von der Austerität abweichen und auf Wachstum setzen.
unemployment  PIIGSFB  GFC  Europe  accounting  zombie  banks  Troika  banking  crisis  bank  crisis  greatrecession  debtoverhang  2013  economic  history  Debt  Super  Cycle  PIGS  budget  deficit  sovereign  crisis  youth  unemployment  austerity  PIIGS  greatdepression  zombie  consumer  deleveraging  Germany  IMF  balance  sheet  recession 
may 2013 by asterisk2a
Lest We Forget | ZeroHedge
The view of the ECB raises some interesting questions. I believe most would agree on two issues; first that the ECB is an insolvent institution and so highly leveraged and under-capitalized that a normal bank would have been in bankruptcy long ago but then a normal bank can’t print money. However it must also be said that the ECB is not a stand-alone institution living on another world and that the national central banks of Europe own it. Second I think most thoughtful people would agree that at some point in time that the financial condition of a central bank matters either in terms of increasing inflation by increasing the money supply or as a matter of valuation if no one or not enough financial institutions will support their currency or if some national central bank opts out on the basis of the economic threat to its citizens. This could be exemplified by Germany.

... The game could end if a major European bank falters
... Loss of Trust = Out of Bonds/Equity - into Gold&Co;.
Jens  Weidmann  Mark  Grant  operationtwist  QE3  QE2  OMT  SMP  greatrecession  GFC  unintended  consequences  Fed  ZIRP  QE  Gold  toobigtofail  confidence  trust  bank  crisis  banking  crisis  debt  monetisation  monetization  PIIGS  sovereign  debt  crisis  Europe  Germany  Bundesbank  MarioDraghi  economic  history  monetary  theory  monetary  policy  balancesheet  accounting  ECB 
october 2012 by asterisk2a
PIMCO | Investment Outlook - Cult Figures
​- The long-term history of inflation adjusted returns from stocks shows a persistent but recently fading 6.6% real return since 1912.
- The legitimate question that market analysts, government forecasters and pension consultants should answer is how that return can be duplicated in the future.
- Unfair though it may be, an investor should continue to expect an attempted inflationary solution in almost all developed economies over the next few years and even decades.

[[For FX traders, a burgeoning era of inflation will ensure that high levels of volatility continue. Central bankers will repeatedly be tested and money will skip around the globe.]]

= Countries that take the brunt right now are Australia, Canada, New Zealand, Singapore, Brazil, Switzerland etc. countries where there is wealth and trust in institutions and or got natural resources (commodities, growing consumer), or is a creditor nation.
accounting  global-economy  global  imbalances  developed  world  frontiermarkets  emergingmarkets  BRIC  Switzerland  hot-money  currency-war  currency  debasement  unintended  consequences  EMU  UK  BOE  ECB  Fed  centralbanks  monetary  theory  monetary  policy  economic-thought  deleveraging  debt  bubble  debtoverhang  confidence  trustagent  trust  politics  pension  pension  scheme  pension  obligation  pension  fund  financial  repression  economic  history  Europe  USA  lostdecade  greatrecession  GFC  PIMCO  new-normal  inflation  reflation 
august 2012 by asterisk2a
PFG's Chairman Was Forging Bank Documents For Years Even As The CFTC Gave An "All Clear" | ZeroHedge
#Accounting@WallStreet

If there is an event that should cost Gary Gensler his job as head regulator at the CFTC, it is this. According to a just released Reuters report, the head of MFG(lobal) part 2, PFG, whose story we broke yesterday, Russell Wasendorf Sr. "intercepted and forged bank documents for more than two years to cover up hundreds of millions of dollars in missing money, a person close to the situation." [...]

the CFTC gave the firm a clean bill of health in its January inspection of Peregrine Financial Group. That's 6 months ago. The CFTC, as a reminder, was it regulator. The entity whose sole charge is to make sure that firms at least have real, not rehypothecated, cash in their segregated client bank accounts. PFG never did for the past two years. And somehow the CFTC missed this. MF Global was a warning shot, and the CFTC missed it entirely. And not only that but 2 months later ir pronounced PFG clean. For this Gensler has to be fired immediately, and with prejudice.
WallStreet  accounting  accountability  Oversight  brokerage  broker  MFGlobal  regulation  regulators  CFTC  PFGBest 
july 2012 by asterisk2a
Buttonwood: Promise now, bill your children | The Economist
THE problem with pensions is that they are easy to promise but hard to fund. Politicians have in the past offered fat benefits and low retirement ages to voters. Bosses have offered similar goodies to workers. Without proper accounting, the full cost of those promises does not become clear for decades, by which time the politicians and bosses are long gone. Now the bill is coming due, as the new Pensions Outlook from the OECD, an international think-tank, shows.

