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7 Drugs Whose Dangerous Risks Emerged Only After Big Pharma Made Its Money

A settlement for death or injuries down the road is just the cost of doing business.

January 2, 2014

Have you ever noticed how warnings about dangerous prescription drugs always seem to surface after the drug is no longer marketed and its patent has run out? Whether it’s an FDA advisory or a trial lawyer solicitation about harm that may have been done to you, the warnings are always belated and useless. If a drug you took four years ago may have given you liver damage, why didn’t the FDA tell you then? Why didn’t the FDA recall the drug or better yet, not approve it in the first place?

The official answer from the FDA and Big Pharma is that problems with a drug are only seen after millions begin using it, which is why post-marketing surveillance is conducted. In other words—who knew? But in a startling number of cases revealed in court documents Pharma did“know” and clearly misled medical journals, the FDA, doctors and patients, hoping to get its patent’s worth before the true risks of a drug surfaced. In other cases, Pharma and the FDA should have known before rushing a dangerous drug to market and making money at the expense of patients.

It is the business model for new drugs that provokes Big Pharma to bury risks and exaggerate benefits. A new drug under patent has a high price and no competition, and will make millions or even billions every year it is under patent. A settlement for death or injuries down the road is a nuisance and just the cost of doing business. Needless to say, the “forgiveness is cheaper than permission” business plan breeds shameless repeat offenders since the company makes money and no officers go to jail.

Hidden and unforeseen risks in new drugs are such a danger that some medical professionals advise patients to wait up to seven years before they try a new drug. Of course, the drug is no less risky when made by a generic drugmaker except that it has been in use longer and is not accompanied by slick advertising to push demand and even “sell” the condition it treats. But generics have their downside, too. Unlike branded drug companies, a 2013 Supreme Court ruling says generic drug makers can’t be sued.

Here are some drugs whose risks did not did not keep them from getting their “patent’s worth.”

1. Vioxx: Remember the “super aspirin” Vioxx, that was heavily marketed by Merck and athletes Dorothy Hamill and Bruce Jenner 15 years ago? Vioxx was a wonder drug that treated everything from arthritis pain to menstrual cramps, its ads claimed, sparing users the gastrointestinal problems caused by older drugs like aspirin. It turned out that Vioxx was super at something else, too: it doubled the riskof cardiac events,causing 27,785 heart attacks and sudden cardiac deaths according to news sources.

While Merck pleaded ignorance, the New England Journal of Medicine in 2006 accused Merck of concealing “critical data on an array of adverse cardiovascular events” caused by Vioxx. It was withdrawn in 2004. In 2007, Merck agreed to pay $4.85 billion to patients or survivors’ families which represented less than one year of Merck’s profits, computed the New York Times. Vioxx made Merck an estimated $2.5 billion a year from its 1999 launch to its 2004 withdrawal. Who says crime doesn’t pay?

2. Fosamax: Vioxx was not the only Merck drug demonstrating that forgiveness is easier and cheaper when it comes to marketing new drugs. Merck’s Fosamax, the first of an anti-osteoporosis drug class called biphosphonates that included Boniva and Actonel, was linked to heart problems, intractable pain, jawbone death, bone fractures and esophageal cancer—only after its patent ran out in 2008. Court-released documents reveal that Merck scientists knew about Fosamax’ link to jawbone death as early as the 1970s in animal studies.

There was even a subplot to Merck’s mendacity. The company installed bone density scanners in medical offices across the US to scare women into taking Fosamax if their scans revealed thinning bones, reported National Public Radio. The subterfuge of “selling” the disease of thinning bones to sell Fosamax did not make a big dent in sales when it came to light: Fosamax was already off patent.

3. Lipitor:What is the best-selling drug in the history of pharmaceuticals? What made $125 billion in 14 and a half years and as much as $11 billion in a single year? Lipitor, Pfizer’s blockbuster statin drug, owed its success to two factors. It was launched in 1997 when direct-to-consumer drug advertising was just beginning and it harnessed the growing national fear of cholesterol-linked heart attacks. Thanks to Lipitor’s “Know Your Numbers” TV ads and Pfizer reps who saturated medical offices with free samples of the white pills and sometimes lunch, more than 29 million people were prescribed Lipitor.

