Danish kids absent from school for a month

The two youngest passengers on our Northwest Passage cruise were 13 and 15, public school students in Denmark. I asked the parents what kind of bureaucratic obstacles there had been to taking the kids out of school for a month. “None,” replied the dad. “The teacher said that they’ll probably learn more on this trip than in school.” Hurtigruten’s promise of working Internet on the Roald Amundsen did not materialize due to (a) limited satellite coverage, and (b) inability of the ship’s antennae to point low enough. Had the disconnected children experienced trouble in completing their assignments? “They weren’t given any,” said the father. “The curriculum in Denmark is standardized at the federal level, which can be great, but for children who are stronger than average academically it means they have no trouble catching up if they miss a month.”

[I also learned from this family that Denmark has instituted a busing system for children of immigrants. If a born-in-Denmark child does not speak Danish well, he or she is bused away from the neighborhood school, which presumably will also contain a bunch of children who speak a non-Danish language, to a school full of Danes. Where are these folks from? “Syria, after four straight years as the biggest generator of asylum-seekers in Denmark, lost its crown to Eritrea last year, but this year it is back on course to generate the highest number. … Uffe Østergaard, a Danish university academic specialising in identity history who works for both Aarhus University and Copenhagen Business School, has suggested in a Politiken opinion piece that Europe should build a wall around its perimeter… ” (CPH Post)]

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Foot in mouth: Tesla edition

Conversation after a neighborhood tennis game….

  • Dave: Whose Tesla X was that parked in your driveway yesterday?
  • Me: Why it was [John; also part of our tennis circle]’s of course! How many sanctimonious douchebags can there be in one town?
  • Dave: I just bought a Tesla X.

(“John” is not sanctimonious or a douchebag, incidentally. He is rich enough to buy a Tesla for fun/curiosity/novelty and doesn’t have to justify the cost with a planet-saving vision.)

Readers: How is Tesla doing now, both financially and as far as dominating the market is concerned? What are the redesigned 2020 cars that are worth looking at? We still need a new family sedan. The Hyundai Sonata is all new for 2020. Also the Subaru Legacy, which has AWD for our New England winters (NYT predictions of a Florida-style climate for Boston have so far not panned out). We will probably do a three-year lease since cars seem to be advancing at a rapid pace and we don’t want to spend a lot because we don’t have anyone to impress (nobody over the age of 5 anyway).

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Felicity Huffman and the discretion in our criminal justice system

“Felicity Huffman sentenced to 14 days in prison in nationwide college admissions scandal” (Salon) provides a good illustration of how much discretion there is for the people who run our criminal justice system:

The conspiracy charge carries a maximum sentence of 20 years in prison, but prosecutors said they recommended a sentence at the “low end” of the range — between four and 10 months — for the actress. They also recommended a fine of $20,000 and 12 months of supervised release.

In other words, if either the prosecutor or the judge had disliked Ms. Huffman for any reason, she could have been imprisoned for 20 years (longer than a typical murderer). Or, on the other hand, it might have been no prison/jail time if everyone showed up to court in a great mood. Or perhaps 14 days or any other number of days between 0 and 7,305.

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Book that explores the biggest issue of our age

The Wizard and the Prophet by Charles Mann, author of the fascinating 1491 (what Elizabeth Warren’s ancestors were up to before Europeans arrived to trash these continents), explores what I think is the biggest issue of our age: can the human population continue to expand without (a) the Earth being transformed into an unpleasant habitat, and (b) humans themselves suffering a Malthusian reduction to a subsistence standard of living.

Mann frames the issue:

The two people were William Vogt and Norman Borlaug. Vogt, born in 1902, laid out the basic ideas for the modern environmental movement. In particular, he founded what the Hampshire College demographer Betsy Hartmann has called “apocalyptic environmentalism”—the belief that unless humankind drastically reduces consumption its growing numbers and appetite will overwhelm the planet’s ecosystems. In best-selling books and powerful speeches, Vogt argued that affluence is not our greatest achievement but our biggest problem. Our prosperity is temporary, he said, because it is based on taking more from Earth than it can give.

