A Note on Sources
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Barings Bank Disaster Man Family of Merchants and Bankers
VOICES ON... Korn Ferry Briefings The Voice of Leadership HISTORY Baring, a British-born member of the famed Ger- January 17, 1995, the devastating earthquake in Barings Bank Disaster man family of merchants and bankers. Barings Kobe sent the Nikkei tumbling, and Leeson’s losses was England’s oldest merchant bank; it financed reached £827 million, more than the entire capital the Napoleonic Wars and the Louisiana Purchase, and reserve funds of the bank. A young rogue trader brings down a 232-year-old bank. and helped finance the United States government Leeson and his wife fled Singapore, trying to “I’m sorry,” he says. during the War of 1812. At its peak, it was a global get back to London, and made it as far as Frankfurt financial institution with a powerful influence on airport, where he was arrested. He fought extradi- the world’s economy. tion back to Singapore for nine months but was BY GLENN RIFKIN Leeson, who grew up in the middle-class eventually returned, tried, and found guilty. He was London suburb of Watford, began his career in sentenced to six years in prison and served more the mid-1980s as a clerk with Coutts, the royal than four years. His wife divorced him, and he was bank, followed by a succession of jobs at other diagnosed with colon cancer while in prison, which banks, before landing at Barings. Ambitious and got him released early. He survived treatment and aggressive, he was quickly promoted settled in Galway, Ireland. In the past to the trading floor, and in 1992 he was “WE WERE 24 years, Leeson remarried and had two appointed manager of a new operation sons. -
Société Générale and Barings
Volume 17, Number 7 Printed ISSN: 1078-4950 PDF ISSN: 1532-5822 JOURNAL OF THE INTERNATIONAL ACADEMY FOR CASE STUDIES Editors Inge Nickerson, Barry University Charles Rarick, Purdue University, Calumet The Journal of the International Academy for Case Studies is owned and published by the DreamCatchers Group, LLC. Editorial content is under the control of the Allied Academies, Inc., a non-profit association of scholars, whose purpose is to support and encourage research and the sharing and exchange of ideas and insights throughout the world. Page ii Authors execute a publication permission agreement and assume all liabilities. Neither the DreamCatchers Group nor Allied Academies is responsible for the content of the individual manuscripts. Any omissions or errors are the sole responsibility of the authors. The Editorial Board is responsible for the selection of manuscripts for publication from among those submitted for consideration. The Publishers accept final manuscripts in digital form and make adjustments solely for the purposes of pagination and organization. The Journal of the International Academy for Case Studies is owned and published by the DreamCatchers Group, LLC, PO Box 1708, Arden, NC 28704, USA. Those interested in communicating with the Journal, should contact the Executive Director of the Allied Academies at [email protected]. Copyright 2011 by the DreamCatchers Group, LLC, Arden NC, USA Journal of the International Academy for Case Studies, Volume 17, Number 7, 2011 Page iii EDITORIAL BOARD MEMBERS Irfan Ahmed Devi Akella Sam Houston State University Albany State University Huntsville, Texas Albany, Georgia Charlotte Allen Thomas T. Amlie Stephen F. Austin State University SUNY Institute of Technology Nacogdoches, Texas Utica, New York Ismet Anitsal Kavous Ardalan Tennessee Tech University Marist College Cookeville, Tennessee Poughkeepsie, New York Joe Ballenger Lisa Berardino Stephen F. -
THE COLLAPSE of BARINGS BANK and LEHMAN BROTHERS HOLDINGS INC: an ABRIDGED VERSION Juabin Matey, Bcom, UCC, Ghana. Mgoodluck369
Preprints (www.preprints.org) | NOT PEER-REVIEWED | Posted: 8 October 2020 doi:10.20944/preprints202007.0006.v3 THE COLLAPSE OF BARINGS BANK AND LEHMAN BROTHERS HOLDINGS INC: AN ABRIDGED VERSION Juabin Matey, Bcom, UCC, Ghana. [email protected] James Dianuton Bawa, MSc (Student) Industrial Finance and Investment, KNUST, Ghana. [email protected] ABSTRACT Bank crisis is mostly traced to a decrease in the value of bank assets. This occurs in one or a combination of the following incidences; when loans turn bad and cease to perform (credit risk), when there are excess withdrawals over available funds (liquidity risk) and rising interest rates (interest rate risk). Bad credit management, market