But in 2012—the same year Lipitor’s patent expired—those 29 million people (and millions taking other statins) got a surprise from the FDA. The agency made a label change warning that Lipitor and other statins could cause diabetes, liver injury, muscle damage and memory impairment. Who knew? The quartet of concerns “should not scare people off statins,” said Amy G. Egan, deputy director for safety in the FDA’s Division of Metabolism and Endocrinology Products. Right.

4. Nexium: What is the second bestselling drug, after Lipitor? The Purple Pill. Like statins, Nexium and the other Proton-Pump Inhibitors (PPI) to treat gastroesophageal reflux disease (GERD), became household medications thanks to direct-to-consumer advertising. Before Proton-Pump Inhibitors, people took over-the-counter treatments like Tums or Tagamet when they had heartburn or indigestion. As the afflictions were upgraded into the “disease” of GERD, Nexium made almost $5 billion in the US in one year and the class of PPIs made $13.6 billion in one year, translating into 119 million prescriptions.

In 2012, the same year the FDA warned about statins, the FDA warned the public that Nexium and the whole class of PPIs are linked to Clostridium Difficile, a stubborn and sometimes deadly intestinal infection that is becoming increasingly drug-resistant and hard to treat. In 2013, medical literature linked PPIs to fractures, calcium and magnesium deficiencies, community-acquired pneumonia and vitamin B-12 deficiencies. Research by John P. Cooke, clinical professor at Houston Methodist Hospital, found in 2013 that PPIs might cause blood vessels to constrict and cardiovascular risks. Not a great ending for the blockbuster Nexium, whose patent runs out in 2014.

5. Adderall:It is no secret that doctors, parents and teachers are calling millions of children ADHD. Thanks to Pharma marketing, ADHD is now the second most common long-term diagnosis in children after asthma, says the New York Times, often conferred for “childhood forgetfulness and poor grades.” While some critics of the massive dosing say kids are being penalized for being kids and that “treatment” used to be recess, Big Pharma’s spin campaigns maintain that daily stimulants do not hurt children.

But in 2009, the same year Adderall XR went off patent (and two years before Concerta, a time-release version of Ritalin went off patent) a study in the American Journal of Psychiatry found the drugs were actually killing kids. There was “A significant association of stimulant use with sudden unexplained death emerged from the primary analysis,” wrote the authors who looked at 564 cases of sudden death in children 7 to 19.  Pro-stimulant Pharma doctors disputed the study, saying the drugs might spare users death by improving their driving skills. Why didn’t anybody test that?

6. Paxil: Few SSRI antidepressants have the checkered safety profile of GlaxoSmithKline’s (GSK) Paxil. In 2007 the BBC revealed that Paxil’s Study 329 showed adolescents six times more likely to become suicidal on the drug but the results were buried. (GSK settled related charges in 2012 for $3 billion.) Rumors had circulated for years about suicide and toxic withdrawal symptoms with Paxil and they were evidently true in some cases.

In 2005, the FDA revealed birth defects associated with Paxil including heart malformations. (Babies may also have “seizures, changing body temperature, feeding problems, vomiting, low blood sugar, floppiness, stiffness, tremor, shakiness, irritability or constant crying,” warned the Paxil website.) Commensurate with the “forgiveness is cheaper than permission” business model, by the time the Paxil risks surfaced, GSK had taken the money and run. In fact, Paxil made $2.12 billion for GSK in 2002, the last year it was under patent, and was the preferred method of treating returning Iraq war veterans’ PTSD.

