RTR - Apparent fake filing says artist bought $88 billion of Bank of America sto

In the latest apparent spoof on a U.S. securities regulator's online filing system, a Chicago-area artist with a fondness for inspirational quotes claimed to have acquired about $88 billion worth of Bank of America Corp shares on Wednesday.
The filing did not appear to influence the stock price of the second-largest U.S. bank, which joins companies including Avon Products Inc, Integrated Device Technology Inc and Berkshire Hathaway Inc to have had fake filings attached to their ticker symbols on the U.S. Securities and Exchange Commission's Edgar system.
While the SEC did not respond to a request for comment and Bank of America declined to comment, securities experts said there was no doubt the filing was a hoax.
In it, a company called YNOFACE Holdings Inc purportedly run by Antonio Lee said it had acquired 798.4 million Bank of America shares in an exchange on Aug. 15, and purchased another 4.2 billion common shares and 100 million preferred shares on Sept. 22.
The common shares alone would represent nearly half the bank's total market cap. Bank of America's largest shareholder, The Vanguard Group, has roughly 610 million shares, a stake of less than 6 percent.
In an earlier filing, YNOFACE said it had implausibly raised over $1 trillion for an art fund.
A quick Google search for Lee found several promotional sites describing him as a "world renowned artist, and YouTube celebrity specializing in acrylic painting."
A YouTube account characterizes YNOFACE as a company that "acquires, markets, and holds original art as a capital appreciation investment based off the fundamental metrics."
Lee's Twitter posts showcase colorful paintings of a beach, elephants in love and a naked person with a bird's head, along with quotes like, "When an artist follows their intuition & dreams, society can only benefit." Its avatar is a painting of a man with a big red question mark over his face.
Reuters' attempts to reach Lee were unsuccessful.
While Bank of America appeared unscathed by the apparent scam, past phony filings have had real world consequences. Last year, Avon shares soared 20 percent on a filing about a fake takeover bid. The alleged fraudster was arrested earlier this year.
The SEC's vulnerability to phony filings has attracted the attention of Iowa Republican Senator Chuck Grassley, who wrote to the regulator last year to express his concern.
The YNOFACE filing is so bizarre it is more likely a prank than a scam intended to generate profits, according to Jay Ritter, a finance professor at the University of Florida.
"Serious scamsters aren't so amateurish," he said.

>>> US Gapping Up

Gapping up
In reaction to earnings/guidance
:
  • MAT +6.5%, AXP +6.2%, ICLR +5.9%, URI +5.2%, SXCP +5.2%, HXL +4.5%, CTXS +4.3%, SNA +4%
  • EXPO +3.7%, (also has approved an additional $35 million in share repurchases, adding toits existing $22 million available under the current authorization)
  • UMPQ +3.4%, RS +3.4%, KMI +3.3%, HLX +2.5%, FTI +2.4%, EWBC +2.1%, (light volume), DAN +2.1%, BK +2%,LRCX +1.8%, IMAX +1.8%, WBA +1.4%
  • ALK +1.4%, AAL +1.2%, KALU +1.1%, SON +0.8%, HNI +0.7%, LUV +0.7%, WDFC +0.6%, FNB +0.6%, TXT +0.6%
M&A news:
  • XGTI +9.2% ( to acquire Vislink Communication Systems for $16 mln)
  • IMOS +5.3% (announces it expects to close on October 31, 2016 the merger of ChipMOS Bermuda with and into its 58.3% owned subsidiary ChipMOS TECHNOLOGIES)
  • RAD +4.4% (Rite Aid and Walgreens Boots Alliance (WBA) mutually agree to extend the end date of their merger agreement from October 27 to January 27, 2017)
Select financial related names showing strength: IBN +2.9%, BBVA +1.8%, BCS +1.6%, RBS +1.3%, LYG +1.1%, .

