@michaeljung http://michaeljung.posterous.com everything from my inbox posterous.com Tue, 31 Aug 2010 08:37:59 -0700 Management Tip of the Day: Don't Look Down on Lateral Moves http://michaeljung.posterous.com/management-tip-of-the-day-dont-look-down-on-l http://michaeljung.posterous.com/management-tip-of-the-day-dont-look-down-on-l It is the career pyramid, stupid.

http://blog.aquire.com/2009/12/09/the-career-pyramid-a-great-monument-to-planning/
http://www.fastcompany.com/blog/lindsey-pollak/next-generation-career-advice/are-you-building-your-career-pyramid

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AUGUST 31, 2010
Don't Look Down on Lateral Moves

Many career advisors will tell you: if you're going to make a move within your company, make sure it's up. But before you swear off lateral moves, consider that they can be useful career builders as they broaden your skills and areas of expertise. In fact, some companies require their high-potentials to make several switches between functional tracks and general management before receiving a promotion. Next time you want to make a move, don't be distracted by a better title. Focus on your long-term career goals and consider the skills you need to get there. A lateral move may be the résumé enhancer you need.

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Today's Management Tip was adapted from "Job-Hopping to the Top and Other Career Fallacies" by Monika Hamori.

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Sun, 29 Aug 2010 13:36:04 -0700 The Daily Stat: One-Third of Women View Adult Sites http://michaeljung.posterous.com/the-daily-stat-one-third-of-women-view-adult http://michaeljung.posterous.com/the-daily-stat-one-third-of-women-view-adult "comScore research that looked at people's internet visits" - How do they do this? Leave it in the comments. THANKS.

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AUGUST 27, 2010
One-Third of Women View Adult Sites

34% of women worldwide view adult web sites, more than view sites devoted to health (23%), clothing (21%), or family and parenting (20%), according to comScore research that looked at people's internet visits over a one-month period. As for men: 46% viewed adult sites, and 17%, 15%, and 14%, respectively, visited health, clothing, and family-parenting sites at least once during the study period.

Source: comScore

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Tue, 24 Aug 2010 11:31:20 -0700 The Daily Stat: Why Hackers Love 8-Character Passwords http://michaeljung.posterous.com/the-daily-stat-why-hackers-love-8-character-p http://michaeljung.posterous.com/the-daily-stat-why-hackers-love-8-character-p Good to know ...

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AUGUST 24, 2010
Why Hackers Love 8-Character Passwords

With processors getting speedier and password-hacking software freely available on the web, the 8-letter password may soon be obsolete. Georgia Tech researchers used graphics cards to crack 8-character passwords in two hours; divining 12-character passwords, by contrast, would have taken more than 17,000 years. The researchers say any password shorter than a dozen characters could soon be vulnerable.

Source: CNN Tech

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Fri, 16 Jul 2010 03:08:00 -0700 The Daily Stat: Chilly Offices Limit Productivity http://michaeljung.posterous.com/the-daily-stat-chilly-offices-limit-productiv http://michaeljung.posterous.com/the-daily-stat-chilly-offices-limit-productiv

I can attest that it is uncomfortable doing office work while it's cold. On the other hand, the office management then gotta do some calculations; reducing overhead (heating) or increasing efficiencies by more overhead (heating) so we can fire one worker who is one too much after we achieved higher productivity ($2 per worker/hr).

Does it add up for your office?

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JULY 15, 2010
Chilly Offices Limit Productivity

Raising the temperature of an insurance company's offices from 68 degrees to 77 degrees Fahrenheit (20 to 25 C) reduced typing errors by 44% and boosted typing output by 150%, according to a monthlong study by Alan Hedge of Cornell. The higher, more comfortable temperature resulted in a savings for the employer of about $2 per worker per hour, Hedge says.