7. Ambien:One of Big Pharma’s cash cows has been insomnia pills, because everyone watches TV when they can’t sleep—and they see sleeping pill ads. Leading the sleeping pill category was Sanofi-Aventis’ Ambien, which netted $2 billion a yearbefore it went off patent in 2006. But even as the patent expired, stories began to circulate about deranged behavior committed in an Ambien blackout. People drove and made phone calls on the drug with no memory of it; dieters woke up amid mountains of pizza and Häagen-Dazs cartons, and one woman drank a bottle of black shoe polish in an Ambien blackout. (Sanofi-Aventis was forced to publish ads telling people if they were going to take Ambien, to get in bed and stay there.)

In 2012, the Mayo clinic in Rochester announced it was no longer prescribing Ambien to inpatients because of its fall rate—four times that of patients not on Ambien and greater than falls caused by age, mental impairment or delirium. In 2013, the FDA warned about Ambien hangovers, in which the drug has not left the body, and recommended lower doses, especially for women. The warning came too late for Kerry Kennedy, daughter of Robert F. Kennedy and former wife of New York Governor Andrew Cuomo. Witnesses said she had been weaving for miles when she swerved into a tractor-trailer and kept driving, during the summer of 2012. Kennedy told police she may have taken an Ambien thinking it was her daily thyroid med.

Martha Rosenberg is an investigative health reporter and the author of Born With a Junk Food Deficiency: How Flaks, Quacks and Hacks Pimp The Public Health (Prometheus Books).

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Human Planet – Web exclusive series trailer – BBC One

Yarmouk Camp “with the Syrian People against the Regime.”

January 3, 2014

People in Yarmouk camp, Damascus, express their hatred for Assad, Khamenei, Nasrallah, and Mahmoud Abbas who is ignoring their plight.

“Where are the women they took at the checkpoints? Where are the young men?… Khamenei, come and slaughter us. We’re ready for death. We die of hunger, we die under shelling. At the start when a mortar fell everyone ran to hide like mice. Now the shells fall and the people walk in the street. Nobody bothers asking about it…. Not just in the camp – this is the situation in all the suburbs. We Palestinians are with the Syrian people, not with this regime.”

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A Christmas Message From Edward Snowden

Osama Alomar, Syrian writer

lydia-davis-alomar-intro.jpgThe following introduction is from “Fullblood Arabian,” a collection of stories by Osama Alomar, translated by C. J. Collins, which will be released by New Directions later this week.Osama Alomar, a young Syrian writer who has been living here in the United States for the past five years, belongs at once to several different important literary traditions. Most immediately evident are two: that of the writer driven into exile from his own country and culture; and that of the writer of very short stories.The plight of a writer who has an established reputation in his own country, and none at all here in his adopted country is a plight shared, of course, with immigrants of other professions, including, for instance, the Puerto Rican lawyer who leaves a thriving practice in his native country to manage a grocery store in Massachusetts; or the Jewish scholar or physician who flees Nazi Germany to work in a textile factory in New York. It involves a profoundly disturbing change of identity in his new world, and often in his own eyes. His identity in his new community is, in a sense, a necessary disguise; and he faces the challenge of holding his two identities in balance, adjusting himself to the new, keeping the old alive. Alomar left a culture in which his prize-winning fiction and poetry had been published in four collections to date, appeared regularly in literary journals, was shared out loud with appreciative others in convivial living-room gatherings. By contrast, his writing is known here only to a few. How fortunate, then, that with this first collection of stories in English he will begin to find an audience both in the U.S. and in the larger Anglophone culture.

The other tradition to which Alomar most obviously belongs—in this case by choice—is that of the very short story. But this tradition is complicated, for within this genre, we have different traditions and different types. While Alomar is working within his own particular cultural heritage, he is of course also sharing in a wider international legacy of the very short story or prose poem, the more contemporary part of which spans more than a century at least: from the prose poems of Baudelaire in the mid-nineteenth century, to those of Francis Ponge and other French poets of the twentieth; the lyrical and nostalgic real-life stories of the early twentieth-century Viennese Peter Altenberg and the quirky numbered “handbook” instructions of the Bohemian / Czech Dadaist and pacifist Walter Serner; the Austrian Thomas Bernhard’s grim and syntactically complex paragraph-long stories in The Voice Imitator; the self-denigrating, anti-climactic, quarrelsome tales of the Soviet Daniil Kharms; the lyrical autobiographical sequence of the Spanish Luis Cernuda; and the pointed philosophical narratives of the contemporary Dutch writer A. L. Snijders (whose term, zkv or zeer korte verhaal—very short story— means exactly the same thing as Alomar’s al-qisa al-qasira jiddan); to mention only a few.

