-Caveat Lector-

from:
http://www.aci.net/kalliste/
<A HREF="http://www.aci.net/kalliste/">The Home Page of J. Orlin Grabbe</A>
-----
Today's Lesson From Schrodinger's Kittens and the Search for Reality

by John Gribben


Feynman's unsung insight suggested, more than a half century ago, that
the behavior of electromagnetic radiation, and the way in which it
interacts with charged particles, could be explained by taking seriously
the fact that there are two sets of solutions to Maxwell's equations,
the equations that describe electromagnetic waves moving through space
like ripples moving across the surface of a pond. One set of solutions,
the 'common-sense' solutions, describes waves moving outward from an
accelerated charged particle and forwards in time, like ripples
spreading from the point where a stone has been dropped into the pond.
The second set of solutions, largely ignored even today, describes waves
travelling backwards in time and converging onto charged particles, like
ripples that start from the edge of the pond and converge onto a point
in the middle of the pond. As I discussed in Chapter Two, when proper
allowance is made for both sets of equations interacting with all the
charged particles in the Universe, most of the complexity cancels out,
leaving only the familiar common-sense (or 'retarded') waves to carry
electromagnetic influences from one charged particle to another. But as
a result of all these interactions, each individual charged
particle--including each electron--is instantaneously aware of its
position in relation to all the other charged particles in the Universe.
The one tangible influence of the waves that travel backwards in time
(the 'advanced' waves) is that they provide feedback which makes every
charged particle an integrated part of the whole electromagnetic web.
Poke an electron in a laboratory here on Earth, and in principle every
charged particle in, say, the Andromeda galaxy, more than two million
light years away, immediately knows what has happened, even though any
retarded wave produced by poking the electron here on Earth will take
more than two million years to reach the Andromeda galaxy
=====


Symbolism

Bald Eagle Bites Clinton

On the left hand, no less

A BALD eagle, the emblem of the United States, bit President Clinton at
a ceremony on the White House lawn yesterday.
Mr Clinton's staff had arranged for the eagle, Challenger, to be present
when he announced that the species was being taken off the endangered
list after a 27-year conservation project. The President described the
eagle as the "living symbol of our democracy" and then moved over to
talk to the bird's handler, Al Cesari.

Mr Clinton looked distinctly uneasy as he stood just out of pecking
distance of the bird, whose image appears on the great seal of the
United States, on the dollar bill and a host of other national symbols.
As the President turned to congratulate volunteers from the
eagle-salvation programme who were standing behind Challenger's perch,
the 10-year-old bird bent forward and pecked him hard on the left hand.

Mr Clinton withdrew his hand quickly, shook it and inspected the damage,
as an embarrassed Mr Cesari moved in. A spokesman for the White House
said later: "The President was bitten, but no blood was drawn. He told
aides as he left the ceremony that he was sure that bird was not the
only creature in Washington who would like to have a go at him."

The eagle had been reduced from an estimated population of half a
million, when it was chosen as America's emblem in 1783, to only 417
pairs in 1963.

The London Telegraph, July 3, 1999


Investment Banking

Is There Life After Leeson?

The investment bank ING bought for �1


The name's almost the same, but the ING Barings of today is a far
different animal from the UK investment bank that Nick Leeson's rogue
trading brought down four and a half years ago.


Picked up for �1 ($1.58) by the Dutch bank and insurance company ING
Group, ING Barings has experienced no shortage of upheaval since then,
as it has struggled with the management and cultural issues shared by
other investment banks owned by larger financial services organisations.
It also shared the pain of two years of turbulence in emerging markets.


In less than five months last year, ING Barings lost a new chief
executive, Arjun Mathrani, then its chairman and interim chief
executive, Marinus Minderhoud.


It also cut 1,200 of 10,000 jobs worldwide and saw the departure of some
of its most prominent UK corporate bankers.


What has emerged from two years of turmoil is a bank focusing on medium-
size companies in Europe, while retaining an interest in emerging
markets. ING Barings now takes in the branch network of the former ING
Bank International, the parent's treasury operations, Barings
Securities, as well as the remnants of the old Barings Brothers in
London.


Crucial to success was finding the right chief executive. David Robins,
who joined in October, had the organisational experience needed to build
mutual confidence between London and Amsterdam.


As former UK head of Union Bank of Switzerland and its European chief
operating officer, Mr Robins had intimate knowledge of dealing with a
distant parent.


He had also seen the strife of a merger when UBS bought - but in effect
was taken over by - Swiss Bank Corporation. He immediately brought in
Malcolm Le May, a former UBS lieutenant who stayed only briefly at the
new Warburg Dillon Read, as global head of corporate and institutional
finance. Not having "baggage" from either side helped, but was not
sufficient.


Mr Mathrani, who had spent 28 years at Chase Manhattan, had also started
with a clean slate but found himself embroiled in a power struggle. "He
didn't know what he was getting into and he didn't have a mandate to fix
it," according to a banker familiar with the situation.


Mr Minderhoud, one of Mr Mathrani's main antagonists, quit a few months
later when the size of ING Barings' losses became apparent.


Although the group does not break out ING Barings' results from its
banking in general, it said in October that corporate and investment
banking would produce profits in 1998 of Fl 1.5bn (E681m, $697m) less
than expected.


In this environment, Mr Robins said yesterday: "We went to Amsterdam and
said we have to manage this as a partnership. It's not us versus them."
He reports directly to Michel Tilmant, the Belgian main board member who
came into the group through ING's takeover of Banque Bruxelles Lambert.


ING Group said yesterday it was "very happy with the new structure and
the new management of David Robins, Malcolm Le May and their team" and
with ING Barings' return to profit in the first quarter of 1999. Group
insiders said Gottfried van der Lugt, ING chairman, was delighted with
progress.

The Financial Times, July 3, 1999
-----
Aloha, He'Ping,
Om, Shalom, Salaam.
Em Hotep, Peace Be,
Omnia Bona Bonis,
All My Relations.
Adieu, Adios, Aloha.
Amen.
Roads End
Kris

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