Bank Employee Quotes

It wasn’t that she expected to be known by all the bank’s employees; it was just that she had been lovely once, and had never really believed that time would make her faceless.

The currency of evolution is neither hunger nor pain, but rather copies of DNA helixes. Just as the economic success of a company is measured only by the number of dollars in its bank account, not by the happiness of its employees, so the evolutionary success of a species is measured by the number of copies of its DNA.

Whose interest does egg freezing serve? The woman's or that of an ambitious, still pretty unforgiving culture that doesn't really ever see childbearing for female employees as convenient?

In a study of employees throughout the world working for the same multinational bank, what was the most important reason cited to help someone? Among Americans it was that the person had previously helped them; for Chinese it was that the person was higher ranking; in Spain, that they were a friend or acquaintance.

Bank ek Jagannath ka rath hai; sab employees haath laga kar khade hai, chala kaun raha hai pata nahi.

French Impressionist artist Paul Gauguin would never have become Gauguin if he had not followed this principle. He was a bank employee for a good part of his life, until the day he decided he was an artist. That day he left the bank and became a genius painter.

In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in — or more precisely not in — the country’s businesses and banks. This inventory — it should perhaps be called the bezzle — amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks. … Just as the boom accelerated the rate of growth, so the crash enormously advanced the rate of discovery. Within a few days, something close to a universal trust turned into something akin to universal suspicion. Audits were ordered. Strained or preoccupied behavior was noticed. Most important, the collapse in stock values made irredeemable the position of the employee who had embezzled to play the market. He now confessed.

The founders of start-ups as varied as YouTube, Palantir Technologies, and Yelp all worked at PayPal. Another set of people—including Reid Hoffman, Thiel, and Botha—emerged as some of the technology industry’s top investors. PayPal staff pioneered techniques in fighting online fraud that have formed the basis of software used by the CIA and FBI to track terrorists and of software used by the world’s largest banks to combat crime. This collection of super-bright employees has become known as the PayPal Mafia—more or less the current ruling class of Silicon Valley—and Musk is its most famous and successful member.

The way to overcome oligarchy is for the rest of us to join together and win America back. This will require a multiracial, multiethnic coalition of working-class, poor, and middle-class Americans fighting for democracy and against concentrated power and privilege, determined to rid politics of big money, end corporate welfare and crony capitalism, bust up monopolies, stop voter suppression, and strengthen the countervailing power of labor unions, employee-owned corporations, worker cooperatives, state and local banks, and grassroots politics. This agenda is neither right nor left. It is the bedrock for everything else America must do.

In a mass society where obtaining credit is as easy as it is, there’s probably no way to efficiently collect on delinquent accounts by writing real affidavits, filing legitimate, error-free lawsuits, and serving legitimate summonses in each and every individual case. Without the shortcuts, it doesn’t work. So techniques like robo-signing and sewer service are essential to the profitability of the business. Plenty of people—consumers and merchants both—are probably glad that so much credit is available, but they don’t realize that systematic fraud is part of what makes it available. Legally, there’s absolutely no difference between a woman on welfare who falsely declares that her boyfriend no longer lives in the home and a bank that uses a robo-signer to cook up a document swearing that he has kept regular records of your credit card account. But morally and politically, they’re worlds apart. When the state brings a fraud case against a welfare mom, it brings it with disgust, with rage, because in addition to committing the legal crime, she’s committed the political crime of being needy and an eyesore. Banks commit the legal crime of fraud wholesale; they do so out in the open, have entire departments committed to it, and have employees who’ve spent years literally doing nothing but commit, over and over again, the same legal crime that some welfare mothers go to jail for doing once. But they’re not charged, because there’s no political crime. The system is not disgusted by the organized, mechanized search for profit. It’s more like it’s impressed by it.

The currency of evolution is neither hunger nor pain, but rather copies of DNA helixes. Just as the economic success of a company is measured only by the number of dollars in its bank account, not by the happiness of its employees, so the evolutionary success of a species is measured by the number of copies of its DNA. If no more DNA copies remain, the species is extinct, just as a company without money is bankrupt. If a species boasts many DNA copies, it is a success, and the species flourishes. From such a perspective, 1,000 copies are always better than a hundred copies. This is the essence of the Agricultural Revolution: the ability to keep more people alive under worse conditions. Yet why should individuals care about this evolutionary calculus? Why would any sane person lower his or her standard of living just to multiply the number of copies of the Homo sapiens genome? Nobody agreed to this deal: the Agricultural Revolution was a trap.

Just as the economic success of a company is measured only by the number of dollars in its bank account, not by the happiness of its employees, so the evolutionary success of a species is measured by the number of copies of its DNA. If no more DNA copies remain, the species is extinct, just as a company without money is bankrupt.

The moment Salomon Brothers demonstrated the potential gains to be had from turning an investment bank into a public corporation and leveraging its balance sheet with exotic risks, the psychological foundations of Wall Street shifted, from trust to blind faith. No investment bank owned by its employees would have leveraged itself 35:1, or bought and held $50 billion in mezzanine CDOs.

The currency or evolution is neither hunger nor pain, but rather copies of DNA helixes. Just as the economic success of a company is measured only by the number of dollars in its bank account, not by the happiness of its employees, so the evolutionary success of a species is measured by the number of copies of its DNA... This is the essence of the Agricultural Revolution: the ability to keep more people alive under worse conditions.

Agency could not afford to lose MNY Bank as a client. Last month, the bank amounted to $48,000 of the Stapleton Agency’s $120,000 in total billings. Alex, Sarah, and the other six employees of the Stapleton Agency needed MNY Bank. Traffic was heavy on the way across town and Alex was late for his second meeting of the day. Sandy Garmalo sat at the table sipping San Pellegrino. She ran the marketing department for a law firm and had been Alex’s client for five years. The

In the mid-1980s, Congress authorized the creation of the US Sentencing Commission to examine prison terms and codify norms to correct the arbitrary punishments meted out by unaccountable judges. First, in 1989 the commission’s guidelines for individuals went into effect, establishing a point system for how many years of prison a convicted criminal might get, based on the seriousness of the misconduct and a person’s criminal history. In 1991, amid public and congressional outrage that sentences for white-collar criminals were too light and fines and sanctions for corporations too lenient, the Sentencing Commission expanded the concept to cover organizations. It formalized the Sporkin-era regime of offering leniency in exchange for cooperation and reform. The new rules delineated factors that could earn a culprit mercy. In levying a fine, the court should consider, the sentencing guidelines said, “any collateral consequences of conviction.” 1 “Collateral consequences” was, and remains, an ill-defined concept. How worried should the government be if a punishment causes a company to go out of business? Should regulators worry about the cashiering of innocent employees? What about customers, suppliers, or competitors? Should they fret about financial crises? From this rather innocuous mention, the little notion of collateral consequences would blossom into the great strangling vine that came to be known after the financial crisis of 2008 by its shorthand: “too big to jail.” Prosecutors and regulators were crippled by the idea that the government could not criminally sanction some companies—particularly giant banks—for fear that they would collapse, causing serious problems for financial markets or the economy.

-the bank recently introduced a new system that automated many tasks in my role as a risk analyst and therefore my position has been eliminated; I’m an exemplary employee and this is in no way a reflection of my performance; the company will provide me with ample support during the “transition.” I might be the only person in the history of mankind to eat an entire banana while losing her job. The “transition” would begin immediately. As in, I wasn’t allowed to go back to my desk, to collect my things, or to say goodbye to my coworkers. I was to be walked down to the security desk like a criminal and handed my belongings in a box, then shown the curb.

The currency of evolution is neither hunger nor pain, but rather copies of DNA helixes. Just as the economic success of a company is measured only by the number of dollars in its bank account, not by the happiness of its employees, so the evolutionary success of a species is measured by the number of copies of its DNA. If no more DNA copies remain, the species is extinct, just as a company without money is bankrupt. If a species boasts many DNA copies, it is a success, and the species flourishes. From such a perspective, 1,000 copies are always better than a hundred copies. This is the essence of the Agricultural Revolution: the ability to keep more people alive under worse conditions.

And here’s what Barack Obama and his surrogates said about Mitt Romney: Mitt Romney is the worst guy since Mussolini. Mitt Romney is the guy who straps dogs to the top of cars. Mitt Romney is the kind of guy who wants to “put y’all back in chains.” Mitt Romney is leading a “war on women” and, in fact, has compiled a binder full of women that he can then use to prosecute his war. Mitt Romney is the type of guy who would specifically fire an employee so that five years later his wife would die of cancer thanks to lack of health insurance. Mitt Romney would take his money and put it in an overseas bank account specifically to deprive the American people of money. The Obama campaign slogan: “Romney: Rich, Sexist, Racist Jackass.

Security is a big and serious deal, but it’s also largely a solved problem. That’s why the average person is quite willing to do their banking online and why nobody is afraid of entering their credit card number on Amazon. At 37signals, we’ve devised a simple security checklist all employees must follow: 1. All computers must use hard drive encryption, like the built-in FileVault feature in Apple’s OS X operating system. This ensures that a lost laptop is merely an inconvenience and an insurance claim, not a company-wide emergency and a scramble to change passwords and worry about what documents might be leaked. 2. Disable automatic login, require a password when waking from sleep, and set the computer to automatically lock after ten inactive minutes. 3. Turn on encryption for all sites you visit, especially critical services like Gmail. These days all sites use something called HTTPS or SSL. Look for the little lock icon in front of the Internet address. (We forced all 37signals products onto SSL a few years back to help with this.) 4. Make sure all smartphones and tablets use lock codes and can be wiped remotely. On the iPhone, you can do this through the “Find iPhone” application. This rule is easily forgotten as we tend to think of these tools as something for the home, but inevitably you’ll check your work email or log into Basecamp using your tablet. A smartphone or tablet needs to be treated with as much respect as your laptop. 5. Use a unique, generated, long-form password for each site you visit, kept by password-managing software, such as 1Password.§ We’re sorry to say, “secretmonkey” is not going to fool anyone. And even if you manage to remember UM6vDjwidQE9C28Z, it’s no good if it’s used on every site and one of them is hacked. (It happens all the time!) 6. Turn on two-factor authentication when using Gmail, so you can’t log in without having access to your cell phone for a login code (this means that someone who gets hold of your login and password also needs to get hold of your phone to login). And keep in mind: if your email security fails, all other online services will fail too, since an intruder can use the “password reset” from any other site to have a new password sent to the email account they now have access to. Creating security protocols and algorithms is the computer equivalent of rocket science, but taking advantage of them isn’t. Take the time to learn the basics and they’ll cease being scary voodoo that you can’t trust. These days, security for your devices is just simple good sense, like putting on your seat belt.

The problem wasn’t that the banks were, in and of themselves, critical to the success of the U.S. economy. The problem, he felt certain, was that some gargantuan, unknown dollar amount of credit default swaps had been bought and sold on every one of them. “There’s no limit to the risk in the market,” he said. “A bank with a market capitalization of one billion dollars might have one trillion dollars’ worth of credit default swaps outstanding. No one knows how many there are! And no one knows where they are!” The failure of, say, Citigroup might be economically tolerable. It would trigger losses to Citigroup’s shareholders, bondholders, and employees—but the sums involved were known to all. Citigroup’s failure, however, would also trigger the payoff of a massive bet of unknown dimensions: from people who had sold credit default swaps on Citigroup to those who had bought them.

In sum," Midlife said, giving the room his best you-the-jury baritone, "Our defense will be...?" He looked to Matt for the answer/ "Blame the other guy," Matt said. "Which other guy?" "Yes." "Huh?" "We blame whoever we can," Matt said. "The CFO, the COO, the C Choose-Your-Favorite-Two-Letter-Combination, the accounting firm, the banks, the board, the lower-level employees. We claim some of them are crooks. We claim some of them made honest mistakes that steamrolled." "Isn't that contradictory?" Midlife asked, folding his hands and lowering his eyebrows. "Claiming both malice and mistakes?" He stopped, looked up, smiled, nodded. Malice and mistakes. Midlife liked the way that sounded. "We're looking to confuse," Matt said. "You blame enough people, nothing sticks. The jury end up knowing something went wrong but you don't know where to place the blame. We throw facts and figures at them. We bring up every possible mistake, every uncrossed t and dotted i. We act like discrepancy is a huge deal, even if it's not. We are skeptical of EVERYONE.

