Sam Byford, The Verge, Meet Yuka, the 39,000-year-old mummified woolly mammoth scientists want to clone, here.
South Korean scientists have signed a deal giving them rights to attempt to clone the mammoth; Hwang Woo-suk, who produced the world’s first cloned dog in 2005 before being convicted of lying about breakthroughs in human stem cell research, has taken delivery of tissue samples that may contain intact cells.
However, serious doubt remains over whether it is possible to find or construct a complete, viable mammoth genome from such old material. “Every time a new well-preserved mammoth is found,” said Professor Adrian Lister of London’s Natural History Museum to The Guardian, “people also repeat the claim that we will soon be able to clone them, and I very much doubt that we will.”
Perhaps there are some shortcuts to consider to get the project moving along.
Matt Levine, DealBreaker, Bank Of America Lost $5.7 Billion Gambling With Your Deposits, here.
Are you not tickled by the coincidence? BofA’s investing-excess-cash-in-securities function – call it their “chief investment office,” though they don’t – lost $4.2 billion this quarter, versus JPMorgan’s CIO’s$4.4bn loss in 2Q 2012. Its particular investment in agency bonds seems to have lost it $5,728 million,1~1% away from JPMorgan’s $5,787 loss in its whale-managed synthetic credit portfolio. BofA’s agency AFS portfolio was around $170 billion; JPMorgan’s whale trade at its peak was a something like $158 billion notional.2 I look forward to Bank of America’s hearings, and more importantly to the cute animal name that will be spawned by this scandal.
No, I’m kidding, obviously nobody gives a shit.
Is it not fun to ponder why? Like: banks have vast pots of available-for-sale securities, which they manage with an eye toward “asset and liability management (ALM) and other strategic activities.”3 You can’t do that without some sort of broad macro view: if you think rates are going up, you reduce duration; if you think they’re going down, you increase it, etc. If you think credit will tighten, you push more of your AFS portfolio into credit; if you think it will widen, you reduce your credit exposure or buy some protection. If you do that last part very ineptly people start calling you a whale.