Source: Cornell Chronicle

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Thu, 15 Jul 2010 06:52:24 -0700 2 Steps to Changing Your Bad Habits http://michaeljung.posterous.com/2-steps-to-changing-your-bad-habits http://michaeljung.posterous.com/2-steps-to-changing-your-bad-habits Harvard Business Review wrote:
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JULY 15, 2010
2 Steps to Changing Your Bad Habits

We all have bad work habits — checking email during meetings, insisting on being right, multitasking to the point of accomplishing nothing. Changing these behaviors is difficult. Even if you can go a few days on good behavior, it's likely the bad habits will return. Here are two steps to achieving long-term behavior change and getting rid of bad habits for good:
  1. Create useful fear. You know that bad habits are bad, but do you truly understand their impact on others and your career? Picture what your review will say if you continually show disrespect for others during meetings. Imagine that you may be left out of important future meetings. The fear will help you stop.
  2. Find the reward. Stopping the behavior is the first step. Now you need to find a reason to not let it return. Enjoy the pleasure of being fully present in a meeting. Discover how much more you can contribute and how much more you are appreciated. This reward will help you sustain the change.

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Today's Management Tip was adapted from "A Two-Step Plan for Changing Your Bad Habits" by Peter Bregman.

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http://files.posterous.com/user_profile_pics/22685/IMG_6807-croped.jpg http://posterous.com/users/KEVHMwlX0d Michael Jung michaeljung Michael Jung
Wed, 07 Jul 2010 01:10:58 -0700 HBR - Management Tip of the Day: Remove the Mental Barriers to Career Success http://michaeljung.posterous.com/hbr-management-tip-of-the-day-remove-the-ment http://michaeljung.posterous.com/hbr-management-tip-of-the-day-remove-the-ment "Never assume that you are going to be treated fairly or justly rewarded." = Capitalism

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JULY 7, 2010
Remove the Mental Barriers to
Career Success

If you have your sights set on the top job at your company, it's likely there are organizational barriers standing in your way. This may be especially true if you are a woman. However, the mental barriers holding you back may be just as strong, if not stronger. To get what you want, you need to ask for it, and in some cases, push for it. Never assume that you are going to be treated fairly or justly rewarded. It's up to you to define what you want and present the case for why the company should give it to you. Organizational bias is real, but don't let your own timidity or fear of self-promotion make you lose out on what you deserve.

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Today's Management Tip was adapted from "Overcoming the Mental Barriers to Equal Pay" by Mary Davis Holt.

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Tue, 06 Jul 2010 07:55:41 -0700 Stop reading newspapers #2: The New York Fed's Editorial Influence Over The WSJ http://michaeljung.posterous.com/stop-reading-newspapers-2-the-new-york-feds-e http://michaeljung.posterous.com/stop-reading-newspapers-2-the-new-york-feds-e

zerohedge reports ( http://www.zerohedge.com/article/new-york-feds-editorial-influence-over-wsj):

One of last year's key pieces of financial reporting was Jon Hilsenrath's disclosure that then-Goldman Sachs 

and
 FRBNY director Stephen Friedman was in possession of Goldman Sachs shares while holding inside information that the Fed was willing to bailout Goldman et al forever and ever, even as a waiver to allow Friedman to buy was still in process with no formal outcome, and the Goldman/FRBNY director was loading up on even more shares. As the WSJ's Hilsenrath and Kate Kelly reported, "while it was weighing the request, Mr. Friedman bought 37,300 more Goldman shares in December. They’ve since risen $1.7 million in value." Not a shabby profit for someone who knew the system would never put him at risk of having to disgorge ill-obtained profits while in a position so conflicted, even a Chrysler-addled supreme court justice would have no problem figuring out just how blatant the systemic abuse was. Sure enough, the reporting was of sufficiently high caliber that it garnered a finalist place in this year's Gerald Loeb Awards (and seeing how ARS' "Too Big To Fail" chronology-of-events-from-the-perspective-of-Wall Street won a Loeb, it tells all you all you need to know about this particular award, and we'll leave it at that). Yet going through some of the recently made public e-mails produced on behalf of Stephen Friedman, we had a few questions as to the full independence of the WSJ when it comes to "editorial" suggestions from the Federal Reserve Board Of New York. As the below email from Fed EVP of the Communications Group, ala media liaison, Calvin Mitchell to the WSJ's Kate Kelly demonstrates, and as the final product confirms, the Fed was quite instrumental in what quotes, tangents, implications, and story lines the WSJ was allowed and not allowed to use and pursue in framing the problem of not only Friedman's conflict of interest, but that of the FRBNY board of directors itself. And seeing how Kelly and Hilsenrath caved in to every FRBNY editorial demand, one wonders just what the (s)quid-pro-quo for this particular form of alleged media capture may have been.

