The Wolf of Wall Street wasn’t actually on Wall Street—he worked on Long Island. How much of Scorsese’s new film comes from the infamous memoirs of Jordan Belfort?
The new Martin Scorsese film Wolf of Wall Street is particularly handy if you need to figure out how to open the door to your Lamborghini after you’ve been severely impaired by vintage Quaaludes. Wall Street crook Jordan Belfort, played by Leonardo DiCaprio, has just taken three very strong, very expired sedatives. He was only a few hundred yards from his mansion, but why wait it out if you’ve got a fast car? The trick is to get a Lamborghini with jack-knife doors and low clearance, so that when you writhe and roll on the ground you can still kick the door upwards and crawl in.
Critics say New York City’s technology, finance, and housing booms have left the poor and middle-class behind. But a new study suggests that improvements in public school performance are leading to rising incomes and property values across the city.
As Michael Bloomberg prepares to leave the post of New York City mayor after three terms, analysts are rightfully focusing on his economic legacy. Much of the discussion has centered around the rezoning of vast regions of New York, the controversial addition of bike lanes and changing traffic patterns, a new technology campus on Roosevelt Island, the development of downtown Brooklyn, and the high-end construction boom throughout the five boroughs.
Greg Blatt, IAC’s CEO since 2010, will lead the new Match Group housing online dating ventures and more.
IAC is reorganizing and rationalizing. Greg Blatt, who has been chief executive officer of the company since 2010, will become chairman of the newly created Match Group, which will house the firm’s online dating businesses, Tutor.com, fitness site DailyBurn, and the company’s interest in Skyllzone. (IAC is the parent company of The Daily Beast.) Match.com CEO Sam Yagan will serve as CEO of the newly constituted Match group. Search & Applications is headed by CEO Joey Levin.
The charisma-free Federal Reserve chief looks a little wearier after a tumultuous term. But he’s offering his successor, Janet Yellen—and the markets—a going-away present.
Not with a whimper but a bang.That’s how the tenure of Ben Bernanke at the helm of the Federal Reserve effectively ended Wednesday.The unassuming, charisma-free central banker never set out to be a player the way his predecessor Alan Greenspan did. But the strange circumstances of Bernanke’s era—the insane financial crisis, the deep recession, an expansion plagued by fiscal shenanigans—forced him to push the Federal Reserve into markets, the economy, and into the public consciousness in unprecedented ways.
The Fed announced it would cut back on its economic stimulus Wednesday. The chairman’s last decision signals confidence in the economy and Washington.
Yes, things are really getting better in the U.S. economy.That’s the conclusion of Federal Reserve Chairman Ben Bernanke and his colleagues at the Federal Open Market Committee. On Wednesday, the Fed announced it would scale back—or taper—the $85-billion-per month bond buying program by $10 billion per month. The reason? The economy is improving, and the Fed thinks the better times are here to stay.There has been “meaningful cumulative progress in the labor market,” Bernanke said, noting that since the Fed started its bond-buying efforts the economy has added 2.
A new documentary chronicles the long, slow death of the American newspaper. It all begins with a testicle.
For Pulitzer Prize-winning investigative reporter Wendy Ruderman, the apocalypse descended in January 2011, when a group of hedge funds acquired The Philadelphia Daily News and installed as top editor a man who had been fired from his previous job for giving a framed photo of his surgically removed testicle to a female assistant.“At first I thought it was a joke,” Ruderman recounts in Black and White and Dead All Over, a documentary that will receive its television premiere at 10 p.
Yann LeCun, the NYU professor Facebook just hired to run its new artificial intelligence unit, promises to do something the social media giant has never done before.
Status update: Artificial friendships can be a whole lot more intelligent. Last week, Facebook created a stir in the artificial intelligence and deep learning world by hiring Yann LeCun, a professor at New York University’s Courant Institute of Mathematical Science and its Center for Neural Science, to head up its newly minted artificial intelligence unit. The move, which accelerates an arms race in the nascent field of deep learning for tech companies, comes as Facebook settles into its status as an “old” and profitable publicly traded tech company.
Users of the car-summoning app were steamed when nasty weather drove up prices. But that’s how things work in the real world.
Don’t hate Uber because it jacks up prices.The car-summoning service came in for some criticism over the weekend. Users know that at times of high demand—rush hour, or when it’s raining—prices can easily double during a “surge.” It’s a reflection of supply and demand. But over the weekend—a cold, holiday-season weekend when it was snowing, sleeting, and generally unpleasant to be outside—the surge prices rose to up to 7 and 8 times the usual.
Bad news HBO, Walmart, and the NFL: Opting out is now standard practice for a generation of millennials. Must-have TV channels are out, and cheap work-arounds are in.
America’s economy and culture are defined in large measure by business and social phenomena that have exerted a huge amount of peer pressure for people to opt in. Consider football, the leading American spectator sport. Or Black Friday, the leading American consumer bloodsport. Or Facebook, the leading American social network. Sure, there are always outliers and rebels who stand on the sidelines: the Commies who argue against consumption, the nerds who prefer programming to football.
Chris Lowney left seminary to work in international investment banking, where he saw what markets could do for the world’s poor. He has a few things to tell the anti-capitalist pope.
Both Pope Francis and I were Jesuit seminarians. He wanted to go to Japan as a missionary, but never got the chance. I did get to go there, but not as a Jesuit.I left seminary in New York after a few years when I realized I wouldn’t be happy as a priest. (That’s a comment on my life calling, not on the church I love or the Catholic priesthood). I suspect the pope would have blessed my choice to leave, since he recently wrote that the church’s representatives can’t be “sourpusses” or look like “someone who has just come back from a funeral.
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.