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All I need to say here is watch this if you want to get educated.  

This is interesting as you hear from software developers and mathematicians and their ground roots and how it began.  One former programmer talks about his job with a bank that is no longer around and remains anonymous.  He has a hard time wanting to go back and with his isolated world it was hard for him to see the overall destruction of what was happening.

You have to be wired, alert all the time and you “can’t be wrong” the one man states and the nightmares.  The stress got to the point to where some did not know what day of the week it was.  Banking has completely lost it’s touch on what they are here for.  It’s the algorithms that move money around, hear it from someone besides me:)  

Quants: The Alchemists of Wall Street Video Documentary - Why It Needs to Matter What Companies Do and Not Focus Only On the Price of Stock With So Called Value - Attack of the Killer Algorithms Chapter 44

Here's some other related posts about taxing the data sellers as well. Those who control the code control the world and the money.  This is how we can get jobs back and help the companies who create tangibles that we need and get a better balance back.  

Cook Medical Device Plant Opens in Canton, Illinois–Companies That Create Jobs for the US–Tangibles - Excise Tax the Data Sellers to Balance the Incentives For More Companies to Build Factories & Add Jobs

Also my thoughts on the Occupy movement and I wrote this last year and it's all about the algorithms and formulas, a foe you can't see, touch or talk to. This might even help the movement to understand what the battle is as we all get data duped.  

Occupying Wall Street–It’s All About the “Attack of the Killer Algorithms”–The Unfair and Marketing Exploit of Ethics Using Math–This Could be a Subject for Michael Moore to Explore and Document In a Movie

Do watch that video to get educated on how the formulas for "desired" results get out there with the secondary need to be "accurate" as there is code that does both and they should be the same, but not, just look at the mortgage scheme, could not have been done without all those algorithms, coders and quant.  

I have a link at my blog to all 44 chapters of the Killer Algorithms so if you go over there scroll down on the left side and there's a couple great videos that also help explain what is going on with math, formulas, marketing and unfair algorithms for profits.  

The programmer in the video doesn't want to code anymore, he wants to be a quant to where mathematics and code folks can rule, pay attention to the teacher too as it's not often we hear from the other side like this.  

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Comment Preferences

  •  Bookmarked, could not get much of a (0+ / 0-)

    handle on what was in the first video before the player crashed. Too late to get my brain to even try making sense of it.

     I distinctly remember in Moore's movie, two Wall St guys talking about how complicated the math is, partly to make the SEC job much more difficult. My daughter, who is an engineering major, was somewhat familiar with this and indicated it was even more complicated than Moore covered.

    I guess my question is how does this get brought under control? Somewhere there was a suggestion that the SEC needed quant people too. Is the CFPB going to handle this kind of thing? Seems out of their purview. Won't the SEC need new laws or regs to enforce? Who has the knowledge of this shtuff to write the laws, let alone get them passed?

    "People, even more than things, have to be restored, renewed, revived, reclaimed and redeemed; never throw out anyone. " Audrey Hepburn "A Beautiful Woman"

    by Ginny in CO on Sun Sep 16, 2012 at 11:05:56 PM PDT

  •  Your daughter is right (1+ / 0-)
    Recommended by:
    nchristine

    Watch for the NYSE ruling from the SEC this week and the folks from Nanex predicted more of these rulings and fines...they do it all with code..the video is a great look at how it looks from the other side and simple math is no longer a methodology to prove accuracy.  

    I used to write code..not financial but code is code and you can write queries and statements as well as modules that create accurate results or those that create "desired" results and the latter seems to be winning..as nobody is watching and the regulators don't seem to have enough talent to do so..good book to read...

    Proofiness, the Dark Arts of Mathematical Deception

  •  I am a quant (0+ / 0-)

    for my own account, I write code to backtest and then trade systems.  When I retired I just wanted to invest my money reasonably, and then discovered that buy and hold doesn't work for me, and that this is what it takes to succeed.

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