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When the Securities & Exchange Commission settled securities-fraud charges against Richard Harriton, former chairman of the clearing subsidiary of Bear, Stearns & Co., there were smiles all around. The SEC was happy. Harriton was happy. Bear Stearns was happy.
The concept of clearing one's mind before performing a task so that it is consumed by nothing but that task, yet is open at the same time to anything that might happen - that concept can be applied to playing guitar, and it's enormously helpful for improvising.
You see, the thing about us humans is we overcomplicate things. To eat, our food manufacturing processes work on a huge scale, clearing land, rearing livestock, killing it, packaging it. Go big, only to shrink it all back down to small enough to shove in our mouths.
Many poker players swear by sleeping a certain number of hours before a tournament, going to the gym in the morning, and 'clearing the mind.' Juggling two jobs alongside my chosen game, I never have time and am invariably sending work emails from my iPhone between hands.
Every student of science, even if he cannot start his journey where his predecessors left off, can at least travel their beaten track more quickly than they could while they were clearing the way: and so before his race is run, he comes to virgin forest and becomes himself a pioneer.
The O.M.B. director puts together the budget. It handles every executive order. It is the clearing house for every single federal regulation. It has input into all the management of all of the federal agencies... It is involved with everything. And I thought, 'That's where I want to be.'
I grew up in central Florida in the nineteen-sixties, barefoot half the time and running around the orange groves where my father worked. I remember flocks of white birds that would lift from the backs of cattle, disturbed by the jackhammers and bulldozers clearing land for Walt Disney World.
A risk-insensitive leverage ratio can be a useful backstop to risk-based capital requirements. But such a ratio can have perverse incentives if it is the binding capital requirement because it treats relatively safe activities, such as central clearing, as equivalent to the most risky activities.
My earliest memories of my mom were of her multi-tasking - preparing dinner while checking on homework and housework; clearing the dinner plates while setting out bowls for breakfast; making sure we ate our breakfast while lining up bread, lunch meats, apples, and snacks assembly-line style so we could make our lunches.
Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.
One possible future for WikiLeaks is to morph into a gigantic media intermediary - perhaps, even something of a clearing house for investigative reporting - where even low-level leaks would be matched with the appropriate journalists to pursue and report on them and, perhaps, even with appropriate NGOs to advocate on their causes.
We survived for hundreds of years under the old banking structure. You'd have clearing banks, then merchant banks doing the racy stuff, and then building societies where you'd join a waiting list for a mortgage. But then banks started buying stockbrokers, doing mortgages, and you ended up with these big banking groups doing everything.
You don't have to work for Google, or any of the other firms encouraging staff to pursue personal projects on company time, to use slowness to unlock your creativity. Anyone can do it. Start by clearing space in your schedule for rest, daydreaming and serendipity. Take breaks away from your desk, especially when you get stuck on a problem.
