company:freddie mac

  • What is Salesforce? Four days, 170,000 people, and one Metallica concert later, I figured out what Salesforce is — Quartz
    https://qz.com/1500717/what-is-salesforce-four-days-170000-people-and-one-metallica-concert-later-i-fig

    I had not registered for this session, and had to convince the conference bouncers that my press pass allowed me entry. They allowed me to attend on the condition that I wouldn’t take up a precious chair.

    What dawned on me over the course of this discussion was the sheer ubiquity of software.
    I agreed and sat in a chair at the far end of the room. Slowly, several people, all of them white, nearly all of them women, joined our table. One worked for a community bank in Wisconsin. Another for Freddie Mac. Two of the women, it turned out, worked for the company my brother co-founded, which often helps financial firms with Salesforce.

    This was the closest I had come to understanding what Salesforce is actually good for, beyond throwing swanky parties. Everyone at the table had used Salesforce to solve problems at their companies. It had worked well. They had many more problems, and wanted to figure out the best way to use the platform to solve those, too. As they discussed how best to “leverage Financial Services Cloud,” their heads nodded.

    What dawned on me over the course of this discussion was the sheer ubiquity of software. Yes, it is several years now since Marc Andreessen wrote that “software is eating the world.” But it’s not just the smartphones and websites that we have come to be familiar with as “software.” It’s literally everything. Do anything in a modern city and it will trigger a long string of computational processes. Test-drive a car, express interest in an insurance plan, apply for a loan, contribute to a nonprofit, use a credit card, call airline customer service, change a t-shirt order from “large” to “medium,” and you will be entered into a database, added to annual reports, sent automated emails, plugged into “people who buy X also buy Y” algorithms. This is obviously true for hip startups like AirBnb. It is also true for boring, ancient, bailed-out behemoths like Freddie Mac.

    Usually, the software that runs in the dark server rooms of non-tech companies either comes with hefty license fees or is barely functional, hacked together over years by in-house coders who have come and gone. Information relevant to the company may be spread across hundreds of spreadsheets and thousands of emails, accessible only from certain computers or networks. One of the chief complaints of the woman from Freddie Mac was that the company has “a lot of legacy systems” that need to be modernized.

    “Enterprise software”—specifically “customer relationship management” software—aims to solve, or at least alleviate, such problems. Benioff’s insight was to do so using the “cloud.” Instead of charging people for a license to use your software, a la Windows XP, have them pay for a subscription to use your service, which can be accessed anywhere. It’s like Gmail, but for all of the mind-numbing tasks of the modern salesperson, customer service representative, or middle manager, like inputting what happened on a call with a customer or generating inventory reports. No more understaffed IT departments, no more inaccessible spreadsheets, no more massive upfront costs.

    These days, most people use several cloud-based services, like Spotify or Dropbox. It’s why the Google Chromebook can be a thing, and why Jack Dorsey, Twitter’s CEO, can get by without ever using a computer. It’s why Salesforce can count among its several mascots SaaSy, named after “Software as a Service,” a dancing white circle with arms and legs, but no face, that displays the word “software” in a red circle with a red line crossing it out. Nothing to install, just the cloud. That is sassy.

    But Benioff was onto the idea early. Less than 20 years have passed since he staged a sassy fake protest at the annual conference of the incumbent CRM giant, Siebel Systems, with protesters chanting, “The internet is really neat, software is obsolete!” Now 89 of the companies on the Fortune 100 use Salesforce. For the past three years, Salesforce has grown over 20% year-over-year every single quarter.

    What is Salesforce? Four days, 170,000 people, and one Metallica concert later, I figured out what Salesforce is — Quartz
    https://qz.com/1500717/what-is-salesforce-four-days-170000-people-and-one-metallica-concert-later-i-fig

    Giving more people access to high-paying tech jobs. Looks great.

    Soon after that, though, a darker, less altruistic interpretation of “inclusive capitalism” began to emerge. One that sees it not primarily as a way to bring in the excluded, but to boost the Salesforce brand, to fortify the cult, to attract talent and investors. To establish a place in history.

