Some great reads from the internet this week
Citibank screw-up
Citibank sued, arguing that it was entitled to get the money back since the cash was sent out by mistake. Ordinarily, the law would be on Citibank's side here. Under New York law, someone who sends out an erroneous wire transfer—for example, sending a payment to the wrong account—is entitled to get the money back.
But the law makes an exception when a debtor accidentally wires money to a creditor. In that case, if the creditor doesn't have prior knowledge the payment was a mistake, it's free to treat it as a repayment of the loan. Judge Furman ruled that that principle applies here, even though Citibank notified its creditors of the mistake the very next day. The defendants noted that the amounts they received matched the amounts Revlon owed down to the penny, making it reasonable for them to assume it was an early repayment of the loan.
Base Rate
The base rate is simply the probability of some event occurring when you have no other information. In this case, the base rate of getting accepted as regular applicant was 8%, while the base rate for getting accepted as an early applicant was 16%. Without any other information, you should assume that you will experience the base rate
In the bottom layer, you have around 80% of the office, who occupy the rank-and-file roles. They are the losers. “losers” does not mean uncool, or unworthy; he specifically means “economic losers.” Losers are the people who are set in roles or stations in life where the output of their effort is wholly realized by someone else. As they learn throughout their careers, their skill or engagement might lead to incremental career progress, but no real leverage of any kind. Hence, they are “economic losers”, and they know it. They see the world through clear eyes, and cope
Life Lessons from Ad Man
Follow your blisters
Instead of “Follow your passion” or “Follow your bliss,” my bumper-sticker career advice is “Follow your blisters.”. A blister appears when something wears at you – and even chafes you a bit – but you keep getting drawn back to it. What I like about the phrase is that it implies something about perseverance and struggling through tasks even though they are not always blissful. “Follow your blisters” makes me ask myself the question, “What kind of work do I find myself coming back to again and again, even when I don’t succeed right away, when it seems like it’s taking too long to make progress, or when I get discouraged?”
Thanks for reading through. Have a great week ahead. Cheers!
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