Late last year, a rumor began circulating at Stuyvesant that a junior named Mohammed Islam had made a fortune in the stock market. Not a small fortune, either. Seventy-two million.[I emphasized the part about “high eight figures.” It becomes important later.]
An unbelievable amount of money for anyone, not least a high-school student, but as far as rumors go, this one seemed legit. Everyone at Stuy knew that Mohammed, the soft-spoken son of Bengali immigrants from Queens and the president of the school’s Investment Club, was basically a genius.
As the news spread, Mo’s stock went up. The school paper profiled him, Business Insider included him on a list of “20 Under 20,” and Mo became “a celebrity,” as his friend Damir Tulemaganbetov put it on a recent Friday night at Mari Vanna near Union Square. “A VIP!”
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Like [Jordan] Belfort, Mo started with penny stocks. A cousin showed him how to trade. He loved the feeling of risk—the way his hand shook making the trade—but he swore it off after losing a chunk of the money he’d made tutoring. “I didn’t have the balls for it,” he said. He was 9.
It was a while before he was ready to try again. In the meantime, he became a scholar of modern finance, studying up on hedge-fund managers. He was particularly enamored of Paul Tudor Jones. “I had been paralyzed by my loss,” Mo said. “But he was able to go back to it, even after losing thousands of dollars over and over. Paul Tudor Jones says, ‘You learn more from your losses than from your gains.’ ” Mo got into trading oil and gold, and his bank account grew. Though he is shy about the $72 million number, he confirmed his net worth is in the “high eight figures.” More than enough to rent an apartment in Manhattan—though his parents won’t let him live in it until he turns 18—and acquire a BMW, which he can’t drive because he doesn’t yet have a license. Thus, it falls to his father to drive him past Tudor Jones’s Greenwich house for inspiration. “It’s because he is who he is that made me who I am today,” Mo said.
My interest in finance started at the tender age of 8, but I really started trading when I was 10 years old. I paper traded for a year or so and finally opened a real trading account using my own capital that I saved from entrepreneurial endeavors.So we're looking at six or seven years to go from tutoring money to more than fifty million dollars trading part-time. That's a difficult statement to believe but Pressler and her editor at NY Magazine managed to swallow it, as did the New York Post which ran "High school student scores $72M playing the stock market" and CNBC which had Islam and friends scheduled to appear until...
Monday’s edition of New York magazine includes an irresistible story about a Stuyvesant High senior named Mohammed Islam who had made a fortune investing in the stock market. Reporter Jessica Pressler wrote regarding the precise number, “Though he is shy about the $72 million number, he confirmed his net worth is in the ‘high eight figures.’ ” The New York Post followed up with a story of its own, with the fat figure playing a key role in the headline: “High school student scores $72M playing the stock market.”The Washington Post picks it up from there:
And now it turns out, the real number is … zero.
In an exclusive interview with Mr. Islam and his friend Damir Tulemaganbetov, who also featured heavily in the New York story, the baby-faced boys who dress in suits with tie clips came clean. Swept up in a tide of media adulation, they made the whole thing up.
Then on Monday afternoon, Mo backed out of a spot on CNBC, confessing the $72 million figure was inaccurate. “The attention is not what we expected — we never wanted this hype,” he said. New York, however, stood by the story: “Our story portrays the $72 million figure as a rumor … we did not know the exact figure he has made in trades. However, Mohammed provided bank statements that showed he is worth eight figures, and he confirmed on the record that he’s worth eight figures.”Just to be clear, the NY editors initially pinned much of their defense on the distinction between $72 million and “high eight figures,” and on the easily faked bank statement provided to the fact checker. Apparently the fact-checker didn't ask to see additional documentation or to speak to the parents (who are, according to the Observer, really pissed).
After the story's publication, people questioned the $72 million figure in the headline, which was written by editors based on the rumored figure. The headline was amended. But in an interview with the New York Observer last night, Islam now says his entire story was made up. A source close to the Islam family told the Washington Post that the statements were falsified. We were duped. Our fact-checking process was obviously inadequate; we take full responsibility and we should have known better. New York apologizes to our readers.The process would have been inadequate if the claim had been credible; for a story this incredible, it was grossly negligent.