    After the PepUp Tech video, another told the story of billionaire Italian fashion designer Brunello Cucinelli, who uses Salesforce at his company. Cucinelli was himself in attendance. After the video finished, he took the microphone and spoke directly to Benioff in rapid-fire Italian, through an interpreter, as if he were the effusive prognosticator of an ancient king.

    “For your birthday,” Cucinelli pronounced, “I have a special request to submit to you.” This was how I learned that the keynote speech was happening on the day of Benioff’s 54th birthday.

    If “inclusive capitalism” has any chance of succeeding, one could hope for no better agent than Benioff.
    “I would like you, in this special world, which is the cradle of genius, you should envision something that lasts for the next 2,000 years,” Cucinelli continued. “In ancient Greece, Pericles 2,500 years ago stated, ‘as long as our Parthenon is standing, our Athens will be standing, too.’ In ancient Rome, Hadrian stated, ‘I feel responsible for the beauty in the world,’ and he states, ‘my Rome will be there forever.’ In my Florence, during the Renaissance, there is Lorenzo the Magnificent, another genius, who basically sits around the same table, Michelangelo, Leonardo, all together, and they design and plan for eternity…I think you, Marc, you could be the new Lorenzo the Magnificent of this side of the world.”

    Benioff was certainly positive about the first video, but this speech appeared to affect him in a deeper way. Salesforce Tower is now the tallest building in San Francisco. There is a children’s hospital in the city with his name on it. Maybe not quite 2,000 years, but those will last. And with Time under his belt, Benioff is in a position to become known as the guy who figured out how to improve the world while making loads of cash. He has deflected suggestions that he intends to run for political office by saying he can do even more good as a CEO.

    If “inclusive capitalism” has any chance of succeeding, one could hope for no better agent than Benioff. He’s a large, imposing, wealthy white man with ties to cultural icons and A-level politicians, but also to community leaders and local activists. Instead of making grand, world-changing gestures to “cure all diseases,” his focus is local, on things he has a personal stake in and can observe, like the well-being of the Bay Area. He has a chief philanthropy officer. Salesforce develops tools that make charitable giving easier for companies and organizations. His intentions appear to be good.

    But it’s also true that Benioff probably couldn’t have bought Time magazine, or built such a tall tower, if not for the exclusive capitalism that he hopes to rid the world of. This is the hard thing about being a billionaire who wants to do good: they only feel responsible for the beauty in the world so long as they still get to have lots and lots and lots of money. Benioff can donate tens of millions of dollars, marginally expanding the set of people who benefit from the status quo, without really losing any of his own wealth. And if anything, it raises his status even further.

    But if “inclusive” and “capitalism” turn out to be incompatible, would he be willing to give it all up for the greater good?

    #USA #capitalisme #action_charitable #affaires

  • What I Learned from Losing $200 Million - Issue 31: Stress
    http://nautil.us/issue/31/stress/what-i-learned-from-losing-200-million

    I’d lost almost $200 million in October. November wasn’t looking any better. It was 2008, after the Lehman Brothers bankruptcy. myself recently, on the bank’s website. My first reaction was that it seemed almost farcically fashioned to “fight the last war”: The Dow drops by about half, U.S. GDP dips around 5 percent, unemployment spikes to 10 percent—basically it’s the aftermath of 2008 all over again. It doesn’t account for other potential calamities, like a breakup of the Euro, for example, or an emerging market crisis, or hyperinflation, or shock-induced feedback effects like the ones I faced with fuel. There’s also the inconvenient fact that both Fannie Mae and Freddie Mac were stress tested regularly by their regulator, and declared well capitalized—right up until they failed in 2008. (...)

  • The Wall Street settlements and the new aristocracy - World Socialist Web Site

    http://www.wsws.org/en/articles/2014/04/02/pers-a02.html

    The Wall Street settlements and the new aristocracy
    2 April 2014

    Last week, Bank of America became the latest major financial institution to announce a multi-billion-dollar settlement with US regulators of charges related to the 2008 financial meltdown. In a settlement worked out with the Federal Housing Finance Agency, the bank agreed to pay $5.83 billion in fines and buy back $3.2 billion in mortgage-backed securities from the government-sponsored mortgage finance companies Fannie Mae and Freddie Mac, to whom it sold the toxic assets in the run-up to the Wall Street crash. The settlement involves the largest fine levied by a single federal regulator in US history.

