Not working for the Heritage Foundation is my Mother’s Day gift.
JPMorgan “flooded California’s courts with collection lawsuits against defaulted credit card borrowers based on patently insufficient evidence,” according to the lawsuit, filed in Los Angeles Superior Court.
The company “bet that borrowers would lack the resources or legal sophistication to call its bluff,” the lawsuit said. — Reuters: JPMorgan sued by California over ‘illegal’ debt collections
What Five Real Economists Think About Bitcoin -
(via Kashmir Hill.)
The debt ceiling is becoming all-purpose leverage. — Ezra Klein: This is a dangerous approach to the debt ceiling
Heat May Have M.V.P., but Bulls Have Series Lead -
The Heat, meantime, were fully rested and raring to go since sweeping the Milwaukee Bucks more than a week ago. The latest homage to James took shape in the hours before the game. The front facade of the arena suddenly featured a huge black-and-white mural of his profile, along with the headline “2013 MVP.” In a pregame ceremony, Commissioner David Stern presented James with his fourth M.V.P. trophy.
The Bulls took all this in and promptly made James’s life as miserable as possible.
In Chicago, that’s just how we roll.
Dealbook: New York to Sue Wells Fargo and Bank of America Over Settlement Violations
Open the door to the top executives’ suite and you will hear howls of rage over the backlash these revelations have provoked. There is, from the corporate point of view, something a little disingenuous happening here. After all, countries, states and cities have spent the past several decades openly competing to set the lowest corporate tax rates in an effort to attract business. The fact that multinationals would respond to these incentives and turbocharge them with some international tax arbitrage is about as shocking as the discovery of gambling in Casablanca. — Chrystia Freeland: Business, taxes and responsibility
Officials with Virtu Financial LLC, a high-speed trading firm in New York, view a slight head start as good for the overall market, according to a person familiar with their thinking. The person said the data helps traders who buy and sell futures contracts throughout the day manage risk and post more quotes that benefit other buyers and sellers. The person said Virtu doesn’t use the information to amplify its profits by anticipating moves elsewhere in the market. —
WSJ.com: High-Speed Traders Exploit Loophole
If you have learned anything from Jackie Robinson, it is that teammates are always the first to accept. It will be society who has to learn tolerance. — Boston Celtics coach Doc Rivers on Jason Collins.
The Village got gentrified. Now it has the quaintness of a stage set in storage. The same thing has happened to similar scenes—Provincetown, Taos, the Hamptons, where Pollock could once afford to live—the difference being that the Village had lasted so very long. — From critic Henry Allen’s review of “The Village: 400 Years of Beats and Bohemians, Radicals and Rogues.”