Borlaug, born twelve years later, has become the emblem of what has been termed “techno-optimism” or “cornucopianism”—the view that science and technology, properly applied, can help us produce our way out of our predicament. Exemplifying this idea, Borlaug was the primary figure in the research that in the 1960s created the “Green Revolution,” the combination of high-yielding crop varieties and agronomic techniques that raised grain harvests around the world, helping to avert tens of millions of deaths from hunger.

Prophets look at the world as finite, and people as constrained by their environment. Wizards see possibilities as inexhaustible, and humans as wily managers of the planet. One views growth and development as the lot and blessing of our species; others regard stability and preservation as our future and our goal. Wizards regard Earth as a toolbox, its contents freely available for use; Prophets think of the natural world as embodying an overarching order that should not casually be disturbed.

Mann reminds us that the default scientific assumption is that Vogt is correct:

Biologists tell us that all species, if given the chance, overreach, overreproduce, overconsume. Inevitably, they encounter a wall, always to catastrophic effect, and usually sooner rather than later.

Yet, on the other hand, we’ve already apparently cheated what seemed like biological limits. World population has the proverbial Silicon Valley hockey stick growth and yet people are living better than ever, all around the world (except here in the U.S., according to my Facebook friends, since the Trumpenfuhrer arrived at the Reichstag!). Mann cites estimates that humans currently consume 25-50% of the Earth’s “primary production”

Convinced by politicians that STEM is the path to a glamorous and satisfying career? Here’s a description of Vogt’s 1938 job studying birds:

As a new employee of the Compañía Administradora del Guano, Vogt based his operations on the Chincha Islands, three granitic outposts thirteen miles off the southwest coast of Peru. Named, unexcitingly, North, South, and Central Chincha, they were each less than a mile across, ringed by hundred-foot cliffs, and completely covered in heaps of bird excrement—treeless, gray-white barrens of guano. Atop the guano, shrieking and flapping, were millions of Guanay cormorants, packed together three nests to the square yard, sharp beaks guarding eggs that sat in small guano craters lined by molted feathers. The birds’ wings rustled and thrummed; multiplied by the million, the sound was a vibration in the skull. Fleas, ticks, and biting flies were everywhere. So was the stench of guano. By noon the light was so bright that Vogt’s photographic light meter “often could not measure it.” Vogt’s head and neck were constantly sunburned; later his ears developed precancerous growths. Vogt worked, ate, and slept in the bird guardians’ barracks on North Chincha, remaining offshore for weeks on end (he was also given an apartment in the nearby shore town of Pisco). His quarters on the island were almost without furniture, covered with guano dust, alive with flies and roaches. Birds mated, fought, and raised their offspring on the roof overhead, leaving so much guano that the building had to be shoveled off periodically to avoid collapse.

Vogt’s opinion was that World War II in the Pacific could be explained by “population pressure” in Japan, and that both World Wars in Europe were explained by competition over resources. He was worried about population growth elsewhere:

Vogt, for instance, was loudly scornful of the “unchecked spawning” and “untrammeled copulation” of “backward populations”—people in India, he sneered, breed with “the irresponsibility of codfish.”

The book proves that every American has an idea for a movie (about soil!) and confirms the history in Real World Divorce:

Marjorie instead went home to California, where she apparently met Vogt, fourteen years her senior, who was futilely trying to convince Walt Disney to make an animated movie about soil. It seems evident that they began a relationship. Juana had spent much of the previous two years alone in Latin America, trolling the embassy circuit for Nazi gossip. In June 1945 the couple rendezvoused in California. The marriage collapsed. Two months later Juana went to Reno, Nevada, to obtain one of the city’s famous quick divorces. Early in 1946 Marjorie also went to Reno, and for the same reason. Marjorie filed for divorce from Devereux, appeared before the court, received her decree, and married Bill on the same day: April 4, 1946.

