The financial world has been rocked by the Archegos scandal. A family office managing at least $10 billion and betting with $50 billion-$80 billion on leverage that was completely undone, literally overnight.
In this episode, NLW breaks down:
Bill Hwang’s origins in Julian Robertson’s Tiger Management
Hwang’s conviction for insider trading
How Hwang leveraged his fund’s performance to get off prime broker blacklists
Why Goldman Sachs, Morgan Stanley and others decided to margin call Archegos last week
What the whole affair says about markets today
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Wilfred Reilly, author of this month’s COMMENTARY cover article, joins us to talk about “The Good News They Won’t Tell You About Race in America.” Give a listen! Source
Austin Collie, former NFL wide receiver and current business development executive at JOLT Advantage Group joins the show to discuss what playing in the NFL taught him about becoming better in his role as an IT professional. We also discuss why RPA is bringing so much value to enterprise organizations, his secret to learning complex playbooks, and gives listeners a first-hand glimpse at what it is like to play in the Super Bowl.
On March 25, 2021, the Supreme Court decided Torres v. Madrid. This case arises out of an incident Roxanne Torres had with police officers in which she was operating a vehicle under the influence of methamphetamine and in the process of trying to get away, endangered the two officers pursuing her. In the process, one of the officers shot and injured her. Torres pleaded no contest to three crimes: (1) aggravated fleeing from a law enforcement officer, (2) assault on a police officer, and (3) unlawfully taking a motor vehicle. In October 2016, she filed a civil-rights complaint in federal court against the two officers, alleging claims including excessive force and conspiracy to engage in excessive force. Construing Torres’s complaint as asserting the excessive-force claims under the Fourth Amendment, the court concluded that the officers were entitled to qualified immunity. In the court’s view, the officers had not seized Torres at the time of the shooting, and without a seizure, there could be no Fourth Amendment violation. The U.S. Court of Appeals for the Tenth Circuit affirmed. In a 5-3 vote the Supreme Court vacated and remanded. The Court held that the application of physical force to the body of a person with intent to restrain is a seizure even if the person does not submit and is not subdued. Justice Roberts wrote the majority opinion. Justice Gorsuch filed a dissenting opinion, in which Justices Thomas and Alito joined. Justice Barrett took no part in the consideration or decision of this case. Kent Scheidegger, Legal Director and General Counsel, Criminal Justice Legal Foundation, joins us today to discuss this opinion.
The Lean Bean Vegan Machine writes in about Oprah Winfrey's recent interview with Meghan Markle and Prince Harry. Buddy asks about the bizarre story of the Gulf Breeze Six. Tom calls in for more information about survivors of Romania's notorious orphanage system under the reign of dictator Nicolae Ceaușescu. All this and more -- including Project 100,000 -- in this week's Listener Mail.
When Jim Scott mentions ‘resistance,’ this recovering political scientist isn’t usually talking about grand symbolic statements or large-scale synchronized actions by thousands or more battling an oppressive state. He’s often referring to daily actions by average people, often not acting in concert and perhaps not even seeing themselves as ‘resisting’ at all.
The ‘problem’ with political scientists, he tells interviewer David Edmonds, in this Social Science Bites podcast, “is that when they’re talking about resistance they’re tending to talk about overt declarations – protests in the streets, marches, or potentially armed combat. What I’ve found is that throughout history, open resistance of this kind is impossible or suicidal. The result is a lot of what I call ‘unobtrusive forms of resistance.’”
There are, he notes, “very many different kinds of resistance: forms of resistance that announce themselves publicly and forms that are more subtle and unobtrusive in order to protect the people who are protesting from massive retaliation.”
He offers several examples of this unobtrusive resistance, such as poaching, squatting, and desertion - “common weapons of people who don’t have formal power.”
In this podcast, Scott draws on the year and half he spent in a Malaysian village, in the late 1970,s to discuss insights he gained about resistance (and which resulted in his Weapons of the Weak: Everyday Forms of Peasant Resistance). Scott learned the Malay language, acquainted himself with the local Kedah dialect, and studied first the rich and then the poor in this village. Mechanized, combine harvesters had taken over rice harvests in the area, leaving many people out of work and many tenants homeless. While there was no organized public protesting – that would have been foolhardy – he witnessed sabotage in the fields and ousted tenants killing the chickens of those who had evicted them.
In a “a subtle showing of contempt,” people who felt badly treated would look the other way when someone they hated crossed their path. “The kind of shunning was extraordinarily effective and humiliating in a face-to-face community of such a small size.” It reflected, in turn, the psychic violence done to the poor -- “Inequality and injustice almost always is reflected in a loss of cultural dignity and standing.”
Scott sees resistance from several vantage points in large part because he’s untethered himself from many academic restrictions, “defecting” from a discipline when he finds its approaches miss the point. He trained as a political scientist, for example, but as he saw how it studied elites and mass populations differently -- conducting social science “behind their backs,” as he put it -- he decamped to anthropology. ( But he argues every anthropologist should come with a historian strapped to their back.
“James Scott has taught us to see how art can fuel resistance, how social planning can undermine social justice, how anarchic principles inform everyday acts of resistance, and how agriculture led to the rise of state control,” said Tamar Szabó Gendler, the dean of Yale’s Faculty of Arts and Sciences, when the Social Science Research Council awarded him the Albert O. Hirschman Prize last year.
March ends with another mass shooting -- four dead including a child at a Southern California office building. Jurors view police body cam footage at the Derek Chauvin murder trial. New information from Pfizer on the longevity of its COVID-19 vaccine. Correspondent Steve Kathan has the CBS World News Roundup for Thursday, April 1, 2021:
The evolution of FinTech has come an impressively long way in a short period of time, but the transformation is far from over. In today’s episode, Yieldstreet’s CTO Hrishi Dixit and Noah Labhart, Co-Founder and CTO at Veryable, discuss the evolution of finance through technology, from updating archaic systems to blockchain hype and the impact of legislation on this developing industry.
Key Takeaways:
[2:24] Noah’s journey from corporate America to tech entrepreneur.
[5:15] Challenges and complexities of building a profitable platform.
[8:10] Key factors that have enabled the commoditizing of APIs.
[13:17] Steps to help develop a strong and updated infrastructure ecosystem.
[17:26] Blockchain hype, facts and its potential to upgrade archaic systems.
[23:39] The impact of state legislation that is targeted at the gig economy.
[25:03] Will the marketplace have an influence on new legislation?
[26:23] What’s coming next in fintech reinvention and innovation?
[28:50] Will legislation have a positive or negative impact on the gig economy?
[30:42] Yieldstreet offerings are required to comply with regulations.
Case numbers are on the rise—at a more worrying rate even than the first wave. We ask why, and what is being done to slow the spread. As revenues at wildlife-tourism spots have dried up, so has security—and now poaching is even more rampant than before. And scientists’ increasingly audacious bids to see around corners.