The Proofs Human society has devised a system of proofs or tests that people must pass before they can participate in many aspects of commercial exchange and social interaction. Until they can prove that they are who they say they are, and until that identity is tied to a record of on-time payments, property ownership, and other forms of trustworthy behavior, they are often excluded—from getting bank accounts, from accessing credit, from being able to vote, from anything other than prepaid telephone or electricity. It’s why one of the biggest opportunities for this technology to address the problem of global financial inclusion is that it might help people come up with these proofs. In a nutshell, the goal can be defined as proving who I am, what I do, and what I own. Companies and institutions habitually ask questions—about identity, about reputation, and about assets—before engaging with someone as an employee or business partner. A business that’s unable to develop a reliable picture of a person’s identity, reputation, and assets faces uncertainty. Would you hire or loan money to a person about whom you knew nothing? It is riskier to deal with such people, which in turn means they must pay marked-up prices to access all sorts of financial services. They pay higher rates on a loan or are forced by a pawnshop to accept a steep discount on their pawned belongings in return for credit. Unable to get bank accounts or credit cards, they cash checks at a steep discount from the face value, pay high fees on money orders, and pay cash for everything while the rest of us enjoy twenty-five days interest free on our credit cards. It’s expensive to be poor, which means it’s a self-perpetuating state of being. Sometimes the service providers’ caution is dictated by regulation or compliance rules more than the unwillingness of the banker or trader to enter a deal—in the United States and other developed countries, banks are required to hold more capital against loans deemed to be of poor quality, for example. But many other times the driving factor is just fear of the unknown. Either way, anything that adds transparency to the multi-faceted picture of people’s lives should help institutions lower the cost of financing and insuring them.

What’s an IPO, exactly? A company decides it wants to “float” part of its equity on the public markets, allowing employees and founders to sell private shares to pay them off for years of service, as well as sell shares out of the corporate treasury to have some money in the bank. Large investment banks (such as my former employer Goldman Sachs) form what’s called a “syndicate” (“mafia” might be a better term) wherein they offer to effectively buy those shares from Facebook, and then sell them into the capital markets, usually by pushing it via their sales force onto wealthy clients or institutional investors. That syndicate either guarantees a price (“firm commitment”) or promises to get the best price it can (“best effort”). In the former case, the bank is taking real execution risk, and stands to lose money if it doesn’t engineer a “pop” in the stock on opening day. To mitigate the risk, the bank convinces the offering company to expect a lower price, while simultaneously jacking up what real price the market will bear with a zealous sales pitch to the market’s deepest pockets. Thus, it is absolutely jejune to think that a stock’s rise on opening day is due to clamoring and unexpected interest. Similar to Captain Renault in Casablanca, Wall Street bankers are shocked—shocked!—that there should be such a large and positive price dislocation in the market they just rigged.

Many aspects of the modern financial system are designed to give an impression of overwhelming urgency: the endless ‘news’ feeds, the constantly changing screens of traders, the office lights blazing late into the night, the young analysts who find themselves required to work thirty hours at a stretch. But very little that happens in the finance sector has genuine need for this constant appearance of excitement and activity. Only its most boring part—the payments system—is an essential utility on whose continuous functioning the modern economy depends. No terrible consequence would follow if the stock market closed for a week (as it did in the wake of 9/11)—or longer, or if a merger were delayed or large investment project postponed for a few weeks, or if an initial public offering happened next month rather than this. The millisecond improvement in data transmission between New York and Chicago has no significance whatever outside the absurd world of computers trading with each other. The tight coupling is simply unnecessary: the perpetual flow of ‘information’ part of a game that traders play which has no wider relevance, the excessive hours worked by many employees a tournament in which individuals compete to display their alpha qualities in return for large prizes. The traditional bank manager’s culture of long lunches and afternoons on the golf course may have yielded more useful information about business than the Bloomberg terminal. Lehman

Emergency food has become very useful indeed, and to a very large assortment of people and institutions. The United States Department of Agriculture uses it to reduce the accumulation of embarrassing agricultural surpluses. Business uses it to dispose of nonstandard or unwanted product, to protect employee morale and avoid dump fees, and, of course, to accrue tax savings. Celebrities use it for exposure. Universities and hospitals, as well as caterers and restaurants, use it to absorb leftovers. Private schools use it to teach ethics, and public schools use it to instill a sense of civic responsibility. Churches use it to express their concern for the least of their brethren, and synagogues use it to be faithful to the tradition of including the poor at the table. Courts use it to avoid incarcerating people arrested for Driving While Intoxicated and a host of other offense. Environmentalists use it to reduce the solid waste stream. Penal institutions use it to create constructive outlets for the energies of their inmates, and youth-serving agencies of all sorts use it to provide service opportunities for young people. Both profit-making and nonprofit organizations use it to absorb unneeded kitchen and office equipment. A wide array of groups, organizations, and institutions benefits from the halo effect of 'feeding the hungry,' and this list does not even include the many functions for ordinary individuals--companionship, exercise, meaning, and purpose. . .If we didn't have hunger, we'd have to invent it.

Consider a world in which cause and effect are erratic. Sometimes the first precedes the second, sometimes the second the first. Or perhaps cause lies forever in the past while effect in the future, but future and past are entwined. On the terrace of the Bundesterrasse is a striking view: the river Aare below and the Bernese Alps above. A man stands there just now, absently emptying his pockets and weeping. Without reason, his friends have abandoned him. No one calls any more, no one meets him for supper or beer at the tavern, no one invites him to their home. For twenty years he has been the ideal friend to his friends, generous, interested, soft-spoken, affectionate. What could have happened? A week from this moment on the terrace, the same man begins acting the goat, insulting everyone, wearing smelly clothes, stingy with money, allowing no one to come to his apartment on Laupenstrasse. Which was cause and which effect, which future and which past? In Zürich, strict laws have recently been approved by the Council. Pistols may not be sold to the public. Banks and trading houses must be audited. All visitors, whether entering Zürich by boat on the river Limmat or by rail on the Selnau line, must be searched for contraband. The civil military is doubled. One month after the crackdown, Zürich is ripped by the worst crimes in its history. In daylight, people are murdered in the Weinplatz, paintings are stolen from the Kunsthaus, liquor is drunk in the pews of the Münsterhof. Are these criminal acts not misplaced in time? Or perhaps the new laws were action rather than reaction? A young woman sits near a fountain in the Botanischer Garten. She comes here every Sunday to smell the white double violets, the musk rose, the matted pink gillyflowers. Suddenly, her heart soars, she blushes, she paces anxiously, she becomes happy for no reason. Days later, she meets a young man and is smitten with love. Are the two events not connected? But by what bizarre connection, by what twist in time, by what reversed logic? In this acausal world, scientists are helpless. Their predictions become postdictions. Their equations become justifications, their logic, illogic. Scientists turn reckless and mutter like gamblers who cannot stop betting. Scientists are buffoons, not because they are rational but because the cosmos is irrational. Or perhaps it is not because the cosmos is irrational but because they are rational. Who can say which, in an acausal world? In this world, artists are joyous. Unpredictability is the life of their paintings, their music, their novels. They delight in events not forecasted, happenings without explanation, retrospective. Most people have learned how to live in the moment. The argument goes that if the past has uncertain effect on the present, there is no need to dwell on the past. And if the present has little effect on the future, present actions need not be weighed for their consequence. Rather, each act is an island in time, to be judged on its own. Families comfort a dying uncle not because of a likely inheritance, but because he is loved at that moment. Employees are hired not because of their résumés, but because of their good sense in interviews. Clerks trampled by their bosses fight back at each insult, with no fear for their future. It is a world of impulse. It is a world of sincerity. It is a world in which every word spoken speaks just to that moment, every glance given has only one meaning, each touch has no past or no future, each kiss is a kiss of immediacy.

Oh, it’s perfectly safe to handle if somebody else has triggered the curse and you took it from their still-smoking body.” Eve paused. “Or if they sold it to you.” “You bought it, didn’t you?” Imp walked towards her. “Didn’t you?” “I think so. I may have screwed up that side of things,” Eve admitted. “It’s unclear.” “What’s unclear?” “It was up for auction: obvs, right? But it’s not clear that the person auctioning the location of the manuscript actually owned what they were selling, that’s the thing. Also, ancient death spells and intellectual property law don’t always play nice together. I, uh, my boss has a standard procedure he has me follow in cases of handling blackmail and extortion. We pay the ransom, then once we’ve destroyed the threat I repossess the payment from the blackmailer’s bank account. Via a Transnistrian mafiya underwriter—” This time it was Wendy who interrupted: “The Russian mafiya has underwriters?” “Transnistrian, please, and yes, criminal business models are inherently expensive because they have to pay for their own guard labor—there are no tax overheads, but no police protection for carrying out business, either—so of course they evolved parallel structures for risk management, mostly by embedding the risk in a concrete slab and dumping it in the harbor—anyway. At what stage does the book consider itself to have been legitimately acquired? And by whom? Is it safe for you to handle it, as my employee? What about as an independent freelance contractor not subject to the HMRC IR35 regulations? Am I an acceptable proxy for Bigge Enterprises, a Scottish Limited Liability Partnership domiciled in the Channel Islands, in the view of a particularly dim-witted nineteenth-century death spell attached to a codex bound in human skin by a mad inquisitor? It’s like digital rights management magic, only worse.

We came to the city because we wished to live haphazardly, to reach for only the least realistic of our desires, and to see if we could not learn what our failures had to teach, and not, when we came to live, discover that we had never died. We wanted to dig deep and suck out all the marrow of life, to be overworked and reduced to our last wit. And if our bosses proved mean, why then we’d evoke their whole and genuine meanness afterward over vodka cranberries and small batch bourbons. And if our drinking companions proved to be sublime then we would stagger home at dawn over the Old City cobblestones, into hot showers and clean shirts, and press onward until dusk fell again. For the rest of the world, it seemed to us, had somewhat hastily concluded that it was the chief end of man to thank God it was Friday and pray that Netflix would never forsake them. Still we lived frantically, like hummingbirds; though our HR departments told us that our commitments were valuable and our feedback was appreciated, our raises would be held back another year. Like gnats we pestered Management— who didn’t know how to use the Internet, whose only use for us was to set up Facebook accounts so they could spy on their children, or to sync their iPhones to their Outlooks, or to explain what tweets were and more importantly, why— which even we didn’t know. Retire! we wanted to shout. We ha Get out of the way with your big thumbs and your senior moments and your nostalgia for 1976! We hated them; we wanted them to love us. We wanted to be them; we wanted to never, ever become them. Complexity, complexity, complexity! We said let our affairs be endless and convoluted; let our bank accounts be overdrawn and our benefits be reduced. Take our Social Security contributions and let it go bankrupt. We’d been bankrupt since we’d left home: we’d secure our own society. Retirement was an afterlife we didn’t believe in and that we expected yesterday. Instead of three meals a day, we’d drink coffee for breakfast and scavenge from empty conference rooms for lunch. We had plans for dinner. We’d go out and buy gummy pad thai and throat-scorching chicken vindaloo and bento boxes in chintzy, dark restaurants that were always about to go out of business. Those who were a little flush would cover those who were a little short, and we would promise them coffees in repayment. We still owed someone for a movie ticket last summer; they hadn’t forgotten. Complexity, complexity. In holiday seasons we gave each other spider plants in badly decoupaged pots and scarves we’d just learned how to knit and cuff links purchased with employee discounts. We followed the instructions on food and wine Web sites, but our soufflés sank and our baked bries burned and our basil ice creams froze solid. We called our mothers to get recipes for old favorites, but they never came out the same. We missed our families; we were sad to be rid of them. Why shouldn’t we live with such hurry and waste of life? We were determined to be starved before we were hungry. We were determined to be starved before we were hungry. We were determined to decrypt our neighbors’ Wi-Fi passwords and to never turn on the air-conditioning. We vowed to fall in love: headboard-clutching, desperate-texting, hearts-in-esophagi love. On the subways and at the park and on our fire escapes and in the break rooms, we turned pages, resolved to get to the ends of whatever we were reading. A couple of minutes were the day’s most valuable commodity. If only we could make more time, more money, more patience; have better sex, better coffee, boots that didn’t leak, umbrellas that didn’t involute at the slightest gust of wind. We were determined to make stupid bets. We were determined to be promoted or else to set the building on fire on our way out. We were determined to be out of our minds.

