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Patrick McKenzie
@patio11
, 3 tweets, 1 min read Read on Twitter
Finally got around to reading Billion Dollar Whale. Thoughts:

1) Wow is there some life imitating art imitating life going on with the scam funding Wolf of Wall Street

2) It would be a fun issue spotter for mandatory compliance training in the financial industry for 10 minutes
After ten minutes when you ask “And what red flags did the receiving bank miss when accepting this billion dollar wire?” your students would say “*sigh* All of them. Again.”
Bingo Card Creator apparently spent much more time dealing with compliance departments than this guy did and had much better answers to their questions.
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Patrick McKenzie
@patio11
I am actually glad this product exists; secured cards are very useful for getting adults onto US credit infrastructure and they’ve largely disappeared as a marketed offering from banks with good distribution, so you previously had to call around to find a place that would do them
It was very literally my job at one point to get (mostly Japanese) professionals onto US financial rails, and you want to set someone up in such a way that they can pass a credit check to e.g. rent an apartment.
The other majority case for this is someone who is newly financially independent, which is common for e.g. people who have recently moved away from parental support, divorced, etc.
Read 6 tweets
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Patrick McKenzie
@patio11
Somebody is going to Dollar Shave Club term life insurance.
The underlying product is, basically, almost perfect. The distribution for it is terrible.

The winner won't be the company with the best underwriting or widest range of insurable health histories, it will be the one that has people play their commercials to their friends.
Substantially every state has a regulatory regime where we pretend that insurance is complicated and can only be understood by the guild of commissioned sales agents, and the guild pretends it gives good advice.
Read 6 tweets
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Patrick McKenzie
@patio11
Always tough to guess underwriting policies from outside the building but I think that increasingly good, integrated IT systems and faster decision loops is causing some banks to try to get cozier with some customers than previously.
One of the reasons the FICO/credit report system works is that banks want to know what your total exposure is and, historically, they wanted to avoid having it concentrated on them.

This limits damage from a strategic default in event of a "bust out" situation.
I just opened 3rd card with a particular US megabank which is very aggressively trying to grow credit portfolio, and they were happy to increase their aggregate exposure to me to $SILLY, where they were concerned about that a few years ago.
Read 5 tweets

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Dirk Schwenk
@DirkSchwenk
Good Times Thread! Rose Colored Glasses, cute dogs, SPRINGTIME! Bad Dudes Get Their Due! Cheaters Lose Millions! Let's Go!

Here's my neighbor's 7 week old Great Dane pup.

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Some of y'all might be aware that the 1MDB scandal is the biggest thing since sliced treasonous fraud. It has, for example, already brought down a Prime Minister.
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emptywheel
@emptywheel
Finally getting around to reading denial of @MalwareTechBlog's motion to suppress a bunch of stuff. It's the first read on how 77-year old judge in Milwaukee will view high profile hacking case.

Not sure whether this bodes well or ill.

courtlistener.com/recap/gov.usco…
@MalwareTechBlog I believe the record is inconclusive on whether any "various intoxicating substances" were consumed the morning of the flight, actually.
@MalwareTechBlog The judge is at least sympathetic to the challenges of being a malware researcher.
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Tom Wright
@TomWrightAsia
For 3 years, @bradleyhope & I have investigated one of the largest financial heists in history. Its mastermind is a man named Jho Low, a fugitive. In our new book, Billion Dollar Whale, on-sale today, we tell a true-tale of crazy rich Asians. Read on: /1 barnesandnoble.com/w/billion-doll…
Low’s is more than just a heist story--though the theft of $5B, is staggering. It's a tale about how money buys anything in the world: a mega-yacht, friendship with Leo DiCaprio, trips to the @WhiteHouse, attention from @GoldmanSachs. Money+chutzpah make the world go round. /2
And the more money you have, the more you can manipulate it. Born into a moderately wealthy family in Penang, Low got his taste for wealth at the elite UK school Harrow. He talked his way into a nightclub for the first time (ChinaWhite) and played his first game of roulette /3
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Anna Meier
@annameierPS
Finally getting around to reading this excellent paper from @a_a_jackson @ODIdev. Big takeaway: insurgent governance doesn't stem from the capture of territory. It precedes it. odi.org/sites/odi.org.…
This has implications for how we understand the ways in which groups gain control of institutions and populations not only in Afghanistan, but also in Iraq, Syria, Libya, etc.
We know that groups co-opt pre-existing governance structures rather than razing them. This work suggests we should further re-conceptualize what control looks like in civil war. Just b/c formal gov't structures are still present in an area doesn't mean the gov't's in control.
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Christopher "Streetwalkin' Cheetah" Federico
@ChrisPolPsych
Finally got around to reading two interesting pieces on symmetries & asymmetries in motivated cognition as a function of political preferences. (1/x)
First is this piece by Ditto (@BizarroPolitix) et al, which finds (via meta-analysis) that motivated reasoning is largely symmetric across the left/right dimension (and/or other political-preference dimensions (2/x): researchgate.net/publication/31…
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