MF Global is apparently in talks to file for Chapter 11 bankruptcy protection. The move could come as early as Monday. Apparently, the plan is to sell assets to Interactive Brokers Group (IBKR), The Wall Street Journal reported.
Here is another CIT disaster a once heralded CEO of a major firm comes out of retirement and takes over a mid tier shop and runs into a world of trouble. The reason is simple, while the underlying trades are the same and the will most likely succeed, MF balance sheet is nowhere near as robust as GS.
While the plan isn't final, the details released so far indicate that MF Global's holding company would be the one filing for the bankruptcy protection. Then as reposrted, Interactive Brokers is planned to make an initial bid of about $1 billion at the court-supervised auction of assets. It is important to note though, that none of MF Global's regulated entities are included in the deal. However, since nothing is final, it still remains to be seen exactly how the deal will unfold.
Tuesday, November 8, 2011
Wednesday, June 22, 2011
Not So Evolved
I just spent 15 minutes watching a video of beautiful young women, and I'm thoroughly disgusted. I'll explain. I was watching excerpts of the 51 Miss USA contestants answering the question "Should evolution be taught in schools?" if you're like me, you'l watch it as you watch a horror flick -- you can't look, but you look anyway. I could not believe what I was hearing. Since when is science a matter of opinion? I also think these young women were coached to be uncontroversial at all costs. The result is deplorable. Watch it...if you can stomach it.
http://tosh.comedycentral.com/blog/2011/06/21/just-in-case-you-want-to-spend-15-minutes-shaking-your-head-in-disbelief/?xrs=synd_facebook
Pretty? Yes, pretty dismal.
-Jack Simony
http://tosh.comedycentral.com/blog/2011/06/21/just-in-case-you-want-to-spend-15-minutes-shaking-your-head-in-disbelief/?xrs=synd_facebook
Pretty? Yes, pretty dismal.
-Jack Simony
Monday, June 20, 2011
Fun Summer Seaminess
I was fortunate enough to be invited to an "invited dress rehearsal" for Measure for Measure at the Delacorte Theater in Central Park. I didn't have to wait on line from 3 AM until 1 PM, and I had a marvelous seat for what proved to be a fine production of a play that is often challenging to pull off.
http://www.nyc-arts.org/events/13603/shakespeare-in-the-park-measure-for-measure
The play is one of Shakespeare's "Problem Plays." Curiously, this summer, the Public Theatre has decided to produce two of the three "Problem Plays" -- the two plays in all of Shakespeare's canon containing "the bed trick", in which a man thinks he is sleeping with one woman while actually sleeping with another who has come in her stead under the cover of darkness. The two plays ("All's Well that Ends Well" is the second of the two) are being performed in repertory throughout the summer.
It's a curious choice, to offer up those two rather disquieting plays as the Park's summer fare this season. Even tragedies leave the audience more satisfied than upset at the end, whereas the "Problem Plays" are so named because while they fit the genre of romantic comedy, the catharsis they purport to achieve at the end is anything but, and audiences tend to leave feeling like they need a shower. But in for a penny, in for a pound, I suppose. It will be interesting to see how the performers navigate their different roles in the two productions, and it will be interesting to experience back-to-back "Problem Plays."
"Measure for Measure" is skillfully presented under the direction of David Esbjornson. A deconstructed but completely seedy Vienna is artfully and fully realized with the clever set by Scott Pask, and the costumes by Elizabeth Hope Clancy strike the perfect note. But it is the actors in the comedic roles of Pompey (Carson Elrod) and Lucio (Reg Rogers) who steal the show. They are remarkable. I'd wait on line from 3 AM until 1 PM to see them in these roles again.
-Jack Simony
http://www.nyc-arts.org/events/13603/shakespeare-in-the-park-measure-for-measure
The play is one of Shakespeare's "Problem Plays." Curiously, this summer, the Public Theatre has decided to produce two of the three "Problem Plays" -- the two plays in all of Shakespeare's canon containing "the bed trick", in which a man thinks he is sleeping with one woman while actually sleeping with another who has come in her stead under the cover of darkness. The two plays ("All's Well that Ends Well" is the second of the two) are being performed in repertory throughout the summer.
