Oleg Zabluda's blog
Sunday, September 09, 2018
 
"""
"""
Start a bank;
Take deposits;
Invest 100 percent of those deposits in reserves at the Fed; and
Pass the interest on to your depositors.

It is called TNB USA Inc. (for “The Narrow Bank”), it is run by the former head of research at the New York Fed, a

“The FDIC recently reported that jumbo deposits — $100,000 or more — on average earned 0.08% from savings accounts, and 0.05% from checking accounts, while the Federal Reserve Banks pay 1.95%" notes TNB.
[...]
TNB is in the news because it got a provisional banking charter in Connecticut, set itself up as a bank, and went to the Fed asking to open a reserve account, but the Fed said no. So TNB is suing the Fed, arguing that the Fed’s rules require it to open an account for any qualified bank, and that it is a qualified bank. Here is TNB’s complaint; here are an analysis from John Cochrane and an article about it in the Wall Street Journal. From the complaint it seems like TNB is mystified about why the Fed said no, but it apparently goes all the way to the top: The New York Fed declined the account “reportedly at the specific direction of the Board’s Chairman,” Jerome Powell. The Fed has not said what its objection is.
"""
https://www.bloomberg.com/view/articles/2018-09-06/fed-rejects-bank-for-being-too-safe
https://www.bloomberg.com/view/articles/2018-09-06/fed-rejects-bank-for-being-too-safe

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- posted by Oleg Zabluda @ 3:51 PM | permalink | | | technorati | bloglines | feedster
 
What went wrong at Social Capital
What went wrong at Social Capital
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Social Capital arrived in Silicon Valley seven years ago with a charismatic co-founder, former Facebook executive Chamath Palihapitiya [...] It raised more than $1 billion and made early bets on companies like Slack.

The firm is imploding and nine sources blame Palihapitiya for its demise.
[...]
The first outward sign of trouble came in August 2017, when co-founder Mamoon Hamid left to join rival venture capital firm Kleiner Perkins. It was Hamid who led the Slack deal, and many of Social Capital's limited partners viewed him as the firm's "top rainmaker."

Soon after came the resignation of Social Capital's third co-founder, Ted Maidenberg. Like Hamid, Maidenberg was frustrated by Palihapitiya's push to prioritize data in the VC investment process, which is traditionally based on a more high-touch, personal approach.
"""
https://www.axios.com/social-capital-collapse-0c3257ab-b599-4047-b5cc-5d465419b373.html
https://www.axios.com/social-capital-collapse-0c3257ab-b599-4047-b5cc-5d465419b373.html

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- posted by Oleg Zabluda @ 11:24 AM | permalink | | | technorati | bloglines | feedster
 
Academic Activists Send a Published Paper Down the Memory Hole
Academic Activists Send a Published Paper Down the Memory Hole
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At a faculty meeting the week before, the Department Head had explained that sometimes values such as academic freedom and free speech come into conflict with other values to which Penn State was committed.
[...]
First Harvard, then Google, and now the editors-in-chief of two esteemed scientific journals, the National Science Foundation, and the international publisher Springer have all surrendered to demands from the radical academic Left to suppress a controversial idea.
"""
https://quillette.com/2018/09/07/academic-activists-send-a-published-paper-down-the-memory-hole/
https://quillette.com/2018/09/07/academic-activists-send-a-published-paper-down-the-memory-hole/

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- posted by Oleg Zabluda @ 10:04 AM | permalink | | | technorati | bloglines | feedster
 
"""
"""
At a faculty meeting the week before, the Department Head had explained that sometimes values such as academic freedom and free speech come into conflict with other values to which Penn State was committed.
"""
https://quillette.com/2018/09/07/academic-activists-send-a-published-paper-down-the-memory-hole/

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- posted by Oleg Zabluda @ 10:03 AM | permalink | | | technorati | bloglines | feedster
 
Mount Ummunhum

https://photos.app.goo.gl/sY95kVQsPBZ1TA2dA

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- posted by Oleg Zabluda @ 12:25 AM | permalink | | | technorati | bloglines | feedster
 
Common tern

https://photos.app.goo.gl/wN4Kp8b4B2h8iofA6

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- posted by Oleg Zabluda @ 12:10 AM | permalink | | | technorati | bloglines | feedster
 
Great white heron

https://photos.app.goo.gl/LnqP8droXfLAsCZQ9

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- posted by Oleg Zabluda @ 12:00 AM | permalink | | | technorati | bloglines | feedster

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