Word: accounting
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...That's down from nearly $1.1 million last year, but it is still 15 times the income of the average American household. Top bankers could receive as much as $1 million. Even a bond trader just out of business school could see his or her bank account enriched by as much as $170,000 this Christmas. "The firms have had an extremely difficult year," says Joan Zimmerman, a Wall Street career coach. "But they can't afford to lose talent either...
...These flights of fancy don't just have the power to make men spend countless hours tinkering with a technology that hasn't improved much in decades. They've also spurred some twisted behavior. In a vivid, detailed account of the "blood-soaked disaster" that was the American Rocketbelt Corporation, Montandon reveals the underbelly of this single-minded quest. Brawls and lawsuits over "Pretty Bird" - a "cherry red" belt whose "silver tanks shone so brightly you could comb your hair in their reflection" - spiral into a sordid tale of murder, kidnapping and torture. After being sentenced to life imprisonment...
...Highly Improbable, gave rise to a new name for these moments, both positive black swans (the rise of the Internet) and negative ones (the 9/11 attacks). Taleb has argued that much of the recent market turmoil has been due to the inability of financial risk models to account for such black swans; meanwhile, the fund he advises, Universa Investments LP, has gained upwards of 50% this year on the back of strategies intended to manage them. Taleb talked to TIME about the market crisis we should've seen coming, how it happened and what to do next...
...think you've been on a roller coaster ride watching your brokerage account, spend some time with the professional traders, platform operators, and stock exchange executives who deal with stock prices on a minute-by-minute basis. At Thursday's volatility conference, held at City University of New York's Baruch College, some of the people closest to the market swapped stories of operating in such a harried environment. "Everything happens so quickly now, you don't have time to digest it," said Tim Mahoney, CEO of Bids Trading, an order execution firm, speaking from the dais. "I'm grateful...
...prices; both argued for a cut of two million barrels when they arrived in Vienna on Thursday for OPEC's emergency meeting. OPEC countries set oil production quotas, and their tactic of fixing their combined output has for years hugely influenced world prices, since OPEC's 13 members account for about one-third of the world's total oil supplies...