Daily Archives: March 6, 2017

When Bankers Started Playing With Other People’s Money

By William D. Cohan – On April 10, 1970, nearly a year after first filing its IPO prospectus with the SEC, DLJ pulled it off, raising $12 million from the public and as a result fundamentally altering how Wall Street has functioned ever since. “Going public changed Wall Street permanently and forever,” Richard Jenrette (the J in DLJ) told the Times.

On April 10, 1970, nearly a year after first filing its IPO prospectus with the SEC, DLJ pulled it off, raising $12 million from the public and as a result fundamentally altering how Wall Street has functioned ever since. “Going public changed Wall Street permanently and forever,” Richard Jenrette (the J in DLJ) told the Times.

The truth was going public made perfect sense for DLJ and the many Wall Street firms—nearly every one—that followed its lead.

The problem is that the country is still dealing with the unintended consequences of the DLJ IPO to this day. And, of course, back in 1970, very few people, if any, were paying attention to what a small private partnership on Wall Street was trying to do to change the system. And honestly, the importance of the DLJ IPO has still not been fully appreciated. But it was a seminal event.

Ultimately, the unintended consequences of the DLJ IPO would be devastating. In October 1970, Weeden & Co. followed DLJ’s lead and went public. Then the floodgates opened. more> https://goo.gl/z6MzwK

Your Brain as Laboratory: The Science of Meditation

By John Yates +- an define science as the systematic study of the natural world through observation and experiment, yielding an organized body of knowledge on a particular subject. The human mind is undeniably a suitable subject for scientific study, and one purpose of meditation is careful observation of one’s own mind.

This observation reveals consistent patterns that meditators share with one another and with teachers who direct their practice.

However, meditation is not simply passive observation, nor could it be, since the very act of observation is itself an activity of mind. Rather the meditator intentionally employs attention, awareness, and other mental faculties in a variety of ways to better understand the functional behavior of the mind. more> https://goo.gl/Pp47U6

Updates from GE

By Tomas Kellner – Until now. GE is taking a second look at nimble robots that can operate in tough spots. Last year, GE Ventures invested in Sarcos Robotics, an innovative company developing robots for tasks that are too difficult or dangerous for humans.

“We are really focused on the part of robotics that is about human augmentation, as opposed to human replacement,” says Sarcos Co-founder and President Fraser Smith.

These are no assembly line robots, either. Ben Wolff, Sarcos chairman and CEO, says his engineers are building dexterous robots that can do meaningful work in unpredictable or unstructured environments. Echoing Mosher’s vision, the machines can navigate new surroundings and have “very fine motor controls that allow them to manipulate objects in exactly the same way you would with your arms if you could lift so much,” Wolff says.

One such machine, the remotely operated Sarcos Guardian S snake robot, can crawl inside and inspect steam pipes within a nuclear power plant or oil storage tank. “Rather than sending a human rappelling down an 80-foot wall to look for corrosion inside a petroleum storage tank, we can send the robot,” Wolff says. more> https://goo.gl/9pYRJh

How the baby boomers destroyed everything

By Bruce Cannon Gibney –  My indictment of boomers may seem overbroad, but the thesis is quite specific: the unusual prevalence of sociopathy in an unusually large generation. How does that disorder manifest?

Improvidence is reflected in low levels of savings and high levels of bankruptcy.

Deceit shows up as a distaste for facts, a subject on display in everything from Enron’s quarterly reports to daily press briefings. Interpersonal failures and unbridled hostility appeared in unusually high levels of divorce and crime from the 1970s to early 1990s.

These problems expressed themselves at generationally unique levels in boomers, to a greater extent than in boomers’ parents or children at comparable ages. (My forthcoming book lays out all these data in detail.)

When problems grow large, boomers resort to deceit, and the huge degradation of truth suggests just how bad things have gotten. Whether it be misrepresentations by Worldcom, Lehman Brothers, Bill Clinton, Newt Gingrich, or General Michael Flynn, boomer culture has wallowed in duplicity for decades. more> https://goo.gl/9FOqFv