By Simon Johnson
On Friday, Senator Bob Corker (R, TN) took to the Senate floor to rebut critics of big banks. His language was not entirely senatorial: “I hope we’ll all come to our senses”, while listing the reasons we need big banks. And Senator Chris Dodd (D, CT) rose to agree that (in Corker’s words) reducing the size of our largest banks would be “cutting our nose off to spite our face” and that by taking on Wall Street, “we may be taking on the heartland.”
DES MOINES, Iowa — So you didn’t win Wednesday’s $360 million Powerball jackpot? Make that you and everyone else.
A message early Thursday on the multistate lottery’s website said the jackpot has soared to $475 million after none of the tickets sold matched all the winning numbers in Wednesday night’s drawing: 2, 11, 26, 34, 41 and a Powerball of 32.
The next drawing will be held Saturday.
Vancouver (AFP) - Japan's defense of the Women's World Cup gets under way on Monday when the Asian champions take on Switzerland in Vancouver, as 2011 runners-up the United States play Australia in Winnipeg.
Facebook COO David Ebersman has $42.6 million more in cash to his name right now. He sold 911,700 shares of Facebook stock on Tuesday, the third largest trade by a Facebook insider in about three months.
Social media and big data are being used in an innovative new payday loan banking model that’s more Silicon Valley than Wall Street. Most interestingly, the operation seems to have more in common with old-fashioned hometown lenders than today’s giant banks or typical payday loan outfits. When people get nostalgic about community banking, they evoke a time when your bank really knew who you were. The manager knew your name and the tellers would ask how your kids were doing or wish you happy birthday.
“The Bible condemns gaining wealth through usury; and the writers of Scripture warn about gaining wealth through exploiting the poor… [but] The State of Alabama allows Payday lenders to charge an annual interest rate of 456%.”
The NY Times this morning wrote about three new companies that I have never heard of. Each of them seeks to make loans to people who they believe will pay them back. These potential lenders rely on crunching "big data" to determine if an individual is "worthy" of a loan. A direct quote:
By Josh Constine
Silicon Valley might be in for a big weekend. The Giants won the World Series. Oh, and quite a few new Facebook millionaires were minted. The social network’s employees got a $3.1 billion bonus this week as their restricted stock units turned into shares they can actually sell. COO Sheryl Sandberg scored about $400 million herself.