And then, there are the literary traditions in which the very short story shares, and Alomar’s work with it, including moral tales, fairy tales, works of magical realism, coming-of-age novels, and so forth ad infinitum. I read, for instance, Alomar’s “Conversation of the Breezes” and I hear, suddenly, an echo of the voice of the swallow in Oscar Wilde’s very moving late nineteenth-century tale, “The Happy Prince.” I read his “Sea Journey,” in which a weary office worker dreams of delirious adventures in the waves and wakes to find he is late for work, and I am reminded not only of Kafka but also of the great early twentieth-century Dutch writer Nescio, both of whom so vividly evoke the man of imagination stuck within the rigid entrenched bureaucracy of the madly irksome office routine. Again I think of Nescio’s classic, Amsterdam Stories, with its interrelated stories of three pals growing up together, and also of a long early section of the multi-volume My Struggle, by the contemporary Norwegian Karl Ove Knausgaard, when I read Alomar’s “Dividing Line,” one of the rare longer stories in the book and a succinct and crystalline tale of adolescent exuberance, heedlessness, rebellion, and epiphany. And—to return to the short form—Alomar’s insidious and powerful tale, “The Hammer and the Nail,” deploying personification with such utter ease and inevitability, reminds me of the terrifying absurdist domestic fables of the contemporary American poet Russell Edson, while the eccentricity and anguish underlying the occasional simple friendly tale reminds me of the weird and powerful work of the Brazilian Clarice Lispector, one of whose main forms was also the short story.

Although my frame of reference may be international, it is not particularly Syrian, which is of course my own loss. I have turned to Alomar’s translator, C. J. Collins, to learn what, in Alomar’s Syrian or Arabic heritage, have been the sources of his inspiration, particularly in the short form, and he has given me some interesting insights into the history of the form in the Middle East, both recent and older: there was an explosion of this form of writing in Syria in the 1990s; it became popular in magazines and newspapers as an expression of frustration at Syria’s bureaucracy and corruption and lack of freedom of expression. In an economically depressed time, too, there was a demand for the densest, briefest, most compressed of stories—a longer literary work was in fact a luxury—and these were shared and circulated freely and spontaneously, like personal anecdotes.

One of the best-known contemporary practitioners of the Arabic-language short story is the Syrian Zakaria Tamer, now in his eighties—many of his story collections have been translated into English and are available here. Going back another fifty years, there is the Lebanese literary and political rebel Khalil Gibran, with his formally innovative spiritual stories or prose poems, hugely popular in the American counter-culture of the sixties and an important influence on Alomar (Gibran himself being profoundly influenced by the earlier cosmopolitan Syrian prose poet Francis Marrash, who died in 1873). But the very short form has its roots in various Arabic literary traditions that go back to the Middle Ages and before, one important example being the mammoth story compilation One Thousand and One Nights (whose multi-cultural origins lie in the tenth century or arguably even earlier) and fable traditions like the Panchatantra, a third-century Indian set of linked animal tales imported into Arabic in the eighth century as the Kalila wa Dimna.

The personification of animal characters in the Kalila wa Dimna, for instance, finds its direct descendent in the naturalness and conviction with which Alomar personifies many of his protagonists, whether they be natural elements—the ocean, a lake, fire and water, breezes, clouds—or everyday objects such as a wistful and ambitious drop of oil, that cruel hammer and that gullible nail, a proud bag of garbage—or, yet again, abstractions such as freedom and time, allowing us to move easily into the alternate reality created in so many of these stories, whose forms range from moral fable to political fable to political allegory, to myth, to realistic moral tale, even to undisguised political statement, as in the title story “Fullblood Arabian” with its crushing final sentence.

