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Ness Labs: Make the most of your mind
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Money Stuff: Evergrande Borrowed From Everyone
China Evergrande Group owes 1.6 million apartments to people who have put down cash deposits and owes billions to people who bought retail debt instruments advertised as "wealth management products."
The products were simultaneously advertised as "suitable for conservative investors" and sold with 11% yields.
Many "ordinary" people put a large chunk of their savings into these products.
Because of this, the government could get involved, so it isn't guaranteed that ordinary claims of seniority will apply.
Everything is securities fraud
The SEC has launched an investigation into Activision Blizzard Inc. regarding how the company handled employees' allegations of sexual misconduct and workplace discrimination.
This is weirdly considered securities fraud because Activision "misled" people that it was upholding its code of ethics when it really wasn't, which led investors to lose money.
The SEC is now the US's "general-purpose regulatory agency" because securities fraud encompasses almost every issue.
Analyst work/life balance
13 junior investment bankers at Goldman created a slide deck titled "Working Conditions Survey," which described the toll of 120-hour workweeks. Joey Coslet, son of Goldman's CIO, played a key role.
Investment banks love hiring PSDs (poor, smart, and driven students).
They also love hiring students from wealthy banking backgrounds.
These are typically the ones who complain about long work hours that they aren't used to.
The COO of Nonfungible.com said 90% of NFTs today are totally useless and meaningless. As a result, most NFTs that sell for the first time never see another transaction.
Martingale Shares, a way to sell fractional interests in NFTs, could fix this issue.
The basic idea is that owners of individual assets could raise money by selling into a market of fungible claims on a class of assets, which are probabilistic.
The goal is to build markets of liquid fungible tokens to finance ownership of non-fungible tokens.
This is what makes NFTs interesting: they are a sandbox for building financial tools that can represent the real world in the crypto system.
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