We present FRBNY-TOWNS-R1-191200/1:

We may be a little too far removed from the traditional way media is editorialized, but last time we checked we had the impression that the "independent" media would not follow the guidelines of the Federal Reserve on what is and isn't publishable, especially in the context of a piece that could easily end up having very damning implications for Goldman, the FRBNY, a "respected" director of both entities, and the entire regulatory process that allows these kinds of conflict of interest to be waived retroactively with an ex-post facto waiver, such as the case was here.

Since Zero Hedge has little risk of ever being in the FRBNY's good graces (ha ha ha), we would like to present the very quotes that the FRBNY thought may have been a little too sensitive for public consumption.

To wit:

  • On the general attitude of the NY Fed Board:

"In fact the ultimate approval for the things that get done, basically, get done by the full Fed board in Washington and our board has what I've called a blanket recusal. We might get briefed that something... problematical is happening this weekend... but we not only don't get involved in that stuff, we don't want to ratify it and we don't want to get involved in it because we don't want to have a perceived responsibility that exceeds our authority." I'D SUGGEST NOT

  • On [Friedman's] involvement/awareness of what the NY Fed was doing with AIG from last September on:

"The audit committee... focuses on how the Fed staff has geared up to handle its responsibilities, and this is something they take very seriously and report on to the full board, and I have on occasion audited the sessions... That's administrative or ministerial as opposed to matter of policy." I'D SUGGEST NOT.

  • On [Friedman's] feelings about the candidate to succeed Geithner and the fact that he didn't want the person's past job(s) to be a distraction:

"We were very sensitive to what organization that person had come from." I'D SUGGEST NOT

[Geithner's replacement, Bill Dudley, came over from Goldman Sachs, and was previously in charge of the Fed's notorious "Liberty 33" Markets Group, better known in other circles by various less politically correct acronyms]

It is easy to see why the Fed was staunchly against any of these "insinuations" making the final Hilsenrath/Kelly article. Yet we would like to pick up on Ms. Kelly's line of questioning, and push this formerly confidential email out to the public, to make it clear just what are the questions that the Fed would prefer to not see discussed in a broader public arena. We do also wonder, just why it is that the WSJ journalists dropped pursuing these lines of investigation upon the merest frown of disapproval by a lowly Fed clerical worker. Just how much power over "established and independent" media does the WSJ have? Also, just how much information is the Fed feeding to publications that are in its "white list" in exchange for perpetuating a cordial relationship where the media side of the equation never discusses more than is politically acceptable (also makes the Loeb committee award to Mr. Sorkin that much more understandable).

To be fair, it appears Hilsenrath did manage to get on the Fed's nerves at least once prior to the abovementioned smackdown.

This can be seen in the following email from Mitchell to FRBNY General Counsel Thomas Baxter (FRBNY-TOWNS-R1-101195):

Because heaven forbid someone should "impugn the integrity of Friedman or the Fed because of the so-called Goldman connection." We wonder just what high level talking-to resulted as a consequence of this almost-published scandal. Key word here being:almost. While absent additional email disclosure from Mr. Friedman, and his public production seems surprisingly sparse, we would be the last to challenge the WSJ reporters' professional integrity to pursue a story to its core, this kind of ultra-high level intermediation by none other than the Federal Reserve does bring up some rather uncomfortable questions.