We began the show by asking: Who did more for the world, Michael Milken or Mother Teresa? This seems like a no-brainer. Milken is the greedy junk-bond king. One year, his firm paid him $550 million. Then he went to jail for breaking securities laws. Mother Teresa is the nun who spent her lifetime helping the poor and died without a penny. Her good deeds live on even after her death; several thousand sisters now continue the charities she began. At first glance, of course Mother Teresa did more for the world. But it's not so simple. Milken's selfish pursuit of profit helped a lot of people, too. Think about it: By pioneering a new way for companies to raise money, Milken created millions of jobs. The ignorant media sneered at 'junk bonds', but Milken's innovative use of them meant exciting new ideas flourished. We now make calls on a national cellular network established by a company called McCaw Cellular, which Milken financed. And our calls are cheaper because Milken's junk bonds financed MCI. CEO Bill McGowan simply couldn't get the money anywhere else. Without Milken, MCI wouldn't have grown from 11 to 50,000 employees. CNN's 24-hour news and Ted Turner's other left-wing ventures were made possible by Milken's 'junk'. The world's biggest toy company, Mattel, the cosmetics company Revlon, and the supermarket giant Safeway were among many rescued from bankruptcy by Milken's junk bonds. He financed more than 3,000 companies, including what are now Barnes & Noble, AOL Time Warner, Comcast, Mellon Bank, Occidental Petroleum, Jeep Eagle, Calvin Klein, Hasbro, Days Inn, 7-Eleven, and Computer Associates. Millions of people have productive employment today because of Michael Milken. (Millions of jobs is hard to believe, and when 'Greed' aired, I just said he created thousands of jobs; but later I met Milken, and he was annoyed with me because he claimed he'd created millions of jobs. I asked him to document that, to name the companies and the jobs, and he did.)

This means, a woman might think, that the law will treat her fairly in employment disputes if only she does her part, looks pretty, and dresses femininely. She would be dangerously wrong, though. Let’s look at an American working woman standing in front of her wardrobe, and imagine the disembodied voice of legal counsel advising her on each choice as she takes it out on its hanger. “Feminine, then,” she asks, “in reaction to the Craft decision?” “You’d be asking for it. In 1986, Mechelle Vinson filed a sex discrimination case in the District of Columbia against her employer, the Meritor Savings Bank, on the grounds that her boss had sexually harassed her, subjecting her to fondling, exposure, and rape. Vinson was young and ‘beautiful’ and carefully dressed. The district court ruled that her appearance counted against her: Testimony about her ‘provocative’ dress could be heard to decide whether her harassment was ‘welcome.’” “Did she dress provocatively?” “As her counsel put it in exasperation, ‘Mechelle Vinson wore clothes.’ Her beauty in her clothes was admitted as evidence to prove that she welcomed rape from her employer.” “Well, feminine, but not too feminine, then.” “Careful: In Hopkins v. Price-Waterhouse, Ms. Hopkins was denied a partnership because she needed to learn to ‘walk more femininely, talk more femininely, dress more femininely,’ and ‘wear makeup.’” “Maybe she didn’t deserve a partnership?” “She brought in the most business of any employee.” “Hmm. Well, maybe a little more feminine.” “Not so fast. Policewoman Nancy Fahdl was fired because she looked ‘too much like a lady.’” “All right, less feminine. I’ve wiped off my blusher.” “You can lose your job if you don’t wear makeup. See Tamini v. Howard Johnson Company, Inc.” “How about this, then, sort of…womanly?” “Sorry. You can lose your job if you dress like a woman. In Andre v. Bendix Corporation, it was ruled ‘inappropriate for a supervisor’ of women to dress like ‘a woman.’” “What am I supposed to do? Wear a sack?” “Well, the women in Buren v. City of East Chicago had to ‘dress to cover themselves from neck to toe’ because the men at work were ‘kind of nasty.’” “Won’t a dress code get me out of this?” “Don’t bet on it. In Diaz v. Coleman, a dress code of short skirts was set by an employer who allegedly sexually harassed his female employees because they complied with it.

Politicians are the only people in the world who create problems and then campaign against them. Have you ever wondered why, if both the Democrats and Republicans are against deficits, we have deficits? Have you ever wondered why if all politicians are against inflation and high taxes, we have inflation and high taxes? You and I don’t propose a federal budget. The president does. You and I don’t have Constitutional authority to vote on appropriations. The House of Representatives does. You and I don’t write the tax code. Congress does. You and I don’t set fiscal policy. Congress does. You and I don’t control monetary policy. The Federal Reserve Bank does. One hundred senators, 435 congressmen, one president and nine Supreme Court justices — 545 human beings out of 235 million — are directly, legally, morally and individually responsible for the domestic problems that plague this country. I excused the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered by private central bank. I exclude all of the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman or a president to do one cotton-picking thing. I don’t care if they offer a politician $1 million in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislators’ responsibility to determine how he votes. Don’t you see the con game that is played on the people by the politicians? Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party. What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of Tip O’Neill, who stood up and criticized Ronald Reagan for creating deficits. The president can only propose a budget. He cannot force the Congress to accept it. The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating appropriations and taxes. Those 545 people and they alone are responsible. They and they alone should be held accountable by the people who are their bosses — provided they have the gumption to manage their own employees.

Anna Chapman was born Anna Vasil’yevna Kushchyenko, in Volgograd, formally Stalingrad, Russia, an important Russian industrial city. During the Battle of Stalingrad in World War II, the city became famous for its resistance against the German Army. As a matter of personal history, I had an uncle, by marriage that was killed in this battle. Many historians consider the battle of Stalingrad the largest and bloodiest battle in the history of warfare. Anna earned her master's degree in economics in Moscow. Her father at the time was employed by the Soviet embassy in Nairobi, Kenya, where he allegedly was a senior KGB agent. After her marriage to Alex Chapman, Anna became a British subject and held a British passport. For a time Alex and Anna lived in London where among other places, she worked for Barclays Bank. In 2009 Anna Chapman left her husband and London, and moved to New York City, living at 20 Exchange Place, in the Wall Street area of downtown Manhattan. In 2009, after a slow start, she enlarged her real-estate business, having as many as 50 employees. Chapman, using her real name worked in the Russian “Illegals Program,” a group of sleeper agents, when an undercover FBI agent, in a New York coffee shop, offered to get her a fake passport, which she accepted. On her father’s advice she handed the passport over to the NYPD, however it still led to her arrest. Ten Russian agents including Anna Chapman were arrested, after having been observed for years, on charges which included money laundering and suspicion of spying for Russia. This led to the largest prisoner swap between the United States and Russia since 1986. On July 8, 2010 the swap was completed at the Vienna International Airport. Five days later the British Home Office revoked Anna’s citizenship preventing her return to England. In December of 2010 Anna Chapman reappeared when she was appointed to the public council of the Young Guard of United Russia, where she was involved in the education of young people. The following month Chapman began hosting a weekly TV show in Russia called Secrets of the World and in June of 2011 she was appointed as editor of Venture Business News magazine. In 2012, the FBI released information that Anna Chapman attempted to snare a senior member of President Barack Obama's cabinet, in what was termed a “Honey Trap.” After the 2008 financial meltdown, sources suggest that Anna may have targeted the dapper Peter Orzag, who was divorced in 2006 and served as Special Assistant to the President, for Economic Policy. Between 2007 and 2010 he was involved in the drafting of the federal budget for the Obama Administration and may have been an appealing target to the FSB, the Russian Intelligence Agency. During Orzag’s time as a federal employee, he frequently came to New York City, where associating with Anna could have been a natural fit, considering her financial and economics background. Coincidently, Orzag resigned from his federal position the same month that Chapman was arrested. Following this, Orzag took a job at Citigroup as Vice President of Global Banking. In 2009, he fathered a child with his former girlfriend, Claire Milonas, the daughter of Greek shipping executive, Spiros Milonas, chairman and President of Ionian Management Inc. In September of 2010, Orzag married Bianna Golodryga, the popular news and finance anchor at Yahoo and a contributor to MSNBC's Morning Joe. She also had co-anchored the weekend edition of ABC's Good Morning America. Not surprisingly Bianna was born in in Moldova, Soviet Union, and in 1980, her family moved to Houston, Texas. She graduated from the University of Texas at Austin, with a degree in Russian/East European & Eurasian studies and has a minor in economics. They have two children. Yes, she is fluent in Russian! Presently Orszag is a banker and economist, and a Vice Chairman of investment banking and Managing Director at Lazard.

Because of Wall Street companies are afraid to reinvest profits in research, job creation and increased employee wages. Instead, they use their cash to buyback stocks or sit on it in banks accounts just to appease Wall Street analytics. These actions hurt the economy, and they hurt the average American by keeping money out of circulation. Spending is the engine of any economy.

On a trip to Korea, Thiel’s corporate credit card was declined as he tried to purchase a return ticket home. The investors he had met with were only too happy to furnish a first-class plane ticket—which they did on the spot. “They were excited beyond belief,” Thiel remembered. “The next day, they called up our law firm and asked, ‘What’s the bank account we need to send the money to?’ ” The crazed nature of it all confirmed Thiel’s suspicions about the market. “I remember thinking to myself that it felt like things couldn’t get much crazier, and that we really had to close the money quickly because the window might not last forever,” he said. The final $100 million figure actually disappointed some on the team. Confinity and X.com had secured verbal commitments for double that amount, and some on the team had wanted to hold out for the remaining funding or push for a billion-dollar valuation. Thiel disagreed, urging Selby and others on the financing team to turn handshakes into actual checks, to get term sheets signed, and have deposits confirmed. “Peter kicked everyone’s asses to get that funding round done,” David Sacks remembered. Many Confinity employees—who had seen Thiel at his toughest—rarely remember him this insistent. “If we don’t get this money raised,” Howery recalled Thiel saying, “the whole company could blow up.

If you do what the masses do, you get the following picture: As an employee who is also a homeowner, your working efforts are generally as follows: 1. You work for the company. Employees make their business owner or the shareholders rich, not themselves. Your efforts and success will help provide for the owner’s success and retirement. 2. You work for the government. The government takes its share from your paycheck before you even see it. By working harder, you simply increase the amount of taxes taken by the government. Most people work from January to May just for the government. 3. You work for the bank. After taxes, your next largest expense is usually your mortgage and credit-card debt.

What are your feelings from Bush to Obama? Besides being responsible for the death of half a million people, I feel like Bush dealt a huge economic and social blow to the USA, one from which we may never fully recover. He directly flushed 3 trillion dollars down the toilet on hopeless, pointlessly destructive wars in Afghanistan and Iraq …and they’re not even over! For years to come, we’ll be paying costs for all the injured veterans (over 50,000) and destabilizing three countries, because you have to look at the impact that the Afghan war has on Pakistan. Bush expanded the use of torture, and created a whole new layer of government bureaucracy (the “Department of Homeland Security”) to spy on Americans. He created Indefinite Detention (at Guantanamo and other US military bases) and expanded the use of executive-ordered assassinations using the new drone technology. On economic issues, his administration allowed corporations to run things and regulate themselves. The agency that was supposed to regulate oil drilling had lobbyist-paid prostitutes sleeping with employees while oil industry lobbyists basically ran the agency. Energy companies like Enron, and the country’s investment banks were deregulated at the end of the Clinton administration and Bush allowed them to run wild. Above all, he was incompetent and appointed some really stupid people to important positions at every level of government. Certainly, Obama has been involved in many of these same activities. A few he’s increased, such as the use of drone assassinations, but most of them he has at least tried to scale back. At the beginning of his first term, he tried to close the Guantanamo prison and have trials for many of the detainees in the United States but conservatives (including many Democrats) stirred up public resistance and blocked this from happening. He tried to get some kind of universal healthcare because over 50 million Americans don’t have health insurance. This is one of the leading causes of personal bankruptcies and foreclosures because someone gets sick in a family, loses their job, loses their health insurance (because American employers are source of most people’s healthcare) and they can’t pay their health bills or their mortgage. Or they use up all their money caring for a sick family member. So many people in the US wanted health insurance reform or single-payer, universal health care similar to what you have in the UK. Members of Obama’s own party (The Democrats) joined with Republicans to narrowly block “The public option” but they managed to pass a half-assed but not-unsubstantial reform of health insurance that would prevent insurers from denying you coverage when you’re sick or have a “preexisting condition.” The minute it was signed into law, Republicans sued in the courts (all the way to the supreme court) and fought, tooth and nail to block its implementation. Same thing with gun control, even as we’re one of the most violent industrial countries in the world. (Among industrial countries, our murder rate is second only to Russia). Obama has managed to withdraw troops from Iraq and Afghanistan over Republican opposition but, literally, everything he tries to do, they blast it in the media and fight it in Congress. So, while I have a lot of criticisms of Obama, he is many orders of magnitude less awful than Bush and many of the positive things he’s tried to do have been blocked. That said, the Democratic and Republican parties agree on more things than they disagree. Both signed off on the Afghan and Iraq wars. Both signed off on deregulation of banks, of derivatives, of mortgage regulations and of the energy and telecom business …and we’ve been living with the consequences ever since. I’m guessing it’s the same thing with Labor and Conservatives in the UK. Labor or Democrats will SAY they stand for certain “progressive” things but they end up supporting the same old crap... (2014 interview with iamhiphop)

The whole process was so intricate that the Medici Bank took to writing lengthy manuals instructing employees on how to structure it. In 1417, one employee of the bank, upon finishing a new draft of the manual, appended a word of advice at the end: “He who deals in exchanges and he who deals in merchandise is always anxious and beset by worries. I will instead give you a recipe for lasagna and macaroni.

we need simply look at how capitalism changed after the idea of shareholder supremacy took over—which only happened in the final decades of the twentieth century. Prior to the introduction of the shareholder primacy theory, the way business operated in the United States looked quite different. “By the middle of the 20th century,” said Cornell corporate law professor Lynn Stout in the documentary series Explained, “the American public corporation was proving itself one of the most effective and powerful and beneficial organizations in the world.” Companies of that era allowed for average Americans, not just the wealthiest, to share in the investment opportunities and enjoy good returns. Most important, “executives and directors viewed themselves as stewards or trustees of great public institutions that were supposed to serve not just the shareholders, but also bondholders, suppliers, employees and the community.” It was only after Friedman’s 1970 article that executives and directors started to see themselves as responsible to their “owners,” the shareholders, and not stewards of something bigger. The more that idea took hold in the 1980s and ’90s, the more incentive structures inside public companies and banks themselves became excessively focused on shorter-and-shorter-term gains to the benefit of fewer and fewer people. It’s during this time that the annual round of mass layoffs to meet arbitrary projections became an accepted and common strategy for the first time. Prior to the 1980s, such a practice simply didn’t exist. It was common for people to work a practical lifetime for one company. The company took care of them and they took care of the company. Trust, pride and loyalty flowed in both directions. And at the end of their careers these long-time employees would get their proverbial gold watch. I don’t think getting a gold watch is even a thing anymore. These days, we either leave or are asked to leave long before we would ever earn one.

