by Willy Franzen on February 22, 2010
I’ll admit it, I don’t read The Economist regularly, but plenty of my friends do—mostly the smart ones. It’s a magazine (they call themselves a newspaper, but you’d likely identify it as a magazine) that stands apart from other periodicals in a variety of ways. It’s not the topics that they cover—they offer both news coverage and analysis and opinion on business and politics—it’s more the way that they cover those topics. The most interesting thing about The Economist is the fact that all of their articles are written anonymously. It’s about “a belief that what is written is more important than who writes it,” but you have to like the fact that anonymity allows the writers the freedom that they need to address topics in the ways that they should be addressed. The Economist is all about free trade and free markets, yet it “considers itself the enemy of privilege, pomposity and predictability.” The Economist is based in London, but they are very much an international business and magazine.
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by Willy Franzen on February 10, 2010
The way that large corporations operate often boggles my mind. Take for example my friend who worked in the internal consulting division of a massive, well-known company. Despite being owned and operated by the company, his division had to bid against outside consulting firms for projects. There was a good reason for this (it forced the internal consulting division to watch its back), but it still seems a bit ridiculous. Another example of this kind of thinking is transfer pricing (don’t worry, I had to look it up too). It’s the “pricing of contributions (assets, tangible and intangible, services, and funds) transferred within an organization.” At first it may seem that since all of the money is going to the same place pricing things that are transferred within an organization doesn’t really matter. Unfortunately, that would cause all of the accountants in an organization (and the IRS too) to have a fit. So how do companies price these transfers? There’s no external market to set the price, and trying to do it internally can get really messy. That’s when companies bring in Ceteris a “global independent consulting firm specializing in transfer pricing, intellectual property and valuation services” that is headquartered in Chicago.
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by Willy Franzen on January 20, 2010
Rarely do we feature companies that aren’t at least partially US based, but sometimes there are companies so interesting or relevant that I have to share them with you even though it would require a serious move (and probably some visa acrobatics) for you to land a job with them. Today we’re going to look at Ireland’s Intrade, a company that runs prediction markets. I originally learned about Intrade from Freakonomics
, but I became more interested yesterday with the election in Massachusetts. A prediction market falls somewhere between betting and investing—it allows you to buy contracts that either pay out or don’t based on a given outcome. For example there was a time yesterday before polls closed when you could have purchased a contract for $70 that would have paid out $100 if the Republican nominee, Scott Brown, won the Massachusetts Senate election. The price of a contract reflects the probability that a given event will happen—a $70 contract represents a 70% likelihood.
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by Willy Franzen on December 7, 2009
Remember that time that you predicted the walk off home run during the baseball game or the fact that your friend would get back together with his girlfriend for the 7th time? Of course you do. It was proof of your psychic abilities. Remember the time that you made a similar prediction but were wrong? Of course not. When you only count your wins and not your losses, it’s easy to have a perfect record. Politicians take advantage of this all the time. The truth is that there aren’t a lot of people out there who are good at predicting things, whether it’s weather, the economy, sports, or any number of other things. Nouriel Roubini may be an exception. He could be insanely “lucky” with the fact that his descriptions and predictions of the current financial crisis were dead on, but you have to give him credit for the amount of detail included in his predictions, like when he said “the United States was likely to face a once-in-a-lifetime housing bust, an oil shock, sharply declining consumer confidence and, ultimately, a deep recession.” He’s very obviously a brilliant guy, and he’s also the founder of New York City based Roubini Global Economics, a company that provides “a uniquely tailored look at the logic of the global economy” for its clients.
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by Willy Franzen on January 8, 2009
If there’s ever a time to be a Bank Examiner, it is right now. What probably would have been considered a boring job just a couple of years ago is now action packed. What is a Bank Examiner? It’s the entry level position at the Office of the Comptroller of the Currency. What’s the Office of the Comptroller of the Currency? It’s a bureau of the the U.S. Department of the Treasury that was chartered in 1863 to ensure a safe and sound national banking system for all Americans. How do they do that? They have a nationwide staff that “conducts on-site reviews of national banks and provides sustained supervision of bank operations. The agency issues rules, legal interpretations, and corporate decisions concerning banking, bank investments, bank community development activities, and other aspects of bank operations.” I think that it’s pretty obvious that the OCC has become a lot busier in the past couple of years. That’s why now is a great time to check out their entry level hiring program.
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by Willy Franzen on March 18, 2008
“May you live in interesting times.” It’s allegedly a translation of a Chinese proverb, but Wikipedia can’t even figure out who actually said it first. Regardless, a job at the Federal Reserve Board should be extremely “interesting” over the next year (at the very least). With Bear Stearns almost falling into bankruptcy, and a lot of other investment banks in trouble, a job in finance doesn’t look nearly as attractive as it did a year ago. Still, if you’re interested in economics, finance, or a related field, a job at the Federal Reserve Board is a great alternative. Although connected to the Federal Reserve Bank of New York, the Federal Reserve Board is a different entity. If you don’t already know, the Fed, which is led by Chairman Ben Bernanke, is responsible for crafting the monetary policy that supports the American economy.
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Washington DC
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