With the help of the new young wife, Vogt pushes Road to Survival in 1948, coinciding with Fairfield Osborn’s Our Plundered Planet. Thinking around environmentalism hasn’t significantly changed in the ensuing 70 years:

Vogt and Osborn were also the first to bring to a wide public a belief that would become a foundation of environmental thought: consumption driven by capitalism and rising human numbers is the ultimate cause of most of the world’s ecological problems, and only dramatic reductions in human fertility and economic activity will prevent a worldwide calamity.

The Earth has a carrying capacity. Humans will breed until this carrying capacity is exceeded. Then wars and famine will break out.

Norman Borlaug also demonstrates what a comfortable career science can be…

Many years later, after he won the Nobel Prize, Norman Borlaug would look back on his first days in Mexico with incredulity. He was supposed to breed disease-resistant wheat in Mexico’s central highlands. Only after he arrived, in September 1944, did he grasp how unsuited he was for the task—almost as unqualified in his own way as Vogt had been when he set sail for Peru. He had never published an article in a peer-reviewed, professional journal. He had never worked with wheat or, for that matter, bred plants of any sort. In recent years he had not even been doing botanical research—since winning his Ph.D., he had spent his time testing chemicals and materials for industry. He had never been outside the United States and couldn’t speak Spanish. The work facilities were equally unprepossessing. Borlaug’s “laboratory” was a windowless tarpaper shack on 160 acres of dry, scrubby land on the campus of the Autonomous University of Chapingo. (“Autonomous” refers to the university’s legal authority to set its curriculum without government interference; Chapingo was the name of the village outside Mexico City where it was located.) And although Borlaug was sponsored by the wealthy Rockefeller Foundation, it could not provide him with scientific tools or machinery; during the Second World War, such equipment was reserved for the military.

Mann points out that being a science writer is a lot more fun than being a scientist: “A prerequisite for a successful scientific career is an enthusiastic willingness to pore through the minutiae of subjects that 99.9 percent of Earth’s population find screamingly dull.”

After decades of poverty and 80-hour work weeks, the Green Revolution ensues. Combine with the Haber-Bosch process for synthesizing ammonia to use in fertilizer (Mann says that 1 percent of the world’s industrial energy goes for this) and we can have unlimited food, right?

Maybe not. “Norman Borlaug: humanitarian hero or menace to society?” (Guardian, 2014):

“Few people at the time considered the profound social and ecological changes that the revolution heralded among peasant farmers. The long-term cost of depending on Borlaug’s new varieties, said eminent critics such as ecologist Vandana Shiva in India, was reduced soil fertility, reduced genetic diversity, soil erosion and increased vulnerability to pests.

Not only did Borlaug’s ‘high-yielding’ seeds demand expensive fertilisers, they also needed more water. Both were in short supply, and the revolution in plant breeding was said to have led to rural impoverishment, increased debt, social inequality and the displacement of vast numbers of peasant farmers,” he wrote.

The political journalist Alexander Cockburn was even less complimentary: “Aside from Kissinger, probably the biggest killer of all to have got the peace prize was Norman Borlaug, whose ‘green revolution’ wheat strains led to the death of peasants by the million.”

Mann does not cover these criticisms of Borlaug’s work. Even with Mann’s 100-percent positive perspective on the frankengrains, he admits that the only way to feed an increased human population with the latest tech comes at the cost of destroying animals in the ocean:

Hard on the heels of the gains were the losses. About 40 percent of the fertilizer applied in the last sixty years wasn’t assimilated by plants; instead, it washed away into rivers or seeped into the air in the form of nitrous oxide. Fertilizer flushed into rivers, lakes, and oceans is still fertilizer: it boosts the growth of algae, weeds, and other aquatic organisms. When these die, they rain to the ocean floor, where they are consumed by microbes. So rapidly do the microbes grow on the increased food supply that their respiration drains the oxygen from the lower depths, killing off most life. Where agricultural runoff flows, dead zones flourish. Nitrogen from Middle Western farms flows down the Mississippi to the Gulf of Mexico every summer, creating an oxygen desert that in 2016 covered almost 7,000 square miles. The next year a still larger dead zone—23,000 square miles—was mapped in the Bay of Bengal.