The range of forms within this collection is matched by the versatility with which Alomar shifts tone, subject matter, and even structure from one story to the next. While some of the tales are explicitly angry or bitter, others are ironically detached, and still others make their point with a piece of sly wit, one of these being “The Pride of the Garbage,” in which a bag loaded with garbage, in its vainglory, is satisfied only if it is placed on the very top of the heap of bags bound for the dump. Formally, some stories proceed straight to the final shock or stunning image, as in “The Drop,” with its beautiful closing opposition of earth and sky. In others, the focus shifts smoothly, subtly, and naturally throughout the story, so that, to our surprise, the subject turns out to be something quite other than what we expected.

Such is the case in “Expired Eyes,” where the firm grounding of the plot in a realistic situation (a man enters his apartment after a day at work) allows us to accept its fantastical, perhaps futuristic ending (the man goes to his doctor to acquire a set of new eyes): here, realism is skillfully deployed, along with a reverberating emotional truth, in the service of fantasy. In Alomar’s stories, however, fantasy never devolves into mere whimsy. His magical imaginative creations are, every one, inspired by his deeply felt philosophical, moral, and political convictions, giving these tales a heartfelt urgency.

“Tongue Tie,” one of the simplest, neatest, and hardest-hitting, in its humorous restraint, ably illustrates this and can be quoted in full, being also one of the briefest:

Before leaving for work I tied my tongue into a great tie. My colleagues congratulated me on my elegance. They praised me to our boss, who expressed admiration and ordered all employees to follow my example!

* * *
Four stories by gtranslated from the Arabic by C. J. Collins with the author:

FULLBLOOD ARABIANTHE FIRST, wistfully: “If only I were a fullblood Arabian horse!”

THE SECOND, disdainfully: “Would you wish to be an animal when God in his mercy has created you as a human who belongs to a great and ancient nation proud of its glorious history?”

THE FIRST: “Man, don’t you know that the value of a fullbood Arabian horse in this world is far greater than the value of a fullblood Arabian human?”
THE PRIDE OF GARBAGEWhen the owner of the house picked up the bag of garbage and headed out to the street to throw it in the dumpster, the bag was overwhelmed with the fear that she would be put side by side with her companions. But when the man placed her on top of all the others, she became intoxicated with her greatness and looked down at them with disdain.
A DROPA drop of dried blood on the ground looked at the setting sun with an expression full of sadness. “Why do people look at that giant drop with happiness while they look at me with fear?” she asked in a weak voice. “We share the same roots!”

A reply came to her from somewhere unknown: “Because you are fixed to the surface of the earth and she is fixed to the sky.”
EXPIRED EYESClimbing up the steps to his home one night after working late, he staggered back and forth from exhaustion, carrying paper bags filled with fruits and vegetables. After entering the apartment and putting down the bags, he opened the door to his bedroom and was shocked to see his wife making love with insane ardor to a friend of their son’s. She glanced up at him, deliberately flashing him looks of malicious gloating. He rubbed his eyes hard and opened them to see her humbly performing her prayers. He rubbed his eyes again, this time with furious intensity, and opened them to see her dancing completely naked in front of the window that faced the house of their young neighbor. He closed his eyes in horror, rubbing them with two hands like tornadoes. When he opened them again, his wife was there, inviting him to share breakfast in bed, her eyes brimming with love and tenderness.

He knew then that the allotted time of his eyes had expired. He visited the most famous eye doctor in the country to have two new ones implanted—specially ordered fresh from the factory. And from that day on, he saw his wife exactly as he desired.

Lydia Davis received this year’s Man Booker International Prize. Her next collection of stories, “Can’t and Won’t” will be published next year.

