Sec And The City Quotes

There is something in humility which, strangely enough, exalts the heart, and something in pride which debases it. This seems, indeed, to be contradictory, that loftiness should debase and lowliness exalt. But pious humility enables us to submit to what is above us; and nothing is more exalted above us than God; and therefore humility, by making us subject to God, exalts us."--De Civ. Dei, xiv. sec. 13.

Amontillado. Broiled Shad à la Maréchel. Cucumbers. Potatoes à la Duchesse. Filet Mignon à la Rossini. Chateau Lafite and Rinnart Brut. Fonds d’Artichaut Farcis. Pommery Sec. Sorbet au Kirsch. Cigarettes. Woodcock on Toast. Asparagus Sala. Ices: Canton Ginger. Cheeses: Pont l’Eveque; Rocquefort. Coffee. Liquers. Madeira, 1815. Cigars. Gage

At lunch yesterday, McGully told us a story he heard, where the husband and wife were out for a walk in White Park, and the woman just runs, literally runs, leaps over a hedge and disappears into the distance. “She said, ‘Can you hold my ice cream a sec?’ ” McGully said, laughing, bellowing, pounding the table. “Poor dummy standing there with two ice creams.

Currently the SEC headquarters are in Washington, D.C., and Washington, D.C., is the place where you’ll find a lot of politicians, but not very many qualified finance professionals. As New York is the world’s largest financial center and Boston is the world’s fourth largest financial center, moving the SEC to New York City or elsewhere in the New York-New England corridor makes a lot of sense.

Yes. According to the charter of the school. One sec.” I held the phone away and called for Ingrid to inform Frau Blümen. Then I returned to the call. “What’s the situation with the press?” I asked. “None so far” came the tense answer over the phone. I could hear people in the background being frantically busy. “There’s been some chatter, but we got this very quickly.” I weighed the situation and took a deep breath. “Cut the city’s communications,” I said. “Excuse me?” came the startled response. “Do it, and call me back when it’s done—wait, Lewis! Are you there?” “Yes, Rook Thomas.

He'd taken the sword, slung on his back, sandwiches and clean underwear in his pack, and the world, more or less, at his feet. In his pocket was the famous letter from the Patrician, the man who ruled the great fine city of Ankh-Morpork. At least, that's how his mother had referred to it. It certainly had an important-looking crest at the top, but the signature was something like "Lupin Squiggle, Sec'y, pp". Still, if it wasn't actually signed by the Patrician then it had certainly been written by someone who worked for him. Or in the same building. Probably the Patrician had at least known about the letter. In general terms. Not this letter, perhaps, but probably he knew about the existence of letters in general.

Then came the so-called flash crash. At 2:45 on May 6, 2010, for no obvious reason, the market fell six hundred points in a few minutes. A few minutes later, like a drunk trying to pretend he hadn’t just knocked over the fishbowl and killed the pet goldfish, it bounced right back up to where it was before. If you weren’t watching closely you could have missed the entire event—unless, of course, you had placed orders in the market to buy or sell certain stocks. Shares of Procter & Gamble, for instance, traded as low as a penny and as high as $100,000. Twenty thousand different trades happened at stock prices more than 60 percent removed from the prices of those stocks just moments before. Five months later, the SEC published a report blaming the entire fiasco on a single large sell order, of stock market futures contracts, mistakenly placed on an exchange in Chicago by an obscure Kansas City mutual fund. That explanation could only be true by accident, because the stock market regulators did not possess the information they needed to understand the stock markets. The unit of trading was now the microsecond, but the records kept by the exchanges were by the second. There were one million microseconds in a second. It was as if, back in the 1920s, the only stock market data available was a crude aggregation of all trades made during the decade. You could see that at some point in that era there had been a stock market crash. You could see nothing about the events on and around October 29, 1929.