PS. for those wishing to do some additional due diligence, we suggest a brief perusal of Bates 195712

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Sat, 03 Jul 2010 15:13:20 -0700 Stop reading newspapers. RE: Disappointing June jobs report casts shadow over recovery http://michaeljung.posterous.com/stop-reading-newspapers-re-disappointing-june http://michaeljung.posterous.com/stop-reading-newspapers-re-disappointing-june Hi,

it is shambles that you (http://www.latimes.com/business/la-fi-jobs-20100703,0,7264011,full.story) and other papers are not reporting (numbers) how over half a million dropped out of the workforce and over 1.2m will drop out due to non-extension of 99 weeks unemployment benefits. In every country it is the same (UK, France, Spain, Germany). Economists are mad about the hilarious and distasteful accounting and company structure practises banks are doing for better numbers, hiding losses and "toxic" assets. Hiding the painful truth. And the governments of the world (politics) are doing the same.

And you so called 'reporters', 'journalists' and 'investigative journalists' are doing every year less and less to challenge them and play your role of democracy, transparency, freedom of speech. No wonder that people (r)eating the words of 'blogs'. No wonder that governments and certain power groups support US Congressman (and other governments, notably Australia) to write legislation to regulate the last resort. Implementing the off-button against people who challenge the status quo. Since when is there an off-button in free speech and own thinking in your constitution?

Ah, the papers have them - being not allowed to publish government secrets that could threaten the safety of the US and its its institutions. CIA, FBI, Secret Service ... BND, MI5, SIS, ...

... wow, what a rant.
MJ

--------------------------------------------
Michael Jung
Aberdeen, Scotland, UK

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Thu, 24 Jun 2010 08:39:44 -0700 New Flickr Photopage. Like it Very much. http://michaeljung.posterous.com/new-flickr-photopage-like-it-very-much http://michaeljung.posterous.com/new-flickr-photopage-like-it-very-much http://www.flickr.com/

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Thu, 10 Jun 2010 00:54:02 -0700 Stat of the Day: World Cup Refs Run More in Games Than Players http://michaeljung.posterous.com/stat-of-the-day-world-cup-refs-run-more-in-ga http://michaeljung.posterous.com/stat-of-the-day-world-cup-refs-run-more-in-ga Harvard Business Review wrote:



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JUNE 9, 2010
World Cup Refs Run More in Games Than Players

Most of the referees in the upcoming FIFA World Cup tournament have day jobs, such as office work, and train on their own time for the grueling games. Though they're often twice the age of the athletes, refs tend to run 12 miles during a single game, five miles more than players. And there are no substitutions.

Source: CNN Health

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http://files.posterous.com/user_profile_pics/22685/IMG_6807-croped.jpg http://posterous.com/users/KEVHMwlX0d Michael Jung michaeljung Michael Jung
Mon, 07 Jun 2010 08:43:36 -0700 Fear.less Magazine June 2010 Issue http://michaeljung.posterous.com/fearless-magazine-june-2010-issue http://michaeljung.posterous.com/fearless-magazine-june-2010-issue ---------- Forwarded message ----------
From: fear.less
Date: Mon, Jun 7, 2010 at 2:36 PM
Subject: Fear.less Magazine June 2010 Issue
To: Michael Jung


Hey Michael,

 

We've just released the June 2010 issue of fear.less magazine.

Readers seemed to really dig issue one, so we can't wait to share 

our second issue with you, chock full of stories we loved.

 

CLICK HERE TO DOWNLOAD THE JUNE 2010 ISSUE FEATURING: 

 

Platon: How To Be Brave With Your Insecurities

Julia Cameron: Write Through Your Fear with Faith and Discipline

Benjamin Zander: Looking For The Possibility In Our Mistakes

Suzanne Matthiessen: Reframing our Brains to Become Fearless

Chris Guillebeau: Why Positive Feedback Works

Immaculee Ilibagiza: Forgiveness after the Rwandan Genocide

 

We hope you've enjoyed the stories so far. To sign up 

for free to receive a year's worth of inspiration, click HERE.

 

All subscribers get updates on new contributors and alerts when new issues 

are released, so sign up and tell your friends. You can unsubscribe anytime.