How about organics? Maybe that is the answer:

[Organic farming promoter Jerome] Rodale died in 1971—bizarrely, on a television talk show, suffering a heart attack minutes after declaring “I never felt better in my life!” and offering the host his special asparagus boiled in urine.

The Gates Foundation will enable the Earth to support 50 billion people by engineering rice that accomplishes C4 photosynthesis:

Barely 3 percent of the flowering plants are C4, but they are responsible for about a quarter of all the photosynthesis on land. The impact of C4 is evident to anyone who has looked at a recently mowed lawn. Within a few days of mowing, the crabgrass in the lawn springs up, towering over the rest of the lawn (typically bluegrass or fescue in cool areas). Fast-growing crabgrass is C4; lawn grass is ordinary photosynthesis. The same is true for wheat and maize. Plant them on the same day in the same place and soon the maize will overshadow the wheat—maize is C4, wheat is not. In addition to growing faster, C4 plants also need less water and fertilizer, because they don’t waste water on reactions that lead to excess oxygen, and because they don’t have to make as much rubisco.

One of these in-between species is maize: its main leaves are C4, whereas the leaves around the cob are a mix of C4 and ordinary photosynthesis. If two forms of photosynthesis can be encoded from the same genome, they cannot be that far apart. Which in turn implies that people equipped with the tools of molecular biology might be able to transform one into another. In the botanical equivalent of a moonshot, an international consortium of almost a hundred agricultural scientists is working to convert rice into a C4 plant—a rice that could grow faster, require less water and fertilizer, withstand higher temperatures, and produce more grain. Funded largely by the Bill & Melinda

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Making America Great with a German Helicopter

Democrats will debate tonight, presumably seeing whose empty unfunded promises can come closest to what Hugo Chavez promised voters.

What do Trump supporters have? At Oshkosh, we saw the Trump Chopper: Turning Washington Upside Down. What does it take to make (keep?) America Great? A Messerschmitt-Bölkow-Blohm Bo 105!

Everything is right-side up on one side and upside down on the other. This includes the tail number(!):

Watch the videos on trumpchopper.com. The machine does aerobatics, just like the Red Bull BO-105.

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Oshkosh Air Show Highlights

Today marks 18 years since 9/11, one of the darkest days in aviation history.

Of course, we should remember those who died in 2001. But let me use today to highlight a more cheerful facet of aviation: the air show.

Oshkosh has the most varied air show of which I am aware and 2019 provided a lot of great experiences.

Mike Goulian demonstrated the most athletic and gyroscopic performance in a single airplane. An aerobatics expert companion rated him #1 among the performers for sheer flying skill.

The Rock Mountain Renegades were the most thought-provoking daytime act. They answer the questions “What if civilians did all of the same stuff as the Blue Angels, but at 1/3 to 1/2 the speed? And in airplanes that they built themselves?” They fly RV kit airplanes and, except for the lack of earplug-level noise, deliver a lot of the same thrills. One odd choice, especially given the use of homebuilt airplanes, is the use of Bruce Springsteen’s “Born to Run” song, which includes lyrics regarding “suicide machines” and “death trap.”

On the slower-paced and elegant side of things, Patty Wagstaff was great as usual, as were Jim Pietz in his Bonanza(!) and David Martin in his Baron(!!!). Martin just finished flying every day for 5 years (1826 days in a row).

The night airshow was awe-inspiring. The Twin Tigers delivered something so unusual that you have to watch the video. Nate Hammond was back in his Super Chipmunk (video). There was a SubSonex Jet that proved a homemade turbojet can do aerobatics at night… while spewing fireworks (and piloted by Bob Carlton, well into AARP territory). Redline proved that homebuilt RV kit planes do the same… in formation.

If reflecting on 9/11 has you down on aviation, maybe plan a trip to Oshkosh 2020 as an antidote.

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A University for the People becomes an Apple Store

During a recent trip to Washington, D.C., I worked near the Carnegie Library, dedicated in 1903 as “A University for the People” and engraved with the names of authors such as Shakespeare and Plato. Today it is a place for people who prefer to read Facebook posts on their iPhones…

In my own Facebook post at the time of encountering this mixture of private philanthropy, government administration, and conspicuous consumption, I wrote

it is a shame that the Republicans who control the DC local government could not resist becoming stooges for Corporate America.

