Executable Broker Quotes

Science, knowledge, logic and brilliance might be useful tools but they didn’t build highways or civil service systems. Power built highways and civil service systems. Power was what dreams needed, not power in the hand of the dreamer himself necessarily but power put behind the dreamer’s dream by the man who it to put there, power that he termed “executive support”.

Dark pools were another rogue spawn of the new financial marketplace. Private stock exchanges, run by the big brokers, they were not required to reveal to the public what happened inside them. They reported any trade they executed, but they did so with sufficient delay that it was impossible to know exactly what was happening in the broader market at the moment the trade occurred.

ALL ARE WELCOME. (NO FIGHTING.) That rule is simple on the surface, but not easy in the execution, because Maz Kanata's castle has been a meeting place since time immemorial-- a nexus point drawing together countless lines of allegiance and opposition, a place not only where friend and foe can meet, but where complex conflicts are worn down flat so that all may sit, have a drink and a meal, listen to a song, and broker whatever deals their hearts or politics require. That's why the flags outside her castle represent hundreds of cities and civilizations and guilds from before forever. The galaxy is not now, nor has it ever been, two polar forces battling for supremacy. It has been thousands of forces: a tug-of-war not with as ingle rope but a spider's web of influence, dominance, and desire. Clans and cults, tribes and families, governments and anti-governments. Queens, satraps, warlords! Diplomats, buccaneers, droids! Slicers, spicers, ramblers, and gamblers! To repeat: ALL ARE WELCOME. (NO FIGHTING.)

[I]n addition to being a Spirit person, healer, and wisdom teacher, Jesus was a social prophet. There was passion in his language. Many of his sayings (as well as actions) challenged the domination system of his day. They take on pointed meaning when we see them in the context of social criticism of a peasant society. His criticisms of the wealthy were an indictment of the social class at the top of the domination system. His prophetic threats against Jerusalem and the temple were not because they were the center of an “old religion” (Judaism) soon to be replaced by a new religion (Christianity) but because they were the center of the domination system. His criticism of lawyers, scribes, and Pharisees was not because they were unvirtuous individuals but because commitment to the elites led them to see the social order through elite lenses. Jesus rejected the sharp social boundaries of the established social order and challenged the institutions that legitimated it. In his teaching, he subverted distinctions between righteous and sinner, rich and poor, men and women, Pharisee and outcasts. In his healings and behavior, he crossed social boundaries of purity, gender, and class. In his meal practice, central to what he was about, he embodied a boundary-subverting inclusiveness. In his itinerancy he rejected the notion of a brokered kingdom of God and enacted the immediacy of access to God apart from institutional mediation. His prophetic act against the money changers in the temple at the center of the domination system was, in the judgment of most scholars, the trigger leading to his arrest and execution.

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In Memory of W. B. Yeats I He disappeared in the dead of winter: The brooks were frozen, the airports almost deserted, And snow disfigured the public statues; The mercury sank in the mouth of the dying day. What instruments we have agree The day of his death was a dark cold day. Far from his illness The wolves ran on through the evergreen forests, The peasant river was untempted by the fashionable quays; By mourning tongues The death of the poet was kept from his poems. But for him it was his last afternoon as himself, An afternoon of nurses and rumours; The provinces of his body revolted, The squares of his mind were empty, Silence invaded the suburbs, The current of his feeling failed; he became his admirers. Now he is scattered among a hundred cities And wholly given over to unfamiliar affections, To find his happiness in another kind of wood And be punished under a foreign code of conscience. The words of a dead man Are modified in the guts of the living. But in the importance and noise of to-morrow When the brokers are roaring like beasts on the floor of the bourse, And the poor have the sufferings to which they are fairly accustomed And each in the cell of himself is almost convinced of his freedom A few thousand will think of this day As one thinks of a day when one did something slightly unusual. What instruments we have agree The day of his death was a dark cold day. II You were silly like us; your gift survived it all: The parish of rich women, physical decay, Yourself. Mad Ireland hurt you into poetry. Now Ireland has her madness and her weather still, For poetry makes nothing happen: it survives In the valley of its making where executives Would never want to tamper, flows on south From ranches of isolation and the busy griefs, Raw towns that we believe and die in; it survives, A way of happening, a mouth. III Earth, receive an honoured guest: William Yeats is laid to rest. Let the Irish vessel lie Emptied of its poetry. In the nightmare of the dark All the dogs of Europe bark, And the living nations wait, Each sequestered in its hate; Intellectual disgrace Stares from every human face, And the seas of pity lie Locked and frozen in each eye. Follow, poet, follow right To the bottom of the night, With your unconstraining voice Still persuade us to rejoice; With the farming of a verse Make a vineyard of the curse, Sing of human unsuccess In a rapture of distress; In the deserts of the heart Let the healing fountain start, In the prison of his days Teach the free man how to praise.

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Right tools and services: High-speed Internet service. The best available broker. A fast order execution platform that supports Hotkeys. A scanner for finding the right stocks to trade. Support from a community of traders.

Though many details of these schemes are either complex or not yet public knowledge, one of the mechanisms is. Some exchanges, such as NASDAQ, let HF traders peek at customer orders ahead of everyone else for thirty milliseconds before the order goes to the exchange. Seeing an order to buy, for instance, the HF traders can buy first, pushing the stock price up, then resell to the customer at a profit. Seeing someone’s order to sell, the HF trader sells first, causing the stock to fall, and then buys it back at the lower price. How is this different from the crime of front-running, described in Wikipedia as “the illegal practice of a stock broker executing orders on a security for its own account while taking advantage of advance knowledge of pending orders from its customers”?