inefficiencies and operational risk are among a host others that trigger panic withdrawals when customers suspect a loss of investment. This brief article makes a contribution on why Barings Bank and Lehman Brothers failed and lessons thereafter. The failure of Barings Bank and Lehman Brothers Holdings Inc was as a result of an array of factors spanning from lack of oversight role in relation to employee conduct the course performing assigned duties to management’s involvement in dubious accounting practices, unethical business practices, over indulging in risky and unsecured derivative trade. To guide against similar unfortunate bank collapse in the near future, there should be an enhanced communication among international regulators and authorities that exercise oversight responsibilities on the security market. National bankruptcy laws should be invoked to forestall liquidity crisis so as to prevent freezing of margins and positions of solvent customers. © 2020 by the author(s). Distributed under a Creative Commons CC BY license. -
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FREE Established 1961 Friday ISSUE NO: 17925 MOHARRAM 7, 1440 AH FRIDAY, SEPTEMBER 6, 2019 Kuwait submits letter South Africa tries to Nadal ‘in good shape’ after 9 to UN Security Council 12 contain ‘Afrophobia’ 46 a scrappy US Open victory MARSH HARBORS: An aerial view of damage from Hurricane Dorian in Marsh Harbor, Great Abaco Island in the Bahamas. Hurricane Dorian lashed the Carolinas with driving rain and fierce winds as it neared the US east coast after devastating the Bahamas and killing at least 20 people. — AFP Dorian hits US east coast See Page 15 2 Friday Local Friday, September 6, 2019 Paper, not plastic PHOTO OF THE DAY Local Spotlight By Muna Al-Fuzai [email protected] very time I go shopping to the local market to buy even a few small items, I end up with a Ehandful of plastic bags, a few items in each. I feel pain about this because plastic bags are damag- ing to the environment. The use of plastic bags represents a serious envi- ronmental problem, as they are made from materials that do not degrade and remain buried in the environ- ment for many years and often end up in the rivers and oceans. Even in the case of burning them, plastic bags pose a threat as they emit chemical compounds in the form of a black cloud that leads to air pollution which negatively affects human health and increases global warming and climate change. I believe that we need to completely eliminate the consumption of plas- tic bags. Some countries in the world began to ban the man- ufacture, import or use of plastic bags. -
Considering Stricter Regulation of the International Over-The-Counter Derivatives Market
PRUDENCE OR PARANOIA: CONSIDERING STRICTER REGULATION OF THE INTERNATIONAL OVER-THE-COUNTER DERIVATIVES MARKET I. INTRODUCTION Recent reports of companies and municipalities losing millions of dollars from investments in over-the-counter (OTC) financial derivatives' have prompted foreboding headlines about derivatives,2 encouraged increased scrutiny of their use,3 and polarized opinions toward these misunderstood financial instruments.4 While OTC and 1. In April 1994, Procter & Gamble announced a $157 million derivatives loss which was taken as a pre-tax charge. Paulette Thomas, Procter& Gamble Sues Bankers Trust Because of Huge Losses on Derivatives, WALL ST. J., Oct. 28, 1994, at A6. Metallgesellschaft, Germany's fourteenth largest industrial corporation, lost $1.45 billion speculating in oil-based derivatives. Michael R. Sesit, Bulls on MetallgeselischaftSay German Firm, Hurt by TradingLosses, Could Stage Rebound, WALL ST. J., July 25, 1994, at C2. In December 1994, Orange County, California declared bankruptcy after losing approximately $1.5 billion from derivatives products. Bitter FruitOrange County, Mired In Investment Mess, Filesfor Bankruptcy, WALL ST. J., Dec. 7, 1994, at Al. Barings, a venerable British bank, was recently sunk by a "rogue trader" who lost about $900 million using derivatives instruments. The Bank that Disappeared,ECONOMIST, Mar. 4, 1995, at 11. 2. See, e.g., Jane Bryant Quinn, Just When You Thought It Was Safe... ; Derivatives Present a New Risk, Even If You Think You're Not Involved, CHI. TRB., Apr. 25,1994, at Cl; Ruth Simon, Don't Get Socked by These #?@1* Derivatives, MONEY, Aug. 1994, at 26; Jim Gallagher, It's a Bet" No Getting Around Derivatives' High Risk, ST. -
Who Created the Financial Crisis and How Do We Prevent the Next One?
