Banks Becoming Worthless to Society
Much of what investment bankers do is socially worthless. The New Yorker's John Cassidy says banks modern iteration is far removed from its historical role of funding business.
Wall Street’s role in financing new businesses is a small portion of what it does. The market for initial public offerings of stock by U.S. companies never fully recovered from the tech bust. During the third quarter of 2010, just thirty-three U.S. companies went public, and they raised a paltry five billion dollars. Most people on Wall Street aren’t finding the next Apple or promoting a green rival to Exxon. They are buying and selling securities that are tied to existing firms and capital projects, or to something less concrete, such as the price of a stock or the level of an exchange rate.
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A completely unexpected discovery beneath the ice.
- Scientists find remains of a tardigrade and crustaceans in a deep, frozen Antarctic lake.
- The creatures' origin is unknown, and further study is ongoing.
- Biology speaks up about Antarctica's history.
Eight-dimensional octonions may hold the clues to solve fundamental mysteries.
- Physicists discover complex numbers called octonions that work in 8 dimensions.
- The numbers have been found linked to fundamental forces of reality.
- Understanding octonions can lead to a new model of physics.
It's one factor that can help explain the religiosity gap.
- Sociologists have long observed a gap between the religiosity of men and women.
- A recent study used data from several national surveys to compare religiosity, risk-taking preferences and demographic information among more than 20,000 American adolescents.
- The results suggest that risk-taking preferences might partly explain the gender differences in religiosity.
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