Word: traders
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...this lavish spending at the Grand Palais in Paris might be an indication of a positive turn of events for the world's economy. Indeed, it may be just the opposite. David Nahmad, one of the world's top private art dealers who doubles as a major world currency trader, says the eagerness to invest cash in art is a very visible confirmation of the skepticism that investors have about the crippled financial system. "People today don't know where to put their money. The banks are fragile, the hedge funds don't exist anymore, stocks are weak," says Nahmad...
Another key thing we are finding is that there are people in the parking lot of Trader Joe's and ALDI, and Goodwill and the dollar stores, that were never there three years ago. The demographic profile of people willing to shop down is expanding...
...According to The Wall Street Journal, "The most stringent pay restriction bars any company receiving funds from paying top earners bonuses equal to more than one-third of their total annual compensation." That means that a trader making a modest salary of $400,000 who brings in $50 million in profits for his firm would probably be paid less than $600,000 under the new rules. Most traders get bonuses at year end. Successful traders can make $10 million or $20 million a year in exchange for pumping up their employer's bottom line...
...recent salmonella outbreak at the Peanut Corporation of America has led to the recall of more than 1,800 peanut-containing products, from off-brand dog biscuits to Trader Joe's vegan pad Thai, and sent sales of peanut butter plunging 25%, despite assurances that jars on supermarket shelves are not tainted. But the panic illustrates just how thoroughly the legume (Arachis hypogaea is, technically, not a nut), fashioned into a paste, has permeated the American diet. Spread on crackers, slathered on celery, melted with chocolate: peanut butter goes with almost anything...
...paid to show up for work on Wall Street; you get paid by what you produce, as a year-end bonus. But it does the raise the question: What, exactly, does a Wall Streeter produce? If a banker or a trader brings in $10 million of profit for his or her firm, it seems reasonable that the individual should get a cut of it. There's also a scarcity premium involved. Presumably, there are only so many folks out there who can bring in $10 million or $100 million in a given year, so you have to include some...