More Years of Economic Stress . Current crisis is caused by the collapse of the biggest credit bubble in modern US history . Growth will restart when the credit system is reasonably repaired . Growth will restart more slowly than after past recessions 1 We Borrowed More Than Ever Before 225 Total Domestic Nonfinancial Debt as a % of GDP 225 210 210 195 195 180 180 165 165 60-Year Mean = 155.4% 150 150 135 135 (E500) 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 Source: Ned Davis Research, 1/14/09 2 1 We Cleverly Packaged All this Debt into Leveraged Structures Loans Pools Sliced and Waterfall Repackaged of Tranches CDO CDO2 AAA AA CLO Synthetic CDO A BB B With a balance sheet With an added Assets Liabilities balance sheet Debt Loans Investor Equity 3 Then Margin Calls Collapsed the Value of Securities, Their Holders and Their Originators Margin Calls Sale of Good Losses Assets on Mortgages Collapse of Banks, Funds More Margin Calls Falling Prices of Assets Lower Meltdown Prices of CITI Assets BEAR STEARNS More Margin Calls LEHMAN More Asset MERRILL Sales AIG 4 2 Bereft of Capital, Banks Tightened Lending and Pushed the Economy into Deep Recession Banks’ Willingness to Lend to Consumers Percentage Tightening Standards on (% more willing minus % less willing) Loans to Large and Medium Sized Firms Percentage Tightening Standards on Percentage Tightening Standards on Loans to Small Firms Commercial Real Estate Loans Source: Federal Reserve through Q4, 2008; Hoisington Investment Management Company, January 2009 5 Securitization -
Metzler Bank Anticipates a Trend with FIX-Protocol from Swissrisk
M E D I A R E L E A S E Metzler Bank anticipates a trend with FIX-Protocol from Swissrisk Frankfurt, 24 May 2007 – Swissrisk Financial Systems, European banking software specialists, announces Metzler Bank has gone live using the X-Gen FIX-Protocol solution, “FIX-STP” - satisfying both clients and MiFID – and becomes one of the first equities brokers in Germany/Austria/Switzerland to offer FIX-Protocol connectivity. Thomas Nolten, Head of Equity Trading, Metzler explained: ”Our clients confirmed to us that there is a real need for innovative solutions for the optimisation of trading services. Moreover there are indications FIX will become a standard in Germany similar to the U.S., so we decided to anticipate this trend and gain a lead over our competitors.” FIX-STP is powered by X-Gen, the business process engine for financial messaging and STP. At Metzler, the bank’s traditional Order Management System, MERIAN, could not automatically read FIX- messages. Now X-Gen transforms order and order change requests to a format that MERIAN can understand. Stefan Ellmer, Head of IT, Metzler adds: “Using X-Gen, we can convert standard formats like FIX or SWIFT to XML. And if we need to make modifications, e.g. new client entries or new standards, we can easily adapt via X-Gen, without having to reprogram our system.” Metzler optimized their trading processes by combining FIX-Protocol with an STP solution to automate order workflow, leaving open the possibility of human intervention where necessary. Ellmer remarked: “With the combined capability of X-Gen and FIX-Protocol to automate trading processes, we are able to manage complex data flows and handle exceptions more efficiently and more rapidly than ever before. -
Metzler Russia Fund
METZLER INTERNATIONAL INVESTMENTS PUBLIC LIMITED COMPANY INVESTMENT COMPANY WITH VARIABLE CAPITAL AN UMBRELLA FUND WITH SEGREGATED LIABILITY BETWEEN FUNDS PROSPECTUS 29 August 2014 METZLER EASTERN EUROPE METZLER EUROPEAN GROWTH METZLER EUROPEAN SMALLER COMPANIES METZLER FOCUS JAPAN METZLER GLOBAL SELECTION METZLER INTERNATIONAL GROWTH METZLER JAPANESE EQUITY FUND METZLER RUSSIA FUND METZLER EUROPEAN SMALL AND MICRO CAP METZLER EUROPEAN CONCENTRATED GROWTH METZLER WERTSICHERUNGSFONDS 90 METZLER EMERGING MARKETS RISK CONTROL METZLER EURO CORPORATES SHORT TERM METZLER ALPHA STRATEGIES METZLER WERTSICHERUNGSFONDS 98 MDW\1147655.144 METZLER INTERNATIONAL INVESTMENTS PUBLIC LIMITED COMPANY IMPORTANT NOTICE This Prospectus is issued as an offer to investors to subscribe for Shares in METZLER INTERNATIONAL INVESTMENTS PUBLIC LIMITED COMPANY (the “Company”). Unless defined elsewhere in this Prospectus, all capitalised terms used in