Ford sent company investigators to where employees lived to ensure they had clean homes and bank savings accounts, and weren’t prone to drunkenness or mistreating their wives.

In other words, the laziness of a few bank employees—“sheep,” as Read sometimes called them—meant that ICAP’s run-throughs had a startling amount of real power.

In 2009 Lloyd Blankfein, CEO of Goldman Sachs, claimed that ‘The people of Goldman Sachs are among the most productive in the world.’3 Yet, just the year before, Goldman had been a major contributor to the worst financial and economic crisis since the 1930s. US taxpayers had to stump up $125 billion to bail it out. In light of the terrible performance of the investment bank just a year before, such a bullish statement by the CEO was extraordinary. The bank laid off 3,000 employees between November 2007 and December 2009, and profits plunged.4 The bank and some its competitors were fined, although the amounts were small relative to later profits: fines of $550 million for Goldman and $297 million for J. P. Morgan, for example.5 Despite everything, Goldman–along with other banks and hedge funds–proceeded to bet against the very instruments which they had created and which had led to such turmoil.

Cash is king. It takes cash to pay the bills, repay bank loans, compensate employees, purchase supplies and equipment, fund research and development, etc. If the money isn’t there or coming in, don’t expect the business to last.

Buying a bond only for its yield is like getting married only for the sex. If the thing that attracted you in the first place dries up, you’ll find yourself asking, “What else is there?” When the answer is “Nothing,” spouses and bondholders alike end up with broken hearts. On May 9, 2001, WorldCom, Inc. sold the biggest offering of bonds in U.S. corporate history—$11.9 billion worth. Among the eager beavers attracted by the yields of up to 8.3% were the California Public Employees’ Retirement System, one of the world’s largest pension funds; Retirement Systems of Alabama, whose managers later explained that “the higher yields” were “very attractive to us at the time they were purchased”; and the Strong Corporate Bond Fund, whose comanager was so fond of WorldCom’s fat yield that he boasted, “we’re getting paid more than enough extra income for the risk.” 1 But even a 30-second glance at WorldCom’s bond prospectus would have shown that these bonds had nothing to offer but their yield—and everything to lose. In two of the previous five years WorldCom’s pretax income (the company’s profits before it paid its dues to the IRS) fell short of covering its fixed charges (the costs of paying interest to its bondholders) by a stupendous $4.1 billion. WorldCom could cover those bond payments only by borrowing more money from banks. And now, with this mountainous new helping of bonds, WorldCom was fattening its interest costs by another $900 million per year!2 Like Mr. Creosote in Monty Python’s The Meaning of Life, WorldCom was gorging itself to the bursting point. No yield could ever be high enough to compensate an investor for risking that kind of explosion. The WorldCom bonds did produce fat yields of up to 8% for a few months. Then, as Graham would have predicted, the yield suddenly offered no shelter: WorldCom filed bankruptcy in July 2002. WorldCom admitted in August 2002 that it had overstated its earnings by more than $7 billion.3 WorldCom’s bonds defaulted when the company could no longer cover their interest charges; the bonds lost more than 80% of their original value.

X gave most of its customers checking accounts, and so those customers who were able to get their mail would sometimes immediately take advantage by writing a series of bad checks. “I was thinking, ‘What the hell did I step into,’ ” said an early hire who was tasked with handling fraud. “There was no sort of risk mitigation in place.” When employees told Musk that the bank that X had partnered with to handle the checking accounts was complaining about bounced checks, Musk seemed confused by the concept. “I don’t understand,” Musk said. “If you don’t have money in your account, why would you write a check?

In Japan, businesses like banks & convenience stores visibly keep baseball-sized orange orbs behind the counter. These "anticrime color balls" are filled with bright pigment that burst on impact & are for employees to throw at robbers to improve the chance of arrest.

Woodism - “We are all people of value, no matter our titles, roles, positions, or bank accounts. Value yourself more than any opportunity or asshole.

As Alec Karakatsanis observes in Usual Cruelty: The Complicity of Lawyers in the Criminal Injustice System, people with race and class privilege are generally shielded from criminal prosecution, even though their crimes often cause far greater harm than the crimes of the poor. The most obvious example is the prosecutorial response to the financial crisis of 2008 and the related scandals: “Employees at banks committed crimes including lying to investigators and regulators, fraudulently portraying junk assets as valuable assets, rate-rigging, bribing foreign officials, submitting false documents, mortgage fraud, fraudulent home foreclosures, financing drug cartels, orchestrating and enabling widespread tax evasion, and violating international sanctions.” The massive criminality caused enormous harm. African Americans lost over half their wealth due to the collapse of real estate markets and the financial crisis. By the end of the crisis, in 2009, median household wealth for all Americans had declined by $27,000, leaving almost 44 million people in poverty. While some banks were eventually prosecuted (and agreed to pay fines that were a small fraction of their profits), the individuals who committed these crimes were typically spared. Despite engaging in forms of criminality that destroyed the lives and wealth of millions, they were not rounded up, dragged away in handcuffs, placed in cages, and then stripped of their basic civil and human rights or shipped to another country. Their mug shots never appeared on the evening news and they never had to wave goodbye to their children in a courtroom, unable to give them a final embrace.

No publisher. No agent. They had told him that sales had not been good. Markets had changed. Same old shit. Well, fuck them. Fuck them all. Something different was needed, apparently. Something original but easily pigeon-holed. Books by celebrities were very popular. Models, second-rate comedians, has-been soap stars (those that weren’t trying to make it in the music business), even footballers were writing books. Any talentless cunt with enough money to pay a ghost-writer and a good editor was capable of churning out a book and earning shit-loads of cash for it. And then there were the household names who milked their own brand of repetitious bullshit while fawning publishers knelt at their feet to push ever-larger cheques into their grasping hands. Add to these the comfortable middle-class writers who lectured on real life from the security of knowing it was a world they would never have to inhabit. People with millions in the bank who crowed that money wasn’t everything, who complained about invasion of privacy during their six-page interviews, who were proud of how they’d been single mothers or record-shop employees or advertising men before they’d made it big. And who whined about how hard they’d had to work to get published when all it took was a generous publisher and an even more generous publicity department. Ward despised them all. Even when he’d been successful he’d despised them. The whole fucking business stank. It stank of cowardice. Of duplicity. Of betrayal.

By influencing the private and public pronouncements of economists, Beijing shapes global perceptions of China’s economic outlook. When financial risks to the Chinese economy became serious in 2015, the CCP began exerting subtle influence on international banks not to rock the boat with bad news. UBS, the largest Swiss bank, has a long history in China and has been actively pursuing a deeper role in its financial system.103 It too has been pressured to rein in its public commentary, and in 2018 one of its employees was detained in China, for no apparent reason, causing UBS management to bar travel by its staff to China.

Most of my career has been spent selling “plans of action and programmes of collaboration,” whether to Rexall to start up Pronto Markets; or Bank of America to buy out Pronto; or landlords; or vendors, many of whom have been very skeptical of, if not outright hostile to, my plans; and above all to my employees. If you want to know what differentiates me from most managers, that’s it. From the beginning, thanks to Ortega y Gasset, I’ve been aware of the need to sell everybody.

This can have devastating consequences for the fast-growing company. Over a short period of time, say a year, the number of employees can leap from 50 to 150 in a startup, or from 150 to 500 or more during a later phase of rapid growth when the business model is promising and the funding is in the bank. Seemingly overnight, the new employees can vastly outnumber their predecessors, and this dynamic can permanently redefine the corporate culture. Brent Gleeson, a leadership coach and Navy SEAL combat veteran, writes, “Organizational culture comes about in one of two ways. It’s either decisively defined, nurtured and protected from the inception of the organization; or—more typically—it comes about haphazardly as a collective sum of the beliefs, experiences and behaviors of those on the team. Either way, you will have a culture. For better or worse.”2

There are many different Sponsor Programs available including several that give you a competition-free exclusive position. Sponsors are needed for each hour for the phone banks; for the Interview Area, where guests are interviewed by celebrity hosts; for table banners; and much more. There are even a few 1 and 2 minute Video Presentation Opportunities (company exposure) available. In all cases, representatives of your firm come on the show for you, your people, and your products. We will also assist you every step of the way with your employee fundraising event or other promotion, to raise the funds for your sponsorship. There really is no good reason not to participate. As a sponsor, you'll be showing your concern for the community, in connection with a situation that, at one time or another, will affect over 35% of all families! Arthritis is one of the most common, frustrating, debilitating diseases. It is understandably of great concern to a great many people. Also, the Arthritis Foundation has an excellent track record in terms of appropriate use of funds for research and education (rather than organizational overhead). We believe that real cures for arthritis are just around the corner; you can help get us there! With our Telethon on Channel 10, we will benefit from their superior production capability, involvement of their popular celebrities, and advance promotional opportunities. Our Telethon will be on for several hours immediately before and again immediately after an NBA Basketball Game, which we believe will increase our viewership. And, of course, we're mixing our live, local show with a “feed” from the National Telethon, featuring major Hollywood entertainers. Everything points to our highest, most responsive viewership ever! You'll be in good company, too, with local and national sponsors like: Thrifty, Sears, Allstate, Greyhound, Prudential, and Procter & Gamble. To summarize, you have an opportunity to … Help a good, worthy cause Gain valuable TV exposure and publicity Get all the benefits with little or no money out of your present budget — we'll work with your employees to raise the funds! Possibly have exclusive position, if you act quickly Have complete, step-by-step assistance from our staff Why not give me a call; let's arrange a meeting where I can personally explain the different “standard opportunities” available and then “brainstorm” with you about the best way for your business to participate. There's no obligation, of course, and certainly no pressure, but, together, we just may figure out the perfect situation for your business. Thank you for you consideration, Joel L. Beck Telethon Chairman for the Arthritis Foundation JLB/va _______ Letter reprinted with permission of Dan Kennedy (writer) and Joel Beck, former telethon chairman, Arizona.

Page 3: My family is part of the Philippines’ tiny but entrepreneurial, economically powerful Chinese minority. Just 1 percent of the population, Chinese Filipinos control as much as 60 percent of the private economy, including the country’s four major airlines and almost all of the country’s banks, hotels, shopping malls, and major conglomerates. ... Since my aunt’s murder, one childhood memory keeps haunting me. I was eight, staying at my family’s splendid hacienda-style house in Manila. It was before dawn, still dark. Wide awake, I decided to get a drink from the kitchen. I must have gone down an extra flight of stairs, because I literally stumbled onto six male bodies. I had found the male servants’ quarters. My family’s houseboys, gardeners, and chauffeurs—I sometimes imagine that Nilo Abique [the chauffeur that murdered her aunt] was among those men—were sleeping on mats on a dirt floor. The place stank of sweat and urine. I was horrified. Later that day I mentioned the incident to my Aunt Leona, who laughed affectionately and explained that the servants—there were perhaps twenty living on the premises, all ethnic Filipinos—were fortunate to be working for our family. If not for their positions, they would be living among rats and open sewers without even a roof over their heads. A Filipino maid then walked in; I remember that she had a bowl of food for my aunt’s Pekingese. My aunt took the bowl but kept talking as if the maid were not there. The Filipinos, she continued—in Chinese, but plainly not caring whether the maid understood or not—were lazy and unintelligent and didn’t really want to do much else. If they didn’t like working for us, they were free to leave any time. After all, my aunt said, they were employees, not slaves.

