Archive for October, 2010

List of broker dealers

October 20, 2010

As part of the disposition program, Morgan Stanley agreed to provide opportunities for involvement by small broker-dealers, including minority- and women-owned broker-dealers.  “Morgan Stanley has entered into agreements with the following 12 broker-dealers: Cabrera Capital Markets, LLC; Great Pacific Securities, Inc.; Guzman & Company; Kaufman Bros., L.P.; Loop Capital Markets; M. Ramsey King Securities, Inc.; Mischler Financial Group; M.R. Beal & Company; Sturdivant & Co. Inc.; Valdés and Moreno, Inc.; The Williams Capital Group, L.P.; and Wm Smith & Co.”  Treasury press release

The next step?

October 17, 2010

It will start with a little promise.  I say I will pay you in gold.  Soon gold backed certitificates will start circulating and will trade at a premium to the dollar.  Fiat currencies will constantly depreciate with respect to the gold backed money.  Private issuing companies will arise.  And eventually this gold backed currency will be the single world money.

I seem to be eternally damned

October 16, 2010

When I am observing the tenets of one religion, I am invariably violating those of another.  Thus when I think of eating, I think of sausages (thus running foul of the muslims) and of pepper steak, (thus running foul of the hindus).  I think of booze, which again is haraam for the muslims.  When I kill a cockroach, I am despised by the buddhists.  And my comb is unclean, I am hated by the sikhs.  Yet I love all these faiths.  I love Jain the most=fasting for days on end.

Things I have been

October 16, 2010

I started out, my first earning, was by being an extra in a hindi firm.  I got Rs50, and spent Rs25 of it on buying for myself a copy of Greene’s The Quiet American.  Shabbir Rangwala swiped the book off me.

I have been a servant in NY.  Thus I could relate to the work of Shrimati, and even showed her how to use a mop.

I have been an economist in a large investment bank, and have guided the policies of nations.

But I have not been a chef!

The ten dollar test

October 13, 2010

I used to go to this chinese takeaway in NY for dinner.  On one day, a black guy, a Bowery bum, preceded me into the restaurant and grubbed about the floor.  He saw something that looked like a 10 dollar bill, but didn’t take it and left it there.  I sat at the table, my attention having been drawn to the scrap of paper on the floor, and placed my order.  Looked at the scrap of paper more closely, and found that it was indeed a ten dollar bill.  Promptly pocketed it.  I guess I failed the ten dollar test.

But that black guy who drew my attention to it-he was like an EMH theorist.  If there was a ten dollar bill on the floor, someone would surely have picked it up long ago.  So it couldn’t be.  Such are the wages of an expensive higher education

The big problem of small change

October 13, 2010

The ATM machines give R100 (a few) R500 and R1000 notes.  How is one supposed to get change without spending a lot of money?

Where do the smaller denominations come from?  From the tills of banks that still have branches?

In USA, the prices would be quoted to the nearest cent.  What are you supposed to do with the pennies that accumulate?  When I was there, the banks wouldn’t give these paper rolls into which you were supposed to put your pennies.  No one would accept them in payment because of the hassle of counting.  Pennies would generally be strewn on the streets.  So much copper.  And who gains?