text:
Nobody's going to win an Emmy for a parody of the TV show "Star Trek" filmed by Internal Revenue Service employees at an agency studio in Maryland.
Instead, the IRS got a rebuke from Congress for wasting taxpayer dollars.
The agency says the video, along with a training video that parodied the TV show "Gilligan's Island," cost about $60,000. The "Star Trek" video accounted for most of the money, the agency said.
The IRS said Friday it was a mistake for employees to make the six-minute video. It was shown at the opening of a 2010 training and leadership conference but does not appear to have any training value.
The video features an elaborate set depicting the control room, or bridge, of the spaceship featured in the hit TV show. IRS workers portray the characters, including one who plays Mr. Spock, complete with fake hair and pointed ears.
The production value is high even though the acting is what one might expect from a bunch of tax collectors. In the video, the spaceship is approaching the planet "Notax," where alien identity theft appears to be a problem.
"The IRS recognizes and takes seriously our obligation to be good stewards of government resources and taxpayer dollars," the agency said in a statement. "There is no mistaking that this video did not reflect the best stewardship of resources."
The agency said it has tightened controls over the use of its production equipment to "ensure that all IRS videos are handled in a judicious manner that makes wise use of taxpayer funds while ensuring a tone and theme appropriate for the nation's tax system."
The agency also said, "A video of this type would not be made today."
The video was released late in the day Friday after investigators from the House Ways and Means Committee requested it.
"There is nothing more infuriating to a taxpayer than to find out the government is using their hard-earned dollars in a way that is frivolous," said Rep. Charles Boustany, R-La., chairman of the Ways and Means oversight subcommittee. "The IRS admitted as much when it disclosed that it no longer produces such videos."
The film was made at an IRS studio in New Carrollton, Md., a suburb of Washington. The agency said it uses the studio to make training films and informational videos for taxpayers.
"The use of video training and video outreach through the in-house studio has become increasingly important to the IRS to reach both taxpayers and employees," the agency said. "In the current budget environment, using video for training purposes helps us save millions of dollars and is an important part of successful IRS cost-efficiency efforts."
IRS YouTube videos have been viewed more than 5 million times, the agency said. A video on the IRS website called "When Will I Get My Refund?" has been seen 950,000 times this filing season.
The disclosure of the "Star Trek" video comes as agencies throughout the federal government face automatic spending cuts, including employee furloughs at many of them.
Acting IRS Commissioner Steven Miller has told employees they could be furloughed five to seven days this summer. The furloughs, however, will be delayed until after tax filing season so refunds should not be affected.
The agency said the "Star Trek" video "was a well-intentioned, light-hearted introduction to an important conference during a difficult period for the IRS."
Congressional investigators initially sought both the "Star Trek" video and the "Gilligan's Island" video but after viewing them determined that the "Gilligan's Island" video was a legitimate training video. The IRS did not release the "Gilligan's Island" video.
"The video series with an island theme provided filing season training for 1,900 employees in our Taxpayer Assistance Centers in 400 locations," the IRS said. "This example of video training alone saved the IRS about $1.5 million each year compared to the costs of training the employees in person."
Follow Stephen Ohlemacher on Twitter: https://twitter.com/stephenatap
Copyright 2013 The Associated Press. All rights reserved.
Copyright 2013 Capitol Hill Blue


text:
Nine students have been named winners of the 2013 Spirit of Princeton Award, which honors undergraduates at Princeton University for their positive contributions to campus life. The award recognizes students who have demonstrated a strong commitment to the undergraduate experience through dedicated efforts with student organizations, athletics, community service, religious life, residential life and the arts.
This year's winners were selected from a group of more than 100 nominees and will be honored with a book prize at a dinner on May 8. The University's Office of the Dean of Undergraduate Students sponsors the award, which has been given annually since 1995.
