5 Things You Need to Know Today
1. Justice Calls
Benjamin Lawsky, New York’s top banking regulator, is calling for severe punishments for bankers responsible for the mortgage meltdown five years ago, a crisis that caused thousands of small businesses to shutter. Lawsky is hinting at possible jail sentences for some of the worst offenders who have so far avoided justice. -- American Banker
2. Rumor Mill: Facebook
A source tells Valleywag that Facebook is on the verge of seriously cutting the organic reach of brands' pages unless they pay for it. Facebook hasn't confirmed the story... but it wouldn't hurt to revisit your social media strategy (and maybe dusting off that long neglected Google+ page). -- Valleywag
3. Bad Excuses
Leaders: If you want to eschew more responsibility, take a lesson from Colombian Vice President Angelino Garzon. Garzon, who had been nominated to be Colombia's ambassador to Brazil, turned down the offer because he said the Amazon's hot climate would "harm" his "very hairy" dog, a German Shepard named Orion. On second thought, maybe you should just step up and do what's asked of you. -- Washington Post
4. And to SpaceX I Leave...
If you were a billionaire, to whom would you donate most of your fortune? Google's Larry Page said his wealth might go to Elon Musk's SpaceX, the company that aspires to send humans to Mars. According to Page, more companies should similarly be taking on revolutionary missions. -- Inc.
5. Productivity Pay Gap?
Have American's income levels fallen behind the rise in productivity over the last few decades? Some experts cite data that says U.S. workers' productivity (output per hour) has skyrocketed since 1980, while income levels have not. Others argue the data is being misinterpreted. Either way, it's worth a read if you're concerned about being overworked and/or underpaid. -- Pando