When public data is actually public, the investigative side of being an investigative journalist gets a lot easier, or at least it gets more easily crowdsourced by a large group of amateurs and hobbyists who want to help out.
True, but that doesn’t diminish the value of the investigative journalist. Crowd sourcing sometimes helps, sometimes not. I have been thinking that crowd sourcing is over-rated. Maybe I’m stating that too harshly. Better: It is not consistently useful.
Good journalists shine through
I’m not biased, as I am not a journalist. I’m just rather yacky-locquacious.
The Securities and Exchange Commission (SEC) recently charged a man with trying to sell $500 billion worth of fake securities on social network LinkedIn.
- Be suspicious of unsolicited offers.
- The old rule about too good to be true still stands. Compare promised returns with well-known stock indexes. [Beware] of guaranteed returns.
- Tighten your privacy settings…. “Don’t you remember me from college?”
- Affinity fraud… preys on what you have in common, like ethnicity or religion.
Chart: Market value discount to face value of major UK banks’ loan books
Accounting for bank uncertainty [PDF] Excerpt from remarks given by Andrew G. Haldane, Bank of England:
So, historically, fair value accounting principles have gained ground when the going has been good, and lost it when it has got tough. From a financial stability perspective, this is a cause for concern. To see why, consider how banks’ balance sheets then appear to investors. During the asset upswing, fair value gains ground. Mark-to-market gains are booked as profits. To the extent that asset prices are over-inflated, so too are the recorded profits of the banks.