In 2008, Citadel bought a stake in the online broker E*Trade, which was foundering in the credit crisis. The deal stipulated that E*Trade route some percentage of its customers’ orders to Citadel. At the same time, E*Trade created its own high-frequency trading division, eventually called G1 Execution Services, to exploit the value of those orders for itself. Citadel’s founder and CEO, Kenneth Griffin, pitched a fit, and called out E*Trade for failing to execute its customers’ orders properly.

Have not these chief executives carried through a silent revolution, a managerial revolution from the top, and has not their revolution transformed the very meaning of property? Are not, in short, the old expropriators now expropriated by their salaried managers? Maybe the chief executives are trustees for a variety of economic interests, but what are the checks upon how fair and well they perform their trusts? And was it not the state, subject to the control of a free electorate, that was to be the responsible trustee, the impartial umpire, the expert broker of conflicting interests and contending powers?

What are you trying to buy? Asset type? Size? Price? To determine the answer to the first question, do the following: Start with your own net worth. Add in friends and family. The total team net worth is your starting point. Choose a market. Consider travel time and expense. You must be able to be in your market to look at deals at least once a month. Determine the viability of your market. Job growth? Population growth? Get deal flow from the market. Real estate agents Find all commercial realty companies in the city. Get on all their mailing lists. Analyze deals online from realtors in the area. Call the realtors about their listings. Direct to owners Get lists of owners. Create a system to reach owners directly. Mail Text Cold calling Analyze deals. Income approach Income – Expenses = Net operating income Net operating income – Debt service = Cash flow Check with lenders for current terms on debt. What is the CoC return? Cap rate? Debt ratio? Comparable data Check the analyzed cap rate against cap rates in the area for similar properties. Check comparable sale prices. Comps should be close in size and age to the subject property. Comps should have similar amenities. Comps should be within a few miles of the subject property. Exit Hold and operate. Refinance. Sell or flip. Consider upcoming market conditions. Debt Check with lenders or a mortgage broker to determine the availability of loans for this type of property. What are the terms and conditions? Is this the information you used to analyze the deal originally? Make the offer. Use an LOI to submit the offer in writing. The LOI will summarize the main deal points. If your offer is less than 15 percent of the asking price, speak with the realtor before you submit the offer. Once the offer is accepted, send the LOI to your attorney and have them draft the purchase agreement. Draft the purchase and sale agreement. Now that you have a fully executed contract, the clock starts. Earnest money goes into escrow. Do your due diligence. Financial inspection Physical inspection Lease audit Begin your loan application. The lender will complete three inspections. Appraisal Environmental inspection Physical engineer inspection of the buildings Do your closing. The lender will wire the loan proceeds to the closing escrow. Wire your down payment funds to the closing escrow. You own a new property! Engage property management for takeover of operations.

The online broker TD Ameritrade, for example, was paid hundreds of millions of dollars each year to send orders to high-frequency trading firms, including one called Citadel, which executed a large number of orders on TD Ameritrade’s behalf.

Often, much of the pressure (to execute a transaction) comes from brokers whose compensation is contingent upon consummation of a sale, regardless of its consequences for both buyer and seller.

Dark pools were another rogue spawn of the new financial marketplace. Private stock exchanges, run by the big brokers, they were not required to reveal to the public what happened inside them. They reported any trade they executed, but they did so with sufficient delay that it was impossible to know exactly what was happening in the broader market at the moment the trade occurred. Their internal rules were a mystery, and only the broker who ran a dark pool knew for sure whose buy and sell orders were allowed inside.

A broker was expected to find the best possible price in the market for his customer. The Goldman Sachs dark pool—to take one example—was less than 2 percent of the entire stock market. So why did nearly 50 percent of the customer orders routed into Goldman’s dark pool end up being executed inside that pool—rather than out in the wider market? Most of the brokers’ dark pools constituted less than 1 percent of the entire market, and yet somehow those brokers found the best price for their customers between 15 and 60 percent of the time.

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Reg NMS replaced the loose notion of best execution with the tight legal one of “best price.” To define best price, Reg NMS relied on the concept of the National Best Bid and Offer, known as the NBBO. If an investor wished to buy 10,000 shares of Microsoft, and 100 shares were offered on the BATS exchange at $30 a share, while the full 10,000 listed on the other twelve exchanges were offered at $30.01, his broker was required to purchase the 100 shares on Bats at $30 before moving on to the other exchanges. “It mandated routing to more exchanges than you might otherwise have to go to,” said Schwall. “And so it created more opportunities for people to front-run you.” The regulation also made it far easier for high-frequency traders to predict where brokers would send their customers’ orders, as they must send them first to the exchange that offered the best market price.

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During the period of Jackson's military and executive power, a mythology emerged that defined the contours and substance of the US origin narrative, which has weathered nearly two centuries and remains intact in the early twenty-first century as patriotic cant, a civic religion invoked in Barack Obama's presidential inaugural address in January 2009 : "In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of shortcuts or settling for less. It has not been the path for the faint-hearted, for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things-some celebrated, but more often men and women obscure in their labor-who have carried us up the long, rugged path towards prosperity and freedom. For us, they packed up their few worldly possessions and traveled across oceans in search of a new life. For us, they toiled in sweatshops and settled the West, endured the lash of the whip and plowed the hard earth. For us, they fought and died in places like Concord and Gettysburg; Normandy and Khe Sanh. Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction. This is the journey we continue today." Spoken like a true descendant of old settlers. President Obama raised another key element of the national myth in an interview a few days later with Al Arabiya television in Dubai. Affirming that the United States could be an honest broker in the Israeli-Palestinian conflict, he said: "We sometimes make mistakes. We have not been perfect. But if you look at the track record, as you say, America was not born as a colonial power." The affirmation of democracy requires the denial of colonialism, but denying it does not make it go away.

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