The loan department of Wells Fargo Bank had a similar experience. When they invited a customer to come into the bank and describe how a loan had changed their life—how it allowed them to buy a house or pay off a debt—it had a dramatic effect on the motivation of bank employees to help more people do the same. They could see for themselves the impact their work was having in someone’s life. This is a significant shift in how the employees perceived their jobs and it is foundational to having a sense of purpose in the work we do. Without necessarily being aware of it, many of the employees stopped coming to work to sell loans and started coming to work to help people. Further proof of how much the quality of our work improves when we can attach a human being to the results was seen in a study that found that simply showing radiologists a photograph of a patient led to a dramatic improvement in the accuracy of their diagnostic findings. Adam Grant conducted another study on lifeguards at a community recreation center.

You work for the company. Employees make their business owner or the shareholders rich, not themselves. Your efforts and success will help provide for the owner’s success and retirement. 2.​You work for the government. The government takes its share from your paycheck before you even see it. By working harder, you simply increase the amount of taxes taken by the government. Most people work from January to May just for the government. 3.​You work for the bank. After taxes, your next largest expense is usually your mortgage and credit-card debt. The problem with simply working harder is that each of these three levels takes a greater share of your increased efforts. You need to learn how to have your increased efforts benefit you and your family directly.

SoftBank, however, had invested more than $10 billion into WeWork and gotten nothing in return. The Vision Fund was down nearly $2 billion in the most recent quarter, during which Uber’s stock had slipped. SoftBank shares were down 10 percent since Wingspan’s release. Both WeWork and SoftBank executives were coming to grips with the realization that its IPO might be priced at a level far below its $47 billion valuation. While SoftBank’s preferred shares gave it some protection—it could get its money out before the company’s employees—a valuation below what SoftBank paid for its shares would mean that the firm’s investment was underwater, much as

Beyond that, I don’t buy the idea that if you dangle cash in front of your high-performing employees, they try harder. High performers naturally want to succeed and will devote all resources toward doing so whether they have a bonus hanging in front of their nose or not. I love this quote from former chief executive of Deutsche Bank John Cryan: “I have no idea why I was offered a contract with a bonus in it because I promise you I will not work any harder or any less hard in any year, in any day because someone is going to pay me more or less.” Any executive worth her paycheck would say the same.

In 2002–2003, the World Bank conducted a World Absenteeism Survey in Bangladesh, Ecuador, India, Indonesia, Peru, and Uganda and found that the average absentee rate of health workers (doctors and nurses) was 35 percent (it was 43 percent in India).28 In Udaipur, we found that these absences are also unpredictable, which makes it even harder for the poor to rely on these facilities. Private facilities offer the assurance that the doctor will be there. If he isn’t, he won’t get paid, whereas the absent government employee on a salary will.

If the roads, the railways, the banks, the insurance offices, the great joint-stock companies, the universities, and the public charities, were all of them branches of the government; if, in addition, the municipal corporations and local boards, with all that now devolves on them, became departments of the central administration; if the employees of all these different enterprises were appointed and paid by the government, and looked to the government for every rise in life; not all the freedom of the press and popular constitution of the legislature would make this or any other country free otherwise than in name.

One of the crucial documents for the Ordine dei Medici, it turned out, was an Italian passport. Until then nobody had bothered to mention this potentially insurmountable obstacle. It happened I did have a right to citizenship, but since it would be bestowed on me automatically by my Italian husband (Italian husbands are less powerful nowadays), the passport logically hung on Italian recognition of our American marriage, which was in turn predicated on Italian recognition of my husband’s American divorce from a prior marriage. The divorce certification, based on various Byzantine legal fictions, was a long time coming. One time there was a false sighting of his Italian divorce, and I optimistically went down to the Anagrafe or Central Registry to see whether I could get my citizenship papers. At the end of the forty-five-minute line a small man with slicked-down hair took my documents with a yawn and disappeared into the dark forest of files. When the clerk emerged, the bored look was gone from his face. He invited me to follow him along the long bank of teller windows, he on his side me on mine, and then pass through a little gate to the employee side. He sat me down, then paced between piled-up dossiers for a minute, no grille window to screen him off, before speaking. “Ms. Levenstein,” he said kindly, “You have applied for Italian citizenship on the grounds of being married to a certain Andrea Di Vecchia.” I admitted that was true. He paced a little more, lit a cigarette. “Ms. Levenstein,” he said again, even more gently, and I should have caught on from the way he repeated it. “I must tell you something. This Mr. Di Vecchia—he is already married to another woman!” His hand was already out to give a comforting squeeze to my shoulder, but it dropped when I laughed and explained that the problem was red tape, not bigamy. I thought later, high drama must be rare behind the certificate window, and he had risen to its call. How many American file clerks would have been so ready for their unexpected moment of glory? Another problem involved my residence papers, a crucial component in any pile of documents. All residents in Italy must communicate changes of address to the State within three months, and when we left my mother-in-law’s for our own place eight months earlier we had duly registered the move. But when I went to pick up an identity document I was told it couldn’t be issued because I was still listed at my old address. I slyly told the clerk in the cage to hold on, scurried over from his Identity Card window to the Certificate window three paces away, had the printer spit out a Residence Certificate bearing my name and the new address, and carried it back in triumph. He wasn’t impressed. “Oh, that certificate. That’s from the computer, it’s not worth anything. Your address has been changed in the computer, but the computerized part of the system doesn’t count.

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In late June 1776, a week before Congress approved the Declaration of Independence, José Joaquín Moraga built a small shelter of branches on the banks of a lagoon that the Spanish called Arroyo de los Dolores. The site became Mission Dolores, the first colonial settlement in San Francisco. While the young republic took shape on the opposite side of the continent, San Francisco moved in its own direction. In 1808, shortly before James Madison became the fourth president of the United States, Ivan Kuskov, an employee of the Russian-American Company, secretly buried a copper plate in San Francisco that read, “Land belonging to Russia.” Four years later, he would found the Russian outpost of Fort Ross less than one hundred miles to the north.

Having failed the Civil Service entrance examinations, he had become – she recalled – a clerk at the London office of the Hong Kong and Shanghai Bank on 31 Lombard Street, at the age of eighteen – one of his ‘fellow employees’ there had been the young P. G. Wodehouse

Bear had survived the crash of 1929 without shedding a single employee, but ever since subprime mortgages sank its memorably named Enhanced Leverage Fund in the summer of 2007, markets had viewed it with suspicion bordering on disdain. It was the smallest and most leveraged of the five major investment banks, with $400 billion in assets and $33 in borrowing for every dollar of capital.

Perhaps the most common device for giving people focus and direction is goal setting, but goals, as often as they are used, have their pros and cons. Sure, if you can convince everybody that profits must increase 20% next quarter or we’re going out of business, people will hurry around looking for ways to hype profits by 20%. When discussing “mission” I assigned Susan a goal of 25% improvement in sales, based on what I calculated was needed to avoid closing the factory and on what I felt her district could reasonably provide. It was not a number pulled from the ether, and I went to some length to explain this to her. Short of any such basis in reality, people will often do the easiest things, such as firing 20% of the workforce, canceling vital R&D programs, or simply not making any payments to suppliers. In other words, they will take achieving the goal as seriously as they feel you were in setting it; they will sense whether you have positioned yourself at the Schwerpunkt. Goals, as we all know, can be motivators. Cypress Semiconductor, a communications-oriented company founded in 1982, used to have a computer that tracked the thousands of self-imposed goals that its people fed into the system. Cypress founder T. J. Rodgers identified this automated goal tending system as the heart of his management style and a big factor in the company’s early success.136 Frankly, I find this philosophy depressing, not to mention a temptation to focus inward: If the boss places great importance on entering and tracking goals, as he obviously does, then that is what the other employees are going to consider important.137 In any case, what’s the big deal about meeting or missing a goal? A goal is an intention at a point in time. It is, to a large extent, an arbitrary target, whether you set it or someone above you assigns it. And we all know that numerical goals can be gamed, like banking (delaying) sales that we could have made this quarter to help us make quota next quarter. Unlike a Schwerpunkt, which gives focus and direction for chaotic and uncertain situations, what does a goal tell you? Just keep your head down and continue plugging away?

Banks frown when employees torch the home of their principal account holder.

The World Bank has its own term for the phenomenon: they call it "technocratic insulation." So if you read World Bank studies, they talk about the importance of having "technocratic insulation"―meaning a bunch of technocrats,who are essentially employees of the big transnational corporations, have to be working somewhere in "insulation" from the public to design all the policies, because if the public ever gets involved in the process they may have bad ideas, like wanting the kind of economic growth that does things for people instead of profits, all sorts of stupid stuff like that. So therefore what you want to have is insulated technocrats—and once they're insulated enough, then you can have all the "democracy" you like, since it's not going to make any difference. In the international business press, this has all been described pretty frankly as "The New Imperial Age." And that's quite accurate: it's certainly the direction things are going in.

HDFC Bank was the first of the private lenders to go public— even before it completed a full year. 'It was a mistake,' Deepak told me. The RBI required the new banks to go public within a year but all other lenders went back to the regulator and got extensions. 'We didn't ask for it. We were too naive,' Deepak said. 'Everybody took time as they wanted to get a premium. We sold at par, ₹10. But I have no regrets.' Deepak pushed for a par issue as the bank had nothing to show. And the disaster of parent HDFC's listing was still haunting him, though that had happened a decade and a half ago. In 1978, India's capital market was in a different shape and mortgage was a new product, not understood by many. HDFC put the photograph of its first borrower on the cover of its balance sheet, a D. B. Remedios from Thane, who took a loan of ₹35,000 to build his house. The public issue of HDFC bombed. In an initial public offering (IPO) of ₹10 crore, the face value of one share was ₹100. ICICI, IFC (Washington) and the Aga Khan Fund took 5% stakes each in the mortgage lender and the balance 85% equity was offered to the public, but there were few takers. The stock quoted at a steep discount on listing. For the bank, Deepak did not want to take any chance. So portions of the issue were reserved for the shareholders and employees of HDFC as well as the bank's employees. HDFC decided to own close to a 26% stake in the bank and NatWest 20%. Satpal was offered about 5% and the public 25%. The size of the public issue was ₹50 crore. 'We didn't know whether it would succeed. Our experience with HDFC had been a disaster,' Deepak said. But Deepak had grossly underestimated investors' appetite for the new bank. The issue, which opened on 14 March 1995, was subscribed a record fifty-five times. The stock was listed on the Bombay Stock Exchange (now known as BSE Ltd) on 26 May that year at ₹39.95, almost at a 300% premium.

Net wages: “It’s not what you make, but what you net” after paying the FIRE sector, basic utilities and taxes. The usual measure of disposable personal income (DPI) refers to how much employees take home after income-tax withholding (designed in part by Milton Friedman during World War II) and over 15% for FICA (Federal Insurance Contributions Act) to produce a budget surplus for Social Security and health care (half of which are paid by the employer). This forced saving is lent to the U.S. Treasury, enabling it to cut taxes on the higher income brackets. Also deducted from paychecks may be employee withholding for private health insurance and pensions. What is left is by no means freely available for discretionary spending. Wage earners have to pay a monthly financial and real estate “nut” off the top, headed by mortgage debt or rent to the landlord, plus credit card debt, student loans and other bank loans. Electricity, gas and phone bills must be paid, often by automatic bank transfer – and usually cable TV and Internet service as well. If these utility bills are not paid, banks increase the interest rate owed on credit card debt (typically to 29%). Not much is left to spend on goods and services after paying the FIRE sector and basic monopolies, so it is no wonder that markets are shrinking. (See Hudson Bubble Model later in this book.) A similar set of subtrahends occurs with net corporate cash flow (see ebitda). After paying interest and dividends – and using about half their revenue for stock buybacks – not much is left for capital investment in new plant and equipment, research or development to expand production.

PayPal staff pioneered techniques in fighting online fraud that have formed the basis of software used by the CIA and FBI to track terrorists and of software used by the world’s largest banks to combat crime. This collection of super-bright employees has become known as the PayPal Mafia—more or less the current ruling class of Silicon Valley—and Musk is its most famous and successful member.