It's a curious choice, to offer up those two rather disquieting plays as the Park's summer fare this season. Even tragedies leave the audience more satisfied than upset at the end, whereas the "Problem Plays" are so named because while they fit the genre of romantic comedy, the catharsis they purport to achieve at the end is anything but, and audiences tend to leave feeling like they need a shower. But in for a penny, in for a pound, I suppose. It will be interesting to see how the performers navigate their different roles in the two productions, and it will be interesting to experience back-to-back "Problem Plays."
"Measure for Measure" is skillfully presented under the direction of David Esbjornson. A deconstructed but completely seedy Vienna is artfully and fully realized with the clever set by Scott Pask, and the costumes by Elizabeth Hope Clancy strike the perfect note. But it is the actors in the comedic roles of Pompey (Carson Elrod) and Lucio (Reg Rogers) who steal the show. They are remarkable. I'd wait on line from 3 AM until 1 PM to see them in these roles again.
-Jack Simony
Wednesday, June 15, 2011
Wal-Mart Loses Appeal (no pun intended)
You've surely seen the commercials: A well-groomed, articulate and likable fellow explains how he decided against a corporate job in order to move up through the ranks at Wal-Mart from stockboy to manager. A frank-speaking, earnest young woman describes the pride she takes in her work, and her choice to pursue a career path on the floor of a Wal-Mart. They articulate what a wonderful employer Wal-Mart is, how they could't want better.
Have you filled out your application yet? No? Apparently, the Appellate Court of Pennsylvania wasn't buying it either. Wal-Mart just lost its appeal of the 2006 ruling that awarded $187.6 million to workers who had been denied meal and rest breaks in order to boost store productivity and profits, in violation of appropriate labor practices.
http://consumerist.com/2011/06/court-denies-walmart-appeal-of-1876-million-judgment.html
The judgment may be reduced slightly, but only to adjust for legal fees that had been double-counted.
It seems Wal-Mart must do more than damage-control -- it must pay damages. Hefty damages. I'm glad to see it. At what point will companies finally understand that their profits should reflect the quality both of their products AND of their employment practices? Wal-Mart wants to be an example of successful business practices. It's going to be made an example of, all right. But I don't think this is exactly what Corporate had in mind. They'd have been better off saving the money on the commercials and treating their employees with decency. They'd have broken even on the commercials...but would have been far ahead in public opinion. Never mind the karma that comes of not taking advantage of the disenfranchised.
-Jack Simony
Have you filled out your application yet? No? Apparently, the Appellate Court of Pennsylvania wasn't buying it either. Wal-Mart just lost its appeal of the 2006 ruling that awarded $187.6 million to workers who had been denied meal and rest breaks in order to boost store productivity and profits, in violation of appropriate labor practices.
http://consumerist.com/2011/06/court-denies-walmart-appeal-of-1876-million-judgment.html
The judgment may be reduced slightly, but only to adjust for legal fees that had been double-counted.
It seems Wal-Mart must do more than damage-control -- it must pay damages. Hefty damages. I'm glad to see it. At what point will companies finally understand that their profits should reflect the quality both of their products AND of their employment practices? Wal-Mart wants to be an example of successful business practices. It's going to be made an example of, all right. But I don't think this is exactly what Corporate had in mind. They'd have been better off saving the money on the commercials and treating their employees with decency. They'd have broken even on the commercials...but would have been far ahead in public opinion. Never mind the karma that comes of not taking advantage of the disenfranchised.
-Jack Simony
Monday, June 6, 2011
Best Blogs of 2011
I am not a Blogger (capital "B"), I'm more of a blogger. I read or hear or see something in the world and am occasionally moved to write about the experience. Perhaps the blogs get read, perhaps they don't. But the process of writing them is in and of itself satisfying.