 

Here's a quote from Platon, one of the best stories in fear.less:

 

"I always looked foolishly at how other people became successful or 'did it.' I 

came to realize that it's actually irrelevant how anybody else does it if you're 

looking for a formula to apply to yourself. The truth is, everyone's journey, 

everyone's personality, and everyone's talent or weaknesses are different. 

It's more important to get to know yourself, understand who you are, understand 

your Achilles' heel and your strengths, which can often be completely 

unrecognized in the beginning."

 

Cheers,

Ishita


fear.less, 140 Thompson, NY NY 10012


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Fri, 04 Jun 2010 07:39:56 -0700 Management Tip of the Day: When Your Employee is Unaware of Unspoken Rules #interesting #ugc http://michaeljung.posterous.com/management-tip-of-the-day-when-your-employee http://michaeljung.posterous.com/management-tip-of-the-day-when-your-employee 1. Content very good.
2. Content originated from other Users (UGC). Via their new HBR Answer Exchange. See little bit below.

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JUNE 4, 2010
When Your Employee is Unaware of Unspoken Rules

It's easy to think that workplace norms are explicit and easy to obey — be at your desk by nine, don't ask superiors personal questions, and don't dress too casually, for example. Managing someone who doesn't follow these norms can be tough, especially if their lack of understanding reflects poorly on your management. Before you tear out your hair wondering why they just don't get it, try using these three tips:
  1. Remain open. Some of the rules that we think are steadfast may actually just be our own preferences.
  2. Delineate what's essential to business. It's unlikely that a too-casual outfit will stop the company from operating. If the employee needs to be presentable on client calls, that's one thing, but be clear about what truly matters to performance.
  3. Communicate expectations clearly. Don't expect everyone to pick up on informal cues. Be explicit with someone who isn't getting it about what rules need to be followed and why.

HBR Answer Exchange
Today's Management Tip was adapted from "What to Do with a Gen X that Doesn't Understand Politics" on the "Ask the Expert: Tammy Erickson" board of the HBR Answer Exchange.

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http://files.posterous.com/user_profile_pics/22685/IMG_6807-croped.jpg http://posterous.com/users/KEVHMwlX0d Michael Jung michaeljung Michael Jung
Wed, 02 Jun 2010 14:00:18 -0700 Foodspotting is hiring! Rails, iPhone, Android, BizDev, Community Builder + Interns http://michaeljung.posterous.com/foodspotting-is-hiring-rails-iphone-android-b http://michaeljung.posterous.com/foodspotting-is-hiring-rails-iphone-android-b
On Wed, Jun 2, 2010 at 5:36 PM, Foodspotting <team@foodspotting.com> wrote:

Madmimi-logo

Hi everyone!

We just wanted to share a few more details around the job opportunities we mentioned in our last newsletter, because how awesome would it be if a few of our dedicated users became the first to join our team and to take on a significant role in shaping what Foodspotting becomes!

We're angel funded and based in San Francisco (though we're open to amazing people elsewhere), and we're currently on the lookout for:

  • A Rails Developer (Full Time) with both front and backend experience who can accelerate development of Foodspotting's core functionality and make Foodspotting smarter, especially by working on our game mechanics, recommendation & reputation algorithms and location-based capabilities.

  • An iPhone Developer (Full Time or Contractor) who can create a delightful, engaging, high quality experience by evolving and expanding the current Foodspotting iPhone app to better support foodspotters' and foodseekers' needs.

  • A Community Builder (Full Time or Part Time) who can grow Foodspotting from the ground up by creating engaging food content, coordinating special events, building a street team, communicating with media and engaging local businesses.

  • A Business Development Lead (Full Time) who can accelerate Foodspotting's growth and identify revenue opportunities by forging partnerships with food and travel-related media, businesses (local and national), brands and causes.

  • Android and Blackberry Developers (Contractors) who can help us design and implement apps uniquely optimized for these platforms.

  • Interns who can help in any of these areas!

If you're interested in any of these positions or know someone who might be, check out the job descriptions and tell us more at jobs@foodspotting.com (include job title in the subject line).