Final-salary schemes were closed to new members, who were switched into defined contribution (DC) schemes, in which employees bear the investment risk.

In a DC scheme, the economics of pension provision become crystal clear. Lower contributions and poor investment returns mean a smaller pension pot. Low interest rates mean that any given pot delivers a smaller income. Workers will need to save more if they are to have an ample income after retirement.
accounting  accountability  transparency  governance  democracy  corruption  pension  scheme  politics  pension  fund  pension  unfunded 
june 2012 by asterisk2a
The EU Smiled While Spain’s Banks Cooked the Books - Bloomberg
One of the catalysts for last weekend’s bailout request was the decision last month by the Bankia (BKIA) group, Spain’s third-largest lender, to restate its 2011 results to show a 3.3 billion-euro ($4.2 billion) loss rather than a 40.9 million-euro profit. Looking back, we probably should have known Spain’s banks would end up this way, and that their reported financial results bore no relation to reality.

The danger with the technique is it can make companies look healthy when they are actually quite ill, sometimes for years, until they finally deplete their excess reserves and crash. The practice also clashed with International Financial Reporting Standards, which Spain adopted several years ago along with the rest of Europe. European Union officials knew this and let Spain proceed with its own brand of accounting anyway.
accounting  FROB  bailout  2012  Spain  accountability  transparency  banking  bankia 
june 2012 by asterisk2a
A Wall Street Insider's Response To Greg Smith | ZeroHedge
In these businesses, in which the banks trade with professional, accredited investors, the customers are often as bloodthirsty as the banks. Yes, many could use a good salesman’s hand in furthering their interests, but as many – so many – seek the desk that’s sleeping that day and exact a predatory price. Many I’ve traded against gleefully relished it.

Wall Street is an arena where people go to find who’s sleeping and relieve them of their money.

-
"Muppets" is a sound bite for the large audience

Wall Street has held themselves above capitalism’s consequences in a society which once prided itself on the concept of creative destruction.

Not one banking official of note has been tried for fraud.
monetary  policy  bubble  dotcom  greatrecession  GFC  governance  transparency  accounting  accountability  USA  Japan  toobigtofail  AIG  lehmanbrothers  merrylllynch  freddiemac  FannieMea  bearstearns  WorldCom  Enron  lobby  politics  policy  folly  policy  error  Glass-Steagal  bailout  Greenspan-Put  alangreenspan  history  GoldmanSachs  GregSmith  LTCM  WallStreet 
march 2012 by asterisk2a
On Belgium's 140% Debt/GDP | ZeroHedge
Eurostat does not count sovereign guarantees as part of any ratio and hence the accurate debt ratio, as I have demonstrated, is miles apart from the headline number we are given. It seems that in Europe a contingent liability is just a footnote to any financial statement and not anything of real meaning. Nowhere is the fantasy any larger than in Belgium and nowhere is there a larger detour from the truth.

Belgium:

Belgian GDP (U.S. Dept. of State) $467 billion
Admitted Public Debt $466 billion
Sovereign Guaranteed Debt (Eurostat) $113 billion
Bank Guaranteed Debt (Dexia, Fortis et al) $181 billion
Bank Loans $ 11 billion

Debt to GDP Ratio 140%
Fortis  Dexia  governance  Europe  accounting  accountability  transparency  sovereign  debt  crisis  Belgium 
march 2012 by asterisk2a
The Fed's Stress Test Was Merely The Latest "Lipstick On A Pig" Farce | ZeroHedge
Bank statements are accounting gimmicks allowed by law - written by the lobby.

And the Fed plays along, provides nontransparent data, stocks rally, banks sell shares to raise cash.
transparency  accountability  USA  2012  stresstest  Fed  WallStreet  fraud  accounting 
march 2012 by asterisk2a
Eurozone burns money while the banks fiddle their balance sheets - Telegraph
ECB's LTRO is QE in stealth. A bank bailout. And one way to prop up money supply and velocity.

It buys time, politicians have to use. If not, and all else will fail - the trust of the public / society will bring a 2nd Depression and the break-off of PIIGS et al.

The market knows what is going on, thus the Euro is justifiably under 1.30.

