not a big fan of this theory, but as we've seen in other instances, money from the public coffer is 'free', so even at a substantial loss, if the result ends up in the right private account, its still a net win for someone. and net a loss for the public even larger than "I'm suing the government for $50B, oh wait, that's me, I guess I'll just have to pay myself"
It’s definitely made-up. I worked for a Wall Street trading firm in the securities division for 8 years. People lie about comp as a matter of course. Secondly, many/most senior-ish jobs in those firms come with a guaranteed bonus for the first year or couple of years. If they were to fire the person before that period elapsed they would have to pay out the bonus.
I know of many people who were fired the day their guarantee elapsed- I can’t think of a single person on a guarantee who was fired before then. To put this into context, we had a guy on a guarantee on our prop desk who came in for one week after he joined, put on a (massively winning) trade that got him enough to get his guarantee and then literally didn’t set foot in the office for the rest of the year[1] until the day he came in to collect his bonus and resign/be fired.
[1] And it’s not like he was working from home because people in trading were (for compliance reasons) not allowed to work from home unless there was an emergency like a terrorist incident where the trading floor was closed.
It's not a "made-up term", it's shorthand for a well-known argument. Not allowing re-usable arguments is like not allowing the use of libraries in software: It wastes time better spent on moving the frontier forward.
Well, to be honest, those old enough remember when cryptography was considered someting for the military and special services, and considering using encryption would put you under immediate suspicion. Now we can at least argue we need it to protect us from the cyber crime, even if we really have privacy and free speech in mind
No. Firstly the gain is to a certain extent a matter of accounting. The most accurate method of accounting is “mark to market”. So if you have some gold and you think in dollars, then every day you look at how much gold you have and you look at the price of gold in dollars, you multiply the two and the difference between that value and the value you got to the previous day is your “mark to market pnl”.[1] This means you have a very accurate valuation for your asset but the downside of this approach is that your pnl is very volatile as the gold price moves around. This is the approach taken for most assets by most wall st firms. In fact at JPMC and Goldman it’s not stretching a point too far to say mark to market is nearly a religion. In this methodology there is no such thing as “unrealised” pnl.
Another approach is “historical cost” or “cost basis” accounting. In this approach you officially hold assets at the price you bought them, and only realise pnl when you dispose of them. This means you don’t get pnl volatility from marking to market and then you get a big lump of pnl when you sell.[2] Until you sell or otherwise crystalize the pnl, the profit is “unrealised”, which is just an imaginary amount that you may or may not get but you look at in your brokerage statement and smile if it’s green or frown if it’s red. The advantage of this method is you don’t get the pnl volatility and you can wait until an advantageous moment to take the profits. The downside is if you want to, you can deceive yourself by holding these assets at a valuation that is unrealistic and store up pnl pain for the future. This methodology caused a lot of problems in the 2008 crisis with institutions holding bonds at prices that they could never hope to sell them.[3]
“Moving” the gold from NYC to Paris may not (for practical reasons) have involved actually physically taking the bars from one place to another. They may have found a buyer in NYC and then bought some bars on the IME in London and had them delivered to Paris. (This would clearly have required crystalizing the profit if they were holding them at historical cost). It sounds from a brief read of the article as if the bars were in some non-standard format so they may have had them melted down and recast, which would have required an assay and so would have triggered a new valuation, realising the profit. Assuming they were holding them at historical cost, which it sounds like they were.
[1] Technically, if you sell some gold during the day, then the pnl on the portion you sold is “trading pnl” and the pnl on the remainder is “mark to market” but whatever. It’s pretty much the same for the French reserve bank which has gold and thinks in EUR, except they not only have gold MTM pnl but also FX pnl in the EUR/USD rate (because gold prices in USD but they think in EUR).
[2] Or do some other event which requires valuation. There are rules about this kind of thing.
[3] When Lehman collapsed they had bonds marked at 100 that were trading at less than 40 cents. One weekend I’ll never forget I got a call from a very senior partner and was asked to value the European part of that portfolio as part of the US regulators frantic attempts to find a buyer for Lehman before the market opened.
The modern formulation of functions as sets doesn’t require type theory but is entirely congruent with Russell’s definition, just much less cumbersome. In this view, φ is a relation on the set (D X C) where D and C are the domain and codomain of the function (which he calls the “range of significance of x” and the “range of significance of φ(x)” respectively). So since he’s talking about propositional functions, here C is the set {true, false} and D is all the things that are like whatever x is ie the set {x’: x’ is of the same type as x}.
Now a relation is just a particular type of predicate (ie it too is a set) so here we have x ~ y if φ(x) = y for all (x,y) in (D X C).
Notice here both the propositional function and the type are sets.
> Yes -- in set theory sets can contain themselves
Hrbacek and Jech would like a word. It is very much not the case that in standard axiomatic set theory sets can contain themselves, precisely because this leads to things like Russell’s paradox. Sets containing themselves is generally prevented by the axiom of regularity. (Every non-empty set S contains an element wihch is disjoint from S) https://en.wikipedia.org/wiki/Axiom_of_regularity
> types are not sets and sets are not types
This is also not true. All types can be expressed as sets but not all sets are types in the standard definitions.
Yes. Additionally you realise the original purpose of streets (eg “love lane” in the city of London near the old guildhall is a particular favourite of mine).
I studied on "Silk Street" which is nearby. Nearby are also "Oat Street", "Bread Street", "Milk street", "Gutter lane", "Goldsmith street", "Poultry" and many more who have old names relating to their function.
The "odd" location names in London are a fun plot point in Garman's "neverwhere" novel, tho he focuses on tube stops (black friars, shepherd's bush, kings cross etc).
I like those but IME most people have no clue what old names mean, they are just sounds associated with a place most of the time.
Sounds like a good name for renaming the President Donald J. Trump Boulevard leading up to Mar-A-Lago when the current bout of totalitarianism over there ends.
> In "The Miller's Tale", Geoffrey Chaucer writes "And prively he caughte hire by the queynte" (and intimately he caught her by her crotch),[14] and the comedy Philotus (1603) mentions "put doun thy hand and graip hir cunt."
It turns out “grab her by the pussy” has surpringly robust precedent.
> they can use whatever mechanism they want to, without disclosure, to produce numbers.
That would be fraud against whoever participated in this round, so no. Just because they aren't regulated doesn't mean they are literally free to do whatever they want to close the round.
The fact that in all the rounds I have been involved in all public announcements related to the round go through the legal team to check for possible material misstatements that could cause exactly this kind of problem.
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