If we hire someone that you refer to us, we'll send you a $500 Amazon card or a free iPad!

Thanks so much,

Alexa and Ted

facebook tumblr twitter

©2010 Foodspotting, Inc. | Bayside Village Pl, San Francisco, CA 94107

Powered by Mad Mimi®

--------------------------------------------
Michael Jung
Aberdeen, Scotland, UK
http://www.michaeljung.co.uk
Contact:
Mobile: (UK) x
Twitter: michaeljung
Skype: x
ICQ: x

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Wed, 02 Jun 2010 08:28:44 -0700 The Daily Stat: Ex-Student Puts His Bachelor's Degree Up for Auction http://michaeljung.posterous.com/the-daily-stat-ex-student-puts-his-bachelors http://michaeljung.posterous.com/the-daily-stat-ex-student-puts-his-bachelors Harvard Business Review wrote:

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JUNE 2, 2010
Ex-Student Puts His Bachelor's Degree Up for Auction

$36,000 was where Nick Enlow started the bidding when he put his 2008 Purdue University bachelor's degree in psychology up for auction on eBay, saying the diploma hadn't helped him get a job that paid enough to cover his $470 monthly student-loan repayment. eBay barred the auction, however, citing the "sensitivity" of the item, according to the Lafayette (Indiana) Journal & Courier.

Source: jconline.com

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Thu, 27 May 2010 06:08:12 -0700 HBR: Be Wary of the Downsides of Entrepreneurship http://michaeljung.posterous.com/hbr-be-wary-of-the-downsides-of-entrepreneurs http://michaeljung.posterous.com/hbr-be-wary-of-the-downsides-of-entrepreneurs Harvard Business Review wrote:
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MAY 27, 2010
Be Wary of the Downsides of Entrepreneurship

There are many rewarding things about being an entrepreneur: the autonomy, the recognition, the creativity, not to mention the fact that you are pursuing your dreams. But starting a business is never easy and not everyone is cracked up to be their own boss. Before you embark on a solo venture, remember that there are downsides too. Being an entrepreneur requires high risk, hard work, and many, many tradeoffs. The glamour of the got-rich-quick entrepreneur is often a far cry from what it's really like in the trenches. Take a hard look at your life and be sure you know what you are risking before you set up your own business.

Harvard Business Review Blog
Today's Management Tip was adapted from "20 (More) Reality-Checking Questions for Would-Be Entrepreneurs" by Seth Kravitz.

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http://files.posterous.com/user_profile_pics/22685/IMG_6807-croped.jpg http://posterous.com/users/KEVHMwlX0d Michael Jung michaeljung Michael Jung
Wed, 26 May 2010 15:20:00 -0700 Stop Impersonation Account of BP - @BPGlobalPR - *IMMEDIATELY* http://michaeljung.posterous.com/stop-impersonation-account-of-bp-bpglobalpr-i http://michaeljung.posterous.com/stop-impersonation-account-of-bp-bpglobalpr-i
Update 27/05 11am BST: Got an email back within minutes last evening from the official BP PR Team. They "spotted it a few days ago" and are "monitoring it as a spoof site."

Dear Twitter Team,
 
for some users it is not obvious whether @BPGlobalPR is a parody slash impersonation or just the real BP plc. Thus, I am asking you to ban the account until measures are taken to make it clear that this account is a parody of the events happening in the Gulf of Mexico.
 
As it is now, it's an impersonation of BP plc. Public Relations as it does NOT state in the name of the account or the description of the account that this content is humour or a parody of events. Content on the cost of millions of affected lives by this environmental disaster of epic proportions, overshadowing everything seen before in human history.
 
