Wednesday, November 02, 2016

The Making of Rich Richer: Walking Through Walls

15 under 15: Rising rich stars in cybersecurity 

The letters “INRI” are initials for the Latin title that Pontius Pilate had written over the head of Jesus Christ on the cross (John Double 19:19) - Iesus Nazarenus Rex Iudaeorum
Pontius Pilate’s Opinion: The Ethical Committe’s Opinion on Barroso Alberto Alemanno of Secret Service fame :-)

Fool Me Once Jacobin

Despite global efforts in fighting tax dodging: ever more money hidden in tax havens

U.K. Must Identify Best Ways of Taxing Wealthiest, Auditor Says  

Summary of National Audit Office Report: HMRC’s approach to collecting tax from high net worth individuals 

UK National Audit Office Report  HMRC’s approach to collecting tax from high net worth individuals 

Dean Baker explains how market structure, which results from policy choices, legislation, and regulation, serve the rich first and foremost. How globalisation and the rules of the modern economy were structured to make our namesaked rich even richer

[N]ewly obtained documents show that in the early 1990s, as he scrambled to stave off financial ruin, Mr. Trump avoided reporting hundreds of millions of dollars in taxable income by using a tax avoidance maneuver so legally dubious his own lawyers advised him that the Internal Revenue Service would most likely declare it improper if he were audited.

AI Is Not Out to Get Us

Mary Boone Gallery Accuses Alec Baldwin Of Tax Avoidance In Disputed Art Case 28baldwin-blog427
Mr. Baldwin’s dispute with Ms. Boone, a prominent gallerist who built her reputation in the 1980s, has lifted a curtain on a part of the New York art world outsiders don’t always see
Private-Jet Forecast Cut by 600 Planes as Slow Growth Zaps Sales Bloomberg

How Paul Romer Is Already Stirring the Pot as the World Bank’s New Chief Economist - Real Time Economics

Top White House Economist: AI Isn’t Going to Steal Jobs MIT Technology Review

 NYC lawyer charged with tax evasion related to shelters

Margaret Hodge: 'The Tories may create tax haven conditions in the UK'

EU Proposal to Revive the CCCTB: Areas of Concern

Machine learning will drop the cost of making predictions, but raise the value of human judgement        The Rise of Artificial Intelligence and How It Affects Economists

But the floods came early this year, and then came Macquarie, KordaMentha and Al Gore. The bankers with their eye for a trade, and the liquidators with their fees of $650 per partner, per hour, are taking Cor Disselkoen to the cleaners, and leaving both his refugee workers and creditors in the lurch to boot. Futuristic Farming

The City regulator has said it is keeping a close watch on algorithmic traders of the type that may have been connected with the flash crash in the pound earlier this month. Sterling plunged in a few minutes of early trading in Asia on 7 October, prompting the Bank of England to say it was looking into possible causes of the sudden movement. On Wednesday, a senior official at the Financial Conduct Authority was asked how it regulated algorithmic trading - computers programmed to take bets on markets. FCA says it is watching algorithmic traders linked to pound's flash crash

The style guide of The Economist magazine, after explaining the difference between the two terms, leaves no ambiguity about what its reporters should use: “Renminbi, which means the people’s currency, is the description of the yuan, as sterling is the description of the pound.  Use yuan.”  The Financial Times favors the use of renminbi over yuan by a six-to-one ratio.  But Financial Times reporters seem to believe its readers are sophisticated enough to be able to shift back and forth between the two terms without further explanation.
That is from new and useful Gaining Currency: The Rise of the Renminbi, by Eswar S. Prasad.
And here is the BBC:

The company’s scientists think its new AI-based factotum will be the biggest thing since search. Welcome to The Transition
AI Based Google

Ancient Rome was gripped by a mania for public displays of reading. Wealthy Romans felt the need to boast of their intellect to the world. Some things never  change ...

Minxin Pei, China’s Crony Capitalism: The Dynamics of Regime Decay, takes a close look at Chinese corruption, based on a detailed study of two hundred cases.

William Mellor and Dick M. Carpenter II, Bottleneckers: Gaming the Government for Power and Private Profit, is a very useful look at how laws and regulation block progress and create barriers to advancement.

Milan Vaishnav, When Crime Pays: Money and Muscle in Indian Politics, but it appears to be a quite interesting political economy take on the (non-optimal) transactional economies from having criminals so deeply involved in Indian politics.

News from the Profession. Chief Audit Executives Doing Alright for Themselves These Days (Caleb Newquist, Going Concern)

Dating is like a “precarious form of contemporary labor: an unpaid internship," says Moira Weigel. "If you look sharp, you might get  ...  a free lunch ..."

Taxation Office’s annual report shows companies paid $62.6bn in income tax in fiscal 2016, compared with $66.9bn in the previous year, and the lowest amount since fiscal 2011. Corporate Taxes

Tobacco Taxes Work, But Only If They're High 

“Demand has evaporated” for the shares that make up the bulk of Palantir’s pay packages, and the company’s CEO seems aware of financial angst among his staff. 
Ex-Palantir Employees Are Struggling To Sell Their Shares