Other news:
  • DRWI +44.8% (DragonWave announced Sprint has selected its microwave backhaul equipment for network deployment as part of the company's densification and optimization strategy)
  • IDXG +11.3% (thinly traded; reported today, from the ACG Annual Meeting in Las Vegas, NV, the publication of a study supporting its PanDNA product)
  • ABEO +3.9% (provides an update from the ABO-102 Phase 1/2 MPS IIIA clinical trial)
  • GALE +3.7% (announces that Dr. Doreen Jackson delivered a presentation on GALE-301 and GALE-302)
  • CBAY +2.8% (announces that MBX-8025 has been granted the PRIME designation by the EMA for the treatment of primary biliary cholangitis)
  • GNC +2.4% (continued strength)
  • AVGR +2.3% (receives expanded indications from the FDA recognizing the Pantheris Lumivascular atherectomy system as a technology that can be used for both therapeutic and diagnostic purposes)
  • ADXS +2.2% (initiates Part B of the KEYNOTE-046 clinical trial evaluating ADXS-PSA in combination with KEYTRUDA)
Analyst comments:
  • BANC +4.5% (upgraded to Buy from Neutral at DA Davidson)
  • EXPE +1.5% (upgraded to Overweight from Sector Weight at Pacific Crest)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance
:
  • SCSS -18.4%, DXPE -17.1%, ( issues downside prelim Q3 sales guidance citing lagging sales during the month of July), TBI-14%, JAKK -13.5%
  • MTW -11.6%, (reports prelim Q3 results with upside total sales but double digit decline in orders and backlog ), EBAY-8.6%, BJRI -7.5%, SBNY -6.4%
  • PHM -4.4%, SYNT -4.2%, VZ -2.8%, TRV -2.7%, TSCO -2%, DNKN -2%, UNP -1.8%, CLB -1.6%, SXC -1.5%, STLD -1%,LAD -0.8%, PKG -0.7%
M&A news:
  • IOC -0.8% (updates on the court approval process regarding the pending transaction with Exxon Mobil (XOM); Court of Appeal of Yukon has scheduled the appeal hearing to be heard on October 31)
Select oil/gas related names showing early weakness: LEI -2.3%, SDLP -1.9%, WLL -1%, MRO -1%

Other news:
  • RIGL -32.6% (announces results from the second FIT phase 3 study and the long-term open-label extension study for Fostamatinib in ITP; study did not meet its primary endpoint)
  • ONVO -14.3% (commences an underwritten public offering of its common stock)
  • PBYI -5.9% (prices 3.75 mln shares of common stock at $40.00 per share)
  • HQY -2.7% (HealthEquity announces a 2.5 mln share underwritten secondary offering of common stock by stockholders )
  • TPX -2% (SCSS sympathy)
  • TSLA -1.3% (confirms that all Tesla cars being produced now have full self-driving hardwareg)
  • SCTY -1.3% (likely in sympathy with TSLA)
  • FMSA -1.1% (prices offering of 30.25 mln shares of common stock )
  • RIO -0.8% (releases third quarter production results with 2016/2017 guidance )
Analyst comments:
  • BUD -0.9% (downgraded to Hold from Buy at Societe Generale)
  • WLTW -0.9% (downgraded to Sell from Hold at Deutsche Bank

Challenges : Comment la classe politique française fait la manche auprès des émi

Comment la classe politique française fait la manche auprès des émirs du Golfe

"Nos très chers émirs" de Christian Chesnot et Georges Malbrunot est un véritable brûlot. Qui va, là encore, mettre l'ensemble de la classe politique française - du parti socialiste au Front National - en ébullition.