C. J. Collins is a student of Arabic and a librarian currently based in Grafton, New York.

Osama Alomar was born in Damascus, Syria, in 1968, and is now living in Chicago. He is the author of three collections of short stories and a volume of poetry in Arabic, and performs as a musician. His short stories have been published by Noon, Conjunctions.com, The Coffin Factory, Electric Literature, and The Literary Review.

Photograph: Christopher Anderson/Magnum

 

see the full article here

Vote for Edward Snowden as TIME’s 2013 Person of the Year

timepoy-snowdentimepoy-snowden-vs-obama

TIME:

As always, TIME’s editors will choose the Person of the Year, but that doesn’t mean readers shouldn’t have their say. Cast your vote for the person you think most influenced the news this year for better or worse – in both a straight yes/no poll and a candidate face-off. Voting closes at 11:59 p.m. on Dec. 4, and the combined winner of our reader polls will be announced on Dec. 6. TIME’s Person of the Year will be announced Dec. 11.

Screenshots @ 1AM EST, 11/26

timepoy-results

SETI

SETI@home


Winter 2013
Dear SETI@home Volunteer:We need your help to continue the Search for Extraterrestrial Intelligence!

For the last thirteen years, SETI@home has brought the search for extraterrestrial intelligence to millions of participants around the world. We use the largest and most sensitive telescopes on earth to scan the skies for the faint whispers of another technology. Your tax-deductible donation will help enable us to continue the SETI@home and Astropulse projects at Arecibo Observatory, as well as pursue ambitious new experiments at the Green Bank Telescope (GBT) and other observatories around the world.  SETI@home is primarily funded by the financial support of its participants. Your contribution is vital to sustaining our search for intelligent life on other worlds.

The search for extraterrestrial intelligence life is at a very exciting point. The detection of extrasolar planets by the Kepler mission as well as by ground based observations suggest that there are as many as 40 billion habitable earth-like planets in our galaxy.

The Kepler planet detections are enabling a fascinating new type of observation, which we are currently conducting at the GBT.  Using the precisely known orbital characteristics of planets in multiple planet systems we can predict when two such planets line up with each other and the earth.  These alignments, known as conjunctions, allow us to eavesdrop on possible planet-to-planet communication or active astronomy (much like we use the Arecibo planetary radar to image other planets in our solar system).  The data gathered from these observations will be distributed on the SETI@home network as well as subjected to in-house analyses.

In the realm of technology development, we have a couple of exciting projects to report on. The next generation in the long line of SERENDIP experiments, SERENDIP VI, is in rapid development and we hope to deploy it early next year at both Arecibo and the GBT.  As a bonus, SERENDIP VI will also look for the new and mysterious fast radio bursts.

SETI data analysis is coming to a phone or tablet very near you! The SETI@home application for android based cell phones and tablets is now in beta. We plan to release this application to everyone in the next few months.

Please consider making a financial contribution to SETI@home to help us see these and other projects through to fruition.

– Jeff Cobb, Co-founder of SETI@home


The University of California is a nonprofit educational and research organization governed by the provisions of Section 501(c)(3) of the Internal Revenue Code. Donations are tax deductible for residents of the United States and Canada.


SETI@home respects your privacy. E-mail addresses are not shared with any other organization. If you do not wish to receive further e-mails from SETI@home, you can automatically “opt-out” by following the link:

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The heartbreaking journey taken by asylum seekers

Un­der­stand­ing the men­tal­ity, back­ground and rea­son for asy­lum seek­ers com­ing to Aus­tralia is vital to hu­man­ise their sto­ries.

The New York Times mag­a­zine has an in­cred­i­ble fea­ture in its mag­a­zine this week, writ­ten by Luke Mo­gel­son (back­ground to the story here) and pho­tographed by Joel Van Houdt, that stun­ningly cap­tures the chal­lenges, heartache and un­cer­tainty of refugees des­per­ately want­ing to set­tle in Aus­tralia from Iran, Afghanistan, Pak­istan and be­yond.