Each bank has its own culture and while the official version is printed on websites and annual reports, the culture really manifests when you meet employees, insiders and banking sector veterans. For example, ICICI Bank’s aggressive, sink-or-swim culture is legendary. Similarly, HDFC Bank is highly respected for its focus on systems and processes, so much so that one insider called it SOP bank, where SOP stands for Standard Operating Procedure.

H. Srikrishnan, then head of transactional banking and operations, gave me an example, ‘We looked at funds transfer—which was manual—such as MTs (mail transfers) and TTs (telegraphic transfers). When we implemented a centralized banking solution, the key things we could do were to sweep across multiple locations and get the balances of customers or transfer funds from one location to another using core banking. Those were big problems we solved.’ HDFC Bank was thus the first among Indian banks to have a centralized system. Whilst foreign banks like Citibank had centralized systems, they lacked the branch strength to fully leverage them. It is worth remembering that in the mid-1990s, banking didn’t really exist in the form that we know of today. Customers could open bank accounts, but the whole gamut of products (home loan, car loan, etc.) and services (Internet banking) was just not available. Salaries would still be paid by cheque and employees would have to take time off from their jobs to go to the bank, write a deposit slip, hand it over to the teller and then wait for the cheque to get cleared. Also, the employer would have to take time off to sit and sign numerous salary cheques to be given to all the employees. Compare this to the instant, online credit of salary today and a notification by SMS and email at the end of every month! HDFC Bank’s centralized technology platform allowed it to kick-off a revolution in how employees were paid their salaries.

This resulted in a model of the macroeconomy as consisting of a single consumer, who lives for ever, consuming the output of the economy, which is a single good produced in a single firm, which he owns and in which he is the only employee, which pays him both profits equivalent to the marginal product of capital and a wage equivalent to the marginal product of labor, to which he decides how much labor to supply by solving a utility function that maximizes his utility over an infinite time horizon, which he rationally expects and therefore correctly predicts. The economy would always be in equilibrium except for the impact of unexpected ‘technology shocks’ that change the firm’s productive capabilities (or his consumption preferences) and thus temporarily cause the single capitalist/worker/consumer to alter his working hours. Any reduction in working hours is a voluntary act, so the representative agent is never involuntarily unemployed, he’s just taking more leisure. And there are no banks, no debt, and indeed no money in this model. You think I’m joking? I wish I was.

Banks commit the legal crime of fraud wholesale; they do so out in the open, have entire departments committed to it, and have employees who’ve spent years literally doing nothing but commit, over and over again, the same legal crime that some welfare mothers go to jail for doing once. But they’re not charged, because there’s no political crime. The system is not disgusted by the organized, mechanized search for profit. It’s more like it’s impressed by it.

PARTNERS IN CRIME HOW THE CLINTONS WENT FROM DEAD BROKE TO FILTHY RICH And the money kept rolling in from every side. —Song from the musical Evita The quotation above refers to the Juan and Evita Peron Foundation, established in 1948 by Evita Peron for the purpose of helping Argentina’s poor. Evita professed to be a champion of the campesinos—the wretched workers who lived in shanties on the outskirts of Buenos Aires—and they trusted Evita. She had, after all, risen up herself from poverty and obscurity. Her fame was the result of her marriage to the general who became the military leader of the country, Juan Peron. Long before the Clintons, Argentina had its own power couple that claimed to do good and ended up doing very well for themselves. There are, obviously, differences between the Clintons and the Perons. Despite her personal popularity, Evita remained an appendage of her husband, seeking but never obtaining political office. At one point, Evita had her eye on an official position, but the political establishment vigorously opposed her, and her husband never supported her in this effort. Hillary, by contrast, was elected senator and now, having deployed her husband on the campaign trail, seeks election to the nation’s highest office previously held by him. The Perons also had a foundation that took in millions of pesos—the equivalent of $200 million—from multiple foreign sources, Argentine businesses, as well as contributions from various individuals and civic groups. With its 14,000 employees, the foundation was better equipped and more influential than many agencies within the Argentinian government. Evita and her cronies were experts at shaking down anyone who wanted something from the government; donations became a kind of tax that opened up access to the Peron administration. Trade unions sent large contributions because they saw Evita and her husband as champions of their cause. In 1950, the government arranged that a portion of all lottery, movie, and casino revenues should go to the foundation. While the foundation made symbolic, highly publicized gestures of helping the poor, in reality only a fraction of the money went to the underprivileged. Most of it seems to have ended up in foreign bank accounts controlled by the Perons, who became hugely wealthy through their public office profiteering. When Evita died in 1954 and the foundation was shut down, Argentines discovered stashes of undistributed food and clothing. No one from the foundation had bothered to give it away, so it sat unused for years. Helping the poor, after all, wasn’t the real reason Evita set up her foundation. No, she had a different set of priorities. Like so many Third World potentates, the Perons used social justice and provision for the poor as a pretext to amass vast wealth for themselves. The Clintons have done the same thing in America; indeed, Hillary may be America’s version of Evita Peron.

It was clear that only a handful of banks would emerge as winners in our changing, consolidating industry. And the winners likely would be those whose employees could take risks and innovate, who could work smoothly on teams and motivate colleagues, and who could not only cope with change but also spur change. In short, leadership would separate the winners from the losers.

Defying its narrow name, what the late nineteenth century called the industrial revolution went far beyond creating modern industry; it altered out of all recognition commerce, banking, transport, communications, administration, medicine, the relations of men and women and employers and employees. It was a revolution in knowledge that the Victorian century would master more completely, and would need more urgently, than any of its predecessors.

The stock market crash of 1929, which marked the beginning of the Great Depression of the United States, came directly from wild speculation which collapsed and brought the whole economy down with it. But, as John Galbraith says in his study of that event (The Great Crash), behind that speculation was the fact that “the economy was fundamentally unsound.” He points to very unhealthy corporate and banking structures, an unsound foreign trade, much economic misinformation, and the “bad distribution of income” (the highest 5 percent of the population received about one-third of all personal income). A socialist critic would go further and say that the capitalist system was by its nature unsound: a system driven by the one overriding motive of corporate profit and therefore unstable, unpredictable, and blind to human needs. The result of all that: permanent depression for many of its people, and periodic crises for almost everybody. Capitalism, despite its attempts at self-reform, its organization for better control, was still in 1929 a sick and undependable system. After the crash, the economy was stunned, barely moving. Over five thousand banks closed and huge numbers of businesses, unable to get money, closed too. Those that continued laid off employees and cut the wages of those who remained, again and again.

A few years ago, MIT researchers analyzed the behavior of call center employees for Bank of America to find out why some teams were more productive than others. They hung a so-called sociometric badge around each employee’s neck. The electronics in these badges tracked the employees’ location and also measured, every sixteen milliseconds, their tone of voice and gestures. It recorded when people were looking at each other and how much each person talked, listened, and interrupted. Four teams of call center employees—eighty people in total—wore these badges for six weeks. These employees’ jobs were highly regimented. Talking was discouraged because workers were supposed to spend as many of their minutes as possible on the phone, solving customers’ problems. Coffee breaks were scheduled one by one. The researchers found, to their surprise, that the fastest and most efficient call

The top employees of the five largest investment banks divided a bonus pool of over $36 billion in 2007. Leaders in the financial sector argued that in fact their high returns were the result of innovation and genuine value-added products, and they tended to grossly understate the latent risks their firms were taking. (Keep in mind that an integral part of our working definition of the this-time-is-different syndrome is that “the old rules of valuation no longer apply.”) In their eyes, financial innovation was a key platform that allowed the United States to effectively borrow much larger quantities of money from abroad than might otherwise have been possible. For example, innovations such as securitization allowed U.S. consumers to turn their previously illiquid housing assets into ATM machines, which represented a reduction in precautionary saving.13

Isn’t Gresham on the route to get to Colton and the Association’s farm is just down the road from there?” Lt. Vincent rubbed his hand over his face. “Yes, figured you would think of that. But it’s not enough.” “Not for a warrant, but it’s an indicator.” They stared at each other. “My captain just assigned two three-man detective teams to the murder.” “You must have more. What about descriptions of the men? Didn’t the people in the bank give you anything on them?” “Not much. One army sergeant said that four of them were young, moved quickly. The fifth one seemed older, a little heavier, maybe overweight. Only one man spoke, the old guy. The rest of them just waved guns and pointed to put the tellers and the customers down on the floor. “Oh, the first robbery was just before opening. They grabbed an employee who had just unlocked the front door, pushed her inside, all five rushed in and they locked the door behind them. So no customers to deal with. “The second robbery was just before closing time. Again they locked the front door then put everyone on the floor. Two of the men vaulted over the counter so quickly that the workers didn’t have time to press the alarm buttons. So there was no rush to finish the job.” “With military precision?” Matt asked. “Sounds like it. They left both banks by rear doors that are always locked so nobody saw them make their getaway except one guy in the alley who was painting the rear of his store. He was the one who got the plate on the Lincoln.” “You knew the dead guard?” “Yes. He had retired from the PD before I came, but that was my bank and I always talked to him when I went in there. A nice guy. Good cop. Damned sorry that he’s gone.” “What about this lady cop?” “She’s off at four. I’ll ask her if she can have a cup of coffee with us here about four fifteen. Her name is Tracy Landower. She’s barely big enough to be a cop. She stretches to make five-four, and must weigh about a hundred and ten. She’s strong as an anvil tester. Strong hands and arms, good shoulders and legs like a Marine drill sergeant. She runs marathons for fun.” “I won’t try to out run her.” “Good. She has short dark hair, a cute little pixie face, and eyes that can stare you right into the pavement.” “Sounds like a good cop. I’m anxious to meet her.”   CHAPTER FOUR   Anthony J. Carlton was an only child of parents who were comfortably fixed for money and lived in a modest sized town near Portland called Hillsboro. His father was a lawyer who had several clients on retainer, who took on some of the toughest defense cases in the county, and some in Portland. He was a no nonsense type of dad who had little time for his son who had a good school and a car of his own when he turned sixteen.

Sec. Particulars Amount 80C Tax saving investments1 Maximum up to Rs. 1,50,000 (from FY 2014-15) 80D Medical insurance premium-self, family Individual: Rs. 15,000 Senior Citizen: Rs. 20,000 Preventive Health Check-up Rs. 5,000 80E Interest on Loan for Higher Education Interest amount (8 years) 80EE Deduction of Interest of Housing Loan2 Up to Rs.1,00,000 total 80G Charitable Donation 100%/ 50% of donation or 10% of adjusted total income, whichever is less 80GGC Donation to political parties Any sum contributed (Other than Cash) 80TTA Interest on savings account Rs. 10,000 1              Tax saving investments includes life insurance premium including ULIPs, PPF, 5 year tax saving FD, tuition fees, repayment of housing loan, mutual fund (ELSS) (Sec. 80CCB), NSC, employee provident fund, pension fund (Sec. 80CCC) or pension scheme (Sec. 80CCD), etc. NRIs are not allowed to invest in certain investments, such as PPF, NSC, 5 year bank FD, etc. 2              Only to the first time buyer of a self-occupied residential flat costing less than Rs. 40 lakhs and loan amount of less than 25 lakhs sanctioned in financial year 2013-14 Clubbing of other’s income Generally, the taxpayer is taxed on his own income. However, in certain cases, he may have to pay tax on another person’s income.  Taxpayers in the higher tax bracket (e.g. 30%) may divert some portion

email to the target-company’s employees. If just one employee clicked the email’s attachment (and all it took was one), the computer would download a webpage crammed with malware, including a “Remote Access Trojan,” known in the trade as a RAT. The RAT opened a door, allowing the intruder to roam the network, acquire the privileges of a systems administrator, and extract all the data he wanted. They did this with economic enterprises of all kinds: banks, oil and gas pipelines, waterworks, health-care data managers—sometimes to steal secrets, sometimes to steal money, sometimes for motives that couldn’t be ascertained. McAfee,

Secondly, bank representatives were observed to exaggerate and misrepresent Know Your Customer (KYC) documentation requirements. We find that 83% of banks required the investigator to bring his PAN Card as primary ID proof, despite the fact that only formal sector employees tend to possess such documentation and that a PAN card is only one of the six acceptable ID proof under KYC norms at the time of the survey. Furthermore, our investigators were required to submit a letter of introduction from a current account-holder in 11 out of the 42 banks (26%), despite presenting complete identity and address proof.