C’est un véritable brûlot, paru ce jour, jeudi 20 octobre. Qui va, là encore, mettre le Parti Socialiste en ébullition. Mais pas que lui: la droite et le Front national aussi. Rachida Dati, Ségolène Royal, Jean-Marie Le Guen, Marine Le Pen, le député Nicolas Bays, la sénatrice Nathalie Goulet, Dominique de Villepin, Jack Lang…. Tous sont mentionnés dans Nos très chers émirs, le dernier essai des deux journalistes spécialistes du monde arabe, Christian Chesnot et Georges Malbrunot. Un ouvrage fouillé, précis, qui raconte les liaisons dangereuses entre certains politiques français de premier plan et les monarchies du Golfe. Le tout sur fond d’attentats terroristes et de gros contrats difficiles à décrocher…

Parmi les déclencheurs de cette enquête explosive: le changement d’ambassadeur du Qatar en France. Le nouveau représentant de Doha, Meshaal al-Thani refuse d’être aussi généreux que son prédécesseur. Les auteurs racontent "trois ans après son arrivée à Paris, il semble las de toutes ces pratiques". Un de ses amis témoigne: "Meshaal, qui a été en poste en Belgique et aux Etats-Unis, me dit souvent: "Je n’ai jamais vu cela, auparavant! J’ai fréquenté des politiques partout ; mais aucun ne s’est comporté comme certains Français, aucun ne m’a demandé de l’argent aussi abruptement, comme si c’était naturel, comme si on leur devait quelque chose! On n’est pas une banque". Le livre fourmille de détails et d’anecdotes récentes souvent ravageuses. Challenges en publie quelques extraits.

Jean Marie Le Guen, sans vergogne

Comme l’explique un officiel à Doha, Jean-Marie Le Guen annonçait clairement la couleur. "Il disait à nos diplomates à Paris: "En tant que ministre en charge des Relations avec le Parlement, je tiens tous les députés et sénateurs de mon camp, via les questions au gouvernement. Je peux bloquer des questions hostiles au Qatar, ou au contraire les alimenter. Mais je n’ai pas à le faire gratuitement". Bref, "il nous faisait littéralement du chantage".

La duplicité de Rachida Dati

Ah, le luxueux 7ème arrondissement! Là où résident tant d’ambassadeurs en poste à Paris. Comme l’émir père, Rachida a le sens de l’opportunité, ne craignant pas d’user et d’abuser de son carnet d’adresses. Elle a donc eu l’idée de lancer un Club des ambassadeurs, qui se réunirait périodiquement dans son arrondissement. Belle idée! Mais il fallait un peu d’argent pour faire tourner la danseuse de Mme Dati. Qu’à cela ne tienne! Rachida est allée frapper à la porte de... l’ambassadeur du Qatar.

"Elle ne demandait pas moins de 400.000 euros pour son association", s’étonne encore un membre de l’ambassade. Une somme extravagante! Rachida Dati présente sa requête lors d’un dîner avec Meshaal al-Thani, un dimanche soir, le 22 novembre 2015 exactement. Mais le diplomate lui fait comprendre qu’il sera difficile d’y répondre positivement. Elle semble choquée par ce refus, qui lui sera notifié par une lettre officielle signée du représentant du Qatar en France.

Le lendemain matin, Rachida Dati est l’invitée du talk show de Jean-Jacques Bourdin sur RMC. Nous sommes dix jours après les attentats du Bataclan et du Stade de France. L’ancienne ministre change de pied et charge le Qatar: "L’Arabie Saoudite ou même le Qatar ont une volonté de développer leur idéologie, notamment pour contrer l’islam chiite, affirme-t-elle. On a des pays du Golfe qui financent des mosquées, des associations, des imams [...], des structures qu’on ne contrôle pas", regrette-t-elle. Quand il entend cela, l’ambassadeur n’en revient pas. "Elle dîne avec moi en me demandant de l’aider, et le lendemain elle nous traîne dans la boue".

Jack Lang, profiteur

À la tête de l’Institut du monde arabe (IMA), Jack Lang est cité non seulement par l’ambassade du Qatar, mais aussi par celles d’Arabie et des Emirats arabes unis comme un interlocuteur sans scrupules. "Il vient réclamer trois places en Business pour sa femme et son ami, lorsqu’on l’invite à Abou Dhabi, fulmine un membre de l’ambassade des Emirats. Et si jamais on refuse, on court le risque qu’il critique publiquement les Emirats".

