...In the spring of 2008, the world was hit by the worst Financial Crisis since World War 2. The crisis began during the Reagan administration and concluded a couple decades later with the collapse of the housing bubble. Behavioral Finance defines the term “bubble” as an event occurring before a market crash due to overvalued market prices (Ricciardi 2000). The housing bubble, which grew alongside the stock bubble in the mid 90’s, eventually burst, and a financial meltdown ensued. Initially, one bank was crippled and two of the worlds’ largest mortgage investors followed, plummeting our country deeper into debt. In this paper, I will discuss the days leading up to the housing bubble, causes of the bubble, the grim days after the bubble burst and the solutions which quelled the global crisis. The crisis began during the Reagan administration when free market believers, such as Alan Greenspan, were in power. As chairman of the Federal Reserve, Greenspan believed that any problem in the market would work itself out, and paid little attention to regulations and fraud. After Clinton was elected to office, Greenspan would team up with Robert Rubin, the assistant to Clinton on economic policy and Larry Summers, Rubins top deputy. While power shifted in New York, Washington started to look into over the counter derivatives. Washington would hire Brooksley Born, a long time securities lawyer with ties to the Clintons, of the Commodities Futures Trading Commission to step in and look over...
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...version of the paper may be downloaded • from the SSRN website: www.SSRN.com • from the RePEc website: www.RePEc.org • from the CESifo website: www.CESifo-group.org/wp T T CESifo Working Paper No. 3663 The Greek Crisis: Causes and Consequences Abstract Greece has reached a point where, under any plausible macroeconomic scenario, public debt will continue growing faster than GDP. Fiscal consolidation alone cannot close the solvency gap. A substantial reduction in the stock of debt is needed. Even post-debt restructuring, there is no guarantee that the government will succeed in its dual goal of restoring fiscal solvency and closing the competitiveness gap. Yet we think Greece stands a better chance of accomplishing these goals from inside the EMU rather than outside it. This chapter takes stock of the factors that led to the explosion of public debt, the loss of competitiveness, and the failure of the first EU-IMF programme. We also present our views on the likely debt restructuring (and post-restructuring) scenarios. JEL-Code: E600, F400. Antonio Garcia Pascual Economic Research Barclays Capital 5 The North Colonnade Canary Wharf E14 4BB, London United Kingdom Antonio.GarciaPascual@barcap.com Piero Ghezzi Economic Research Barclays Capital 5 The North Colonnade Canary Wharf E14 4BB, London United Kingdom 1. Introduction By April 2010, Greece had lost market access, as the economy was contracting by 3% in real terms, the fiscal deficit - partly on account of...
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...Table of Contents Matthew Toenjes Professor Rowland BE 401‐004 Inside the Meltdown Review Page 1‐3 Excel Graph and Data Page 1‐7 Analysis of Data % Change Graph Page 8‐13 Attached Articles * I, Matthew Toenjes, certify that I have completed this project on my own. Matthew Toenjes 2/17/2015 BE 401-004 Inside the Meltdown Review The 2008 Economic Recession was devastating to many. Corporate greed and overconfidence in the housing market were the main culprits to the economic downturn. As the US economy crashed, Wall Street and investors began to panic. This widespread panic was for good reason as huge multinational firms began to fail. One after another, these firms were about to go bankrupt. As the panic spread, stock prices began to plummet. As the US government tried to turn the economy around, it plunged further and further down. The effects of the recession not only hurt the US economy, but sent “shockwaves” throughout the world. I did not realize how close our economy was to collapsing. Ben Bernanke said, “If we don't do this tomorrow, we won't have an economy on Monday." When I heard this, it sent chills down my spine. How did we get so close to our economy collapsing? Toxic assets are one of the main reasons for our economy failing. These were loans given out to un-creditworthy individuals and unlikely to be repaid. To add to the problem, banks were issuing many of these high risk loans and the market became flooded with...