The 2013 winners are as follows:
Rafael Abrahams, a senior from Woodmere, N.Y., is majoring in history with a certificate in theater. Throughout his time at Princeton, Abrahams has been a contributor and leader within the community of journalistic, comedic and theatrical writers. He has served as an editor-in-chief of the Nassau Weekly, a campus publication that publishes news, opinion pieces and original literature. He also has written for the Triangle Club as well as the newly launched, late-night campus show, All-Nighter with David Drew. For his senior thesis project in theater, Abrahams wrote an original play titled "Eight Feet," which was produced and performed in February. He also is an alternate residential college adviser in Butler College, a student tour guide at the Princeton University Art Museum and served as vice president of the Center for Jewish Life Student Board. Abrahams is a member of Yavneh, the Orthodox Jewish group on campus, and Terrace Club. Next year, he will join the Teach for America corps in New York.
Ariceli Ariel Alfaro is a senior psychology major from Burbank, Calif. Over her past four years she has occupied a variety of roles in service of Princeton's community. She was a co-manager at Murray-Dodge Café, providing both a friendly face and fresh cookies to her fellow students. She trained as a Lesbian, Gay, Bisexual, Transgender (LGBT) peer educator, conducting panels for incoming freshmen and providing support and information about the LGBT community and the difficulties they face. Most often, Alfaro has been involved in a backstage capacity in a number of productions on campus. She has served as a lighting designer, master builder, stage manager, technical director, business manager and other roles for theater and dance groups. She has worked to enhance technical knowledge within performing arts groups. She also served as the facilities manager of Princeton's Performing Arts Council as a way to build a more vibrant performing arts community. She also has been a stage manager at Richardson Auditorium.
Farrah Bui, a junior from Fort Mill, S.C., is a major in the Woodrow Wilson School of Public and International Affairs and is pursuing a certificate in environmental studies, and global health and health policy. At Princeton, Bui co-founded and served as president for Princeton Quest Scholars (QSN), serves on the Community House Executive Board, served as a U-Councilor on the Undergraduate Student Government and is an intern for the Office of Religious Life. Through QSN and Community House, Bui has worked to bring to light the conversation about the achievement gap and minorities in higher education, specifically by organizing dinners with faculty and students who share their experiences. With Princeton Quest Scholars, she has conducted outreach to thousands of high school students interested in higher education. She also helped initiate the first QuestBridge College Prep conference at Princeton during the summer of 2012. A member of Cap and Gown, Bui also is on the Student Health Advisory Board, is a founding member of the Tobacco Policy Task Force, is a SHARE (Sexual Harassment/Assault Advising, Resources and Education) peer adviser, is a member of the Undergraduate Student Government (USG) Projects Board, and is a member of the USG Social Committee. Last summer, Bui interned in the Office of the Vice President for Campus Life. For the upcoming summer and semester, she will be studying the effect of nutritional status on the experiences of HIV/AIDs of children in Brazil and continuing to build awareness on campus about issues related to the achievement gap.
Russell Dinkins is a senior sociology major pursuing certificates in environmental studies and urban studies. A native of Philadelphia, Dinkins is a three-time NCAA All-American in track and has won four individual Ivy League titles. He also holds two individual Princeton records in track in addition to three Ivy League relay records. In March, he was part of the distance medley relay team that won the NCAA Championship. Dinkins has been a strong supporter and catalyst for the Athlete Ally project in an attempt to create a community of support for LGBT athletes. In addition to his success on the track, he has been a leader within a number of student arts organizations. Specifically, he served as the artistic director for the Princeton Highsteppers, a co-ed step team on campus. He has also danced with the diSiac Dance Company for four years and he has sung in Umqombothi, an African a cappella group. He is a Community Action leader, a dormitory assistant, and last summer, was a residential college adviser for the Freshman Scholars Institute. This summer, Dinkins will be working on an entrepreneurial project as part of the eLab program. He is also considering post-collegiate running.