All that, while banks need to delever and consolidate. And sovereigns need to fix their budgets and promote growth reforms to stop demand shortfall.

There is not "one" fix that addresses all problems.

OR ... politicians stand by the people and look beyond the next election.

"So eurozone governments need to stand behind retail depositors, make the financial institutions "fess-up" and let the cards fall, forcing the bombed-out European banking sector to consolidate."
complexity  Basel3  accounting  banking  PIIGS  politics  economic-thought  deleveraging  moneysupply  sovereign  debt  crisis  2012  Europe  monetary  policy  monetarism  monetization  debt  monetisation  LTRO  ECB 
january 2012 by asterisk2a
David Smith's EconomicsUK.com: Britain is not following the Japanese script
While I am at it let me deal with another Japanese comparison, as drawn by McKinsey. As noted above, it estimates Britain’s total debt, 507% of gross domestic product, is close to Japan, with 512%.

Ireland is in a class of her own, with 663%, but others are lower. America has debt of 279% of GDP, Germany 278%, Italy 314%, Spain 363% and Portugal 356%.

McKinsey’s contention is that Britain has not begun to come down from these high levels of debt, to “deleverage” and needs to do so. The process of deleveraging, running down debt, is one that could undermine growth in coming years.

There is some truth in McKinsey’s view but not as much as you might think. There is a huge difference between Britain and Japan in government debt. Britain’s is 81% of GDP, Japan’s a huge 226%.

But debt is a stock while GDP is a flow and to compare them, while convenient, is apples and pears. Most household debt in Britain is in the form of mortgages. ....
composition  accounting  outlook  2012  GDP  economics  deleveraging  growth  policy  monetary  QE  BOJ  BOE  inflation  stagnation  Japan  UK  crisis  sovereign  overhang  debt 
january 2012 by asterisk2a
Vickers Report implementation useless and flawed because of opaque accounting of banks
The report, launched in the wake of the financial crisis, recommended separating banks' retail business from their investment business.

Mr Cable said the government would proceed with separating the banks.

But the recommendation about the amount of capital banks should hold has been diluted, the BBC has learned. The chancellor will address MPs on Monday.

http://www.bbc.co.uk/news/business-16235636
http://www.bbc.co.uk/news/business-16237692

opaque accounting of banks; hedges, credit risk, CDS, derivatives, contracts, counterparty risk, non market to market accounting
and because of basel2/3 which sees sov debt as risk free asset which is used to state capital hold. but is not liquid as cash etc. etc etc.
and sov debt is not risk free
banking  UK  transparency  VickersReport  RBS  accounting  reform  regulation  FSA  BoE  2011  Glass-Steagall  Basel3 
december 2011 by asterisk2a
media.bloomberg.com/bb/avfile/News/Surveillance/v2zpEry96Vno.mp3
Bloomberg’s Harper Says Bank Exposure to Europe Clouded (Audio)
Nov 16, 2011
Bloomberg reporter Christine Harper says U.S. bank investors are being kept in the dark about exposure to European sovereign default. Harper talks with Bloomberg's Ken Prewitt and Tom Keene on Bloomberg Radio's "Bloomberg Surveillance."

- ISDA - the body for CDS / Derivatives decided that greece 50% PSI (haircut) is not default,
- bc ISDA is owned by banks, if they would rule it as default scenario - everyone would have owed somebody something - which would have introduced great uncertainty, volatility, share price losses
- did it in their own interest.
= this equals to collusion in an oligopolistic market.

http://www.bloomberg.com/news/2011-11-16/jpmorgan-joins-goldman-keeping-investors-in-dark-on-italy-derivatives-risk.html
ISDA  CDS  derivatives  collusion  oligopol  financialmarket  Greece  default  2011  OTC  exposure  sovereign  debt  crisis  PIIGS  accounting  fraud  transparency  confidence 
november 2011 by asterisk2a
MF Missing Funds May Be ‘Massive’ Ploy: Chilton - Bloomberg
“This isn’t just a lost and found inquiry; it’s a full-on effort to get to the bottom of what appears to be a massive hide-and-seek ploy,”

