http://www.reddit.com/r/occupywallstreet/comments/kyjo2/an_open_letter_and_warning_from_a_former_tea/

It’s a well known tactic called Entryism:

http://en.wikipedia.org/wiki/Entryism

Wirplit

This film called “Quants – the alchemists of Wall St” covers a similar theme:

http://www.youtube.com/watch?v=ed2FWNWwE3I

Paul Wilmott is very good, in this.

Incidentally, I saw a lecture by Steve Keen last night at University College, London. He was asked about the “maths PhDs” doing all this stuff in finance and economics. His take was that the maths was fine, just the underlying assumptions that were wrong (well he used the term “bullshit”).

His new book has a chapter on this called “Don’t shoot me, I’m only the piano”.

Make that three notches.

That’s always been the case for China, good to have your insider knowledge. My interest in China was previously confined to wondering when they are going to get around to excavating the pyramid at the centre of the 1st Emperors tomb, now there’s a guy who would have fit in well, running a major bank.

You may well be right, but the reason I posted it was not because I thought it was any good (how would I know?), but because Richard posted to ask whether Bank of America was going down, so I thought it ironic that someone from Bank of America was talking about endgames and crash landings for China.

Any road up, the real news tonight is Moody’s two-notch downgrade of Italy’s credit rating from Aa2 to A2

Neil.

i am still getting used to the siesta sleeping patterns so I won’t point out in detail that this ZH article is so crap in detail.

Just trust me that it is.

I have no local knowledge of Mongolia , not only did it used to be a foreign country, it still is in a lot of ways it’s a fair plane ride from me. I can only hope you read the link I provided which could describe several Chinese cities.Like I said trying to get your head round the way things work here is complicated.

and by the way Meltdown is on Al J tonight at 9pm