Counterparties

By Nick Rizzo
November 16, 2011

An audit says that it’s nearly even money the FHA runs out of cash next year — WSJ

Struggling cities are paying more and more to ratings agencies — Bloomberg

Gingrich called Freddie Mac “insane,” was later paid $300K to lobby for them — Bloomberg

70% of the top 1% have been employed by their father’s firm — milescorak

Even Glenn Hubbard is calling for “radical change” — Washington Post

Even as one of their reporters is arrested by the NYPD, the Daily News says “Bravo” to Bloomberg’s eviction of Occupy Wall Street — NYDN

Short sellers are “waiting and watching” for a chance to all make a killing on Groupon — Reuters

And Netflix takes up 32.7% of all internet bandwidth — Mashable

5 comments

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“70% of the top 1% have been employed by their father’s firm”

That’s not what that link says. It says 70% of the sons of the top 1% have worked at the same firm as their father. That’s a completely separate metric, and says nothing about how the top 1% got their money.

Posted by dsfan | Report as abusive

Good point, dsfan. My father was a letter carrier, I am a lawyer. Different path, huh? But I was a substitute letter carrier a couple of summers in college, so I suppose I count as “same firm” on that chart. But there still seems to be some significance there.

Posted by kenjd | Report as abusive

“And Netflix takes up 32.7% of all internet bandwidth”
With the remaining 67% being pr0n. The last .3% is a combination of spam, facebook updates, and groupon offers.

Posted by OnkelBob | Report as abusive

Gingrich did not call Freddie Mac “insane” and then take $300,000. Rather, he took the $300,000 and then lied about calling them “insane.” Read the story, then write the blurb. It works better that way!

Posted by AlanVanneman | Report as abusive

dsfan, what’s interesting about the 70% figure is not so much the number itself, as the fact that it’s so much higher for the top 1% than for everybody else. Look at the graph in the full article — for most of the income scale, the percentage is 35-45%. Then suddenly at the very high end, it spikes. IOW, the very wealthy use their connections to help their kids get a good start. Not surprising, and not even necessarily immoral or anything like that — but it should make us doubt the “I got my wealth by lifting myself by my bootstraps” rhetoric that the wealthy use to justify their anti-tax zealotry. Nobody becomes wealthy SOLELY through their effort — they rely on many other factors, including the luck of being born into the right family, the physical and legal protections of the gov’t, and so on.

Posted by Auros | Report as abusive