📚 Roger's Highlights

Join 📚 Roger's Highlights

A batch of the best highlights from what roger's read, .

Similarly, Jamie Dimon, JPMorgan’s CEO, almost stated the fraud recipe correctly in his March 30, 2012 letter to shareholders: “Low-quality revenue is easy to produce, particularly in financial services. Poorly underwritten loans represent income today and losses tomorrow.” (http://www.scribd.com/doc/88143909/Annual-Report-Letter) The correct statement is that “poorly underwritten loans represent fictional income today because lenders engage in accounting fraud to avoid establishing the necessary ALLL provision that would demonstrate that the loan was actually made at a loss. Loss recognition can be (improperly) delayed for years. To complete the logic loop, the unlawful recognition of “income today” leads to a “sure thing” that will promptly make the controlling officers far wealthier. Again, for the fraud scheme to work it is essential that enough financial participants pretend that the terrible assets are wonderful assets. The effective means to do this is modern executive compensation. The Business Roundtable (lobbyist for the hundred largest U.S. corporations) had to appoint a spokesperson to explain the Enron-era frauds to the media. They chose Franklin Raines, Fannie Mae’s CEO, and Business Week asked him to explain why there were so many elite securities frauds. Raines responded: Don’t just say: “If you hit this revenue number, your bonus is going to be this.” It sets up an incentive that’s overwhelming. You wave enough money in front of people, and good people will do bad things. (http://msnbci.businessweek.com/magazine/content/03_20/b3833125_mz020.htm) The Securities and Exchange Commission (SEC) filed a civil complaint against Raines alleging that he had engaged in accounting abuses in order to inflate Fannie Mae’s reported earnings—which would allow him to receive a far larger bonus.

The Best Way to Rob a Bank Is to Own One

William K. Black

One long aerobic capacity–building workout each week. Do this at Zone 1 intensity if your AeT heart rate is within 10 percent of your LT heart rate. Do this at Zone 2 if you suffer from ADS (Aerobic Deficiency Syndrome, see page 46) and your AeT heart rate is more than 10 percent below your LT heart rate. This should leave you tired from the duration, not the intensity. This one workout should be 25 percent of the weekly aerobic training volume.

Training for the Uphill Athlete

Steve House, Scott Johnston, Kilian Jornet

“Dear Jenny: The way to do a piece of writing is three or four times over, never once. For me, the hardest part comes first, getting something—anything—out in front of me. Sometimes in a nervous frenzy I just fling words as if I were flinging mud at a wall. Blurt out, heave out, babble out something—anything—as a first draft. With that, you have achieved a sort of nucleus. Then, as you work it over and alter it, you begin to shape sentences that score higher with the ear and eye. Edit it again—top to bottom. The chances are that about now you’ll be seeing something that you are sort of eager for others to see. And all that takes time. What I have left out is the interstitial time. You finish that first awful blurting, and then you put the thing aside. You get in your car and drive home. On the way, your mind is still knitting at the words. You think of a better way to say something, a good phrase to correct a certain problem. Without the drafted version—if it did not exist—you obviously would not be thinking of things that would improve it. In short, you may be actually writing only two or three hours a day, but your mind, in one way or another, is working on it twenty-four hours a day—yes,…

Draft No. 4

John McPhee

...catch up on these, and many more highlights

Readwise.

Join 📚 Roger's Highlights

A batch of the best highlights from what roger's read, .

LEARN

EXPLORE

CONTACT