Dominique de Villepin "la first", sinon rien

Villepin, lui, exige d’être en First class, sinon il boude les invitations à Doha, renchérit un autre diplomate de l’ambassade du Qatar. Une fois, Villepin a annulé sa participation à un colloque parce qu’il était en Business et pas en First class. L’ambassadeur en est resté abasourdi. Autre certitude: l’ancien Premier ministre, devenu avocat d’affaires, ne dit pas du bien du Qatar pour rien, comme tous ceux dont nous avons rapporté le comportement. "La France n’a aucune preuve de l’implication du Qatar dans le financement du terrorisme", affirmait Villepin le 4 novembre 2015 sur Europe 1".

La sénatrice Nathalie Goulet réclame son cadeau de Noël

La sénatrice de l’Orne, Nathalie Goulet, essuya elle aussi chaque fois un refus clair et net du représentant du Qatar à Paris. Elle a pourtant multiplié les demandes. Fin 2015, elle appela d’abord le bureau de l’ambassadeur pour se plaindre de n’avoir pas reçu son cadeau de Noël. "Comment se fait-il que je n’aie pas reçu mon cadeau de fin d’année, d’autres sénateurs en ont eu un et pas moi?", protesta-t-elle. "Qu’elle aille au diable!", maugréa Meshaal lorsque son collaborateur lui rendit compte de l’appel de Mme Goulet.

Quand le Qatar fut attaqué par des politiques ou dans la presse après les attentats, la sénatrice n’hésita pas à proposer à l’ambassade d’organiser un colloque, contre rétribution bien sûr. La représentation diplomatique dit niet. Depuis, Mme Goulet l’avoue sans ambages: "Je n’aime pas beaucoup le Qatar".

Le culot du député Nicolas Bays

S’il y a un député dont l’ambassadeur du Qatar se montre particulièrement lassé, c’est Nicolas Bays, élu socialiste du Nord – Pas-de-Calais. Membre du groupe d’amitié France- Qatar, il était proche de l’ancien ambassadeur Mohammed al-Kuwari. Avec son successeur, Bays ne fait pas dans la dentelle. Il a personnellement envoyé un SMS à Meshaal al-Thani, dont un témoin nous a rapporté le contenu: "J’ai des problèmes financiers actuellement. La mère de notre jeune enfant est fatiguée. Je voudrais l’emmener à l’étranger. Mais mon budget est un peu serré. Peux-tu me faire inviter dans un hôtel de Doha et nous payer un billet d’avion sur Qatar Airways? Cela m’aiderait, s’il te plaît".

Loin d’être découragé par un premier refus, le député Bays a sollicité à deux reprises encore, par SMS, l’ambassadeur du Qatar. Une première fois, pour lui demander de l’argent afin de payer des travaux dans sa maison. Le diplomate n’a pas répondu. Enfin, il n’a pas hésité à lui réclamer des chaussures de marque.

Le dépit de Jean Vincent Placé

Autre victime de la nouvelle donne, le ministre vert Jean-Vincent Placé, qui se plaint dans le carré VIP du PSG que l’ambassadeur actuel ne l’invite plus à des week-ends. "Placé ne recevait pas que des cadeaux de son prédécesseur", souligne un proche de l’ambassade qui refuse d’en dire plus.

Marine Le Pen 1ere étape, la rencontre avec le président al-Sissi en Egypte en mai 2015

Ce sont les Emirats arabes unis – alliés et bailleurs de fonds du régime égyptien – qui ont financé le déplacement de Mme Le Pen au Caire. "Ni l’hôtel ni les billets d’avions n’ont été payés par le Front national ou l’Egypte", assure un proche.