Catherine Ettman is a senior from Miami Beach, Fla. She is majoring in the Woodrow Wilson School for Public and International Affairs and pursuing certificates in African American studies and gender and sexuality studies. Throughout her four years, she has worked to promote the cause of leadership development on campus, specifically advocating for greater opportunities for female student leaders. During her freshman year, she was selected to serve on the Steering Committee on Undergraduate Women's Leadership. She went on to co-found the Princeton Women's Mentorship Group, spearheading a growing movement on campus to support female students and their leadership aspirations. Within the Undergraduate Student Government, Ettman served as a senator from her class, and then as the vice president in 2011, where she participated in projects to propose academic policy changes and to create a USG website to give incoming freshmen tips about how to maximize their Princeton experience. She co-led a Breakout civic action trip to tutor underprivileged high school students in Brooklyn on the college admissions process, was a two-year member of Students for Education Reform, volunteered through Send Hunger Packing as a freshman and performed in three campus performances. She has served as a dormitory assistant for two years, and has served as the student chair for the Leadership Implementation Committee established by the vice president for campus life. She worked as a summer intern in the Office for the Vice President for Campus Life in 2011, and this past year, she was one of two students selected to serve on the University Presidential Search Committee. Next year, Ettman will serve as a Running Start Star Fellow, which will allow her to work in Washington, D.C., for a female member of Congress while also attending leadership workshops.
Daniel Gastfriend, a senior from Newton, Mass., is majoring in the Woodrow Wilson School for Public and International Affairs, and pursuing a certificate in African studies. On a national level, he has been recognized with a Harry S. Truman Scholarship for leadership and public service, and at Princeton, he earned a Shapiro Prize for Academic Excellence. Throughout his four years at Princeton, Gastfriend has been a participant and leader in the Pace Center for Civic Engagement, serving as co-chair of the Pace Council for Civic Values (PCCV) for two years, where he oversaw recognition of new Pace student organizations and the peer advising program. Gastfriend co-founded the Princeton chapter of the philanthropy group Giving What We Can, and he served as the vice president of the Princeton Social Entrepreneurship Initiative. He has spent summers abroad in Malawi and Kenya conducting research and implementing initiatives through the William J. Clinton Foundation, PITCH_Africa, and the Zeitz Foundation. A classical and jazz pianist, Gastfriend has contributed to the arts at Princeton through his participation in campus theater productions and as a member of the Footnotes, an all-male a cappella group.
Jiun-Ruey Hu, a senior from Toronto, is a molecular biology major pursuing certificates in neuroscience and applications of computing. He has worked to engage and support underclassmen and his peers through a range of academic, service and mentorship initiatives. Addressing student needs for improving critical communication skills, Hu co-founded Speak with Style, a pioneering initiative that trains Princeton students in public speaking skills. While revitalizing a dormant Princeton Premedical Society during his term as co-president, he founded the Freshman Premed Mentorship Program and the professor-student dinner series, in addition to helping to set up the Premeds without Borders and Women in Medicine programs. A passionate musician, he co-founded Music in Mind and organized the interdisciplinary Art of Science lecture series, now in its second year. Through collaborations with community partners, he co-led a Breakout civic action trip to Boston for Princeton student volunteers to teach music to youth in prison and to study music as a medium for healing in hospitals, special-needs schools and community centers. In Mathey College, Hu supports underclassmen as a peer academic adviser and pre-health peer adviser, and co-organizes the East Asian affairs table and the premed table. He serves on the Molecular Biology Department Undergraduate Student Committee and promotes effective leadership practices through Leadership for Change. Besides having been a staff writer for Princeton American Foreign Policy and Princeton Asia Review, he also sang with VTone, played clarinet with the Princeton University Band, and breakdanced with Sympoh. He will begin medical school this fall.
Carmina Mancenon is a junior from Tokyo and Manila. She is majoring in operations research and financial engineering, and pursuing certificates in environmental studies, information technology and society, and engineering and management systems. She serves as the vice president of the Undergraduate Student Government, where she was previously the campus and community affairs chair. She pioneered new initiatives such as Princeton University's first Restaurant Week and TigerDeals, and helped organize Communiversity — a longtime town-and-gown celebration. She is the co-founder of the Sustainable Fashion Initiative, an organization that promotes a socially and environmentally responsible understanding of fashion on campus. Mancenon also serves on the Pace Council of Civic Values, where she twice coordinated the orientation event Reflections on Service. Additionally, she is a member of the Naacho Indian dance group, a dormitory assistant, a Keller Center for Entrepreneurship fellow, a member of Cap and Gown Club, is active in the Christian community on campus and sits as a student representative on the Fair Labor Association in Washington, D.C. She has participated in two Pace Center Breakout trips and was a participant of the Entrepreneurship Club's inaugural Silicon Valley TigerTrek trip. She spent the summer of 2011 in South Africa with the Jabulani Rural Health Foundation through the Princeton Environmental Institute. Last summer, she spent three months in India at Infosys Technologies through the Keller Center and conducted research with the Center for Disease Dynamics, Economics and Policy in Washington, D.C. This summer, she will be the representing Japan in Russia for the G(irls)20 Summit, conducting thesis research with Endeavor Global in Turkey and Jordan, and working at Citigroup's municipal securities division in New York City.
