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Say Bank A is holding $10 million in A-minus-rated IBM bonds. It goes to Bank B and makes a deal: we’ll pay you $50,000 a year for five years and in exchange, you agree to pay us $10 million if IBM defaults sometime in the next five years—which of course it won’t, since IBM never defaults. If Bank B agrees, Bank A can then go to the Basel regulators and say, “Hey, we’re insured if something goes wrong with our IBM holdings. So don’t count that as money we have at risk. Let us lend a higher percentage of our capital, now that we’re insured.” It’s a win-win. Bank B makes, basically, a free $250,000. Bank A, meanwhile, gets to lend out another few million more dollars, since its $10 million in IBM bonds is no longer counted as at-risk capital. That was the way it was supposed to work. But two developments helped turn the CDS from a semisensible way for banks to insure themselves against risk into an explosive tool for turbo leverage across the planet. One is that no regulations were created to make sure that at least one of the two parties in the CDS had some kind of stake in the underlying bond. The so-called naked default swap allowed Bank A to take out insurance with Bank B not only on its own IBM holdings, but on, say, the soon-to-be-worthless America Online stock Bank X has in its portfolio. This is sort of like allowing people to buy life insurance on total strangers with late-stage lung cancer—total insanity. The other factor was that there were no regulations that dictated that Bank B had to have any money at all before it offered to sell this CDS insurance.
Matt Taibbi (Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America)
HER HUSBAND’S ALMOST HOME. He’ll catch her this time. There isn’t a scrap of curtain, not a blade of blind, in number 212—the rust-red townhome that once housed the newlywed Motts, until recently, until they un-wed. I never met either Mott, but occasionally I check in online: his LinkedIn profile, her Facebook page. Their wedding registry lives on at Macy’s. I could still buy them flatware. As I was saying: not even a window dressing. So number 212 gazes blankly across the street, ruddy and raw, and I gaze right back, watching the mistress of the manor lead her contractor into the guest bedroom. What is it about that house? It’s where love goes to die. She’s lovely, a genuine redhead, with grass-green eyes and an archipelago of tiny moles trailing across her back. Much prettier than her husband, a Dr. John Miller, psychotherapist—yes, he offers couples counseling—and one of 436,000 John Millers online. This particular specimen works near Gramercy Park and does not accept insurance. According to the deed of sale, he paid $3.6 million for his house. Business must be good. I know both more and less about the wife. Not much of a homemaker, clearly; the Millers moved in eight weeks ago, yet still those windows are bare, tsk-tsk. She practices yoga three times a week, tripping down the steps with her magic-carpet mat rolled beneath one arm, legs shrink-wrapped in Lululemon. And she must volunteer someplace—she leaves the house a little past eleven on Mondays and Fridays, around the time I get up, and returns between five and five thirty, just as I’m settling in for my nightly film. (This evening’s selection: The Man Who Knew Too Much, for the umpteenth time. I am the woman who viewed too much.) I’ve noticed she likes a drink in the afternoon, as do I. Does she also like a drink in the morning? As do I? But her age is a mystery, although she’s certainly younger than Dr. Miller, and younger than me (nimbler, too); her name I can only guess at. I think of her as Rita, because she looks like Hayworth in Gilda. “I’m not in the least interested”—love that line. I myself am very much interested. Not in her body—the pale ridge of her spine, her shoulder blades like stunted wings, the baby-blue bra clasping her breasts: whenever these loom within my lens, any of them, I look away—but in the life she leads. The lives. Two more than I’ve got.
A.J. Finn (The Woman in the Window)
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But if machines such as cars are allowed to hold insurance policies, should they also be able to own money and property? If so, there’s nothing legally stopping smart computers from making money on the stock market and using it to buy online services. Once a computer starts paying humans to work for it, it can accomplish anything that humans can do.
Max Tegmark (Life 3.0: Being Human in the Age of Artificial Intelligence)
But pleas about cost savings don’t get people to change their behavior. Neither do voluntary assessments that are supposed to scare people straight. The people who’d be most scared don’t show up for the assessments, because they know the assessments will tell them things they don’t want to hear. And the people who show up, unless they’re told they’re going to keel over within a year, figure they can make marginal changes and be fine. It makes you wonder whether the conventional corporate drive toward “wellness” isn’t just ineffective, but also a huge missed opportunity. The reigning assumption in the world of HR managers, large insurers, and policy wonks is that changing behavior is hard, so people need to be nudged toward healthy behaviors by making that change seem easy and palatable. “Gamify” it. Give people points for reading informative online articles about nutrition. Count pedometer steps. Make the healthy choices seem just a little bit different than the choices that result in chronic disease. Make the change seem smaller, so that people can follow a bread crumb trail of small adjustments to a better life without really changing their perspective. There are a lot of snazzy mobile apps and candy-colored motivational posters that push this approach. There are a lot of single-serving snacks with low calorie counts, sold as healthier-but-you-wouldn’t-know-it. They’re packed with sugar, so they end up making people hungrier and fatter.