Transit advocates are often accused, absurdly, of engaging in a “war on cars”. If we were indeed committed to such a war, I’m not sure we could have come up better with anything than this. The overruns will likely cannibalize WSDOT’s budget, including all manner of road repair and construction projects (some of which are necessary and useful) for the foreseeable future. If, as appears increasingly likely, the viaduct must be shut down before the tunnel is ready, transit will become even more crucial for accessing downtown, and far fewer cars will be able to do so with any efficiency at peak travel times. Meanwhile, Sound Transit’s tunneling project for light rail, using well established, off the shelf tunneling technology and conservative cost estimates, chugs along ahead of schedule and under budget, and Seattle just voted itself a tax increase to fund more bus service.I don't like the terms luddite and ddulite (I prefer technophile and technophobe), but it is a classic example of a series of expensive decisions caused by trying to save money through a clever technological solution. I return to my thoughts in the previous post, that the real point of concern is our inability to use off the shelf technology effectively in terms of infrastructure.
People in Huntington across the board were very interested and concerned about what he was doing. But the place that the show focused probably the most was in the schools. There he went in and was shocked and horrified that they were eating breakfast pizza and what he called luminescent strawberry milk. He tried to get them to start cooking from scratch. He said it didn't really matter that the food met the guidelines of the USDA as far as nutrients were concerned, but it wasn't fresh.If you follow reform movements, you see this all the time (particularly in education). Outsiders come in with lots of valid criticisms and some good ideas, but they also come in with unacknowledged personal preferences and cultural biases amplified by a subjective viewpoint and a dangerous lack of humility.
Of course what people saw on TV were the school lunch ladies being furious about this and feeling like he was stepping on their toes. They also saw the kids taking those lunches, which are paid for by taxpayer dollars, and dumping them in the trash.
What happened in the aftermath was really interesting. After he left, they were audited by the USDA, who came in and said, "These meals may be fresh, but they don't meet our requirements for nutrients." The head of school food, Rhonda McCoy, basically could have gone back to the way she'd always been doing everything. Even though on the show she came across as this cold, aloof bureaucrat, clearly the message had gotten through.
What she did over the next summer was redevelop the recipes, change the flavors a little bit. For example, she took some of the garlic out of his garlicky greens so that the kids liked them better. Within a year they were basically cooking all their meals from scratch.
I went down there. In this kitchen that any New York restaurant would be happy to have, there were 10 cooks making chicken, rolling it in a spice blend, baking it in the oven, taking potatoes, cutting them up, putting them in olive oil and roasting them in the oven. The meal that I ate there included a salad that had lettuce from a student farmer. It was incredible.
What's even more amazing is that since then, Cabell County, the county that Huntington is in, has trained I think 52 of 55 West Virginia counties to do the same. I would say West Virginia, which is not known as a very progressive state, probably has one of the best school lunch programs in the country.
Around 1970, when I got into the comic book business, the consensus was that there wouldn't be a comic book business for long…and not because of me. The traditional method of distribution — comics sold on a returnable basis to newsstands around the country — was failing, or at least it was failing comic books. The biggest distributor, Independent News, was making large sums off more expensive, adult publications like Playboy and Penthouse, and some there suggested that newsracks were no longer a place for kids or low-priced periodicals. Since comic books were low-priced and largely for kids, this was a pretty ominous suggestion, especially when you considered that Independent News not only distributed DC Comics but was a part of the same company. In other words, DC's wares were being sold by an outfit that no longer believed there was a future in selling comic books. With that attitude, there couldn't be much of one.There's also an interesting demographic side to this story, but that will have to wait for another post.
The "returnable" part was what was really hurting comics. Marvel would print 500,000 copies of an issue of Spider-Man and would get paid only for those that actually sold. So if the racks were crowded (or the distributor trucks filled with an extra-thick issue of Playboy that week), 50,000 might not make it to the racks at all. Many more copies would get damaged and returned with all the unsold copies for credit. 300,000 might actually be sold and the rest would get pulped…obviously, not the most efficient way to do business. In the past, the ratio had not been that bad, and a publisher could make a tidy profit…but by the seventies, the numbers were closing in on the comic book industry.