Nathan Mathabane is a senior from Portland, Ore., majoring in geosciences and pursuing a certificate in environmental studies. He is a three-season varsity athlete in cross country and track and field who holds a Princeton record in the 4x800 meter relay. Mathabane also has contributed to recreational sports at Princeton through his work as a fitness supervisor as well as an intramural sports student supervisor. In addition to his involvement in athletics, he has worked at the Murray-Dodge Café, serving as the co-manager, and has served as a residential college adviser in Rockefeller College. He has been a member of the Alcohol Coalition Committee, specifically as a member of the Communications Work Group, which focused on branding the its mission to connect with and engage students. He also has been a regular columnist and an associate opinion editor for The Daily Princetonian student newspaper. After graduation, he will pursue an M.S. in geological sciences at the University of Oregon.

subset: commoncrawl


text:
Woman Who Was Robbed Finds Thief's Phone and Rats Him Out to His Mother
Perhaps the only thing worse than getting in trouble with the law is getting in trouble with your parents.
A Seattle woman who had some items stolen from her car called the thief's mother after the suspect accidentally left his phone behind.
When Eliza Webb found the phone in her car, she assumed it belonged to whoever swiped shoes and glasses from the vehicle. She scrolled through the phone, found "mom" in the contacts and called to only what can be described as tattle on the thief:
I said, 'This is a very uncomfortable phone call to make. I have your son's phone and I'm missing some things out of my car and I think they might be two related items.' And she [the mother] was devastated."
Webb, who works with teenagers, didn't want the 19-year-old bandit to get in any trouble, so she went to his house to clear up the matter, where she said he answered the door with "a defeated look."
The suspect confessed to stealing items from about 10 cars in the same neighborhood after a night of drinking and Webb convinced him to go to each house to give back what he'd stolen.
In the end, the police were kept out of it. Considering how much he stole, this outlaw ought to be thanking his lucky stars.


text:
BUNA FORUM FOR CONTEMPORARY ART (hereafter 'BUNA') is committed to protect your personal data and to respect your privacy. The Commission collects and further processes personal data pursuant to Regulation (EU) 2018/1725 of the European Parliament and of the Council of 23 October 2018 on the protection of natural persons with regard to the processing of personal data by the Union institutions, bodies, offices and agencies and on the free movement of such data (repealing Regulation (EC) No 45/2001).
This privacy statement explains the reason for the processing of your personal data, the way we collect, handle and ensure protection of all personal data provided, how that information is used and what rights you have in relation to your personal data. It also specifies the contact details of the responsible Data Controller with whom you may exercise your rights, the Data Protection Officer and the European Data Protection Supervisor.
The information in relation to processing operation 'Identity & Access Management Service (IAMS)' including EU Login, undertaken by EC DIGIT D3, is presented below.
Purpose of the processing operation: The European Commission's Identity & Access Management Service (IAMS) provides a common way for individuals to register or be registered for access to a number of different Commission information systems or services.
EC DIGIT D3 collects and uses your personal information to manage user populations and their rights in the context of IT systems. The main purpose is to ensure the appropriate level of security is applied in a consistent fashion across Commission IT services with the ability to identify the user of the service, authenticate that user, and / or determine his or her authorisations and roles within the context of their service. The IAMS allows not only the authentication of individual that have an employment relationship with EU Institutions (EU Staff), but also self-registered individuals can create an EU-login account worldwide.
