Archive | June 2016

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Rupture

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[nota bene: this is a long one; if you don’t have time, just skip to the summary at the end. I promise, no hard feelings.] The political experts were remarkably accurate in last week’s UK referendum on continuing to remain in the European Union, projecting a vote of 52%/48%. The actual final tally was 51.9% to 48.1%, so chalk one up to the pundits. Well, the numbers were spot on, but the sign was the wrong way: instead of a narrow victory to remain, the voters chose to exit. The Bloomsbury Crowd [a group of Cambridge-educated intellectuals who gathered in Read More


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La Justice?

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I’m not French, and I’m not a lawyer. So I am certainly not a French lawyer. These facts may be obvious, but I state them as a possible explanation for my lack of understanding the (tortured) logic in a Paris courthouse today. A long time ago, in another time and place (2007 Paris, to be precise), there was a junior trader at a venerable bank (Société Générale, founded 1864 under charter granted by Napoléon III) who was supposed to be arbitraging the spread between equity cash and futures. Not a very sexy job, and one better suited to computers than humans Read More