Longreads

For this bodiless replicator itself, Richard Dawkins proposed a name. He called it the meme, and it became his most memorable invention, far more influential than his selfish genes or his later proselytizing against religiosity. “Memes propagate themselves in the meme pool by leaping from brain to brain via a process which, in the broad sense, can be called imitation,” he wrote. They compete with one another for limited resources: brain time or bandwidth. They compete most of all for attention.

If you want to get a true sense of what the "shadow budget" is all about, all you have to do is look closely at the taxpayer money handed over to a single company that goes by a seemingly innocuous name: Waterfall TALF Opportunity. At first glance, Waterfall's haul doesn't seem all that huge — just nine loans totaling some $220 million, made through a Fed bailout program. That doesn't seem like a whole lot, considering that Goldman Sachs alone received roughly $800 billion in loans from the Fed. But upon closer inspection, Waterfall TALF Opportunity boasts a couple of interesting names among its chief investors: Christy Mack and Susan Karches. Christy is the wife of John Mack, the chairman of Morgan Stanley. Susan is the widow of Peter Karches, a close friend of the Macks who served as president of Morgan Stanley's investment-banking division.