J.C. Herz (Learning to Breathe Fire: The Rise of CrossFit and the Primal Future of Fitness)
Acquiring a deep understanding of the target customer should not be short-changed — by anyone writing sales copy, at any time, for any purpose. As I was writing this edition of this book, I was writing copy for a long-time client, the Guthy-Renker Corporation, for their hugely successful Proactiv® brand of acne products. There are three different people to talk to about this — the teen sufferer, the teen's mom, and playing the odds, the adult female sufferer. This had me reading past and current issues of nearly a hundred magazines, including all the teen and preteen magazines, all the mom magazines, and all the women's magazines, having copious online research done for me, doing “conversational research” directly with people in all three groups, and even hiring a dozen freelance readers — teens, parents of teens, and young women — to critique my copy. Also, as I was writing this edition of this book, I began work on copy aimed at highly successful, professional financial and investment advisors, financial planners, and top-performing life insurance and annuities agents, which required a similar investment of time and energy in crawling inside their psyche, tribal language, daily experiences. Freelance writers worth their salt know they must do this sort of thing, and do. The danger for the business owner writing copy for himself and for his own business is ingrained assumption — encouraging shortcutting or altogether neglecting this step. The only sure way to keep your own accumulated but untested opinions and beliefs about your customers from sabotaging your sales letters is to start anew, from scratch, and to engage in getting to know the customers just as if you were arriving to write for them for the first time, with no foreknowledge.
Dan S. Kennedy (The Ultimate Sales Letter: Attract New Customers. Boost your Sales.)
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Birmingham Plumbing: Your Home's Lifeline, Our Expertise A well-functioning plumbing system is the unsung hero of any Birmingham home. It silently provides the essential services we rely on daily, from clean water for drinking and bathing to efficient waste removal. However, when plumbing problems arise, they can quickly disrupt your life and cause significant stress. That's where reliable plumbing Birmingham AL services become indispensable. The Importance of Professional Plumbing Services Whether you're dealing with a leaky faucet, a burst pipe, or a complex sewer line issue, professional plumbers possess the knowledge, skills, and tools to diagnose and resolve the problem efficiently. Attempting DIY plumbing repairs can often lead to further complications and costly damage.   Common Plumbing Issues in Birmingham Homes Birmingham homeowners may encounter a variety of plumbing issues, including: Leaky Pipes: Caused by corrosion, age, or damage, leaky pipes can lead to water waste and structural damage.   Clogged Drains: Hair, grease, and debris can accumulate in drains, causing slow drainage and backups.   Running Toilets: A faulty toilet can waste significant water and increase your utility bills.   Water Heater Problems: Issues with water heaters can result in a lack of hot water or inconsistent temperatures.   Sewer Line Issues: Tree root intrusion, corrosion, and blockages can cause sewer line backups.   Low Water Pressure: Mineral buildup or pipe damage can contribute to low water pressure.   Faucet and Fixture Repairs: Leaky faucets and malfunctioning fixtures can waste water and require repair or replacement. Choosing the Right Plumbing Service in Birmingham Selecting a reputable plumbing Birmingham AL company is crucial for ensuring quality service and lasting solutions. Consider the following factors: Licensing and Insurance: Ensure the company is licensed and insured to protect yourself from liability. Experience and Expertise: Look for plumbers with extensive experience and expertise in various plumbing services. Reputation and Reviews: Check online reviews and testimonials to gauge customer satisfaction. Pricing and Transparency: Obtain clear and upfront pricing before scheduling service. Emergency Services: Choose a company that offers 24/7 emergency plumbing services. Range of Services: Make sure the company offers the services you need, from repairs to installations. The Benefits of Professional Plumbing Services Investing in professional plumbing Birmingham AL services offers numerous benefits, including: Accurate Diagnosis: Experienced plumbers can accurately diagnose plumbing problems and identify the root cause.   Efficient Repairs: Professionals have the tools and expertise to perform repairs quickly and efficiently.   Preventative Maintenance: Regular plumbing maintenance can prevent future problems and extend the lifespan of your plumbing system.   Water Conservation: Professional repairs can help prevent water waste and reduce your utility bills.   Peace of Mind: Knowing your plumbing system is in good hands provides peace of mind. Whether you're dealing with a minor leak or a major plumbing emergency, a reliable plumbing Birmingham AL company can provide the expertise and service you need to keep your home's plumbing system functioning smoothly.
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