Word: casino
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...their first official autobiography. In the words of front man Joe Strummer, "fanzine Sniffin' Glue wrote 'Punk Rock died the day the Clash signed to Columbia' [in 1977]." In reality, mainstream success didn't kill their principles: as the band recounts, when their week-long residency at Bond's Casino in New York City was oversold, they stayed on and played 17 shows until every ticket holder had seen them live. Filled with such details, the book erases any cynicism about the Clash's motivations, back then...
...issues. For years, AIM was a fabulous growth story, attracting more than 2,500 companies from around the globe - and brickbats from jealous rivals, especially in the U.S. One top official at the Securities and Exchange Commission in Washington, Roel Campos, even likened it to "a casino." But in the first eight months of this year, only 85 companies listed on AIM, compared with 201 in the same period a year ago - and almost twice as many have dropped off it. "Capacity is massively down," says Tom Nicholls, a partner at London law firm LG who specializes in matters related...
...many larger banks that got tangled in the subprime scam, PNC Financial avoided exposure to derivatives or combustible mortgages. Now PNC is building the first office tower to go up in downtown Pittsburgh in 20 years. There's also a new hockey arena being built, as well as a casino and even some downtown condos, which will keep the construction trades busy while they get crushed elsewhere...
What is the difference between Wall Street and a casino? (Not meant as a joke) On Wall Street, the dealers get paid a lot more and are often allowed to bet alongside the customers. Oh, and much of the money raised on Wall Street actually goes to productive purposes. Except when markets are in bubble mode...
...fact that Wall Street banks were recently borrowing 30 or 40 times their available capital to place bets that home buyers would pay off mortgages 10 times the size of their annual paychecks suggests that America's cultural pendulum has swung too far in the direction of the casino. And Obama hasn't yet shown he's the man to put us back in touch with our thrifty side...