Marine Le Pen 2ème étape: la proposition

Nous sommes en mesure de révéler que lors de la rencontre de Montretout, le représentant émirien a proposé à Marine Le Pen un financement d'un million de dollars, voire de deux, pour sa campagne électorale. "Il m’a fait l’impression de quelqu’un qui avait l’habitude de parler argent avec les hommes politiques, relève le proche. D’ailleurs Marine a paru décontenancée, elle n’a pas su trop quoi répondre. On verra, a-t-elle dit, en évacuant la question".

Les ambigüités de la mairie de Cannes

La mosquée Al-Medina Al-Mounawara de Cannes est financée à 100% par Saleh Kamel, le PDG de la chaîne de télévision coranique Iqraa, qui habite la ville. Il voulait créer un lieu de culte près de sa villa pour aller prier. L’homme d’affaires saoudien a joué la transparence en associant Bernard Brochand, le maire de la ville de 2001 à 2014, à son projet, sans que celui-ci ne s’y oppose le moins du monde. À tel point, raconte Bernard Godart, qu’à l’époque "le cabinet du maire m’a appelé au ministère de l’Intérieur pour me demander si je connaissais un imam susceptible d’officier dans la mosquée! J’ai répondu que non, car évidemment ce n’était pas de mon ressort".

Un magnat saoudien de la presse, Hicham Hafez, s’est lui aussi fait construire une petite mosquée près de la Croisette, à Cannes où il passe ses vacances. Là encore, avec l’aval de la municipalité! Il l’a financée sur ses deniers personnels – 250.000 euros. La mairie de Cannes a donc accordé à deux riches Saoudiens le droit de bâtir chacun sa mosquée dans la ville, alors qu’aujourd’hui les autorités locales interdisent aux Françaises de porter le burkini à la plage. Certains ne manqueront pas de relever une certaine incohérence entre ces deux décisions..."

Bruno Le Maire n’a pas gardé la montre, mais d’autres ministres oui!

"Je vais vous raconter une anecdote, confie le candidat à la primaire à droite, depuis la terrasse de son QG de campagne dans le 6e arrondissement de Paris. En 2009, quand j’étais ministre de l’Agriculture, j’avais été chargé d’accompagner cheikh Hamad, l’émir du Qatar pendant quatre heures dans Paris. À la fin, il m’a fait cadeau d’une montre Patek Philip cerclée de diamants, d’une valeur de 85.000 euros. Vous imaginez, cela représente une année de mon traitement de député! Je l’ai mise dans le coffre du ministère. Je pense qu’elle doit y être encore!"

L’ancien diplomate et directeur de cabinet de Dominique de Villepin au ministère des Affaires étrangères connaît les arcanes de nos relations avec les monarchies du Golfe. "Leurs dirigeants fonctionnent avec de la flatterie. Ils sont d’une grande amabilité. Ils vous proposent des cadeaux. Regardez les poignets de bon nombre de ministres!", sourit Bruno Le Maire.

S’agissant de Ségolène Royal, les auteurs notent que "l’ambassade se montre aujourd’hui beaucoup moins généreuse avec la ministre socialiste de l’Environnement. La relation s’est nouée lorsqu’elle était candidate du parti socialiste à l’élection présidentielle, en 2007". Elliptique… Juste avant sa mort, Christophe de Margerie, le défunt patron de Total, confiait à Christian Chesnot et George Malbrunot: "Tout s’achète, y compris les hommes, ce n’est qu’une question de prix". Apparemment, dans la classe politique française, le shopping se fait parfois à grande échelle.

(Manager-Magazin) Arab alliance is dangerous for John Cryans Job

Arab alliance is dangerous for John Cryans Job
Other Arab investors flirt with a stake in Deutsche Bank. If the money home to increase its capital in order to pay the alleged multibillion high fines for violations of the law, the sovereign wealth funds of Qatar and Abu Dhabi would be willing to subscribe for shares. Even investors from China is on hand as the manager magazin has learned from banking circles. Read more about it in our latest issue (release date: October 21).