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...서울대학교 法學 제51권 제3호 2010년 9월 125∼180면 Seoul Law Journal Vol. 51 No. 3 September 2010. pp. 125∼180 글로벌 금융위기와 금융산업의 구조재편* - 금융산업의 역사와 발전전략 1) 金 和 鎭 요 약 ** 이 논문은 글로벌 금융위기 이후 진행되어 온 미국과 유럽 금융산업의 재편 동향을 정리하고 그로부터 정책적 시사점을 찾기 위한 것이다. 특히, 미국에서 투자은행업과 상업은행업을 재분리하려는 개혁 움직임이 2010년 7월에 제정된 미국의 금융규제 개혁법에 어떻게 반영되었는지를 역사적 배경과 함께 살펴보았다. 현재 국내에서 진행 되고 있는 유니버설뱅킹과 메가뱅크 논의가 미국과 유럽에서의 움직임으로부터 어떤 영향을 받을 것인지를 진단하였고 미국과 유럽의 주요 은행들의 사례를 검토하였다. 이 논문은 미국에서의 논의는 미국 특유의 정치적 상황의 부산물이므로 미국에서의 제도변화 동향에 지나치게 민감하게 반응하지 않으면서 메가뱅크 계획보다는 유니 버설뱅크 계획을 추진하는 것이 바람직하다고 결론 내린다. 이 논문은 상업은행업과 투자은행업간의 업무 경계획정 기준은 상업은행은 국가가 제공하는 안전망의 보호 하에 있기 때문에 그를 망각하지 않는 범위 내에서만 영업활동이 허락되어야 한다는 것으로 설정하자고 제안한다. 주제어: 상업은행, 투자은행, 유니버설뱅킹, 미국 금융규제개혁법, 헤지펀드 * 이 논문은 필자가 2010년 4월과 8월에 각각 한국금융투자협회에 제출한 연구보고서의 일부에 기초하였다. 이 논문에 귀중한 코멘트를 해 주신 심사위원님들께 감사드린다. ** 서울대학교 법과대학⋅법학대학원 부교수. 126 서울대학교 法學 제51권 제3호 (2010. 9.) I. 머리말 1. 문제 2008년 글로벌 금융위기 이후 새로운 국제금융질서를 모색하기 위한 범세계적인 노력이 전개되고 있다. 특히, 자본시장과 금융회사들에서 발생한 리스크가 적절히 통제되지 못하고 금융위기의 직접적인 원인이 되었으므로 이에 관한 문제의 포착과 해법의 발견에 많은 노력이 기울여지고 있다. 과도하게 복잡해지고 지나친 레버리 지를 사용한 금융상품의 거래 비중이 높아졌으나 그에 대한 각국 정부의 감독부족과 시장 투명성 확보 실패, 금융회사의 내부통제 기능 마비가 문제였음이 지적된다. 통상 서브프라임 모기지 시장의 붕괴와 파생금융상품의 과도한 판매와 유통이 금융 위기의 직접적인 원인이 되었다고 지적되나1) 글로벌 금융위기는 아직도 계속되고 있기 때문에 그 원인에 대한 본격적인 학술적인 연구는 아직 출현이 이르다. 금융 위기의 과정과 거대 금융기관들의 몰락, 구조조정을 다루는 책과 논문들이 이제 서서히 등장하고 있을 뿐이다. 아마도 이는 후세의 역사가들에게 1차 세계대전의 원인이 어디에 있었는지를 규명하는 작업처럼 어려운 과제가 될 것이다. 글로벌 금융위기의 발원지인 미국에서는 포괄적인 금융개혁이 진행되고 있으며 그 중 가장 중요한 것으로 상업은행업무와 투자은행업무를 다시 분리시키려는...
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...PROCEEDINGS of the 3rd Christian Engineering Education Conference June 23-25, 1999 at the JAARS Facility of Wycliffe Bible Translators Waxhaw, North Carolina The Mission of Christian College Engineering Programs for Y2K and Beyond Preface THE FIRST CHRISTIAN ENGINEERING EDUCATION CONFERENCE WAS HELD IN 1992 AT CALVIN COLLEGE IN GRAND RAPIDS, MICHIGAN. SEVERAL YEARS LATER, TTHE SECOND CONFERENCE WAS HELD IN 1996 AT MESSIAH COLLEGE, IN GRANTHAM, PENNSYLVANIA. THE 1999 CHRISTIAN ENGINEERING EDUCATION CONFERENCE BROUGHT TOGETHER A DIVERSE GROUP OF DEDICATED CHRISTIAN ENGINEERS. IT WAS A DISTINCT PLEASURE TO HEAR THE WONDERFUL WAYS GOD IS WORKING IN THE VARIOUS PROGRAMS AND SCHOOLS REPRESENTED AT OUR MEETING. THE JUNGLE AVIATION AND RADIO SERVICE (JAARS) FACILITY OF WYCLIFFE WAS A FANTASTIC LOCATION FOR OUR CONFERENCE, AND WE ARE VERY THANKFUL TO OUR GRACIOUS HOSTS. A SPECIAL THANKS GOES TO CAROL WEAVER, THE JAARS CONFERENCE COORDINATOR. The goal of these conferences is to glorify God, to foster community among Christian engineering educators, and to encourage and challenge each other in our work of kingdom building. Abraham Kuyper, one of the great thinkers within the Reformed tradition of Christianity, has said that there is not one square centimeter of the creation that is not claimed by Christ. As Christian engineering educators of whatever tradition, we seek to stake that claim in our discipline, exploring how...
