A technology that surreptitiously captures data of people out on the street, combines it with other data, and mines it ad infinitum? Local and federal government agencies love it. It’s increasingly sophisticated and cheap. It’s spreading. And it led a professor at West Point to warn: “We don’t have a police state in this country, but we have the technology.”
Terry Gou, founder and president of the Taiwanese multinational, Foxconn Technology Group, one of world’s largest electronics manufacturing companies, debunks the hype.
It was the day when Private Equity firms – the smart money, the great beneficiaries of the Fed’s bond-buying binge – announced their intentions to the rest of the world. The heavy hitters were there, and they let fly some pungent words. In short, they were “selling everything that’s not nailed down.” Turns out, they weren’t kidding.
Keyhole Inc., a venture-capital funded startup, was acquired by Google in 2004. Its product became Google Earth. Its technology filtered into Google Maps and Google Mobile. One of the venture-capital investors? The CIA. It didn’t ruffle any feathers at the time. But now we have NSA leaker Edward Snowden and his media blitz.
Junk bonds had a phenomenal run. With each truckload of money that the Fed delivered to the markets, valuations soared and yields plunged. Desperate investors, mauled by the Fed’s zero-interest-rate policy, took on risks no questions asked. But suddenly the feeding frenzy turned into a brutal rout – a harbinger of things to come in other markets.
Investors are fuming. But traders, the lucky ones who got the timing right, love it. So do Wall Street firms that shuffle companies around. For decades, Hewlett-Packard did what they wanted it to do: swallow other companies, whole or in pieces, spit out some mangled limbs, and dump tens of thousands of employees. But someone ended up holding the bag.