Want to strengthen your influence especially Qatar Hamad Bin Jassim Ex-Premier Bin Jabor Al-Thani (57) and his cousin Hamad Bin Khalifa Al-Thani (64). Including options keep the cousins together now around 10 percent in Deutsche Bank stock market chart show . In case of capital on a large scale they would be willing to screw their share up to 25 percent - but together with investors from Qatar, Abu Dhabi and China.

On Investment Banking wants to hold the investor group, but not necessarily to CEO John Cryan (55): The CEO, is denied the executives, is considered as endangered as IT chief Kim Hammonds (49) and other top managers. will advise the two Al-Thani of Michele Faissola (48), ex-head of Deutsche Bank Asset Management.

For settling other disputes, the German bank has set aside 5.5 billion euros. The money is reserved primarily for fines in connection with the sale of bad mortgage loans and possible money laundering in Russia. Currently, both cases of regulators in the US and UK are examined.

But for the dubious loan sales, the US Justice Department has invoked a penalty of 12.5 billion euros. The German bank is currently negotiating with the Americans about a significant reduction in total; the Group is growing confidence, much cheaper and get away with it without a capital increase. With the conclusion of the negotiations are expected before the US presidential election on November 8.

More economic firsthand ? The above text is only a minimal section of the November issue of manager magazin . The new issue (and the next issue) you can here the advantage listing order. The digital edition is available here for you, from Friday is the print edition on newsstands. Subscribers we provide the fresh manager magazin on Thursday in the letterbox or electronically. Or both.

FT : Turkish jets strike US-backed Kurdish militia in Syria

Turkish jets strike US-backed Kurdish militia in Syria
Up to 200 killed in attacks on shelters, ammunition storage and armoured vehicles

Turkish jets carried out air strikes against a US-backed Kurdish militia in northern Syria, killing as many as 200 fighters, the Turkish army said in a statement. The Kurdish militia said the death toll was lower.

The 26 air strikes targeted the group — called the People’s Protection Unit, or YPG — north of Aleppo, an area close to the Turkish border that President Recep Tayyip Erdogan wants to keep free from Kurdish influence.

The attacks on a militia that the US counts as an essential force in the fight against Isis in Syria could further complicate Turkey’s relationship with its Nato ally. The raids hit shelters, ammunition storage and armoured vehicles, the military said.

They were the first confirmed Turkish air strikes on Syrian territory since November 2015, when Turkey’s military shot down a Russian fighter jet in the border region, sparking a diplomatic row between Ankara and Moscow.

Mr Erdogan has repeatedly urged the US to use Turkish-trained Syrian rebels for operations inside Syria, but those fighters have proven unable to advance without heavy support from the Turkish military.

Turkey backs rebels fighting to oust the Syrian president, Bashar al-Assad, in Syria’s five-year war, but has been concerned that Kurds have a broader strategy of establishing a de facto state in northern Syria that could one day aspire to independence.

The air strikes come as Mr Erdogan has protested the use of Kurdish and Shia militias in Iraq to free Mosul from Isis, rather than depend on the support of Turkey, which has stationed troops inside Iraq for more than a year.

“If there are threats in Syria or Iraq, we will not wait for the threats to grow and come to our borders,” Mr Erdogan said. “We will drain the swamps instead of killing mosquitoes.”

Turkey considers the YPG to be allied with the Kurdistan Worker’s Party, or PKK, which is designated a terrorist group by Turkey, the EU and the US. But US-support for the YPG has seen it create a near contiguous zone of control south of Turkey’s border, with land wrested from Isis.

Two months ago, Turkey sent troops into Syria to stop the YPG from joining those territories, liberating a town called Jarablus from Isis in the process. It was its most significant intervention in the Syrian conflict.

FT : Driverless cars will change everything

Driverless cars will change everything
‘If you think personal cars will survive as status symbols, remember horses were once status symbols’

Your next car might drive itself. “The technology is essentially here,” Barack Obama told Wired magazine this month. Robin Chase, the transportation entrepreneur who co-founded Zipcar, reckons driverless cars are “three-and-a-quarter years away”. Yet we have barely begun to think about how they will revolutionise our lives, revamp our cities — and destroy tens of millions of jobs.