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...www.cambridge.org/micro4mbas McKENZIE: MICROECONOMICS FOR MBAS PPC CMYBLK ................................................................................................................ 10 Monopoly power and firm pricing decisions If monopoly persists, monopoly will always sit at the helm of government … its bigness is an unwholesome inflation created by privileges and exemptions which it ought not to enjoy. If there are men in this country big enough to own the government of the United States, they are going to own it. Woodrow Wilson That competition is a virtue, at least as far as enterprises are concerned, has been a basic article of faith in the American Tradition, and a vigorous antitrust policy has long been regarded as both beneficial and necessary, not only to extend competitive forces into new regions but also to preserve them where they may be flourishing at the moment. G. Warren Nutter and Henry Alder Einhorn t the bottom of almost all arguments against the free market is a deep-seated concern about the distorting (some would say corrupting) influence of monopolies. People who are suspicious of the free market fear that too many producers are unchecked by the forces of competition, but instead hold considerable monopoly power or control over market outcomes. Unless the government intervenes, these firms are likely to exploit their power for their own selfish benefit. This theme has been fundamental to the writings of economist John Kenneth Galbraith: The...
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...Part-A: - Executive Summary: 1. Project background & promoters 1.1 PROJECT AT GLANCE 6 MVA * 1 Sub merged Arc Furnace for Manufacture of Ferro Manganese, Silico Manganese SHARANYA NATURAL RESOURCES & INFRA PROJECTS PRIVATE LIMITED H NO 1-2-110 Shanthi Nagar, Adilabad Andhra Pradesh 1. Sri Sanjay Kumar Makhariya 2. Sri P Shankar 3. Smt P Uma Adilabad, Andhra Pradesh Ferro Alloys - Silico Manganese (SiMn.) / Ferro Manganese (FeMn.) Used in Steel Industry 6*1 MVA Furnace Sub merged Arc Furnace for Ferro Manganese, Silico Manganese (4800 TPA SiMn and 7000 TPA FeMn based on equal utilization for both the products) Rs. 1792.33 Lakhs (Say 1792 lakhs) 60% 85% 90% Rs.868.00 lakhs Existing Proposed Term Loan – NIL Rs. 925.00 Lacs CC Limit – NIL Rs. 403.00 Lacs LC/FLC -NIL Rs. 50.00 Lacs One (1) Year Moratorium from Commercial production + 6 Years – Total Seven (7) years from Commercial production Name of the Company Registered Office Names of the Board of Directors Plant location Product Application Installed capacity Project Cost Capacity utilization of Year 2013-14 Year 2014-15 Year 2015-16 & onwards Promoter’s Contribution Banking limit - Term loan - Cash credit - LC/FLC Repayment Period Debt-Equity Ratio Project total (overall) TERM Loan (only) 1.53 : 1 1.07 : 1 3.49 times 5.05 times 40.51% Average DSCR - Gross - Net IRR SHARANYA NATURAL RESOURCES & INFRA PROJECTS PRIVATE LIMITED H NO 1-2-110 Shanthi Nagar, Adilabad Andhra Pradesh Page 1 of 76 1.2. ABOUT...
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...THE POWER OF HABIT Duhi_9781400069286_2p_all_r1.j.indd i 10/17/11 12:01 PM Duhi_9781400069286_2p_all_r1.j.indd ii 10/17/11 12:01 PM HABIT W h y We D o W h a t We D o and How to Change It THE POWER OF CHARLES DUHIGG Random House e N e w Yo r k Duhi_9781400069286_2p_all_r1.j.indd iii 10/17/11 12:01 PM This is a work of nonfiction. Nonetheless, some names and personal characteristics of individuals or events have been changed in order to disguise identities. Any resulting resemblance to persons living or dead is entirely coincidental and unintentional. Copyright © 2012 by Charles Duhigg All rights reserved. Published in the United States by Random House, an imprint of The Random House Publishing Group, a division of Random House, Inc., New York. RANDOM HOUSE and colophon are registered trademarks of Random House, Inc. ISBN 978-1-4000-6928-6 eBook ISBN 978-0-679-60385-6 Printed in the United States of America on acid-free paper Illustrations by Anton Ioukhnovets www.atrandom.com 2 4 6 8 9 7 5 3 1 First Edition Book design by Liz Cosgrove Duhi_9781400069286_2p_all_r1.j.indd iv 10/17/11 12:01 PM To Oliver, John Harry, John and Doris, and, everlastingly, to Liz Duhi_9781400069286_2p_all_r1.j.indd v 10/17/11 12:01 PM Duhi_9781400069286_2p_all_r1.j.indd vi 10/17/11 12:01 PM CONTENTS PROLOGUE The Habit Cure GGG xi PA R T O N E The Habits of Individuals 1. THE HABIT LOOP How Habits Work 3 31 60 2. THE...