Additional purposes for this processing operation, regarding individuals that have an employment relationship with EUIs, are the following:
- services, allowing individuals contact details to be found (e.g. e-mail address book or telephone directory)
- selection of individuals from lists, usually based on some selection criteria
- construction of lists of individuals, primarily e-mail distribution lists
- customisation of user interfaces according to users' individual characteristics
The processing is automated and performed by means of computer/machine.
Your personal data will not be used for an automated decision-making including profiling.
Individual Commission sites that rely on IAMS for commonly required personal data, may nevertheless collect additional personal data themselves. This data processing will be covered by the sites' own privacy statements.
We process your personal data, because:
(a) Processing is necessary for the performance of a task carried out in the public interest or in the exercise of official authority vested in the Union institution or body;
The processing is necessary for the performance and support of tasks carried out by the institution as mandated by the Treaties, in particular Articles 3, 4, 5, 6, 7, 11, 17, of the Treaty of the European Union and Articles 2, 4, 67, 310, 325 of the Treaty of the Functioning of the European Union.
Commission Decision (EU, Euratom) 2017/46 of 10 January 2017 on the security of communication and information systems in the European Commission and Information Security Policy and Internal Rules for handling ICT Information Security Incidents, the Commission Information Systems Security Policy C(2006)3602.
Regulation No 31 (EEC), 11 (EAEC), laying down the Staff Regulations of Officials and the Conditions of Employment of Other Servants of the European Economic Community and the European Atomic Energy Community (OJ 45, 14.6.1962, p. 1385), as last amended by Commission Delegated Regulation (EU) 2016/1611 of 7 July 2016.
This processing operation is also in line with Regulation (EU) 2018/1724 on establishing a single digital gateway to provide access to information, to procedures and to assistance and problem-solving services and amending Regulation (EU) No 1024/2012 and within the scope of the EC's eGovernment Action Plan 2016-2020 on accelerating the digital transformation of governments.
The above-mentioned legal basis applies to the EU-login users that have an employment relationship with the EU Institutions, agencies and Bodies (EU Staff).
The personal data of the self-registered individuals is processed based on their consent after having read, understood and agreed to this privacy statement. Consent can be withdrawn at any time. The withdrawal of consent shall not affect the lawfulness of processing based on consent before its withdrawal.
In order to carry out this processing operation EC DIGIT D3 collects the following categories of personal data:
For EU Institutions staff, IAMS is processing only identification data (to identify the individuals):
- Personal information:
- first, middle and last name(s) as provided by the HR Systems,
- date of birth
- personal title
- history of changes in the name
- an unique number per EU Institution, Agency or Body attributed by the HR System of each entity (Personal Number)
- an unique identification number in attributed by the Commission HR System (Per_ID)
Based on the above, IAMS generates a unique:
- username or account (based on specific rules)
- e-mail address (based on specific rules)
IAMS keeps a history of:
- name changes (not to create multiple identities for the same individual)
- password changes (to enforce regular changes (passwords are irreversibly encrypted))
- last authentication and authenticated account activity (Date and time of the most recent successful and unsuccessful authentication and number of good logins and failed attempts)
This additional information is used to diagnose and resolve problems and to deal with security incidents as well as to avoid duplicated accounts. This information can help in following up any doubtful/malicious activity relating to your user account.
- Administrative data (to identify the relationship with the organization):
- the entity where the individual is assigned
- the job title
- the job status
- information related to the start and end of the contract
- office address and phone number
- mobile phone number (for two-factor authentication, when available into the HR System)
Based on the above and on the HR "basic entitlements policy", IAMS generates:
- access rights – information about group membership (for granting access to the intended systems)
For self-registered individuals, IAMS is processing only identification data.
- Personal information (as provided by the individual during self-registration):
- first, middle and last name(s)
- e-mail address
- username
- mobile number, when provided for two-factor authentication.
For the two-factor authentication using the EU Login mobile app, the Operating System software of the mobile device is stored as well.
Alternatively, self-registered users may choose to authenticate using their social network credentials (like Facebook, Twitter, and Google) or the eID. In this case, only the Social-media/eID identifier is required. The individual may decide to provide additional information such as:
- First, last name
- e-mail address
Please note that if you choose this option, we would recommend you also read the privacy statements/notices of the related social network, since they are also applicable.