After years of trials on city streets, driverless vehicles are now nearing the live phase. Last month, a driverless bus began carrying passengers through Lyon, France. Most in the automobile industry think self-driving vehicles will be on the road by 2020 or before, says Richard Holman, head of foresight and trends at General Motors.

Driverless cars will initially coexist with human-driven cars. But the first places where they will become dominant are dense urban areas — precisely the spots most damaged by the automobile age. This is “a chance to have a do-over for cities,” Chase told this month’s Autonomy conference in Paris. Many advanced cities are already reducing the role of cars. Driverless cars will hasten that process.

Cities don’t want everyone to own their own driverless car. That would prolong congestion, and isn’t necessary anyway. A driverless car is the perfect cheap taxi — it can drop you at work, and then go off to collect somebody else. If you still insist on driving your own car, cities will probably charge you for the privilege: motoring will become a luxury, like owning and flying your own plane. Driverless cars could allow cities to cut vehicle numbers by about 90 per cent while transporting the same number of people. They will bring us enormous benefits:

• Driverless cars will reduce accidents by around 90 per cent, predicts Pascal Demurger, director-general of French insurer MAIF. That’s big — the annual death toll on the world’s roads is about 1.2 million a year, or double the toll from armed conflict and homicides combined.

• Pollution and carbon emissions will drop, because urban driverless cars will be electric.

• The old, the disabled and teenagers will suddenly gain mobility.

• People will save fortunes by ditching their cars. The average cost of owning a car in Europe is about €6,000 a year, says Chase. If you think personal cars will survive as status symbols, remember that horses were once status symbols.

• Driverless cars will hardly ever need to park, and certainly not in city centres. Cities can therefore convert parking spaces — where many cars now sit for the vast majority of their lives — into bike lanes or parks.

• Congestion will diminish, as driverless cars can drive in dense packs, won’t get lost and won’t have to circle around looking for parking.

• Police will no longer pull over black drivers — or indeed any drivers.

• Once driverless cars spread beyond urban centres, the tedium of commutes will go. “You can use your car for eating, working, sleeping, kissing,” Carlo Ratti, head of MIT’s Senseable City Lab, told the Autonomy conference.

On the other hand, driverless cars will bring catastrophe. The best thing about the automobile age was that it employed tens of millions of people to make, market, insure and drive vehicles. Over the next 20 years, the mostly low-skilled men who now drive trucks, taxis and buses will see their jobs decimated. Instead of taxi drivers setting Uber cars on fire, we could see taxi and Uber drivers get together to set driverless cars on fire. If you thought Donald Trump was bad, wait for the next wave of male losers from modernity.

Or think of insurers, many of whom now get about half their revenues from automobile insurance. Warren Buffett, whose company Berkshire Hathaway owns the auto insurers Geico, says that anything that sharply reduces traffic accidents “would be wonderful. But we would not be holding a party at our insurance company.” Demurger muses, “We could almost become an insurer without insurance.” Governments and cities, too, will lose revenues from parking, speeding fines and petrol taxes.

Carmakers are especially scared. The few cars of the future might be made by tech companies such as Apple, Baidu and Google. Imagine the impact on Germany, where the automotive sector is the largest industry.

There may be a clash ahead between mostly European car companies and American tech companies. The carmakers want people to keep buying and driving their own cars, albeit with new technological aids. By contrast, the tech companies will lobby governments to favour driverless cars.

Dramatic change is coming, but governments have barely begun thinking about it. Obama is a rare politician even to have mentioned self-driving cars. Only 6 per cent of the biggest US cities have factored them into their long-term planning. Driverless cars could arrive by 2020, but most mayors and transport ministers are preoccupied with next week.

A decade ago hardly anyone saw the smartphone coming. It has brought an epidemic of mass addiction. Let’s hope we do a better job of handling the driverless car.