To the rescue came not Superman or Batman but a Brooklyn school teacher named Phil Seuling. Phil ran the big comic conventions in New York for years so he knew the fan market and its buying power. Around 1973, he began proposing to DC and Marvel that he sell their comics in a different manner, by-passing traditional newsstands and getting them directly to comic book dealers and shops. He would pay slightly less per copy to the publisher but he'd be buying the comics on a non-returnable basis, so a sale would be a sale; no printing five copies to sell three.
At first, publishers rebuffed his proposal. The "direct market," as it would come to be called, did not seem lucrative enough to warrant the attention, to say nothing of how it might further destroy the old method. But before long, it became apparent that the old method was being destroyed, with or without selling books the Seuling way, so DC, Marvel and other companies tried it. Within a year, around 25% of all comic books were being sold via "direct" distribution, through Seuling's company and about a dozen others, with 75% still on conventional newsstands. Within ten years, those percentages were reversed. Today, the "direct market" is the primary market…though Phil, sadly, did not live to reap the full benefits of his idea. He died in 1984 at the age of 50.
Walk from the US Airways shuttle at New York’s LaGuardia Airport to ground transportation. For months, there has been a sign saying “New escalator coming in Spring 2015.” The Charles River at a key point separating Boston and Cambridge is little more than 100 yards wide. Yet traffic has been diverted for over two years because of the repair of a major bridge and work is expected to continue into 2016.
The world is said to progress, but things that would once have seemed easy now seem hard. The Rhine is much wider than the Charles, yet Gen. George S. Patton needed just a day to create bridges that permitted squadrons of tanks to get across it. It will take almost half as long to fix that escalator in LaGuardia as it took to build the Empire State Building 85 years ago.I think that this really does hit on something important. Yes, in some cases things like safe labor practices matter and have a real cost. But on the other side, it seems impossible to think that we have simply lost the ability to generate infrastructure. At the very least, regulatory and financial incentives are failing to properly align.
[Jeffrey ] Goldberg's article was a particularly weird piece of work, but it fit neatly into the "anti-anti" Israel genre. The thing about criticizing Israel is that you get called an anti-Semite rather a lot. This doesn't happen when you criticize sugar subsidies or come out against the stimulus bill. And make no mistake: Anti-Semitism is a serious charge. A genuine anti-Semite would be, should be, drummed out of political journalism, just as a legitimate racist should find no home at a serious opinion outlet. For that reason, being called an anti-Semite by hobbyist Zionists who happen to own and control prestigious domestic political magazines seems like it would be a bad thing. But the charge has been rendered tinny through overuse.That 'should' gives Klein a bit of wiggle room but a reader could certainly come away with the impression that this sort of thing is not tolerated.
The truth is that no one has ever really cared about the lives of Africans in Africa unless those lives are taken out by whites. No one has cared, not even African Americans like [Jesse] Jackson and [Susan] Rice. Frankly -- I have not a scintilla of evidence for this but I do have my instincts and my grasp of his corruptibility -- I suspect that Jackson was let in on the diamond trade or some other smarmy commerce.Fisher goes on to spell out the reaction of fellow journalists to this "overt racism."
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Well, I am extremely pessimistic about Mexican-American relations, not because the U.S. had done anything specifically wrong to our southern neighbor but because a (now not quite so) wealthy country has as its abutter a Latin society with all of its characteristic deficiencies: congenital corruption, authoritarian government, anarchic politics, near-tropical work habits, stifling social mores, Catholic dogma with the usual unacknowledged compromises, an anarchic counter-culture and increasingly violent modes of conflict.
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But, frankly, Muslim life is cheap, most notably to Muslims. And among those Muslims led by the Imaam Rauf there is hardly one who has raised a fuss about the routine and random bloodshed that defines their brotherhood. So, yes, I wonder whether I need honor these people and pretend that they are worthy of the privileges of the First Amendment which I have in my gut the sense that they will abuse.