Log files for both user categories
Each time the user logs in to a site protected by EU Login, the identifier, the site and the time will be recorded in a log file. The exact time of log-out will also be recorded for security purposes.
The provision of personal data is mandatory to meet access requirement to the European Commission IT Systems. If you do not provide your personal data, the consequence is that you will not be able to get access to the mentioned IT systems.
We have obtained your personal data either from the HR system of your EU Institution, Agency or Body for the EU Institutions staff, or directly from the data subject for the self-registered individuals.
EC DIGIT D3 only keeps your personal data for the time necessary to fulfil the purpose of collection.
Data related to the European Institutions Staff are kept for as long as the user has a relationship with the European Commission.
However, the user's identifier (userid), personnel number, first/last name, and, to prevent errors, date of birth are retained for a longer period in order to:
- allow the reuse of the identifier, if appropriate, should the person require renewed access to Commission IT resources after a long absence or for assuming his/her rights for example while in retirement,
- to determine the real global identity of a user and prevent duplication of entries.
For other EU Institutions, Agencies and Bodies, the above-mentioned data, will be limited to the information provided by each one of them according to their Human Resources policy.
Data related to self-registered individuals are kept until the user personally deletes his/her EU-Login account or requests the deletion by our Unit, with the exception of e-mail addresses that need to be kept for further user support and assistance.
History of identity changes for the European Institutions staff is kept for as long as the user is active. However, the most recent entries of this data category should be kept longer to prevent duplication of entries and ensure security.
Log files are kept for 6 months.
All personal data in electronic format (databases) are stored on the servers of the European Commission. All processing operations are carried out pursuant to the Commission Decision (EU, Euratom) 2017/46 of 10 January 2017 on the security of communication and information systems in the European Commission.
In order to protect your personal data, the Commission has put in place a number of technical and organisational measures in place. Technical measures include appropriate actions to address online security, risk of data loss, alteration of data or unauthorised access, taking into consideration the risk presented by the processing and the nature of the personal data being processed. Organisational measures include restricting access to the personal data solely to authorised persons with a legitimate need to know for the purposes of this processing operation.
Access to your personal data is provided to the Commission staff responsible for carrying out this processing operation and to authorised staff according to the "need to know" principle. Such staff abide by statutory, and when required, additional confidentiality agreements.
Personal data is not shared with other recipients, or transferred to third countries or international organisations.
The information we collect will not be given to any third party, except to the extent and for the purpose we may be required to do so by law.
You have specific rights as a "data subject" under Chapter III (Articles 14-25) of Regulation (EU) 2018/1725, in particular the right to access, your personal data and to rectify them in case your personal data are inaccurate or incomplete. Where applicable, you have the right to erase your personal data, to restrict the processing of your personal data, to object to the processing, and the right to data portability.
You have the right to object to the processing of your personal data, which is lawfully carried out pursuant to Article 5(1)(a) on grounds relating to your particular situation.
For self-registered individuals:
You have consented to provide your personal data to EC DIGIT D3 for the present processing operation. You can withdraw your consent at any time by notifying the Data Controller. You may also delete your account at any time. The withdrawal will not affect the lawfulness of the processing carried out before you have withdrawn the consent.
You can exercise your rights by contacting the Data Controller, or in case of conflict the Data Protection Officer. If necessary, you can also address the European Data Protection Supervisor. Their contact information is given under Heading 9 below.
Where you wish to exercise your rights in the context of one or several specific processing operations, please provide their description (i.e. their Record reference(s) as specified under Heading 10 below) in your request.
– The Data Controller
If you would like to exercise your rights under Regulation (EU) 2018/1725, or if you have comments, questions or concerns, or if you would like to submit a complaint regarding the collection and use of your personal data, please feel free to contact:
- For EU Institutions staff, your HR department; then all modifications will be automatically reflected in IAMS;
- For self-registered individuals, directly the Data Controller, at: firstname.lastname@example.com.
– The Data Protection Officer (DPO) of the Commission
You may contact the Data Protection Officer (firstname.lastname@example.com) with regard to issues related to the processing of your personal data under Regulation (EU) 2018/1725.
