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Saturday Morning Breakfast Cereal - Exam Nightmare

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Hovertext: In case you're wondering, yes, I would ace a test in smugness.


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Slice. 

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mkalus
7 hours ago
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Slavoj Zizek: Political correctness solidifies hatred, it doesn't work

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Black Child plays in Kitchen He accidentally knocked a bag of flour off the shelf and it went all over him.His mom came in the kitchen and he decided to make a joke of it. "Look Mom, I'm white!" he said.His mom slapped him across the cheek. "I can't believe you just said that boy, go tell your father what you just said."Surprised and a little hurt, he walked over to his Dad in the TV room and said "Hey look Dad... I'm white!"When his Dad heard that, he flat out punched the kid. Square in the face. The kid was shocked and confused. The Dad said "Boy that's the worst shit I've ever heard, go and show your grandma what you did and tell her what you said.So the kid begrudgingly walked upstairs and walked into his Grandma's bedroom. "Hey Grandma look, I'm white..."...and his Grandma just pummeled him. Relentlessly. So hard that both the kids' parents had came upstairs to break up the beating.They all stood around him and asked him "Yeah well how do you feel about making that joke now?"The kid just looked up at them and said "...Well I've only been white for 10 minutes, and I hate all you niggers already!"

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mkalus
1 day ago
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Saturday Morning Breakfast Cereal - Sports

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Hovertext: That's the safe word!


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 In honor of Her August Presence, it has been renamed the Weinersmithsonian Museum.

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mkalus
1 day ago
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Pot-Centric Colorado Credit Union Sues Federal Reserve Bank For Denying Account

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fourthcornerpicThe state of Colorado no longer outlaws recreational marijuana use, but the U.S. government still considers it a Schedule I controlled substance, so many businesses making money from the locally legal sale of cannabis are having trouble finding banks to handle their cash. One credit union formed with the goal of providing financial services to those in the marijuana industry received a charter from Colorado, but has filed suit against a regional Federal Reserve bank for blocking its ability to work with other banks.

Denver-based Fourth Corner Credit Union, whose stated mission is to “service the unique financial needs of the cannabis and hemp industries and their supporters,” received a charter from Colorado regulators in late 2014. The credit union then reached out to the Federal Bank of Kansas City to apply for what’s known as a “master account.”

Master accounts at Fed branches allow banks to not only deposit their cash reserves, but gives banks the ability to easily transact business with other financial institutions by settling credits and debits through the account at that Fed branch bank. Basically, the master account is the bank’s bank account.

Without a master account, “a depository institution is nothing more than a vault,” notes Fourth Corner in its lawsuit [PDF].

The credit union accuses the Fed bank of delaying review of Fourth Corner’s master account application for nearly nine months, claiming that the usual turnaround for processing an application is only five to seven days.

Fourth Corner argues that federal law requires the Fed banks to provide their payment services to all “depository institutions,” even if the institution is not a member of the Federal Reserve system.

Despite the increasing decriminalization and legalization of marijuana, many established financial institutions are refusing to accept deposits from pot sellers, growers, and distributors out of concern that it may lead to unwanted scrutiny of their business from federal regulators and law enforcement.

In early 2014, the U.S. government attempted to provide some guidance for banks who might find themselves involved with marijuana money, but it may have only muddied the waters. Banks now know they should file “suspicious activity reports” that are specific to the pot industry, but they don’t really know if they are breaking federal law by continuing to do business with these account-holders.

As a result, there are a number of licensed marijuana businesses in Colorado and Washington who can’t deposit their piles of cash in the bank.

Not only does this make it difficult for these businesses to pay taxes, rents, salaries, and other costs that would normally be dealt with through checks or electronic transfers, it is a growing public safety risk. In an era when gas station and fast food heists turn up less money because of increased use of credit cards, robbers will certainly be tempted to go after primarily cash businesses that have no bank in which to deposit their earnings.

Part of the Fed’s eventual decision to deny the Fourth Corner master account application was the fact that the National Credit Union Administration — an independent federal regulatory agency — refused the credit union’s application for deposit insurance.

In order to get a master account, an institution must show that it’s eligible to receive this type of insurance, but Fourth Corner argues that the insurance need not come from the NCUA and can be privately obtained. The credit union has filed a separate suit against the NCUA claiming it was denied due process in the insurance application review.

Andrew Freedman, Colorado’s director of marijuana coordination, had hoped the Fed would be more open-minded about Fourth Corner’s business.

“We thought it was a good solution to the problem,” Freedman told Dealbook about the Fed’s decision. “Here was a place willing to take on the risk of banking this underbanked group — and that could do rigorous compliance.”

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mkalus
1 day ago
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Investors Sue American Express After Loss Of Costco Agreement

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Five months after American Express and Costco announced they would go their separate ways and end their exclusive relationship – essentially allowing members of the warehouse club to use other cards – shareholders for the credit card company have filed a lawsuit claiming it blindsided investors with the loss of the contract.

The lawsuit [PDF], filed by Plumbers and Steamfitters Local 137 Pension Fund, accuses American Express of failing to reveal how significant the 16-year long contract with Costco had become to the business.

According to the lawsuit, which seeks class-action status on behalf of all shareholders who bought stock between Oct. 16, 2014 and Feb. 11, 2015, American Express had accelerated its talks with Costco regarding renewal of its exclusive deal that was set to expire in March 2016 without the knowledge of investors.

“Defendants never disclosed the financial impact of the U.S. Costco co-branding agreement on AmEx’s reported financial results,” the suit states.

The investors contend that the U.S. Costco co-branding contract was “highly material to AmEx’s business,” representing 8% of the company’s revenues in 2014; 20% of its outstanding loans and 10% of its cards issued worldwide.

“Because AmEx concealed throughout the class period just how material the U.S. Costco co-branding relationship was to AmEx’s business and financial prospects and thereby overstated the continuing revenue growth prospects of its all-important U.S. Card Services segment,” the lawsuit states.

In December 2014, the shareholders claim AmEx’s stock traded at artificially inflated prices – reaching a high of $95 per share. Then without notice in February 2015, the company announced it had lost the Costco contract and stocks plummeted to $77.53 per share.

The lawsuit, which asks for a jury trial, seeks unspecified damages.

[via Reuters]

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mkalus
1 day ago
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Wow. If the charges bear out that's quite..... astonishing. I would not have thought that Costco had that much pull with ~~FedEx~~ AmEx (my bad).
iPhone: 49.287476,-123.142136
fencepost
23 hours ago
Not FedEx, AmEx, American Express, those (traditionally) green charge cards that (traditionally) differed from credit cards in that you had to pay them off in full at the end of each month.
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Vet

5 Comments and 21 Shares
It's probably for the best. Since Roombas are native to North America, it's illegal for Americans to keep them in their houses under the Migratory Bird Treaty Act.
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mkalus
1 day ago
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4 public comments
aaronwe
1 day ago
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It just keeps circling the woods, looking for its charging dock...
Denver
eraycollins
1 day ago
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Do androids dream of electric sheep?
JayM
1 day ago
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Heh. :)
Boston Metro Area
denubis
1 day ago
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hahahahaha
Sydney, Australia
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