“It’s a distinct possibility, some would say probability, that somebody has done something with the money, and that it’s not going to be ‘all of a sudden discovered’ with an innocent explanation,” Chilton said. “If that’s the case, it’s patently illegal. I don’t know yet. Our investigation will uncover that, and we’re aggressively pursuing this.”
CFTC  SEC  MFGlobal  oversight  regulation  reform  effectiveness  enforcement  fraud  accounting  accountability  CME 
november 2011 by asterisk2a
Gefälschte Bilanzen: Olympus droht Börsenausschluss - SPIEGEL ONLINE - Nachrichten - Wirtschaft
Dieses Eingeständnis schockiert Anleger und Analysten: Der Kamerahersteller Olympus hat im Zuge seiner Finanzaffäre Bilanzfälschung in großem Stil eingeräumt. Der Skandal um dubiose Zahlungen hat damit viel größere Ausmaße angenommen als bisher bekannt. Verluste durch Investment-Geschäfte seien seit den neunziger Jahren mit Hilfe von Übernahmen verschleiert worden, teilte das japanische Unternehmen am Dienstag mit.

- once you are in it, you never get out. shareholder value maximization at its best.
Olympus  corporate  fraud  audit  accounting  shareholder  value 
november 2011 by asterisk2a
HoheArbeitslosigkeit: Europas Jugend ohne Zukunft - SPIEGEL ONLINE - Nachrichten - Wirtschaft
Generation Finanzkriese
- ups and down cycles have shorter and timeframes, and more deeply

Die jungen Menschen in der EU steuern in die Hoffnungslosigkeit: Mehr als 20 Prozent der 15- bis 24-Jährigen haben keinen Job, in Spanien ist inzwischen fast jeder Zweite arbeitslos - und die Aussichten sind alles andere als positiv. Selbst die recht guten Zahlen aus Deutschland sind trügerisch.

Germany polishes statistics with gimmickry 
Doch die relativ guten Zahlen in Deutschland sind trügerisch: Junge Menschen in der Bundesrepublik sind nicht nur häufiger mit Erwerbslosigkeit konfrontiert als die Gesamtbevölkerung. Sie haben auch deutlich öfter eine sogenannte atypische Beschäftigung. Dazu gehören beispielsweise befristete Jobs oder Zeitarbeit.

=== Long-Run Economic Consequences ===
lostdecade  lostgeneration  generationy  unemployment  youth  USA  PIIGS  europe  germany  fraud  government  statistics  accounting  politics  policy  mistake  folly  millennials  generationx 
august 2011 by asterisk2a
Kotlikoff Says U.S. Deficit Too Much for Next Generations - YouTube
USA net-future liabilities +66tn
when you ask the wrong questions, you get wrong answers
my generation is being screwed.
Government fraud accounting
generationy  USA  budget  debate  government  spending  2011  economics  future  babyboomers  generation  retirement  socialsecurity  medicare  Medicaid  presidency  barackobama  politics  democrats  republicans  balancedbudget  statistics  fraud  accounting 
august 2011 by asterisk2a
More Made Up Data From The BLS: Non-Farm Productivity Better Although Huge Prior Revision Wipes Out All 2011 Gains | ZeroHedge
The only economic data point of the day is a disappointment as non-farm productivity drops 0.3% on consensus of -0.9%, although we once again get an unprecedented revision from the BLS whose data can no longer be trust for anything, as Q1 productivity was cut by whopping 2.4% from 1.8% to -0.6%! This is the first consecutive quarterly drop since 3Q, 4Q 2008. Net, this is very disappointing data and means that the economic slow down is far more broad than previously expected. And, not at all surprisingly, we get the same thing with labor costs rising 2.2% on consensus of 2.4%. The kicker yet again is in the revision, which speaks for itself: from 4.8% to 0.7% in Q1. US economic reporting is rapidly becoming a bigger joke than the Chinese Department of Truth.
BLS  statistics  accounting  economics  guesswork  USA  economy  2011  unemployment  productivity 
august 2011 by asterisk2a
Britain should start spying on Eurozone neighbours, former MI6 chief says - Telegraph
The failure of governments in the eurozone to disclose the true extent of deficit spending and revenue shortfalls has been a constant feature of the euro financial collapse. It took the European Statistics agency Eurostat a full year to produce an accurate record of Greek spending after it got full access to the country’s accounts.“If we had known 3 or 4 years ago that the Greek deficit was really twice as much as they said it was, we would have had a great heads up of future trouble,” Raoul Ruparel, chief economist of the Open Europe thinktank. “There’s a lot of things that countries involved in the euro do behind closed door that are still not disclosed.”
Greece  default  PIIGS  deficit  accounting  accountability  sovereign  debt  crisis  2011 
july 2011 by asterisk2a
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