This is why the JPMorgan VaR model is the rule, not the exception: manual data entry, manual copy-and-paste, and formula errors. This is another important reason why you should pause whenever you hear that banks’ quantitative experts are smarter than Einstein, or that sophisticated risk management technology can protect banks from blowing up. At the end of the day, it’s all software. While all software breaks occasionally, Excel spreadsheets break all the time. But they don’t tell you when they break: they just give you the wrong number.
Author: Edouard Chazal
How Uptown Money Kills Downtown Art
But it wasn’t really until serious business journalists took note and came running to document the next hot market for High Net Worth Individuals that the art world took stock of its new situation. And what became clear to the more experimental, contrarian critical community was that what passes for fusion among uptown’s financial giants is uranium poisoning for everybody else.
Why Apple is Valued Like an Oil Company
There’s no real conclusion here except that I don’t think investors really get technology. They don’t understand truly good and new things and how powerful they are. They think innovation is a word on a mug and a thing discussed in conferences at the Marriott. This is the bizarre thing about Apple, the only people that really get it are it’s customers.
Secret and Lies of the Bailout
So what did bailout officials do? They put together a proposal full of even bigger deceptions to get it past Congress a second time.
The Moral Limits of Markets
Almost without realizing it, we have drifted from having market economies to becoming market societies. The difference is this: A market economy is a tool – a valuable and effective tool – for organizing productive activity. A market society, by contrast, is a place where almost everything is up for sale. It is a way of life in which market values seep into social relations and govern every domain.
