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Tuesday, May 20, 2014

It's Jorts Time

The season for jorts is finally here. Celebrate by DIY-ing your very own pair!

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What's Ryan Gosling’s Directorial Debut Like?

It just premiered at Cannes — and it's ambitious, but definitely not perfect.

Lots of things get set on fire.

5 Things To Know About Ryan Gosling’s Arty Directorial Debut

Ryan Gosling’s first film as a writer-director, "Lost River," just had its premiere at Cannes. The semi-experimental drama is a far cry from "The Notebook."

— by Alison Willmore

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Gordon Willis, who died on Sunday at 82, was one of the great cinematographers of the 20th century. These are 12 of his best shots ever.

Here's the simple — but terrifying — premise behind Cannes' best horror film.

The Academy is turning to a new place to expand its diversity: YouTube.

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Suisse Crime and Punishment

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Credit Suisse is the first bank in decades to admit to criminal charges. It has pleaded guilty to helping Americans evade taxes and agreed to pay a $2.5 billion fine.

Credit Suisse's reaction has been relatively relaxed – at least in public. Chairman Urs Rohner remarked that "personally, our hands are clean". The bank says the settlement will have no material impact on its business. CEO Brady Dougan says clients haven't seemed to mind: "Our discussions with clients have been very reassuring and we haven't seen very many issues at all". Investors seem to be mellow as well: the bank's shares were up 1% today.

The key question is why the admission of criminal guilt, and why now. In 2009, UBS copped to similar accusations but got away with a $780 million fine and handing over 4,450 client names. UBS got off so much lighter than Credit Suisse, Reuters' Aruna Viswanatha and Karen Freifeld report, because UBS had a bargaining chip to play, and a less motivated prosecutor across the table. The Swiss government allowed UBS to divulge client data, ordinarily a crime punishable by three years in prison under Swiss bank secrecy laws. No similar exception was made for Credit Suisse, forcing it to withhold the bank's client names, and depriving it of the only negotiating leverage it had. That lack of leverage, along with the Justice Department's desire to display that large banks are not "too big to jail", appears to have ruled out a milder deal.

The WSJ's Paul Davies thinks the episode shows banks' guilty secret: criminal charges are not, in fact, a threat to the existence of an institution or the stability of the financial system. Floyd Norris wonders what the point of the whole exercise actually is: "The Justice Department has gone to great lengths to guarantee that convicted banks will not be treated as criminals". Walter Russell Mead disagrees, calling the guilty plea an "exemplary punishment" that "sends signals to others in the industry".

Fortune's Stephen Gandel thinks the case shows that "justice for Wall Street is different than it is for the rest of us... Eventually, prosecutors are going to have to take the plunge and truly punish a bank". Or as Kevin Roose puts it, the "guilty plea is actually pretty low stakes" and is more about "prosecutorial desperation" than atypical or particularly malicious wrongdoing. That may be part of prosecutors' reasoning, according to Matt Levine. If you haven't been assiduously following the story for months, seeing the words "bank" and "guilty" in the same headline is news, no matter the details. — Ben Walsh

On to today's links:

Wonks
Antibiotics as a mismanaged public good - Timothy Taylor
Responding to Larry Summers responding to Piketty - Ashok Rao

Housing
The rise of the global market for real estate - James Surowiecki

Labor
Man comes out 89 cents richer after a year of penny-rounding - CBC

Good Questions
Why does Microsoft sell the Surface tablet? - Jay Yarow
"What if bailed-out banks had been subjected to significant windfall profit taxes?" - Mohamed El-Erian

Cephalopods
Goldman is selling its metal warehousing unit - Reuters

Declines
Urban Outfitters' problem: "It's a Spencer's Gifts for internet teens" - John Herman

Oxpeckers
Capitalism, schizophrenia, and cat listicles - Dylan Matthews

Equals
A Russian oligarch's $4.5 billion divorce settlement - WaPo

 

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Business Today: GM recalls another 2.6 million vehicles, doubles second-quarter charge

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05/20/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
GM recalls another 2.6 million vehicles, doubles second-quarter charge
DETROIT (Reuters) - General Motors Co said on Tuesday it is recalling another 2.6 million vehicles globally, raising the number of vehicles it has recalled so far this year to almost 15.4 million.
Credit Suisse guilty plea has little immediate impact as shares rise
WASHINGTON/NEW YORK/ZURICH (Reuters) - Credit Suisse saw little immediate impact on Tuesday after it became the largest bank in decades to plead guilty to a U.S. criminal charge and will pay more than $2.5 billion in penalties for helping Americans evade taxes.
Wall St. ends lower in broad selloff; retail stocks weigh
NEW YORK (Reuters) - U.S. stocks fell in a broad selloff on Tuesday, with major indexes hitting session lows in the afternoon, led by losses in the retail sector after disappointing results from Staples and TJX Companies.
Target replaces president of money-losing Canadian unit
TORONTO (Reuters) - Target Corp has fired the president of its money-losing Canadian operation and named a long-time U.S. executive with operational experience to try to repair its supply chain woes and win back customers.
Fed's Dudley sees 'relatively slow' rate hike cycle
NEW YORK (Reuters) - The Federal Reserve should be able to raise interest rates slowly when it eventually tightens monetary policy given that slack in the U.S. economy is restraining inflation, a top official at the central bank said on Tuesday.
Exclusive: Goldman puts Metro metals warehousing unit up for sale
NEW YORK (Reuters) - Goldman Sachs has begun a formal process to sell the metals warehousing business it purchased four years ago, a spokesman said on Tuesday, disclosing the first definitive effort to shed the operation amid regulatory and political pressure.
Wall Street watchdog prepares to launch data collection plan in 2015
WASHINGTON (Reuters) - Wall Street's industry-funded watchdog aims to build and launch the initial phases of a mammoth broker data collection system in 2015, assuming it secures approval for the plan, the regulator's head said on Tuesday.
U.S. rejects challenge to $13 billion JPMorgan Chase settlement
(Reuters) - The U.S. government urged a federal judge to throw out a lawsuit seeking to scuttle its landmark $13 billion settlement with JPMorgan Chase & Co, rejecting a claim that the accord let the largest U.S. bank off too easily.
Schroders, Fidelity reveal investor split as Astra rejects Pfizer
LONDON (Reuters) - Some leading AstraZeneca Plc shareholders were at odds over whether the British drugmaker made the right decision in rejecting Pfizer Inc's final $118 billion bid to buy the company.
Exclusive: Virgin America flight attendants seek unionization vote
SEATTLE (Reuters) - Flight attendants at Virgin America airlines are seeking a vote on whether to unionize, according to an official at the Transport Workers Union (TWU), in a move that could pave the way for organized labor's latest victory in the airline industry.
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