It also has sparked an interest in blogging, generally. People blog about absolutely everything under the sun...plus the sun and everything beyond it.
Time Magazine posts its "Best Blogs of the Year." This year's list is a well-rounded selection of entries from politics to economics to fashion to cars to sports to lists (yes, lists made the list!) to climate change to itemizations of the contents of the backpacks and handbags of everyday people (yielding fascinating insights into the personalities of said people) to analyses of every David Bowie song to video games and gaming to celebrities to the minutia of a mom's everyday life. The writing on these sites ranges from funny to crisp to elegant; it is all good. The content is surprising, fresh and interesting. The Times' list has something for everyone.
http://www.time.com/time/specials/packages/completelist/0,29569,2075431,00.html
Go! Skim! It'll do you good.
-Jack Simony
It also has sparked an interest in blogging, generally. People blog about absolutely everything under the sun...plus the sun and everything beyond it.
Time Magazine posts its "Best Blogs of the Year." This year's list is a well-rounded selection of entries from politics to economics to fashion to cars to sports to lists (yes, lists made the list!) to climate change to itemizations of the contents of the backpacks and handbags of everyday people (yielding fascinating insights into the personalities of said people) to analyses of every David Bowie song to video games and gaming to celebrities to the minutia of a mom's everyday life. The writing on these sites ranges from funny to crisp to elegant; it is all good. The content is surprising, fresh and interesting. The Times' list has something for everyone.
http://www.time.com/time/specials/packages/completelist/0,29569,2075431,00.html
Go! Skim! It'll do you good.
-Jack Simony
Thursday, June 2, 2011
The Food Pyramid Gets a Renovation
First Lady Michele Obama will unveil today an updated version of the food pyramid, to replace the current icon.
http://news.blogs.cnn.com/2011/06/02/on-the-radar-dietary-symbol-garrido-sentencing-civil-unions/?hpt=hp_c2
The new icon depicts more clearly the information it wishes to convey. It is the hope of the First Lady that it will help consumers make healthier food choices.
It seems like a small gesture, however it could be a useful tool for those who need the visual aids. Michele Obama is waging a war on many fronts to diminish malnutrition and obesity in our country. People mistakenly assume that an obese person is not malnourished when, in fact, the two problems are the two sides of one coin: The food available to our nation's poor is low in nutrition and high in fillers and such that cause obesity. Hence, our nation's poor tend to be both obese and malnourished. I applaud Michele Obama's endeavors on behalf of our nation's hungry. If the new food pyramid icon is part of the educational component of this endeavor, terrific. Enjoy the new icon, everyone.
-Jack Simony
http://news.blogs.cnn.com/2011/06/02/on-the-radar-dietary-symbol-garrido-sentencing-civil-unions/?hpt=hp_c2
The new icon depicts more clearly the information it wishes to convey. It is the hope of the First Lady that it will help consumers make healthier food choices.
It seems like a small gesture, however it could be a useful tool for those who need the visual aids. Michele Obama is waging a war on many fronts to diminish malnutrition and obesity in our country. People mistakenly assume that an obese person is not malnourished when, in fact, the two problems are the two sides of one coin: The food available to our nation's poor is low in nutrition and high in fillers and such that cause obesity. Hence, our nation's poor tend to be both obese and malnourished. I applaud Michele Obama's endeavors on behalf of our nation's hungry. If the new food pyramid icon is part of the educational component of this endeavor, terrific. Enjoy the new icon, everyone.
-Jack Simony
Friday, May 27, 2011
Scrapping Scrubbing
The NY Times came out with an article yesterday about how NY State education officials have ordered schools to end the longstanding practice of reviewing Regents exam scores that fall just below the passing grade.
http://www.nytimes.com/2011/05/26/nyregion/state-prohibits-rescoring-of-barely-failing-regents-exams.html?_r=1&nl=nyregion&emc=ura1
The practice, known as scrubbing, was put into effect to protect students whose tests might have been mis-scored, where a careful review might prove that some of those students in fact deserved a passing grade. But schools began to look at essays -- where there is room to interpret what a grade should be -- as opportunities to add points and pass more students who otherwise would have failed.
