We were surprised in the 2008 crisis as well. It started with pointing at excessive compensation levels in the financial services industry. The industry even showed the temerity to distribute the initial bail-out money as bonuses. Investigations showed how investment bankers, credit rating agencies and analysts had set up the game in such a way that all gains were theirs and losses were socialised. Then we saw rigging of LIBOR interest rates, the reference for pricing most financial contracts across the world. LIBOR is computed by polling prestigious financial firms and they had cartelised to report lower rates than the actual which enabled them to report lower interest costs and higher profits. These revelations are leading to wide-scale changes in setting the reference or benchmark interest rates, a development which has mostly been ignored by the media. … [Read more...] about Opinion | The role of culture and values in financial crises
Why is majority opinion important
As it turns out, Danger's former CEO Andy Rubin was paying attention, too. While never a hardware genius and a very flawed man, he is a master at putting new ideas and his own visions into software. He was working on an advanced operating system for digital cameras back in 2004 named Android. After pitching the idea around and failing to have much luck, he decided he could better market Android for phones and got to work. Google acquired the company in 2005, released the T-Mobile G1/HTC Dream in 2008 and by now you know the rest. … [Read more...] about How BlackBerry built Android but Apple perfected it
Simultaneously, it can act as a diversionary measure to escape international opprobrium, similar to what China is facing currently because of Beijing’s attempt to cover up the spread of the coronavirus during the crucial early weeks when it could have been more easily contained. Many countries hold China responsible for the huge cost in human lives and suffering as well as the unprecedented economic distress. In the face of such criticism, the Chinese regime is increasingly using jingoistic jargon to build up domestic support. President Xi Jinping’s recent speech to the PLA is an outstanding example of this strategy. He exhorted the Chinese armed forces to “prepare for war” in order to “resolutely safeguard national sovereignty” and “the overall strategic stability of the country”. … [Read more...] about Beijing’s Ladakh brinkmanship
Arun Kumar: You are absolutely right. I agree with Dr. John on masks, incomes for people to survive. What he is also pointing out is that our public health system is broken, not able to take care of the poor. For instance, rural and semi-rural areas have very poor facilities, and as the disease spreads there, the death rate could go up. What we needed to do was focus on building up our health infrastructure rapidly - doctors, nurses, testing. We have never paid attention to social infrastructure, on education, health, drinking water, etc and that’s why we are facing the problem, and could not implement the lockdown. Unlike China which could implement and control it and within three months there were no reports of fresh disease. It is because of the failure of governance, that we could not implement the lockdown better. We are paying for what we have not done for the past 70 years. I see the divide between the organised and unorganised sectors. The organised sector can use … [Read more...] about Can India’s workforce have a safe return to business?
This stacked deck has sparked a widespread backlash against Twitter and a historic warning by the president via tweet Thursday morning: "This will be a Big Day for Social Media and FAIRNESS!" The president is expected to announce an executive order addressing the matter in the near future. … [Read more...] about Adriana Cohen: Twitter not only politically biased, it’s crossed over into election meddling, too