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I actually believe that Arabs are feigning outrage when they protest what they call American (or Israeli) "atrocities." They are not shocked at all by what in truth must seem to them not atrocious at all. It is routine in their cultures. That comparison shouldn't comfort us as Americans. We have higher standards of civilization than they do. But the mutilation of bodies and beheadings of people picked up at random in Iraq does not scandalize the people of Iraq unless victims are believers in their own sect or members of their own clan. And the truth is that we are less and less shocked by the mass death-happenings in the world of Islam. Yes, that's the bitter truth. Frankly, even I--cynic that I am--was shocked in the beginning by the sectarian bloodshed in Iraq. But I am no longer surprised. And neither are you.
And no one resigned — including me, while I was an intern at the magazine for four months. Though I was unpaid, I eagerly accepted the resume-boosting prestige that came from working there. And, like the rest of the staff, I did it knowing it meant turning a blind eye to Peretz's frequent screeds on the magazine's website, fully aware that they were not just the crazy rants of an old racist but were in fact palpably damaging to the minority families who had to live in a society that was that much more intolerant because Peretz enjoyed a platform that legitimized his views.
I am thinking about this today as I watch senior editors and contributing editors resign en-masse from the magazine, in response to the firings of Foer and Wieseltier. Many of them are friends, and many never worked under Peretz at all.
But a number of the journalists who are resigning their positions as "contributing editor," typically an honorific title granted to former staffers who are no longer actually contributing or paid, did work under Peretz, or did accept this same honorific title from him.
Some of these resigning editors chose to tolerate and lend tacit support to Peretz; I am in no position to critique them for this. But the fact that many of them found Peretz's promulgation of racism to be tolerable, whereas Chris Hughes' firing of two beloved colleagues was not, speaks to a larger problem of how we think about racism in American society and particularly in the elite media institutions that have badly lagged in employing people of color.
I will have to tell him that from everything I can find, Mars One doesn’t appear to be in any way qualified to carry off the biggest, most complex, most audacious, and most dangerous exploration mission in all of human history. That they don’t have the money to do it. That 200,000 people didn’t actually apply. That, with all the good faith one can muster, I wouldn’t classify it exactly as a scam—but that it seems to be, at best, an amazingly hubristic fantasy: an absolute faith in the free market, in technology, in the media, in money, to be able to somehow, magically, do what thousands of highly qualified people in government agencies have so far not yet been able to do over decades of diligently trying, making slow headway through individually hard-won breakthroughs, working in relative anonymity pursuing their life’s work.I started to excerpt a few paragraphs of Keep's article but you really need to read the whole thing to grasp just how unlikely it is for this enterprise to go beyond the asking for money stage. Every single aspect collapses under scrutiny, from the unrealistic funding model to the wildly optimistic cost estimates to the nonexistent specs and contracts to the unresolved technical issues.
Could you leave everyone you love for the chance to settle on Mars? Sonia Van Meter describes herself as an "aspiring Martian" - she hopes to be one of the first humans on the planet in 10 years' time. But it would mean never seeing her husband again.There is one quick cover-your-ass 'if' buried deep in the piece ("The mission, if it goes ahead, will be dangerous, some say suicidal."), but even in that single brief sentence, the possibility of it not happening is just an aside. There is no real effort to put this in a realistic context. Instead, we're given figures like that 35-to-one chance; it's almost certainly false but it makes for a good story.
"I don't think you can apply for something like this and not be the tiniest bit insane," says Sonia Van Meter. "But this is the next great adventure, and I'm going to do absolutely anything I can to be a part of this."
The 35-year-old political consultant from Austin, Texas, is one of 705 people in the running to form a 20- to 40-strong human colony on Mars - a group whittled down from 200,000 who sent applications to Dutch not-for-profit organisation Mars One last year.
"I thought: 'Shoot, this sounds like fun!'" she says. "I didn't think there was the slightest chance that I would be selected, I just wanted to be a part of it."
For her husband Jason Stanford, her application - and the fact that she now appears to have a 35-to-one chance of leaving forever - evoked mixed emotions.
"Like any good red-blooded American male, at first I thought this was all about me. I thought: you're leaving me," he says.
Over time he changed his mind. "The more she talked about it, the more I realised she was doing this for the right reasons - she was doing this to show humanity what we can all do if we work together," he says.