This is one of the most lyri­cal and mov­ing pieces of jour­nal­ism I’ve read in ages:

It’s sur­pris­ingly sim­ple, from Kabul, to en­list the ser­vices of the smug­glers Aus­tralian au­thor­i­ties are so keen to ap­pre­hend. The prob­lem was that every Afghan I spoke to who had been to In­done­sia in­sisted that no West­ern jour­nal­ist would ever be al­lowed onto a boat: Para­noia over agents was too high. Con­se­quently, the pho­tog­ra­pher Joel van Houdt and I de­cided to pose as refugees. Be­cause we are both white, we thought it pru­dent to de­vise a cover. We would say we were Geor­gian (other op­tions in the re­gion were re­jected for fear of run­ning into Russ­ian speak­ers), had sen­si­tive in­for­ma­tion about our gov­ern­ment’s ac­tiv­i­ties dur­ing the 2008 war (hence, in the event of a search, our cam­eras and recorders), trav­eled to Kabul in search of a smug­gler and learned some Dari dur­ing our stay. An Afghan col­league of mine, Hakim (whose name has been changed to pro­tect his iden­tity), would pre­tend to be a local schemer an­gling for a foothold in the trade. It was all overly elab­o­rate and highly im­plau­si­ble.

When we were ready, Hakim phoned an el­derly Afghan man, liv­ing in Jakarta, who goes by the hon­orific Hajji Sahib. Hajji Sahib is a well-known smug­gler in In­done­sia; his cell­phone num­ber, among Afghans, is rel­a­tively easy to ob­tain. Hakim ex­plained that he had two Geor­gians — “Levan” and “Mikheil” — whom he wished to send Hajji Sahib’s way. Hajji Sahib, never ques­tion­ing our story, agreed to get Joel and me from Jakarta to Christ­mas Is­land for $4,000 each. This rep­re­sents a slightly dis­counted rate, for which Hakim, as­pir­ing mid­dle­man, promised more busi­ness down the road.

A few days later, we vis­ited Sarai Shahzada, Kabul’s bustling cur­rency mar­ket. Tucked be­hind an out­door bazaar on the banks of a pol­luted river that bends through the Old City, the en­trance to Sarai Shahzada is a nar­row cor­ri­dor mobbed with traders pre­sid­ing over stacks of Pak­istani ru­pees, Iran­ian rials, Amer­i­can dol­lars and Afghan afgha­nis. The en­closed court­yard to which the cor­ri­dor leads, the ex­te­rior stair­wells as­cend­ing the sur­round­ing build­ings, the bal­conies that run the length of every floor — no piece of real es­tate is spared a hard-nosed dealer hawk­ing bun­dled bricks of cash. The more il­lus­tri­ous op­er­a­tors oc­cupy cramped of­fices and offer a va­ri­ety of ser­vices in ad­di­tion to ex­change. Most of them are bro­kers of the money-trans­fer sys­tem, known as hawala, used through­out the Mus­lim world. Under the hawala sys­tem, if some­one in Kabul wishes to send money to a rel­a­tive in Pak­istan, say, he will pay the amount, plus a small com­mis­sion, to a bro­ker in Sarai Shahzada, and in re­turn re­ceive a code. The re­cip­i­ent uses this code to col­lect the funds from a bro­ker in Pe­shawar, who is then owed the trans­ferred sum by the bro­ker in Sarai Shahzada (a debt that can be set­tled with fu­ture trans­ac­tions flow­ing in re­verse).

source

The Wall Street Code (Marije Meerman, VPRO)

11/04/2013

Backlight:

The Wall Street Code: A thriller about a genius algorithm builder who dared to stand up against Wall Street. Haim Bodek, aka The Algo Arms Dealer.

From the makers of the much-praised Quants: The Alchemists of Wall Street and Money & Speed: Inside the Black Box. Now the long-awaited final episode of a trilogy in search of the winners and losers of the tech revolution on Wall Street. Could mankind lose control of this increasingly complex system?

………..

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