Are the minds of District residents being elevated by this repurposed temple to reading? Here’s a sticker from a nearby lamppost:

(I saw these in multiple location around the city; see also https://philip.greenspun.com/blog/2019/07/01/resist-permanently-on-a-d-c-public-sidewalk/)

Who is excited to order an iPhone 11?

Also, from the nearby Smithsonian American Art Museum, a 1905 portrait of Andrew Carnegie:

Related:

  • https://philip.greenspun.com/blog/2007/03/03/andrew-carnegie/ Carnegie was the Bill Gates of his day. Carnegie became the richest man in the world through a combination of intelligence, hard work at an early age, a certain amount of what we today would regard as illegal insider trading, and connections. Once he was the richest guy in the world, everyone listened to everything he said very carefully. He looked around and decided that the greatest evil facing the world was war. War did not provide who was right, only who was stronger. After concluding that he was, in addition to being the richest guy in the world, probably one of the smartest, he invested much of his money and most of his energy in achieving peace among nations. Folks such as Teddy Roosevelt privately thought that he was an old fool, but nobody would say it to his face. Carnegie pushed for peace and mediation among nations and spent four of the last five years of his life watching World War I sweep through Europe. [The analogy with Bill Gates is that, after becoming both the richest and smartest guy in the world, he decided that he could solve the problems of poverty and disease in Africa that had defied attempts by the world’s biggest governments and NGOs.]
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1500-hour airline pilot minimum increases inequality?

Regional airlines were recruiting desperately at Oshkosh (EAA AirVenture) this year. It occurred to me that the newish 1500-hour hour minimum imposed by Congress for airline pilots imposes an access barrier to this high-paying career. In Europe, for example, a young person of modest means can pay for 140 flight hours, plus some sim time, and begin his or her career in the right seat of a Boeing 737 (see previous post on a flight school in Ireland).

In the U.S., however, the aspiring airline pilot has to somehow tough it out through 1500 hours of starvation wage flying, which could take years. The American child whose parents are financially comfortable, on the other hand, can build 1500 hours in the family Cessna or Cirrus, can relocate to a busy flight school and work happily for $15-20/hour, etc.

Thus we have politicians claiming that they’re passionate about reducing inequality, but meanwhile they are writing regulations that ensure its persistence. Intensive regulation has always favored those with the most resources, e.g., big companies or rich individuals.

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How to steal $billions

Billion Dollar Whale is an instructive tutorial from two Wall Street Journal reporters. The “whale” is a pudgy Malaysian-Chinese guy named Jho Low who managed to steal billions of dollars from Malaysians and Arabs via diverting money from a sovereign wealth fund that he created and controlled.

One critical part of the scheme was setting up companies, and therefore bank accounts, that had the same names as legitimate cash destination firms, but that were incorporated in a different country and that were controlled by Jho Low:

For the next step of his scheme, Low set up two shell companies in the Seychelles. The firms—ADIA Investment Corporation and KIA Investment Corporation—appeared, given their names, to be related to the Abu Dhabi Investment Authority, or ADIA, and Kuwait Investment Authority, or KIA, two of the most famous, multi-billion-dollar sovereign wealth funds in the world. But the look-alike companies were purely Low’s creation, with no links to Abu Dhabi or Kuwait. In setting up ADIA Investment Corporation, Low experimented with another financial trick that he would add to his repertoire. The company issued just one unregistered share, valued at $1, and it was controlled by whoever physically held the stock certificate. These “bearer shares” were banned in many jurisdictions, including Great Britain and the United States—Nevada and Wyoming in 2007 became the last states to abolish their use—because they allowed owners of companies to hide behind layers of secrecy and made it nearly impossible for regulators to determine the owner of an asset at a given point in time. Seeking to find tax cheats in the early 2000s, the United States started to pressure offshore centers to hand over details of the beneficial owners of companies and accounts. Even the British Virgin Islands had recently outlawed the practice of bearer shares. But in the Seychelles, Low learned, they were still permitted.