    #finance #criminalité_financière

  • Bank of America : 9,5 milliards de dollars pour éviter des poursuites liées aux prêts toxiques
    http://www.latribune.fr/entreprises-finance/banques-finance/banque/20140327trib000822170/bank-of-america-10-milliards-de-dollars-pour-eviter-des-poursuites-liees-a

    Est-ce la fin du casse-tête pour Bank of America (BofA) ? La deuxième banque américaine en termes d’actifs a accepté mercredi de payer 9,5 milliards de dollars pour clore un nouveau chapitre judiciaire des prêts immobiliers toxiques à l’origine de la crise financière.

    Dans le collimateur des autorités pour ses achats hasardeux, l’établissement va verser 6,3 milliards de dollars en numéraire aux agences de refinancement hypothécaire Fannie Mae et Freddie Mac. Les 3,2 milliards de dollars restants seront consacrés à des rachats d’actifs toxiques encore détenus par les deux organismes para-publics.

    Le régulateur du secteur immobilier, l’agence fédérale du financement du logement (FHFA), avait lancé des poursuites judiciaires en 2011 contre la banque et ses filiales Merrill Lynch et Countrywide, accusés d’avoir trompé délibérément Freddie Mac et Fannie Mae sur la qualité de prêts qu’ils leur avaient vendus jusqu’au début de la crise, entraînant des pertes colossales.

    Entre 2005 et 2007, Bank of America, sa filiale de prêts hypothécaires Countrywide et sa banque d’affaires Merrill Lynch avaient cédé à « Freddie » et « Fannie » 57,5 milliards de dollars de prêts hypothécaires pourris, selon la FHFA.

    Beaucoup moins cher, mais peut-être plus immoral encore,

    Cet accord est annoncé le jour même où la banque et son ex-patron Kenneth Lewis ont accepté de payer un total de 25 millions de dollars, dont 10 millions versés par l’ancien dirigeant lui-même, pour obtenir l’abandon de poursuites des autorités.

    Ils étaient accusés d’avoir caché ou présenté de manière trompeuse des prévisions financières durant les préparatifs de la fusion avec Merrill Lynch, qui était alors plombée par ses paris risqués dans les subprimes.

    Dans la finance, quand on vole (et qu’on est pris…), il suffit de dédommager pour échapper aux ennuis.

    #impunité

  • Etats-Unis : l’intégralité des bénéfices à venir de Fannie Mae et Freddie Mac ira à l’Etat
    http://www.lemonde.fr/economie/article/2012/08/17/etats-unis-l-integralite-des-benefices-a-venir-de-fannie-mae-et-freddie-mac-
    Le département du Trésor américain a présenté, vendredi 17 août, un plan modifiant son projet de démantèlement des organismes de refinancement hypothécaires Fannie Mae et Freddie Mac, aux termes duquel l’Etat récupérera l’intégralité de leurs bénéfices à venir.

  • Réflexions sur le post-capitalisme

    « Crédit à Mort », par Anselm Jappe. - Critique radicale de la valeur
    http://palim-psao.over-blog.fr/article-credit-a-mort-par-anselm-jappe-44513245.html

    « Le site du Guardian pointait vendredi que l‟immeuble de Time Square, au coeur de Manhattan, affichant sur son fronton le montant de la dette publique américaine, n‟a plus assez de place pour loger la quantité astronomique de milliards de dollars, précisément 10 299 020 383, une énormité due notamment au financement du plan Paulson et à la mise sous perfusion des agences Freddie Mac et Fannie Mae. Il a même fallu éliminer le symbole „$‟, qui occupait la dernière case de l‟affichage, pour que le passant puisse boire ce chiffre jusqu‟à la lie. »