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...Enablers of Exuberance Jennifer S. Taub Sept. 4, 2009 DISCUSSION DRAFT Enablers of Exuberance: Legal Acts and Omissions that Facilitated the Global Financial Crisis Jennifer S. Taub1 I. Introduction This paper explores certain legal acts and omissions that facilitated the over-leveraging and near collapse of the global financial system. These ―Legal Enablers‖ fostered the boom that enriched a class of financial intermediaries who followed a storied tradition of gambling away ―other people‘s money.‖2 These mechanisms also made the pain of the bust disproportionately felt by the middle class and poor while shielding the middlemen who created the problems. These legal Enablers permitted the growth of a shadow banking system, without investment limits, transparency or government oversight. In the shadows grew a variety of highly leveraged private investment pools, undercapitalized conduits of securitized loans and speculation in complex credit derivatives. The rationale for allowing this unregulated, parallel system was that it helped to create innovation and provide liquidity. The conventional wisdom was that any risks associated with a hands-off approach could be managed by the ―invisible hand‖3 of the market. In other words, instead of public police, it relied upon private gatekeepers. A legal framework including legislation, rules and court decisions supported this system. This legal structure depended upon corporate managers, counterparties, ―sophisticated investors‖ and the...
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...The Presentation Secrets of Steve Jobs How to Be Insanely Great in Front of Any Audience Carmine Gallo Columnist, Businessweek.com New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright © 2010 by Carmine Gallo. All rights reserved. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. ISBN: 978-0-07-163675-9 MHID: 0-07-163675-7 The material in this eBook also appears in the print version of this title: ISBN: 978-0-07-163608-7, MHID: 0-07-163608-0. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. To contact a representative please e-mail us at bulksales@mcgraw-hill.com. TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc. (“McGraw-Hill”) and its licensors reserve all rights in and to the work. Use of this work...
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...fulfillment of the requirements for the Degree of Doctor of Philosophy Department of Sociology Advisor: Ronald C. Kramer, Ph.D. Western Michigan University Kalamazoo, Michigan August 2012 THE GRADUATE COLLEGE WESTERN MICHIGAN UNIVERSITY KALAMAZOO, MICHIGAN June 29, 2012 Date WE HEREBY APPROVE THE DISSERTATION SUBMITTED BY Elizabeth A. Bradshaw ENTITLED Deepwater, Deep Ties, Deep Trouble: A State-Corporate Environmental Crime Analysis of the 2010 Gulf of Mexico Oil Spill AS PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF Doctor of Philosophy /^^y<^^<^ Sociology Ronald C^ramer, Ph.D (Department) Dissertatijzfh Beview Committer Sociology Gregory J. HowaroyPh.D (Program) Dissertation Review Committee Member Susan M. Carlson, Ph.D Dissertation Review Committee Member lymond...
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...I PRAISE FOR The 4-Hour Workweek "It's about time this book was written. It is a long-overdue manifesto for the mobile lifestyle, and Tim Ferriss is the ideal ambassador. This will be huge." —JACK CANFIELD, cocreator of Chicken Soup for the Soul®, 100+ million copies sold "Stunning and amazing. From mini-retirements to outsourcing your life, it's all here. Whether you're a wage slave or a Fortune 500 CEO, this book will change your life!" —PHIL TOWN, New York Times bestselling author of Rule #/ "The 4-Hour Workweek is a new way of solving a very old problem: just how can we work to live and prevent our lives from being all about work? A world of infinite options awaits those who would read this book and be inspired by it!" —MICHAEL E. GERBER, founder and chairman of E-Myth Worldwide and the world's #1 small business guru "This is a whole new ball game. Highly recommended."—DR. STEWART D. FRIEDMAN, adviser to Jack Welch and former Vice President Al Gore on work/ family issues and director of the Work/Life Integration Program at the Wharton School, University of Pennsylvania "Timothy has packed more lives into his 29 years than Steve Jobs has in his 51." —TOM FOREMSKI, journalist and publisher of SiliconValleyWatcher.com "If you want to live life on your own terms, this is your blueprint." —MIKE MAPLES, cofounder of Motive Communications (IPO to $260M market cap) and founding executive of Tivoli (sold to IBM for $750M) "Thanks to Tim Ferriss, I have more time in my life...