The second element was an association with Mohammad Najib bin Tun Haji Abdul Razak, the Prime Minister of Malaysia, and his diamond-seeking wife.

The third element for getting money was Goldman Sachs, which was more flexible than other banks:

The 1MDB fund had agreed to pay $2.7 billion for power plants owned by Malaysian billionaire Ananda Krishnan’s Tanjong Energy Holdings, the first of a series of acquisitions it planned to make in the sector. To give the deal a veneer of authenticity, 1MDB needed an independent valuation of the plants. Leissner stepped in, asking Lazard if it could oblige. The U.S. bank agreed to take a look, but its bankers crunched the numbers and couldn’t figure out why 1MDB was willing to pay $2.7 billion for the suite of plants, which were located in Malaysia, as well as Egypt, Bangladesh, Pakistan, and the UAE. The deal seemed favorable to Tanjong, especially given that its power-sale agreement with the Malaysian state would soon run out, handing the government leverage to achieve a bargain price. Lazard believed the whole deal smelled of political corruption. It was common in Malaysia for the government to award sweetheart deals to companies in return for kickbacks and political financing; that was what Lazard thought was going on, and so it pulled out. With no other choice, Goldman instead became an adviser to 1MDB on the purchase, as well as helping the fund raise the capital. The bank provided a valuation range that justified 1MDB paying $2.7 billion for the plants.

In return for this flexibility, Goldman earned 100-200X standard investment banking fees:

Goldman was preparing to launch what it internally dubbed Project Magnolia, a plan to sell $1.75 billion in ten-year bonds for the 1MDB fund. But some board members were alarmed by what Leissner had informed them: Goldman would likely make $190 million from its part in the deal, or 11 percent of the bond’s value. This was an outrageous sum, even more than Goldman had made on the Sarawak transaction the year before, and way above the normal fee of $1 million for such work.

[Of course, some of the deals were made on the global douchebag circuit, i.e., at Davos:

The World Economic Forum, held each year in the Swiss ski village of Davos, is a microcosm of elite networks that span the globe, attracting world leaders, Wall Street titans, and chief executives of Fortune 500 companies. The events, in which panels of experts debate high-minded topics like radical Islam or the “democratic deficit” in front of audiences, is only the public face of Davos. In rooms open only to the chosen few with special white VIP passes—the highest in a color-graded hierarchy—the real deal making occurs. In late January, Michael Evans, a Goldman vice chairman in New York overseeing “growth markets,” had an important person to see on the sidelines of Davos: the prime minister of Malaysia. Evans’s audience was with Prime Minister Najib, brokered by Tim Leissner—just the kind of meeting between a Wall Street banker and a world leader that was typical at the event in the Swiss Alps. In public appearances at Davos, Najib was in his element, deepening the impression of Malaysia as a beacon of democracy in the Islamic world, and himself as an urbane technocrat. “We have to take care of the young people, we have to give them jobs,” he told Fareed Zakaria of CNN during an interview on the sidelines of Davos. But here, with Evans and Leissner, Najib had a strikingly different agenda. After pleasantries with the two bankers, Najib brought up the role Goldman had played selling bonds for 1MDB in 2012, and asked if the bank was willing to do so again, getting the money to the fund quickly and quietly, just like before. Goldman’s top management, advised by Leissner, had been expecting more 1MDB business. But Najib’s demand, less than three months since the fund last tapped the market for almost $1.75 billion, was almost too good to be true. The prime minister said the fund wanted to raise a further $3 billion. Such a staggering sum would mean another major payday for Goldman.

Goldman earned $600 million within 12 months, which the authors say is 200X the standard fee.]

The fourth element for avoiding scrutiny was to get auditors such as KPMG to sign off on the sovereign wealth fund’s books, using a fictitious investment in the Cayman Islands to show that the fund hadn’t been looted out.