I am referring to your guidelines:
 
 
Sincerly
- MJ
 
--------------------------------------------
Michael Jung
Aberdeen, Scotland, UK
http://www.michaeljung.co.uk
Contact:
Mobile: (UK) XXX
Twitter: michaeljung
Skype: XX
ICQ: XX

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Sat, 22 May 2010 08:16:55 -0700 Just as I thought @jason & @mahalo team couldn't get more competition in the Q&A Game http://michaeljung.posterous.com/just-as-i-thought-jason-and-mahalo-team-could http://michaeljung.posterous.com/just-as-i-thought-jason-and-mahalo-team-could
  • The HBR Answer Exchange (new)
  • Quora (ex-FB employees, new, closed beta)
  • StackOverflow (joel spolsky, overhaul, received A-Round)
  • Yahoo! Answers (
  • Aol beta.shopping.aol.com (New. If I am not mistaken (Tim Armstrong ;-)  , and when I read right on TC, then an ex-Mahalo employee is working on that too)
  • Facebook Q&A (saw that on GigaOm days ago http://gigaom.com/2010/04/13/whats-the-deal-with-facebooks-qa-competitor-blake-ross-answers-on-quora/ )
  • Google (bought ArdVark recently, integration imminently. I expect, that when you type a Question type query in search field, the option to post it on ArdVark (Google Vark?) will appear above the search results. "Google is in the content business.")
  • Content Farms who scan search query trends and manufacture 350-500-1000+ word pages with ads.
  • missing one company, business practise/model?

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INTRODUCING THE
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The HBR Answer Exchange is a place to ask questions, get answers, and engage with other business professionals. As a member, you'll have access to management solutions and advice provided by Harvard Business Review editors and fellow members of the community. The Answer Exchange is a place to find answers, yes, but also to network, share suggestions, and collaborate.

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Sun, 16 May 2010 18:36:00 -0700 SECs Robert Khuzami has a conflict of interest to pursue Deutsche Bank ASAP http://michaeljung.posterous.com/secs-robert-khuzami-has-a-conflict-of-interes http://michaeljung.posterous.com/secs-robert-khuzami-has-a-conflict-of-interes

Hi propublica.org

 
have an update from my first email, zerohedge reports as follows:
 
When the SEC'a Robert Khuzami recently recused himself of pursuing an investigation against Deutsche Bank in regard to potential CDO malfeasance, a bank where it is common knowledge the CDOs flowed (and were shorted "where appropriate" by Mr. Lippmann and his henchmen) like manna from heaven, we were curious just how large the conflict of interest must be for him to not pursue his official duty. Luckily, we were able to answer this question when we recently encountered Mr. Khuzami's Public Financial Disclosure Report for Executive Branch Personnel. It appears that Mr. Khuzami,who from 2002 to 2009 worked at DB, most recently as General Counsel, might have directly profited quite handsomely from the very activity he is now prosecuting Goldman, and other banks very likely soon, for engaging in. How handsomely? His 2007 bonus, 2008 salary and bonus, and 2009 salary added up to $3,804,537. This works out to about $1.9 million in comp per year. And let's not forget that 2006/2007 was the peak years for DB's CDO issuance. It sure seems Mr. Khuzami benefited nicely as a participant in precisely the kind of CDO gimmickry that he is currently all over Goldman for. Yet most ironic, is that Robert is expecting to receive between $100,001 and $250,000 in vested deferred stock comp from Deutsche Bank in August 2010. Should he, or someone else at the SEC, commence an investigation into Khuzami's former employer, the SEC's Director of Enforcement is sure to lose a substantial amount of money tied into the absolute value of Deutsche Bank stock.
 
Obviously this is not a trivial number. And while Khuzami may have recused himself from pursuing DB for CDO infarctions, that does not mean that some other SEC enforcer (surely, their $1 billion a year budget allows them at least more than one enforcement professional) would not be able to go after DB. The problem as we see it is that since the announcement of the SEC case against Goldman the firm has lost about 25% of its market cap. It is conceivable that DB, which dabbled far more in CDOs, and thus the SEC would have a much stronger case agaisnt the bank, would thus lose far more of its market cap should the SEC announce a case against the Germans. In fact, we could be looking at Mr. Khuzami's Vested Deferred Compensation value dropping from $100,001 - $250,000 to maybe even as low as $15,001-$50,000. Then again, this becomes irrelevant after August, when the former DB GC will have collected all his dues. Does this mean we should expect nothing from the SEC against Deutsche Bank for at least 4 more months? And is September 1 the day when the SEC formally announces charges against Deutsche? We would love to get the SEC's feedback on this.
 
