Word: walles
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Angwin, a technology writer at the Wall Street Journal, is equally adept at breaking down both the technological and the business sides of MySpace's development. It's a richly detailed portrait of the growth of a modern media company, complete with all the growing pains, feuds and business machinations that accompany it. Like a MySpace user, though, sometimes Angwin has a tendency to overshare - at one point, the pornography habits of MySpace co-founder Tom Anderson are discussed...
...ecology of business and employment at the high end has already been transformed by the Wall Street crash. The end of the boom in the financial industry means that careers manipulating money will no longer be so seductive to such a disproportionate share of our best and brightest. Among the 2007 graduates of Harvard College who went straight to work, half the kids heading to banks and consultancies said that if money weren't an issue, they'd be embarking on different career paths, and the 20% of the class that went to work in public service, politics, the arts...
...life achieved meritocratically.) Now that our age of self-enchantment has ended, however, each of us, gobsmacked and reality-checked by the new circumstances, is recalibrating expectations for the timing and scale of our particular version of the Good Life. Which, of course, fuels the ferocious anger at the Wall Street rich even now getting richer with subsidized eight-figure bonuses...
...state of shock. In a matter of months, half the value of the stock market and more than half of Wall Street's corporate pillars have disappeared, along with several million jobs. Venerable corporate enterprises are teetering. But as we gasp in terror at our half glass of water, we really can - must - come to see it as half full as well as half empty. Now that we're accustomed to the unthinkable suddenly becoming not just thinkable but actual, we ought to be able to think the unthinkable on the upside, as America plots its reconstruction and reinvention...
Though politicians on Capitol Hill have made less of it thus far, the other change that Geithner is seeking is even farther-reaching and arguably more controversial on Wall Street. As banks must do now, big hedge funds, private equity firms, insurance companies and others who play in the financial markets would have to open their books (on a confidential basis) regularly to government overseers. Hand in hand with that requirement would be much tougher limits on how much risk any financial firm could take, so that the days of making huge bets on the markets with relatively little...