Archive for December, 2011

Vaya con Dios, Napster.

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If you have ever downloaded a song (and who hasn’t?), pause for a moment to pay your respects for the software that made it all possible.  It suffered greatly and gave its life so that iTunes and Spotify could live, and it forced an industry that threw up a great big middle finger to the idea of changing its business model for the better, to be dragged kicking and screaming into a new era.


Wall Street analyst explains hedge funds and why he supports OWS.

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From Reddit.

From the comments:

i work in the hedge fund and proprietary trading world. i used to have a “director” rank of a department when i was fulltime, but now am a highly paid consultant with clients in chicago and NYC. i appreciate your candor, and for those who wish to know, 99% (pun no intended) of what he says is more or less true. in the derivatives space it gets even weirder, not to mention HFT and algo trading, which i am also a part of. i am curious as to what got you into the field, and now that you know what you know, why you remain. if you are anything like me, it’s a complicated answer, i’m sure. right now, i do find i have front row seats as to how all this works, and if i leave, i’ll be an outsider. i also know others in the business who are indeed sympathetic to OWS, but are laying low. some folks actively take the back door into work as to avoid the protesters. they’re not shunning them, but i think it’s a complex cocktail of fear and shame. the culture of this world is STRONG. it is not clear to me how to “fix” things nor is it clear to me what to tell people what to do about it. happy to connect with others in the business. wish we could all have beers and a whale of a conversation. any thoughts you may have would be greatly appreciated. relevant link just posted on propublica: http://www.propublica.org/thetrade/item/on-wall-street-some-insiders-express-quiet-outrage

Contrary to conservative’s assertions, it’s not just a bunch of lazy hippies, and this isn’t just going to go away.  People are not just tired of getting screwed, others are tired of being involved with the screwing.