The Big Picture

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• Bill Black: How to Rob a Bank
• Does Redistribution Increase Output? The Centrality of Labor Supply
• 10 Thursday PM Reads
• Traders Adapt Performance Tools from Sports
• Video: Signs of a Stock Market Top?
• 10 Thursday AM Reads
• Why Are So Many Traders Killing Themselves?

Bill Black: How to Rob a Bank Posted: 14 Mar 2014 03:00 AM PDT William Black is an associate professor of economics and law at UMKC. He has held many prestigious positions, including executive director for Fraud Prevention. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae’s former senior management. He is a criminologist and former financial regulator. )

Does Redistribution Increase Output? The Centrality of Labor Supply Posted: 14 Mar 2014 02:00 AM PDT

10 Thursday PM Reads Posted: 13 Mar 2014 02:30 PM PDT My afternoon train reading: • Regulators Size Up Wall Street, With Worry (DealBook) • Apple’s Original Mac Still Influences, 30 Years After Debut (Talking Points Memo) see also Apple quietly builds network capable of delivering large amounts of content to customers (WSJ) • Cash Abroad Rises $206 Billion as Apple to IBM Avoid Tax (Bloomberg) • Why keeping FINRA from ruling RIAs is critical to these firms, the investor — and even the U.S. economy (RIA Biz) see also An in-depth analysis of FINRA’s attempted takeover of RIAs and why the group should be disbanded, Part 2 (RIA Biz) • The Sweet, Streaming Sound of Data (NY Times) • The Imaginary Epidemic of Envy in America (NY Mag) see also The myths and realities of America’s debt (Fortune) • Washington: A world apart (Washington Post) • Here's what happens when the readers choose the front page story (NewsWhip) • Miracle-Gro Wants More People to Try Their Hand at Gardening (NY Times) • 10 Rejection Letters Sent to Famous People (Mental Floss) What are you reading?   Central Bank’s Guidance to Weaken Yuan Has Drawn Increased Cash Into Financial System Source: WSJ

Traders Adapt Performance Tools from Sports Posted: 13 Mar 2014 11:00 AM PDT Nice pair of graphics from this column today, titled Traders Beat Market Indexes Borrowing Tools From Sports. “Coaching, which decades ago migrated from the playing field to the executive suite, has been slow to penetrate high finance. That's beginning to change as traders and fund managers scramble for any edge they can find following five years in which many actively managed funds failed to beat broad market indexes. While many money-management firms refuse to discuss whether they use coaches, some confirm they have…” Can blood doping be far behind? Classic errors coaching tries to fix ~~~~ Process over Outcome Source: Bloomberg

Video: Signs of a Stock Market Top? Posted: 13 Mar 2014 09:00 AM PDT click for video Source: Yahoo Finance

10 Thursday AM Reads Posted: 13 Mar 2014 07:00 AM PDT Honor Thor's Day with these reads: • As Stock Picking Comes Back In, ETF Use Goes Out (MoneyBeat) • Mall traffic is down (Fidelity) see also Are Malls Over? (New Yorker) • Buyback Binge Takes a Breather (MoneyBeat) • Traders Beat Market Indexes Borrowing Tools From Sports (Bloomberg) continues here

Why Are So Many Traders Killing Themselves? Posted: 13 Mar 2014 05:49 AM PDT This column is not about working too hard, or the dangers of high cholesterol, or lack of exercise. It is about a rash of suicides within the financial community. What this actually means is less certain than the reporting on it might imply. Yesterday, 47-year-old Edmund Reilly, a trader at the Vertical Group, jumped in front of a Long Island Rail Road Train, and was pronounced dead at the scene. That led to an article from the New York Post reporting that this was one of many recent suicides of people in the financial industry. IBT had a headline last fall "Suicide Among Bankers Appears To Be On The Rise Again As Pressures To Get Banks And Businesses Back In The Black Takes Its Toll." The Post was so kind as to include a list of a half dozen other suicides this year by people working in finance. A quick search reveals many other finance suicides in recent months. "Banker Suicides" even has its own Wikipedia page. In the world of high finance, the latest problem is taking one's own life. Or is it? Continues here

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