There’s a scene in The Bonfire of the Vanities that captures how most of us see the world of Wall Street. Sherman McCoy, the lead in Tom Wolfe’s classic novel of 80’s-era excess, is walking onto the bond floor of Pierce & Pierce.
Help wanted: Slog through thousands of patent applications, looking for typos. Pay is sub-minimum wage. It’s a job that would be hard to find takers for in the United States these days—but not in penitentiaries.
$69 billion. That’s how much money natural disasters cost companies in China last year. Mudslides, droughts, earthquakes—all contributed to this cost, according to the Chinese National Statistics Bureau.
“Clearance: Up to 50 percent off!” “Lose up to 100 pounds!” “Cut energy costs by up to 30 percent!” So-called “up to” claims are ubiquitous in marketing. The industry assumes consumers understand the condition inherent in the claim: Buyers can save up to 30 percent, but that maximum savings is by no means the norm.