Welcome to the end of the week and another edition of Happy Hour! Just sit back, relax, and enjoy your end of the week roundup of all things interesting in the land of money.
$1.5M ATM Glitch
That’s 1.5 million dollars. That’s a lot of zero’s and one giant ATM glitch that allowed one guy unlimited ATM withdrawals. Instead of pocketing the money and finding a quiet sunny beach somewhere, he decided to go gambling. Sounds like a problem. So what does a guy get for stealing $1.5 million from Bank of America? Prosecutors are recommending 15 months in jail. Subtract some time off for good behavior. The question is would you do it?
Private Parking Meters
Seems New York is following in Chicago’s footsteps by privatizing their parking meters. Sounds like a bad idea to get a short-term money fix at a steep cost. As a long time Chicagoan, this was one of the worst decisions the mayor ever made. It ends up being a cash flow bonanza for the private company and higher parking costs for the citizens. I doubt parking in New York can be considered cheap, but it will be compared to the rates they’ll be charging after this deal goes through. The good news, you’ll start seeing fancy new high-tech meters the day after the deal is signed.
- Buffett’s Housing Effect – If you didn’t know already, a lack of construction jobs is doing a number on the economy. Eventually this will correct itself over time, specifically in residential housing. I see a potential investment here, do you?
- The Scam Wall Street Learned From the Mafia – It’s a long read but it covers how a few guys rigged the municipal bond business and scammed billions from cities and towns across the country.
- Not So Expert – Seems we rely on “expert” advice often, but is it more to ease our minds or grow our wealth?
- The 25 Most Dangerous People in Financial Media – When you want to stay up to date on all the financial news and make sure it’s not just watered down headlines, these are the folks you need to follow. If you’re not already, I suggest you start.
- Top Finance People to Follow on Twitter: Market Folly’s Alpha List – Not to be outdone, Market Folly posted their top 50 twitter list. If you have an account and want equity analysis, market flow, or hedge fund information, starting following.