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Have you ever wondered what happens when you put lightly-sparkling box wine in the microwave? — YouTube
The iVictrola — YouTube
Barney Frank rolls over and plays dead — Spectator
More than you ever wanted to know about stray dogs in Moscow — FT
Elizabeth Warren asks us to call and email the Senate Banking Committee to save the CFPA — New Deal 2.0
Offline book “lending” costs U.S. publishers nearly $1 trillion — Hellman
Hubris in Haiti: Wyclef Jean’s History of Overselling Yele’s Ability to Help — Gawker
Roddy Boyd fights back at Patrick Byrne — TBM
The old GM, like AIG, is trading at puzzling levels — FT
Has SocGen lost $2 billion on TCW? — Reuters
Why a NYT paywall is a bad idea — Buzzmachine
NY financiers to reap $64 bln in bonuses in 2010 — Reuters
The NYSE(!) says I’m wrong re Haiti, but agrees with my central point about earmarks vs unrestricted funds — NYSE
El-Erian is right: the bank tax is perfectly defensible, but doesn’t address core issues. (Not that it’s meant to.) — FT
David Carr with a glowing first review of Sarah Ellison’s WSJ “mother of all tick-tocks” — NYT
How do I know Citi’s results are bad? The headline leads with a non-GAAP metric I’ve never heard of, “managed revenues” — Citi
I don’t think this slideshow is the Bloomberg Way — CJR
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JPM sometimes uses “managed revenues” too. As far as I can tell it means “made-up non-GAAP revenues”. It’s fine with me if you want to use non-GAAP numbers for your own information, or if you want to lobby for GAAP improvements, or even if you want to disclose supplemental information and explain how you derived it. But this line is a particular example of how if you read most large bank disclosures you will have almost no idea how much money they made or how they made it. So it goes.