For spending money, a big part of the key turned out to be working through a big American law firm:

But it was one thing to take money from a Malaysian fund and funnel it to Swiss bank accounts under the guise of a sovereign investment, using friends in official positions to address any concerns of compliance executives at banks. Now, Low wanted to get the money into the United States so he could spend it on luxuries and begin building his empire. That was risky, because the United States had started clamping down on corrupt foreign officials buying assets in Western nations. To do so, Low turned to Shearman & Sterling. Founded in 1873, with its headquarters at 599 Lexington Avenue in Midtown Manhattan, Shearman was as white-shoe a law firm as they came, an organization more suited to handling major mergers and acquisitions than dealing with the likes of Low.

Low informed his new legal team that he would be making a sequence of major investments, but he was very concerned about privacy. He opted to use the firm’s Interest On Lawyer Trust Accounts, or IOLTAs, to help distribute the money. These trust accounts are typically formed by U.S. law firms to pool clients’ money, say, when they are holding short-term funds for business deals or property purchases. This arcane corner of the financial world came into existence three decades ago as a way for law firms to earn short-term interest on client money to finance legal aid for the poor, but over time the accounts developed a reputation for shielding the identity of clients in transactions and helping to hide the origin of funds. Some states mandate that law firms set them up. IOLTAs are at once good for society and a powerful tool for crime. Lawyers, unlike bankers, don’t have to conduct due diligence on a client. Details of transfers through IOLTAs, meanwhile, are protected by lawyer-client privilege. While it is illegal for lawyers to abet money laundering, they are not required to report suspicious activity to regulators. The Financial Action Task Force, a Paris-based intergovernmental group that sets standards for stopping fraudulent use of the global finance system, has highlighted the United States’s poor oversight of lawyers as a weak spot in its defenses against money launderers.

Low pushed $369 million through the law firm. How much did the guy spend?

Between October 2009 and June 2010—a period of only eight months—Low and his entourage spent $85 million on alcohol, gambling in Vegas, private jets, renting superyachts, and to pay Playmates and Hollywood celebrities to hang out with them.

Despite connections to the Obama White House, things do begin to unravel for Mr. Low. I don’t want to spoil the suspense, though. The worldwide civil and criminal litigation is ongoing, but it seems safe to say that Goldman gets to keep all of its fees!

More: Read Billion Dollar Whale.

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Social justice at Oshkosh (EAA AirVenture)

Like seemingly every other American enterprise these days, the Experimental Aircraft Association (EAA) has added social justice to its mission. Thus, at least a portion of its time and effort is devoted to highlighting the achievements of members of victim groups. The largest group of victims to be celebrated at Oshkosh is women. Each person who shows up at Oshkosh identifying as female is given a free T-shirt and asked to pose for a group photo:

Anyone whose parents own an airplane can learn to fly easily. Anyone whose credit card has an ample limit can learn to fly easily (flight schools are not so flush with cash that they would turn away someone based on race, gender ID, or LGBTQIA status). Thus, the group victim photo (above) turns out to be a photo of wealthy white women and girls.

A 1:00 PM P-51 “Warbirds in Review” talk involved towing a vintage $3 million P-51 in front of some bleachers and seating two P-51 combat veterans next to an interviewer. A standing-room-only audience assembled in the hot Wisconsin mid-day sun. One pilot had flown roughly 100 combat missions in the P-51. The other had flown a combined total of more than 400 combat missions in World War II, the Korean War, and the Vietnam War. With the perfectly restored airworthy P-51 airplane in front of the crowd and these two guys who could tell us about their combat experience, what questions were asked? “What was it like to be black in 1940 when segregation prevailed?” (Answer from Charles McGee, Tuskegee Airman: “I went to high school in the North and we didn’t have segregation.”) By the time we bailed out at 1:35 PM, not a single question had been asked about aviation and we hadn’t gotten to the aviators’ first flying lesson, much less learned anything about the fire-breathing P-51. These guys were not experts on being black in the U.S. in the bad old days, any more than any other African-American of the same age.

Boeing still hasn’t fixed the 737 MAX system design and software, but they were all-in on diversity at their Oshkosh pavilion:

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