Transistors; bread; platform workers & mandated benefits; Fed after-action report on SVB, Farrell on properly incluing the uninformed, & the logic of JPM's absorption of 1st Repub...
I talked to some bankers - from a top tier bank - yesterday. I've known these two for a long time. Their take is, "First Republic was very well managed. It had a good business plan. The run was a Twitter-fueled panic induced by a certain group. This should never have happened."
While it was in motion, MS fielded several approaches from people with investment accounts at FRB who wanted out, and wanted out now. Of course, MS took the accounts, but they are shaking their head. One of them, a woman I have known for almost 20 years now, notes that FRB's management had several younger women. She has also noted to me how rare women are in her industry...
Platform work is good for employers but not workers. It socializes risk while privatizing profits. When business is good workers are brought in and when things slow down they are kicked to the curb. But they do not get paid extra for their risk. They do not get any fringe benefits. In fact employers like this because its a way of reducing costs without impacting the ability of the firm to get the job done. But one of the reasons for making sure most workers have a decent pay is not out of basic human decency but because of the social instability that not doing that causes.
I talked to some bankers - from a top tier bank - yesterday. I've known these two for a long time. Their take is, "First Republic was very well managed. It had a good business plan. The run was a Twitter-fueled panic induced by a certain group. This should never have happened."
While it was in motion, MS fielded several approaches from people with investment accounts at FRB who wanted out, and wanted out now. Of course, MS took the accounts, but they are shaking their head. One of them, a woman I have known for almost 20 years now, notes that FRB's management had several younger women. She has also noted to me how rare women are in her industry...
Platform work is good for employers but not workers. It socializes risk while privatizing profits. When business is good workers are brought in and when things slow down they are kicked to the curb. But they do not get paid extra for their risk. They do not get any fringe benefits. In fact employers like this because its a way of reducing costs without impacting the ability of the firm to get the job done. But one of the reasons for making sure most workers have a decent pay is not out of basic human decency but because of the social instability that not doing that causes.