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...I PRAISE FOR The 4-Hour Workweek "It's about time this book was written. It is a long-overdue manifesto for the mobile lifestyle, and Tim Ferriss is the ideal ambassador. This will be huge." —JACK CANFIELD, cocreator of Chicken Soup for the Soul®, 100+ million copies sold "Stunning and amazing. From mini-retirements to outsourcing your life, it's all here. Whether you're a wage slave or a Fortune 500 CEO, this book will change your life!" —PHIL TOWN, New York Times bestselling author of Rule #/ "The 4-Hour Workweek is a new way of solving a very old problem: just how can we work to live and prevent our lives from being all about work? A world of infinite options awaits those who would read this book and be inspired by it!" —MICHAEL E. GERBER, founder and chairman of E-Myth Worldwide and the world's #1 small business guru "This is a whole new ball game. Highly recommended."—DR. STEWART D. FRIEDMAN, adviser to Jack Welch and former Vice President Al Gore on work/ family issues and director of the Work/Life Integration Program at the Wharton School, University of Pennsylvania "Timothy has packed more lives into his 29 years than Steve Jobs has in his 51." —TOM FOREMSKI, journalist and publisher of SiliconValleyWatcher.com "If you want to live life on your own terms, this is your blueprint." —MIKE MAPLES, cofounder of Motive Communications (IPO to $260M market cap) and founding executive of Tivoli (sold to IBM for $750M) "Thanks to Tim Ferriss, I have more time in my life...
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...Innovative Business Practices Innovative Business Practices: Prevailing a Turbulent Era Edited by Demetris Vrontis and Alkis Thrassou Innovative Business Practices: Prevailing a Turbulent Era, Edited by Demetris Vrontis and Alkis Thrassou This book first published 2013 Cambridge Scholars Publishing 12 Back Chapman Street, Newcastle upon Tyne, NE6 2XX, UK British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Copyright © 2013 by Demetris Vrontis and Alkis Thrassou and contributors All rights for this book reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner. ISBN (10): 1-4438-4604-X, ISBN (13): 978-1-4438-4604-2 TABLE OF CONTENTS Chapter One ................................................................................................. 1 Knowledge Hybridization: An Innovative Business Practices to Overcome the Limits of the Top-Down Transfers within a Multinational Corporation Hela Chebbi, Dorra Yahiaoui, Demetris Vrontis and Alkis Thrassou Chapter Two .............................................................................................. 17 Rethinking Talent Management in Organizations: Towards a Boundary-less Model Carrie Foster, Neil Moore and Peter Stokes Chapter Three .......
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...MORE ADVANCE NOISE FOR QUIET “An intriguing and potentially lifealtering examination of the human psyche that is sure to benefit both introverts and extroverts alike.” —Kirkus Reviews (starred review) “Gentle is powerful … Solitude is socially productive … These important counterintuitive ideas are among the many reasons to take Quiet to a quiet corner and absorb its brilliant, thought-provoking message.” —ROSABETH MOSS KANTER, professor at Harvard Business School, author of Confidence and SuperCorp “An informative, well-researched book on the power of quietness and the 3/929 virtues of having a rich inner life. It dispels the myth that you have to be extroverted to be happy and successful.” —JUDITH ORLOFF, M.D., author of Emotional Freedom “In this engaging and beautifully written book, Susan Cain makes a powerful case for the wisdom of introspection. She also warns us ably about the downside to our culture’s noisiness, including all that it risks drowning out. Above the din, Susan’s own voice remains a compelling presence—thoughtful, generous, calm, and eloquent. Quiet deserves a very large readership.” —CHRISTOPHER LANE, author of Shyness: How Normal Behavior Became a Sickness 4/929 “Susan Cain’s quest to understand introversion, a beautifully wrought journey from the lab bench to the motivational speaker’s hall, offers convincing evidence for valuing substance over style, steak over sizzle, and qualities that are, in America, often derided. This book is brilliant...
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