– The European Data Protection Supervisor (EDPS)
You have the right to have recourse (i.e. you can lodge a complaint) to the European Data Protection Supervisor (email@example.com) if you consider that your rights under Regulation (EU) 2018/1725 have been infringed as a result of the processing of your personal data by the Data Controller.
The Commission Data Protection Officer (DPO) publishes the register of all processing operations on personal data by the Commission, which have been documented and notified to him. You may access the register via the following link: http://ec.europa.eu/dpo-register.
This specific processing operation has been included in the DPO's public register with the following Record reference: DPR-EC-03187


text:
Journalists have spent many days and millions of words hashing over the news that banking giant JPMorgan Chase lost billions of dollars trading "synthetic" derivatives.
I am one of those journalists who, more or less, can understand what the bank says it was trying to do, i.e., hedge against loan losses. But here's what I have a hard time explaining:
What does this kind of complex trading have to do with the price of eggs?
In the past, you could ask what big bankers on Wall Street did for a living and get an answer that made sense in terms of the "real" economy. Their job was to help investors buy and sell stocks, and those transactions could spur companies to grow.
Consider the investors who — back in the 1970s — purchased shares of Bob Evans Farms Inc. Wall Street firms helped trade shares of the breakfast-oriented restaurant chain, which grew into a huge employer with more than 700 locations. I can see how Wall Street helped connect me with my breakfast eggs at Bob Evans.
Wall Street still does straightforward stock deals like that — for instance, Facebook's initial public offering. But in addition to helping buyers and sellers exchange stocks and bonds, today's traders also do transactions that are far, far more complex. Some involve "synthetic" derivatives.
As JPMorgan has demonstrated, such transactions can break bad and end up costing a bank a fortune. But what about when they go right? Do these transactions ever do anything to help average people?
For an answer, I went to Matthew Jensen, an economic researcher at the American Enterprise Institute. I asked him: "What does synthetic-derivative trading have to do with the price of eggs?" He made up a company, Chickens LLC, and we headed off together to see how this works:
Step One: Understand what a derivative is.
This term refers to a financial product that derives its value from an underlying asset. For example, corn is an asset. A derivative could be a contract to buy or sell corn in the future at a set price. So a contract that allows you to, say, buy corn at a low, fixed price could become very valuable if a drought were to drive up the price of corn. A derivative like that could help a cereal maker sleep better at night, knowing he's not going to have to pay a fortune for corn if the weather turns dry.
Step Two: Understand what a "synthetic" derivative is.
This type of derivative attempts to replicate what some other — more annoying — financial product might do. The goal is to accomplish the same financial mission, but with fewer hassles. So, say you don't want to actually enter into a contract on the future price of corn, and you certainly don't want to take possession of corn. Instead, as Jensen put it, you could "cobble together some other assets to mirror the performance" of a contract to purchase corn.
It's like assembling a Fantasy Corn League, where people can place side bets on how the real corn prices are going to move — up or down. To create these purely financial products, a Wall Street firm could package up just-invented options that mimic the payout schedule and characteristics of real futures contracts, and the investors would never have to worry about the complexities that come with entering into an actual contract to buy real corn.
Step Three: Understand why anyone would play this game.
Jensen says these transactions "can provide flexibility to investors because any aspect (payoff schedule, yield, exposure to interest-rate risk, etc.) can be modified, without having to find the perfect asset in the existing market." In other words, if you are worried about only one thing, such as the direction of interest rates, these kinds of synthetic investments can help you offset that specific risk — just as buying traditional options can help protect farmers and cereal makers worried about corn prices.
Step Four: Think about our imaginary company.
Say Chickens LLC wanted to expand, so it borrowed money using a floating-interest-rate bond. By borrowing money, our imaginary company could acquire more hens and more corn for feed to produce more eggs, Jensen explains.
But the owners of Chickens LLC are worried about interest rates rising because they haven't yet entered into a contract to sell their eggs. They don't want to pay more for the borrowed money — especially not until they know for sure what price they'll get for their eggs.
They could just sit there and take their chances — hoping the eggs will sell high and interest rates stay low. But sitting around being nervous doesn't exactly encourage hiring.