Not surprisingly, nearly all Greeks think poorly of their public administration. In a 2012 EU survey, 96 percent of polled Greeks characterized it as “bad”—the worst result in the EU. The sentiment is so pervasive that one can assume most of the public administrators share it. The poll result was similar in the years preceding the financial crisis, and therefore cannot be attributed to subsequent cuts in services. Despite Greeks’ dissatisfaction with the way their government works, public employees in the decade leading up to the crisis received very large pay raises. During that time, public sector wages per employee grew by over 100 percent, near the highest increase in the eurozone, according to a report published by the European Central Bank. By contrast, in Germany, where people were satisfied with the way the state bureaucracy functioned, public wages grew around 13 percent. (That low rate, when one factors in inflation, essentially meant a pay cut.) Greek civil servants also received an array of benefits that sweetened their jobs. Until 2013, when the Greek government put an end to it, those working in front of computers—a condition considered a hardship—received an extra six days off a year in order to provide them some relief.

But pure technological solutions can never stoke the emotional connection between employee and customer—the kind of connection that characterizes positive moments in complex frontline situations. Some German banks, for example, find that customers who rely on remote-banking services are conspicuously disloyal despite the high quality of the offering. These banks attribute this disloyalty to the absence of any opportunity to form an emotional bond.

prevents them from deducting their rent, employee salaries, or utility bills, forcing them to pay taxes on a far larger amount of income than other businesses with the same earnings and costs. They also say the taxes, which apply to medical and recreational marijuana sellers alike, are stunting their hiring, or even threatening to drive them out of business. The issue reveals a growing chasm between the 23 states, plus the District of Columbia, that allow medical or recreational marijuana and the federal bureaucracy, from national forests in Colorado where possession is a federal crime to federally regulated banks that turn away marijuana businesses, and the halls of the IRS. The tax rule, an obscure provision known as 280E, catches many marijuana entrepreneurs by surprise, often in the form of an audit notice from the IRS. Some marijuana businesses in Colorado, California, and other marijuana-friendly states have taken the IRS to tax court. This year, Allgreens, a marijuana shop in Colorado, successfully challenged an IRS policy that imposed about $30,000 in penalties for paying its payroll taxes in cash — common in an industry in which businesses cannot get bank accounts. “We’re talking about legal businesses, licensed businesses,’’ said Rachel Gillette, the executive director of Colorado’s chapter of the National Organization for the Reform of Marijuana Laws and the lawyer who represented Allgreens. “There’s no reason that they should be taxed out of existence by the federal government.

God’s angels are indifferent and apathetic. They have no feelings. They know nothing of passion, of love, of beauty, or even of justice. They understand nothing. They are the indoctrinated employees in God’s investment bank. They do nothing but praise themselves and each other and their boss and their company. Opportunistic cheaters and thieves of love and justice and beauty they are. Their CEO though, isn’t God but Satan. Though without a doubt on the surface it seems as if angels work for the Lord, and they love our God and praise Him, but secretly and really, they answer to the major shareholder, Lucifer. They bow to him unconditionally and without thought. They themselves, like the weak-willed who ought to have fallen, the sheep and the scorpions, lacked the courage and bravery to stand up to God when he founded the bank of existence. They agreed to the company policy but work secretly to overthrow it in disdain at their creator’s vision. The boldest and courageous of the angels is in fact Satan himself.

In our Bank, an employee had once to forego four salary increments for calling a senior officer stupid—two on grounds of indiscipline, and the other two for revealing an official secret by calling the official stupid in public.

Based on the findings of a recent qualitative survey carried out in Switzerland, in fact, most of us have up to ten discreet interdependent social identities—identities, the study concludes, which are often in conflict.16 Let’s imagine a middle-aged bank teller living in Pensacola, Florida. He is a father, a son and a husband. He is a Floridian. He is a bank employee. He is also a bicyclist and a recreational runner, and at night, drinking with his friends, he is “the funny one.” He is also a vegetarian, an amateur guitarist, and on weekends he helps coach soccer at his daughter’s high school. Then there are his online identities, including his Facebook, Twitter and Instagram selves. Most surprising is that the man’s ethical mind-set, honesty, sociability and even level of social engagement changes from personality to personality. Imagine that in his professional role, for example, he may be primed to dissembling, or outright deceit, while simultaneously, as a dad, he finds dishonesty repellent.

Labor also dominates stories of elite income at the next rung down. Although only three hedge fund managers took home over $1 billion in 2017, more than twenty-five took home $100 million or more, and $10 million incomes are so common that they do not make the papers. Even only modestly elite finance workers now receive huge paydays. According to one survey, a portfolio manager at a midsized hedge fund makes on average $2.4 million, and average Wall Street bonuses exploded from roughly $14,000 in 1985 to more than $180,000 in 2017, a year in which the average total salary for New York City’s 175,000 securities industry workers reached over $420,000. These sums reflect the fact that a typical investment bank disburses roughly half of its revenues after interest paid to its professional workers (making it a better three decades to be an elite banker than to be an owner of bank stocks). Elite managers in the real economy also do well. CEO incomes—the wages paid to top managerial labor—regularly reach seven figures; indeed, the average 2017 income of the CEO of an S&P 500 company was nearly $14 million. In a typical recent year the total compensation paid to the five highest-paid employees of each S&P 1500 firm (7,500 workers overall) might amount to 10 percent of S&P 1500 firms’ collective profits. These workers do not own the assets—the portfolios or the companies—that they manage. Their incomes constitute wages paid for managerial labor rather than a return on invested capital. The enormous paydays reflect what prominent business analysts recently called a war between talent and capital—a war that talent is winning.

what gets defined as crime, and who gets surveilled and punished, generally has more to do with the politics of race and class than the harm that any particular behavior or activity causes. As Alec Karakatsanis observes in Usual Cruelty: The Complicity of Lawyers in the Criminal Injustice System, people with race and class privilege are generally shielded from criminal prosecution, even though their crimes often cause far greater harm than the crimes of the poor. The most obvious example is the prosecutorial response to the financial crisis of 2008 and the related scandals: “Employees at banks committed crimes including lying to investigators and regulators, fraudulently portraying junk assets as valuable assets, rate-rigging, bribing foreign officials, submitting false documents, mortgage fraud, fraudulent home foreclosures, financing drug cartels, orchestrating and enabling widespread tax evasion, and violating international sanctions.” The massive criminality caused enormous harm. African Americans lost over half their wealth due to the collapse of real estate markets and the financial crisis. By the end of the crisis, in 2009, median household wealth for all Americans had declined by $27,000, leaving almost 44 million people in poverty. While some banks were eventually prosecuted (and agreed to pay fines that were a small fraction of their profits), the individuals who committed these crimes were typically spared. Despite engaging in forms of criminality that destroyed the lives and wealth of millions, they were not rounded up, dragged away in handcuffs, placed in cages, and then stripped of their basic civil and human rights or shipped to another country. Their mug shots never appeared on the evening news and they never had to wave goodbye to their children in a courtroom, unable to give them a final embrace.

Five months later, Goldman launched Project Maximus, buying another $1.75 billion in bonds to finance 1MDB’s acquisition of power plants from the Malaysian casino-and-plantations conglomerate Genting Group. Again, the fund paid a high price, and, like Tanjong, Genting made payments to a Najib-linked charity. This time, $790.3 million disappeared into the look-alike Aabar. David Ryan, president of Goldman’s Asia operations, argued to lower the fee on the second bond, given how easy it had been to sell the first round. But he was overruled by senior executives, including Gary Cohn. While Goldman was working on the deal, Ryan was effectively sidelined; the bank brought in a veteran banker, Mark Schwartz, a proponent of the 1MDB business, as chairman in Asia, a post senior to Ryan’s. Goldman earned a little less than the first deal, making $114 million—still an enormous windfall. For bringing in the business, Leissner was paid a salary and bonuses in 2012 of more than $10 million, making him one of the bank’s top-remunerated employees. But that was just the tip of the iceberg. Unknown to his bosses at Goldman, and three months after the first bond, millions of dollars began to flow into a British Virgin Islands shell company controlled by Leissner, some of which he shared with Roger Ng, according to Department of Justice filings. Millions of dollars more moved through Leissner’s shell company to pay bribes to 1MDB officials. Over the next two years, more than $200 million in 1MDB money, raised by Goldman, would flow through accounts controlled by Leissner and his relatives. He could have taken his hefty Goldman salary and disavowed knowledge of the bribery carried out by Low and others. Perhaps he would have gotten away with it, as many Wall Street bankers do in countries far from headquarters. But he decided to take a risk by becoming a direct accomplice in the fraud, rather than just greasing its wheels. He had seen the kind of life Low was leading, and he must have thought that a mere $10 million wasn’t going to cut it, not if he wanted to buy super yachts and host parties himself. Soon he would be doing just that.

With the markets and Goldman’s earnings recovering, Goldman went public on May 3, 1999, pricing the stock at $53 per share, implying an equity market valuation of over $30 billion. In the end, Goldman decided to offer only a small portion of the company to the public, with some 48 percent still held by the partnership pool, 22 percent of the company held by nonpartner employees, and 18 percent held by retired Goldman partners and Sumitomo Bank and the investing arm of Kamehameha Schools in Hawaii. This left approximately 12 percent of the company held by the public.

Tax systems are essentially the mechanisms by which societies decide what people have to share with each other versus what they can keep for themselves. Instead of taxing production and consumption, we can simply capture land value instead. Maxim: Keep what you earn, pay for what you use. In such a system, employees, consumers, business owners, business investors, homeowners, farmers and even retirees would be better off. Only those who use land inefficiently or seek to profit from it directly would lose - land speculators, banks, mining companies, extractive industries.

We blame whoever we can,” Matt said. “The CFO”—Sterman’s brother-in-law and former best friend—“the COO, the C Choose-Your-Favorite-Two-Letter Combination, the accounting firm, the banks, the board, the lower-level employees. We claim some of them are crooks. We claim some of them made honest mistakes that steamrolled.

Just as the economic success of a company is measured only by the number of dollars in its bank account, not by the happiness of its employees, so the evolutionary success of a species is measured by the number of copies of its DNA.

The campaign drew heavily from the American anti-apartheid movement of the 1980s, which led to the dismantling of racial segregation programs in South Africa by targeting the one thing which—unlike protests or letters or phone calls—no government can ignore: money ... SHAC set out to make Huntington the South Africa of the corporate world. They identified banks, suppliers, customers and employees—anyone with any financial ties to the lab, from Fortune 500 companies to toilet paper suppliers. They focused on businesses with no vested interest in animal experimentation, either philosophically or economically; Huntington needed them, but they did not need Huntington.

I had several friends from law school who were very enterprising guys, much more so than the average law student. They each started businesses after practicing law at large firms for multiple years. What kind of businesses did they start? They started boutique law firms. This is completely unsurprising if you think about it. They’d spent years becoming good at delivering legal services. It was a field that they understood and could compete in. Their credentials translated too. People learn from what they’re doing and do it again on their own. It’s not just lawyers; the consulting firm Bain and Company was started by seven former partners and managers from the Boston Consulting Group. Myriad boutique investment banks and hedge funds have spun out of large financial organizations. You can see the same pattern in the startup world. After PayPal was acquired by eBay in 2002, its founders and employees went on to found or cofound LinkedIn (Reid Hoffman), YouTube (Steve Chen, Jawed Karim, and Chad Hurley), Yelp (Russel Simmons and Jeremy Stoppelman), Tesla Motors (Elon Musk), SpaceX (Musk again), Yammer (David Sacks), 500 Startups (Dave McClure), and many other companies. PayPal’s CEO, Peter Thiel, famously made a $500,000 investment in Facebook that grew to over $1 billion. In this sense, PayPal is one of the most prolific companies of recent times. But if you look at any successful growth company you’ll start to see their alumni show up doing parallel things. Former Apple employees founded or cofounded Android, Palm, Nest, and Handspring, companies that revolve around devices. Former Yahoo! employees founded Ycombinator, Cloudera, Hunch.com, AppNexus, Polyvore, and many other web-oriented companies. Organizations give rise to other organizations like themselves.

and departments planned to operate with even fewer staff: The National Mediation Board only had slots for its chair and an alternate; only a dozen staff of the Export-Import Bank were designated to survive Armageddon, as were nine from the Farm Credit Administration, and just seven from NASA were to be sheltered at Mount Weather while another seven were to report to NASA’s relocation facility in Olney. As for where all the relocated employees would live, Postal

I think Fox was paying him about a million bucks a year, and he had created the Ice Age franchise for them, which was billions of dollars of value. I said, “Here’s how we’re going to negotiate with Fox. On a separate track, we’re going to create a company that you’re going to run. We’re going to get off-balance-sheet financing and we’re going to align you with another global distributor.” At the time we had at least three studios that would be great strategic fits. But he didn’t want to be an employee, he wanted real ownership. So we created parallel paths. On one track was the Fox negotiation, which I told him would take a year, and they would give him a 15 percent increase. They would grind it out and play hardball. I told him, “At the end of the day, they’re not going to pay you anywhere near what you’re worth. But on this other track, we’ll create this opportunity to change your life, for you to have something of your own.” I remember having a meeting with Mark Shmuger and David Linde, who were literally in the first day of their new jobs as co-chairmen of Universal Studios, and Bryan, Richard, Kevin, and I met with them in their first official meeting and I pitched them the idea of being in business with Chris, and they said, “Yes. We want you to do it.” It took probably well over a year, but ultimately we created Illumination. Universal came in and financed the company 100 percent. They wanted to clean up their balance sheet because they were about to sell to Comcast, so we got paid an investment banking fee for $ 4 or $ 5 million, and then on top of that we’ve commissioned every movie that Chris has done. Chris got a very, very, rich deal, probably the best producing deal there is. The truth is, on Minions he’ll probably make $ 80–$ 90 million. To date he’s probably made hundreds of millions. And he’s got Despicable Me 3, and The Grinch Who Stole Christmas.

