Birth of LIBOR LONDON (Reuters) - Minos Zombanakis, born 86 years ago on a Greek island, remembers the birth of the interest rate benchmark now at the heart of a global rigging scandal well. "I was, more or less, if you excuse the lack of modesty, the one who started the whole thing," he laughs, speaking by telephone from his village among citrus orchards in Crete. Zombanakis was running the newly-opened London branch of Manufacturer's Hanover, now part of JPMorgan, when the bank organised one
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Finance: the management of money Efficient Market: unbiased estimate of the value of the investment Primary Market: market that issues new securities on an exchange Secondary Market: “investors purchase securities and/or assets from other investors, instead of issuing companies themselves” (Investopedia, 2012). A secondary market is reliable for getting money to an investor instead of a company. Risk: the chance investors take when lending that their money will not be repaid. This is something
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In week three’s class we started off with a team activity labeled “Shark Tank”. The activity was modeled after the TV show in which entrepreneurs present their business model or invention to a panel of wealthy business tycoons and ask for a monetary investment in an exchange for a stake in the company. Our team really enjoyed this activity because it allowed us to freely and creatively go about developing a business model we all could agree on. The activity also allowed us to gain a better understanding
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resources, and to some degree, finance and accounting; however it left a lot of room for development in these two areas. The major itself was very broad in nature. Subsequently, the positions that I’ve held in my professional career have had a heavy focus around sales, banking, investment finance and asset management. My success relied on knowledge of the capital markets, growing assets and effective portfolio management. Skills around specific areas of finance and accounting were never essential
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FORFAITING The forfaiting is an operative for the exporting company sold outright to a bank a payment internationally accepted document, letter or note, which recognizes a right of recovery in an operation led international sale. The forfaiting is often used in transactions with high risk countries (developing countries or countries with political or economic instability). Operations are hardly find other funding. Because of this high irrigation, the financial institution that acquires financial
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Liquidity problems in equity funds and hedge funds; Devaluation of the assets underpinning insurance contracts and pension funds leading to concerns about the ability of these instruments to meet future obligations: Increased public debt public finance due to the provision of public funds to the financial services industry and other affected industries, and the Devaluation of some currencies (Icelandic crown, some Eastern Europe and Latin America currencies) and increased currency volatility,
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Personal financial decisions may also involve paying for a loan, or debt obligations. The six key areas of personal financial planning, as suggested by the Financial Planning Standards Board, are:[1] 1.Financial position: is concerned with understanding the personal resources available by examining net worth and household cash flow. Net worth is a person's balance sheet, calculated by adding up all assets under that person's control, minus all liabilities of the household, at one point in time
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Scott Equipment Organization Memo To: Scott Equipment Organization Management Team From: Date: RE: Financing Options Scott Equipment Organization anticipates current assets to be around $66 million. The income tax rate for Scott Equipment is 40%, which would make the projected tax amount for next year around $26.4 million. The organization has three options available to when implementing their financial policies. The aggressive financial policy has a large amount of short-term debt, moderate
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Financial Statement Restatement When a company makes an error in accounting, the lasting effects can have a great impact on how the external and internal users of this information perceive the organization. The following is an analysis of the effects of inaccuracies in a Bank accounting for its allowance for loan losses. First National Community Bancorp Inc. (FNCB) in Dunmore, Pa., restated financial results for 2009 and two quarters in 2010 after an internal audit uncovered inaccuracies in
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A single set of global accounting standards, rules to be followed by any public company as it reports annual operating results, has become the Holy Grail of Accounting. In today’s world, these rules are embodied in International Financial Reporting Standards. Unfortunately for many good but unwitting people, advocating the U.S. adoption of IFRS is a fool’s errand. To more fully understand the ramifications of this statement let’s turn to the dictionary for a basic frame of reference. Grail
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