Instead of the do-nothing approach, the owners could construct a synthetic derivative out of their existing bond and an additional derivative product. As Jensen says, Chickens LLC "can find one other party with opposite risks, and enter into an interest-rate swap for the exact amount of time needed to match the time to maturity" of its existing bond.
Now, of course, as with any transaction, things can go wrong — very wrong. Earlier this week, JPMorgan Chief Executive Officer Jamie Dimon said his company's derivative-trading strategies were "flawed, complex, poorly conceived, poorly vetted and poorly executed." Ouch.
That's how banks and their investors can lose billions of dollars in a very short time. But when the sophisticated financial products and trades go well, the profits can be enormous.
Step Five: Again, what does any of this have to do with the price of eggs?
Let's go back to Chickens LLC and assume that it did not use flawed, poorly conceived synthetic derivatives. Let's assume it properly hedged against interest-rate risks, and now the owners can feel more confident.
Copyright 2016 NPR. To see more, visit http://www.npr.org/.


text:
LUXE Cheetah Set
Regular price $85.00
95% Polyester 5% Spandex
Model wearing 2x
Lots of Stretch, A little Crop Top Style, High waist elastic waist
Customer Reviews
All orders are shipped via USPS or UPS and should arrive within 7-10 business days.
Please don't select express shipping for Restocks or Pre Order items.
Pre order items will ship on or before date listed. The Pre Order Date May change due to high volume. If you have additional items listed on a pre order, we will not ship separately, the entire order will ship together.
Please note: On occasion, it may take slightly longer for your package to arrive. This is typically due to routing errors or congestion during the holiday season. I'MarE Boutique is NOT responsible for lost or stolen items.
Rush delivery (1-2 Business days) transit time is guaranteed unless otherwise stated by carrier such as weather or closures.
We provide a tracking number so you can check your package along the way! We will send you an email with the tracking number the same day your package is shipped.
We ship anywhere in the U.S (including Hawaii, Alaska, and Puerto Rico) and selected countries. We also ship to P.O boxes, military addresses (APO).
- ALL items are FINAL SALE, NO RETURNS OR EXCHANGES!
- We HIGHLY Suggest Drycleaning our items.
Defective Merchandise:
- If you have received an item with any problems or defects, please contact us within 3 days of receiving your order to inform us of the issue. If we are not notified within 3 business days, you will no longer qualify for a return. You must send a photo to firstname.lastname@example.com of the damage/defect item along with all the details of your order invoice.


text:
Bare Tree And Deer Printed Window Curtain Home Decor
Our window curtains are custom-made-to-order and handcrafted to the highest quality standards. Perfect for the living room, dining room or bedroom, the understated elegance of Window Curtain is an easy and inexpensive way to add color and style when decorating your home. Featuring premium fabric and unique design, this window treatment is a stylish and sophisticated option to complement your room decor. Enjoy complete privacy and enhanced insulation in your room by fitting your window with these curtains.
Product Details:
- Material: Polyester (Black Silk Shading Cloth)
- Sold per pair, include two curtain panels. Measurements are the total of the two curtain panels together.
- The listed dimension of the curtain is properly measured when they are stretched, not closed with pleats.
- Grommets: 1.6 Inches inner diameter, fit most standard curtain rods.
- Printed using state-of-the-art wide-format printers which offer uncompromising gallery quality.
- A budget-friendly and perfect way to add style and personality to your room.
- Printed on the front and white on the back.
- Machine washable with cold water gentle cycle and mild detergent.
- Rod, curtain liner and hooks not included
- The color may slightly differ from the actual products due to the different angle shots and brightness of the environment.
- Due to manual measurement, please kindly allow 1-1.5 Inch discrepancy.
How long shipping takes really depends on where you are from.
USA: 6-10 business days
Worldwide: 7 - 15 business days
- Order from $0 - $27.99: $4.99 Shipping Fee
- Order from $28 and up: $6.99 Shipping Fee
Worldwide: $15.00 Shipping Fee
Almost all of our products are produced in the USA, but due to the Global impacts of COVID-19, our factory in the USA is overloaded. So we have to process your order in some countries out of the USA, please understand in this matter.
NOTE: If you order different product styles it might be possible you will receive multiple packages.