the population should ask just how extremely biased this man can be when prosecuting the very system that allows him to have up to $11 million in assets currently tied in to the perpetuated status quo. Surely, should the Fed, and the market in general, be "surprisingly" uncovered to be the same ponzi construct as Madoff's pyramid scheme, Khuzami, and who knows how many other people, stand to lose virtually the bulk of their assets. This makes them very much conflicted in any real enforcement action, and certainly not independent or impartial. Perhaps Dodd, in his joke of a bill, can consider just how to establish a securities regulator which by its very nature is not constantly in bed with the very subject it is supposed to be investigating. 
 
 

---------- Forwarded message ----------
From: Michael <xxx>
Date: Sun, May 16, 2010 at 1:10 AM
Subject: RE: bank cheat sheet - suggestion
To: suggestions - propublica.org


Suspicion is, that banks hired rating agency people away concerning their discreet knowledge how their ex-employee, the rating agency, calculates risk of CDOs etcetera - just specifically to optimise CDOs and other investment vehicles to receive a better rating or disguise risk.
 
Goldman Sachs and Deutsche Bank facing these accusations of this business practise.
 
Its black hat operation.
 
Its the same that Hill people are hired away from the financial lobby - just for the purpose to torpedo financial reform.
 
Or that ex-top execs from oil or food corporations join the lobby industry. Or vice versa.
 
Money makes the world go round.

--------------------------------------------
Michael Jung
Aberdeen, Scotland, UK
http://www.michaeljung.co.uk
Contact:
Mobile: (UK) xx
Twitter: michaeljung
Skype:
ICQ: xx

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Thu, 13 May 2010 15:39:00 -0700 You’re Welcome, You Bastards http://michaeljung.posterous.com/youre-welcome-you-bastards http://michaeljung.posterous.com/youre-welcome-you-bastards

Hi Guys (and Lady),

I guess you know what this is about (http://techcrunch.com/2010/05/13/youre-welcome-you-bastards/). Will send my pre-ordered copy back to you (S&S) with a special note, after I read it and digitalised every page for personal use.

Cheers,
MJ

PS: @danroth thanks for blaming your (staff) communication errors on @arrington, very mature and business like. 
 
--------------------------------------------
Michael Jung
Aberdeen, Scotland, UK
http://www.michaeljung.co.uk
Contact:
Mobile: (UK) X
Twitter: michaeljung
Skype: x
ICQ: x

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Wed, 14 Apr 2010 06:05:14 -0700 Today via HBR - Don't get high on your own supply! #entrepreneurship #vision #passion http://michaeljung.posterous.com/today-via-hbr-dont-get-high-on-your-own-suppl http://michaeljung.posterous.com/today-via-hbr-dont-get-high-on-your-own-suppl Re: Management Tip of the Day: Don't Let Entrepreneurial Passion Blind You

The reason that the a likes of Google, Facebook or Twitter employees got so many perks and freedom in their work comes after the FACT that you are successful.

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APRIL 14, 2010
Don't Let Entrepreneurial Passion
Blind You

Passion, commitment, and stamina are prerequisites to getting a venture off the ground, but without objective assessment your venture can fail. Here are three ways to make sure your entrepreneurial passion doesn't impair your judgment:
  1. Beware of praise. Praise is not the same as success. Use the praise you receive to market and get attention for your venture, but don't let it distract you from what you're working toward.
  2. Don't lie to yourself. Self-honesty is a highly underrated skill of entrepreneurs. Stop and ask yourself the tough questions: are these the best investors to have? Do I have the right talent on board?
  3. Know when to give up. The best entrepreneurs know when to press the restart button. Manage risk by failing fast, regrouping, and moving on.

Harvard Business Review Blog
Today's Management Tip was adapted from "The Danger of Entrepreneurial Passion" by Daniel Isenberg.

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