Michael Lewis, Princeton University’s 2012 Baccalaureate Remarks,”Don’t Eat Fortune’s Cookie”, here. Step away from the Cookie!
I now live in Berkeley, California. A few years ago, just a few blocks from my home, a pair of researchers in the Cal psychology department staged an experiment. They began by grabbing students, as lab rats. Then they broke the students into teams, segregated by sex. Three men, or three women, per team. Then they put these teams of three into a room, and arbitrarily assigned one of the three to act as leader. Then they gave them some complicated moral problem to solve: say what should be done about academic cheating, or how to regulate drinking on campus.
Exactly 30 minutes into the problem-solving the researchers interrupted each group. They entered the room bearing a plate of cookies. Four cookies. The team consisted of three people, but there were these four cookies. Every team member obviously got one cookie, but that left a fourth cookie, just sitting there. It should have been awkward. But it wasn’t. With incredible consistency the person arbitrarily appointed leader of the group grabbed the fourth cookie, and ate it. Not only ate it, but ate it with gusto: lips smacking, mouth open, drool at the corners of their mouths. In the end all that was left of the extra cookie were crumbs on the leader’s shirt.
This leader had performed no special task. He had no special virtue. He’d been chosen at random, 30 minutes earlier. His status was nothing but luck. But it still left him with the sense that the cookie should be his.
NYT, Group Forms to Urge Strict Oversight of Wall Street, here.
The new group, which expects to begin issuing reports quickly, will include a long list of former regulators and officials from both parties, including former Senators Bill Bradley, Democrat of New Jersey; Chuck Hagel, Republican of Nebraska; and Alan K. Simpson, Republican of Wyoming. It will also include Brooksley E. Born, a former chairwoman of the Commodity Futures Trading Commission, whose efforts to fight deregulation in the Clinton administration failed, and Paul H. O’Neill, the first Treasury secretary under George W. Bush.
Others include John S. Reed, the former head of Citicorp, and Hugh F. Johnston, the chief financial officer of Pepsico. Mr. Volcker is listed as a senior adviser. The organization is being formed by the Pew Charitable Trusts, where Ms. Bair now works, and the CFA Institute, an organization of financial analysts.
Expendables 2: Charles Bronson, Liam Neeson, Toshiro Mifune, Jason Statham, and Tupac realize the limitations of vigilante justice and form a regulatory oversight committee for TBTF Banks with Andy Serkis as the London Whale.
The Feature, A hand-picked selection of the finest articles and essays saved with Instapaper, here. Like the idea/layout/format.
McSweeney’s, PROSPECTUS FOR SILICON VALLEY’S NEXT HOT TECHIPO, WHERE NOTHING COULD POSSIBLY GO WRONG, here.
Users love our product because it’s something free. Venture Capitalists love it because they can imagine themselves talking about it at T.E.D. or on Charlie Rose. Trust us: Once you invest in Ponzify, you’ll have a difficult time investing your money anywhere else ever again.
programming in the twenty-first century, The Pace of Technology is Slower than You Think, here.
tarcommand appeared in Seventh Edition UNIX in 1979, the same year the vector-based Asteroids arcade game was released. Pick up any 2012 MacBook Air or Pro and