Naturally, payment networks want to prevent fraudulent transactions, banks want to avoid bad loans, airlines want to avoid hijackings, and companies want to avoid hiring ineffective or untrustworthy people. From their point of view, the cost of a missed business opportunity is low, but the cost of a bad loan or a problematic employee is much higher, so it is natural for organizations to want to be cautious. If in doubt, they are better off saying no. However, as algorithmic decision-making becomes more widespread, someone who has (accurately or falsely) been labeled as risky by some algorithm may suffer a large number of those “no” decisions. Systematically being excluded from jobs, air travel, insurance coverage, property rental, financial services, and other key aspects of society is such a large constraint of the individual’s freedom that it has been called “algorithmic prison” [82]. In countries that respect human rights, the criminal justice system presumes innocence until proven guilty; on the other hand, automated systems can systematically and arbitrarily exclude a person from participating in society without any proof of guilt, and with little chance of appeal.

In the 1970s, banks attempted to distribute keys by employing special dispatch riders who had been vetted and who were among the company’s most trusted employees.

through self-selection or the firm’s edict. Depending on the year and the firm, this could be between 5% and 15% of employees. Although compensation generally does not vary much during the first

The currency of evolution is neither hunger nor pain, but rather copies of DNA helixes. Just as the economic success of a company is measured only by the number of dollars in its bank account, not by the happiness of its employees, so the evolutionary success of a species is measured by the number of copies of its DNA. If no more DNA copies remain, the species is extinct, just as a company without money is bankrupt. If a species boasts many DNA copies, it is a success, and the species flourishes. From such a perspective, 1,000 copies are always better than a hundred copies. This is the essence of the Agricultural Revolution:

The manual says each employee would get a bag from Bandhan once in two years, but this bag cannot be used for personal use.

The chairman of Merck took home $17.9 million in 2010, as Merck laid off sixteen thousand workers and announced layoffs of twenty-eight thousand more. The CEO of Bank of America raked in $10 million, while the bank announced it was firing thirty thousand employees. Even

back, change into something formal. I’m taking you out to the most famous restaurant in all of Paris,’ he said proudly. She giggled. Listening to him make every effort to be the romantic tickled her to bits. Though she was a seasoned and toughened law enforcement agent, she still wasn’t beyond feeling giddy when it came to Pope’s courting efforts. For their long overdue holiday, a honeymoon-before-the-wedding kind of thing, Pope splashed out. The sky was the limit. Five months ago, when he asked her where she wanted to go, she had said Paris. So, Paris it had to be. There were no ifs or buts. And they were going to do it in style. He booked them a room at the Banke Hôtel for the entire duration of their stay. Luckily, he got it at a special rate, otherwise a Federal employee like him wouldn’t have been able to stretch the budget that far. Housed in a former bank, the Baroque revival hotel had an ornate columned façade. The interior was grand in scale and lavishly decorated. The room didn’t disappoint. Charming period detailing had been retained; in their

What does it cost me if I have a hundred times the amount I donate still sitting in the bank?” “I don’t recall anyone turning down the donations.” “But what did I accomplish? What does it say about me?” “That you’re more generous than I am?” “No! You’re not listening.” Greg’s idea sounded better to him by the second. He’d been restless and bored lately. With the holiday season looming before them, things would be quiet at work. Besides he always closed the offices over Christmas week so his employees could spend time with their families. The timing of this venture couldn’t be better. His pulse accelerated. Anticipation filled him with energy as he contemplated embarking on the adventure of a lifetime. “Think about it.” Harrison said. “What’s the real measure of a man? Where does he find his strength? Build his character?” He slapped his hand on the desk. “It’s in life’s challenges. The hardships.

Gilbert had cut his teeth working for international financiers in Newhaven, where he learned the trade of rubbing two coins together to produce a third. He could have chosen a life of comfort and security by staying the employee of one of the large firms, but why settle for comfort when he had a chance at luxury? ‘Settling’ only entered Gilbert’s vocabulary when it came to two things: lawsuits and land claims.

Most investment banking employees are rational economic actors who know that once they’ve received a bonus payment, they’ll have to wait an entire year for another. If you were planning to leave a firm, you never stayed more than an hour or so past bonus time if you could help it.

If you haven’t had the pleasure of physically comparing different Wall Street trading floors, you needn’t bother. They are all basically alike. The floor itself is a checkerboard of stained carpet squares covering a maze of twisted wires and electronic equipment. These removable squares serve as the lid of a massive trash can, and hidden below are dozens of half-empty Chinese food containers and mice. (Mice love trading floors, and banking employees are constantly discussing creative ways to trap and kill them.) If you stop by virtually any trading floor on Wall Street, this is what you will inevitably encounter: Hundreds of telephones are ringing. Television monitors are blasting news and flashing scattered bond quotes. One of the checkerboard squares is upended, and several maintenance men are taking a break to yell at each other in front of a pile of circuits and cables. Dozens of traders and salespeople are standing at three-foot intervals face-to-face at several long rectangular desks, which are stacked with a rainbow of colorful computers, flashing monitors, blue Reuters and green Telerate screens, beige Bloomberg data systems, and customized black broker quote boxes.

From mid-2011 to about mid-2016, employees at Wells Fargo Bank opened over three and a half million fake bank accounts. As The New York Times reported in 2016, “Some customers noticed the deception when they were charged unexpected fees, received credit or debit cards in the mail that they did not request, or started hearing from debt collectors about accounts they did not recognize. But most of the sham accounts went unnoticed, as employees would routinely close them shortly after opening them.” Ultimately, 5,300 Wells Fargo employees were fired as a result of their involvement in these deceptive practices. Practices that then CEO John Stumpf told Congress “go against everything regarding our core principles, our ethics and our culture.

Oddly, the creator of Morgan Stanley was not a person, but a law. In response to the speculative bubble of the 1920s, the 1929 Crash, and the Great Depression, Congress enacted the Glass-Steagall Act of 1933. Glass-Steagall addressed the public concern about the comingling of the commercial banking and securities businesses, and it required U.S. banks to choose one business or the other. When J. P. Morgan & Company, a private bank and a member of the New York Stock Exchange, opted to remain a commercial bank, several J. P. Morgan employees split off to organize a securities firm. Thus, Morgan Stanley was born.

The history of DPG, like the history of derivatives, is not well known, even at Morgan Stanley. Most people there have heard of DPG because the group is such a huge moneymaker. However, few employees, including me, realized how new the group was. DPG did not exist before 1990. In fact, Morgan Stanley didn’t even sell many types of derivatives until a few years ago. Previously, the firm’s limited derivatives activities had been scattered throughout the bank, and overall profits from such sales had been relatively low. In fact, although certain types of derivatives have existed for thousands of years—farmers used forwards to hedge and the ancient Greeks used options to speculate—most derivatives innovation has occurred in the past decade, and most of the derivatives Morgan Stanley was selling in 1994 were new. The majority of derivatives DPG sold—including structured notes and interest rate swaps, which I will describe in detail later—didn’t exist before 1980.

Many years later, this idea has trickled down to the impoverished countryside of Bangladesh when Mohammed Yunus and the Grameen Bank brought microcredit to starving peasants with disastrous consequences. The poor of the subcontinent have always lived in debt, in the merciless grip of the local village usurer—the Bania. But microfinance has corporatized that, too. Microfinance companies in India are responsible for hundreds of suicides—two hundred people in Andhra Pradesh in 2010 alone. A national daily recently published a suicide note by an eighteen-yearold girl who was forced to hand over her last 150 rupees (three dollars), her school fees, to bullying employees of the microfinance company. The note read, “Work hard and earn money. Do not take loans.” There’s a lot of money in poverty, and a few Nobel Prizes, too.

Approximately three thousand people work for the Bureau of Engraving. It takes 490 notes to make a pound, and it would require 14.5 million notes to make a stack one mile high. Coin and paper account for only about 8 percent of all the dollars in the world. The rest are merely numbers in a ledger or tiny electronic blips on a computer chip. At the end of the process, the workers bundle the bills into packages of 100, which they then stack into bricks of 4,000. These bricks are loaded onto a pallet for transport to the basement from where they will be sent to the various Federal Reserve offices around the nation for distribution to banks and the public. Along the way, the curious visitors pepper the guides with questions: Q. Why are so many employees listening to music on headphones? A. To block the loud sound of the printing, cutting, and stacking machines. Q. Why are some of them eating? A. They are on break. Q. Why are all of the checkers so fat? A. Because they sit all day and watch money go by with little chance for exercise.

Having a bank account in the United States or China won't make any difference as a business owner but people who don't have enough money and time to travel long distances and test the system for themselves, want to believe in illusions. Many banks are actually happy to steal people's money due to their nationality, like they did with Russian people now. And this while the masses consider it to be normal. Imagine if countries stole your money every time your government did something they don't like! Actually they do, which is why your government promises one thing before being elected and then does another. The employees of these governments and big companies are like little Nazis. They will simply repeat: it's the "policy of the company" or "it's the law". Nobody cares to question laws or policies because they think smart people are the ones who obey. Well, you will get nowhere in life by obeying a system that is manipulated against you, which is why so many frustrated people, seeing others in jet planes and traveling the world, are turning to crime and prostitution. This tendency will keep increasing. Yet if I tell people to learn to use a gun, they will say that a spiritual guru would never say such things. Well, I would never trust any guru or religious person who said to me to wait until someone knocks me off with a hammer or that I must accept the misfortunes of life as an opportunity to meditate on karma. As a matter of fact, that's exactly what I got in all religions where I sought answers to this problem, which means even religions have been corrupted by illusions and ignorance. They empower a very toxic demon around these lies called guilt. But this demon is kept alive with dogma.

Just like the income of the driver compared to that of bank employee.

Before that moment in the cafeteria, Chapman was able to make hard decisions far too easily. The St. Louis–based company with the hard-to-spell name was saddled with debt and close to bankruptcy when Chapman took over after his father died in 1975. And given the dire situation, he did what any responsible CEO would do in his position. He laid off employees when he felt it was needed to achieve the desired financial goal, renegotiated his debt obligations, was dependent on banks to support growth and took big risks that would create growth that any high-flying executive would have understood. And as a result the company slowly built back up to profitability.

As an employee who is also a homeowner, your working efforts are generally as follows: 1. You work for someone else. Most people, working for a paycheck, are making the owner, or the shareholders richer. Your efforts and success will help provide for the owner's success and retirement. 2. You work for the government. The government takes its share from your paycheck before you even see it. By working harder, you simply increase the amount of taxes taken by the government - most people work from January to May just for the government. 3. You work for the bank. After taxes, your next largest expense is usually your mortgage and credit card debt. The problem with simply working harder is that each of these three levels takes a greater share of your increased efforts. You need to learn how to have your increased efforts benefit you and your family directly. Once you have decided to concentrate on minding your own business, how do you set your goals? For most people, they must keep their profession and rely on their wages to fund their acquisition of assets. As their assets grow, how do they measure the extent of their success? When does someone realize that they are rich, that they have wealth?

I don’t buy the idea that if you dangle cash in front of your high-performing employees, they try harder. High performers naturally want to succeed and will devote all resources toward doing so whether they have a bonus hanging in front of their nose or not. I love this quote from former chief executive of Deutsche Bank John Cryan: “I have no idea why I was offered a contract with a bonus in it because I promise you I will not work any harder or any less hard in any year, in any day because someone is going to pay me more or less.” Any executive worth her paycheck would say the same.