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Comment: Banks are welfare leaches. (Score 2, Insightful) 471

by Colin Smith (#40068143) Attached to: Facebook Shares Retreat Below IPO Price

Goldman Sachs, Morgan Stanley, JP Morgan, Citi are at the top of the list of banks making use of Federal Reserve loan facilities. If they are and were so healthy why are they at the top of the list of heavy users?

http://projects.propublica.org/tables/treasury-facilities-loans

The simple truth is they did need the money and would have failed as spectacularly as Bear Stearns and Lehman without it. I'll just point out that the Federal Reserve was created for exactly the purpose of transferring risk to taxpayers by exactly the banks who made most use of it.

Oh and JP Morgan did everyone a favour for taking Bear Stearns over a $2 a share, financed again by the Federal Reserve? Oh please.

Comment: Prizes, not funding. (Score 1) 247

by Colin Smith (#39642351) Attached to: Ask Slashdot: At What Point Has a Kickstarter Project Failed?

1. Give them the money concept: The first people to completely meet the requirements get all the money plus interest. I would expect the goal to be some sort of working prototype for whatever it is they want to fund.

2. Invest the money in their company concept: The first people to meet the requirements get all the money plus interest in exchange for a minority stake of non voting stock. This is how to encourage people to hand their "crowdsourced" money over.

i.e. They have to already have something more than an idea, to get the cash. Ideas are worthless, everyone and their dog has The Great Idea. The global supply of ideas is huge. The supply of people taking it beyond that and doing something with it is scarce and that is what is worth funding.

Comment: Nah it's simpler than that (Score 2) 145

by Colin Smith (#39558039) Attached to: UK Proposing Real-Time Monitoring of All Communications

You require people by law to retain all comm for N years on their own machines at their own expense. You require them by law to install a tool which indexes and reports the info back to the command center. You make versions available for Windows and Mac.

Then you just imprison anyone who doesn't comply (terrorists). Problem solved.

VICARIOUSLY experience some reason to LIVE!!

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