Felix Salmon

Schwab’s lies

Floyd Norris has a great column today taking Charles Schwab to task for its egregious behavior surrounding the ill-fated YieldPlus fund. Charles Schwab lied about the fund to the people who invested in it, and has not apologized for doing so: instead, the company just says that “we regret that fund shareholders lost money in YieldPlus.” Yeah, I’ll bet they do.

Counterparties

Why you should never, ever use two spaces after a period — Slate

IBM builds a supercomputer to play Jeopardy — AP

Pharo to offer shares denominated in renminbi — FT

How much would you bid for a piece of paper with a chap’s name on it? — eBay

The US won’t default, even if the debt ceiling stays

Greg Ip makes a very important point today, which I haven’t seen made anywhere else*: even if the US debt ceiling isn’t lifted, that doesn’t mean the government will default.

Algorithmic trading and market-structure tail risks

I’m on Fresh Air today, talking about the Wired article on algorithmic trading which I wrote with Jon Stokes. Norm Cimon, who wrote a very interesting paper on the limits of financial databases, read it, and emailed with an important point:

The business lobby takes on healthcare reform

What business, big or small, doesn’t like a government bailout? That’s what the Obama healthcare bill is, in oversimplified terms, from the point of view of employers: up until now they’ve been struggling with soaring healthcare costs, and now the government is stepping in to relieve some of that burden.

Counterparties

The ultimate Steve Jobs fantasy — a truly buttonless device – looks like it’s coming true at Apple — BGR

Dealing with Britain’s overpaid bankers

Bagehot has a very odd column about Britain’s overpaid bankers. Part of it is spot on:

The behavioral case for the debt ceiling

John Carney takes a stab at answering my question about why we have a debt ceiling, saying that it “helps raise public awareness about the costs of government”:

Algo-powered curation

Paul Kedrosky has a great little essay today on the way that curation is set to be the new search, since the utility of the old search is steadily declining.