English: Weka Data Mining Open Software in Java (Photo credit: Wikipedia)
For the data-mining project, the Republican candidate has quietly employed since at least June a little-known but successful analytics firm that previously performed marketing work for a colleague tied to Bain & Co., the management-consulting firm that Romney once led.
Read more: http://swampland.time.com/2012/08/24/ap-exclusive-romney-uses-secretive-data-mining/#ixzz24fHsvFoc
WASHINGTON — Mitt Romney is heading into the last three months of the campaign with far more cash at his disposal than a sitting president known for his fund-raising prowess, a scenario that presents the Republican’s Boston-based campaign with a series of strategic and tactical opportunities that could offer a crucial difference as he enters the final stretch of a race expected to be razor-close.
The growing financial advantage, one that would have been hard to predict several months ago, comes after months of hoarding money as President Obama’s campaign spent heavily on television ads trying to brand Romney early in the minds of voters.
Romney was restless for a company of his own to run, and in 1983, Bill Bain offered him a new venture that would buy into companies and allow the venture’s partners to reap higher rewards than consulting fees.He initially refrained from accepting the offer, but Bain re-arranged the terms in a complicated partnership structure so that there was no financial or professional risk to Romney.In 1984, Romney left Bain & Company to co-found the spin-off private equity investment firm, Bain Capital.
A private equity firm is an investment manager that makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital. Often described as afinancial sponsor, each firm will raise funds that will be invested agree one or more specific investment strategies.
The real data mining task is the automatic or semi-automatic analysis of large quantities of data to extract previously unknown interesting patterns such as groups of data records (cluster analysis), unusual records (anomaly detection) and dependencies (association rule mining). This usually involves using database techniques such as spatial indexes. These patterns can then be seen as a kind of summary of the input data, and may be used in further analysis or, such as, in machine learning and predictive analytics. For example, the data mining step might identify multiple groups in the data, which can then be used to obtain more accurate prediction results by a decision support system. Neither the data collection, data preparation, nor result interpretation and reporting are part of the data mining step, but do belong to the overall KDD process as additional steps.
The mission of the Institute, founded in 1991 by financier and philanthropist Michael Milken, is “to improve the lives and economic conditions of diverse populations in the United States and around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity.”
The Milken Institute has published studies relating to human capital, access to capital, financial structures and innovations, regional economics, healthcare economics and medical research. It hosts a series of conferences including two annual conferences, a variety of financial innovations labs, and a series of forums and private events. The Milken Institute Global Conference, first held in 1998, is an annual forum focused on economic and social issues. Among the speakers at the conference include figures from the areas of business, finance, government, education and sports. The institute also hosts an annual State of the State Conference, which examines major issues facing the state of California.
J.P. Morgan & Co. was founded in New York in 1871 as Drexel, Morgan & Co. by J. Pierpont Morgan and Philadelphia banker Anthony J. Drexel, founder of what is now Drexel University. The new merchant banking partnership served initially as an agent for Europeans investing in the United States.
Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was forced into bankruptcy in February 1990 by its involvement in illegal activities in the junk bond market, driven by Drexel employeeMichael Milken. At its height, it was the fifth-largest investment bank in the United States.
Milken was indicted on 98 counts of racketeering and securities fraud in 1989 as the result of an insider trading investigation. After a plea bargain, he pled guilty to six securities and reporting violations but was never convicted of racketeering or insider trading. Milken was sentenced to ten years in prison and permanently barred from the securities industry by the Securities and Exchange Commission. After the presiding judge reduced his sentence for cooperating with testimony against his former colleagues and good behavior, he was released after less than two years.
Milken’s compensation, while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s, exceeded $1 billion in a four-year period, a new record for US income at that time.Drexel went bankrupt in 1990. With an estimated net worth of around $2 billion as of 2010, he is ranked by Forbes magazine as the 488th richest person in the world.Much of that wealth comes from his success as a bond trader; he only had four losing months in 17 years of trading.