Tag Archives: Wall Street

My Story at The New Yorker: Unseen Hands and The Prices of Things

For The New Yorker‘s business blog, I interview Kate Kelly, a reporter for CNBC, and author of the new book “The Secret Club That Rules the World.”

Why is it important that the public pay more attention to the commodities markets?

The contract market in commodities is analogous to the stock market for public corporations, essentially this unseen hand playing a role in setting the price for actual commodities: corn, copper, oil, gasoline, wheat, and so on. I think the connections between the trading community and the actual cash prices are not fully understood, and I think it’s something we all need to be concerned and upset about.

Advertisements
Tagged , , , , , , , , , , ,

Wall Street Rewired: Apple, Icahn, and the $17 Billion Tweet

“With just two tweets, Carl Icahn raised the value of the Apple empire by $17 billion. That’s $8.5 billion per tweet, and about $62 million per character — including spaces,” writes Cade Metz of Wired.

Indeed, the Securities and Exchange Commission has recently said that companies can use social media to disclose financial information — provided they warn investors that it might happen. Icahn’s investment outfit, Icahn Enterprises, did warn the market, saying — in a notice filed with the SEC a day earlier — that he intended to “use Twitter from time to time to communicate with the public about our company and other issues.”

And even that may not have been necessary. With his Tuesday afternoon tweets, the only thing Icahn revealed about his own company is that it owns some Apple stock. You could argue that such a basic disclosure didn’t require formal notice with the SEC.

Tagged , , , , , , , , ,