How To Become An American Oil Tycoon, Artificial Intelligence On Wall Street, How To Lose $19 Billion In 30 Minutes, And Other Stories (5/20/15)

Flickr / Lindsey G
Flickr / Lindsey G

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I think I can only describe this man as the perfect opportunistic capitalist (in the best sense of the word). With oil prices tanking, the founder of Energy Transfers, Kelcy Warren bought up and consolidated pipelines along the southeastern corridor. That is smart.

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Artificial intelligence is changing the landscape of hedge funds — no more supercomputers? A program that will crunch billions of lines within seconds? They’re here, and AI is going to rule the streets.

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Analysts questioned why this particular solar power company (Hanergy Thin Film Solar Group Ltd.) was gaining so quickly in such a little amount of time. There was no explanation for their shares to rapidly increase in price. In fact, in February, a report was released stating this stock was “wildly inflated.” Today, their stock dropped 47%, wiping out almost $19 billion from their market value.

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The US Energy Department released a statement advocating for the use of wind power — they believe that all 50 states could become wind energy producers. According to The New York Times, “Wind installations now account for 65 gigawatts, just under 5 percent of national demand.”

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Swiss bank UBS paid $342 million in fines relating to their attempts to manipulate the foreign currency market, and an additional $203 million for rigging interest rates. In fact, Citibank, JP Morgan Chase, RBS, and Bank Of America have paid $4.6 billion in total so far to authorities in the United States and in Europe for their roles in rigging the foreign exchange markets.

Marketwatch wrote a brief explanation of why these banks were fined: “The short version is that traders exchanged positions around the 4 p.m. “fix” — basically, the closing price — then manipulated the figure both upward and downward.”

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Will France be the next Greece? The IMF slammed the French for excessive government spending and high levels of debt.

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Have you seen the ads on Pinterest yet? They move!

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Apparently the courts believe that Navinder Singh, the man who allegedly single-handedly caused the Great Flash Crash of 2010, poses a flight risk, so his request to reduce conditions for bail was denied. Doesn’t something sound…fishy?

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Looks like the big get bigger (I’m talking about company size, you asshole!). Big business is getting bigger, says FiveThirtyEight.

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Goldman Sachs explains why consumer spending is so low: We are skeptical about just how long oil prices will stay low.

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Be careful with where you use your ATM card! Data theft is apparently at an all-time high!

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US crude inventories took another fall today. They seem to keep on falling.

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Forgot to put this in here.

Stocks seem stagnant. Probably until 2pm, when the market will freak out over the Fed’s minutes.

Bloomberg.com
Bloomberg.com

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Here we go again. Vanguard Total Stock Index fund is basically the “perfect” place to put your money into. At least, that’s what Bloomberg is saying.

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You’ll never guess who is selling vibrators. A rabbi. And they’re kosher.

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Walmart heirs lost $6 billion yesterday, for a total of $14 billion for the year. WOW.

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Spotify is the latest company to tackle video to compete with YouTube and Snapchat.

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Uh-oh, it seems that there is something wrong with the data we use to calculate GDP. The Bureau of Economic Analysis is going to implement fixes in the coming weeks.

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The markets gained a little after 2pm.

Bloomberg.com
Bloomberg.com

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Last updated 3:05 PM TC mark

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