Once every few weeks, beginning in the summer of 2018, a trio of large Boeing freighter aircraft, most often converted and windowless 747s of the Dutch airline KLM, takes off from Schiphol airport outside Amsterdam, with a precious cargo bound eventually for the city of Chandler, a western desert exurb of Phoe­nix, Arizona. The cargo is always the same, consisting of nine white boxes in each aircraft, each box taller than a man. To get these pro­foundly heavy containers from the airport in Phoenix to their des­tination, twenty miles away, requires a convoy of rather more than a dozen eighteen-wheeler trucks. On arrival and family uncrated, the contents of all the boxes are bolted together to form one enormous 160-ton machine -- a machine tool, in fact, a direct descendant of the machine tools invented and used by men such as Joseph Bramah and Henry Maudslay and Henry Royce and Henry Ford a century and more before. "Just like its cast-iron predecessors, this Dutch-made behemoth of a tool (fifteen of which compose the total order due to be sent to Chandler, each delivered as it is made) is a machine that makes machines. Yet, rather than making mechanical devices by the pre­cise cutting of metal from metal, this gigantic device is designed for the manufacture of the tiniest of machines imaginable, all of which perform their work electronically, without any visible mov­ing parts. "For here we come to the culmination of precision's quarter­millennium evolutionary journey. Up until this moment, almost all the devices and creations that required a degree of precision in their making had been made of metal, and performed their vari­ous functions through physical movements of one kind or another. Pistons rose and fell; locks opened and closed; rifles fired; sewing machines secured pieces of fabric and created hems and selvedges; bicycles wobbled along lanes; cars ran along highways; ball bearings spun and whirled; trains snorted out of tunnels; aircraft flew through the skies; telescopes deployed; clocks ticked or hummed, and their hands moved ever forward, never back, one precise sec­ond at a time."Then came the computer, then the personal computer, then the smartphone, then the previously unimaginable tools of today -- and with this helter-skelter technological evolution came a time of translation, a time when the leading edge of precision passed itself out into the beyond, moving as if through an invisible gateway, from the purely mechanical and physical world and into an immobile and silent universe, one where electrons and protons and neutrons have replaced iron and oil and bearings and lubricants and trunnions and the paradigm-altering idea of interchangeable parts, and where, though the components might well glow with fierce lights send out intense waves of heat, nothing moved one piece against another in mechanical fashion, no machine required that mea­sured exactness be an essential attribute of every component piece.

mugshot earlier. Meant to print it off. Losing focus today. One sec.” She sat at her desk and

Then came the so-called flash crash. At 2:45 on May 6, 2010, for no obvious reason, the market fell six hundred points in a few minutes. A few minutes later, like a drunk trying to pretend he hadn’t just knocked over the fishbowl and killed the pet goldfish, it bounced right back up to where it was before. If you weren’t watching closely you could have missed the entire event—unless, of course, you had placed orders in the market to buy or sell certain stocks. Shares of Accenture traded for a penny, for instance, while shares of Hewlett-Packard traded for more than $100,000. Twenty thousand different trades happened at stock prices more than 60 percent removed from the prices of those stocks just moments before. Five months later, the SEC published a report blaming the entire fiasco on a single large sell order, of stock market futures contracts, mistakenly placed on an exchange in Chicago by an obscure Kansas City mutual fund. That explanation could only be true by accident, because the stock market regulators did not possess the information they needed to understand the stock markets. The unit of trading was now the microsecond, but the exchanges might report their activity in increments as big as a second. There were one million microseconds in a second. It was as if, back in the 1920s, the only stock market data available was a crude aggregation of all trades made during the decade. You could see that at some point in that era there had been a stock market crash. You could see nothing about the events on and around October 29, 1929. The first thing Brad noticed as he read the SEC report on the flash crash was its old-fashioned sense of time. “I did a search of the report for the word ‘minute,’ ” said Brad. “I got eighty-seven hits. I then searched for ‘second’ and got sixty-three hits. I then searched for ‘millisecond’ and got four hits—none of them actually relevant. Finally, I searched for ‘microsecond’ and got zero hits.” He read the report once and then never looked at it again.