In February, the city announced that it would introduce regular audits of schools that seemed to show suspicious amounts of grade-changes. But now NY State officials have decided that such audits don't go far enough to prevent grade inflation, and have removed the ability to rescore tests at all.
Let me state for the record that I believe hard work should be rewarded and that as a general rule I am not in favor of allowing students to coast without earning their grades. However let's take a step back, look at the larger picture, and be realists for a moment. First of all, some students' exams will be misgraded, and a review of their score may make the difference between passing fairly and failing unfairly. This is why the practice was begun in the first place. Removing the right to rescore tests in the 61-64 point range is unfair to those students. Second, the removal of the right to rescore does not factor in real world considerations: There is sometimes a hardship to many students and their families created by keeping them back, and a teacher might know of a particular student's situation. There are huge swaths of the population who are not going to be better off in life if they struggle through a class one more time in order to squeak out two more points on a Regents examination but who are going to be worse off if they can't graduate and get on with finding a job and helping out their households. A sad reality, perhaps, but a reality nonetheless.
But the larger problem lies in removing the ability to check altogether, in removing the protection for students who might have been robbed of a critical point of two they had, in fact, earned and deserved. Audits of the nature the city implemented in February are a big enough hammer -- if the state is concerned about unorthodox practices, whether because a school is concerned about getting funding under the No Child Left Behind provisions or because the test grader wants to help a student with his/her real-world needs, the state can simply audit those schools where there seems to be a pattern and practice of abuse. There was no reason to throw the baby out with the bathwater by banning the rereading of tests altogether. What a shame.
-Jack Simony
http://www.nytimes.com/2011/05/26/nyregion/state-prohibits-rescoring-of-barely-failing-regents-exams.html?_r=1&nl=nyregion&emc=ura1
The practice, known as scrubbing, was put into effect to protect students whose tests might have been mis-scored, where a careful review might prove that some of those students in fact deserved a passing grade. But schools began to look at essays -- where there is room to interpret what a grade should be -- as opportunities to add points and pass more students who otherwise would have failed.
In February, the city announced that it would introduce regular audits of schools that seemed to show suspicious amounts of grade-changes. But now NY State officials have decided that such audits don't go far enough to prevent grade inflation, and have removed the ability to rescore tests at all.
Let me state for the record that I believe hard work should be rewarded and that as a general rule I am not in favor of allowing students to coast without earning their grades. However let's take a step back, look at the larger picture, and be realists for a moment. First of all, some students' exams will be misgraded, and a review of their score may make the difference between passing fairly and failing unfairly. This is why the practice was begun in the first place. Removing the right to rescore tests in the 61-64 point range is unfair to those students. Second, the removal of the right to rescore does not factor in real world considerations: There is sometimes a hardship to many students and their families created by keeping them back, and a teacher might know of a particular student's situation. There are huge swaths of the population who are not going to be better off in life if they struggle through a class one more time in order to squeak out two more points on a Regents examination but who are going to be worse off if they can't graduate and get on with finding a job and helping out their households. A sad reality, perhaps, but a reality nonetheless.
But the larger problem lies in removing the ability to check altogether, in removing the protection for students who might have been robbed of a critical point of two they had, in fact, earned and deserved. Audits of the nature the city implemented in February are a big enough hammer -- if the state is concerned about unorthodox practices, whether because a school is concerned about getting funding under the No Child Left Behind provisions or because the test grader wants to help a student with his/her real-world needs, the state can simply audit those schools where there seems to be a pattern and practice of abuse. There was no reason to throw the baby out with the bathwater by banning the rereading of tests altogether. What a shame.
-Jack Simony
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