this Prospectus shall have the meanings assigned to them in the Section entitled “Interpretation” beginning on page 78. The Company is an investment company (also known as a collective investment scheme) established under the Regulations which is constituted as an umbrella fund with segregated liability between Funds and comprising distinct portfolios of investments (each such portfolio being a “Fund”). Shares are offered solely on the basis of the information and representations contained in this Prospectus. No person is authorised to give any information or make any representation other than those contained in this Prospectus and if given or made such information or representation may not be relied upon as having been authorised by the Company, its Directors or the Manager. This Prospectus does not constitute an offer or solicitation to anyone in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. -
Close Brothers Seydler Bank AG Expands Capital Markets Team
Close Brothers Seydler Bank AG expands capital markets team Dr. Sven Janssen assumes overall capital markets responsibility Bank sees continued favourable market outlook for Mittelstand companies Insurance sector remains large source of potential investment in these small- to mid-sized German companies Frankfurt, 26 January 2012 – Close Brothers Seydler Bank AG has announced the expansion of its capital markets team. With immediate effect, Dr. Sven Janssen has been named to the newly created position of team head, supported by Tho- mas Kaufmann (Head of Debt Capital Markets) and Dr. Dietmar Schieber (Head of Equity Capital Markets). Dr. Janssen brings a long and successful career in capital market financings and company valuations, along with extensive knowledge of the insurance sector. He joins Close Brothers Seydler from Australian financial service group Macquarie, where he worked in the equities division. His previous financial experience includes positions at Sal. Oppenheim, Metzler Bank (Frankfurt) and Hawkpoint Partners (London). René Parmantier, CEO of Close Brothers Seydler Bank AG, explained the changes: “For years we have been expanding our capital markets team, and we will continue on this path. We are extremely pleased to have acquired Dr Janssen, who is not only a proven capital markets expert but also understands the insurance industry. We continue to see a very large opportunity in insurance companies as potential investors in the Mittelstand , Germany’s large base of small- to medium- sized companies. Because of the issues which Basel III presents for traditional bank lending, strong Mittelstand compa- nies will increasingly turn to the capital markets to meet their financing. -
Comprehensive Annual Financial Report of the Qualified Pension Plan and the Tax Deferred Annuity Program
Board of Education Retirement System of the City of New York A Fiduciary Fund of the City of New York Comprehensive Annual Financial Report of the Qualified Pension Plan and the Tax Deferred Annuity Program For the Years Ended June 30, 2020 and June 30, 2019 This page is intentionally left blank Board of Education Retirement System of the City of New York A Fiduciary Fund of the City of New York Comprehensive Annual Financial Report of the Qualified Pension Plan and the Tax Deferred Annuity Program For the Fiscal Years Ended June 30, 2020 and June 30, 2019 Prepared by Sanford R. Rich, Executive Director Chithra Subramaniam, Acting Director of Fiscal Operations State of New York Comprehensive Annual Financial Report PAGE INTRODUCTORY SECTION 1 • Letter of Transmittal 3 • Board of Trustees 9 • Organization Chart 10 • Consulting and Professional Services 11 • Certificate of Achievement for Excellence in Financial Reporting 12 FINANCIAL SECTION 13 • INDEPENDENT AUDITORS’ REPORT 15 • MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) 18 • COMBINING FINANCIAL STATEMENTS • Combining Statements of Fiduciary Net Position 25 • Combining Statements of Changes in Fiduciary Net Position 27 • Notes to Combining Financial Statements 29 • REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) • Schedule 1 - Changes in Employers’ Net Pension Liability & Related Ratios 57 • Schedule 2 - Employers’ Contributions 58 • Schedule 3 - Investment Returns 61 • ADDITIONAL SUPPLEMENTARY INFORMATION • Schedule 4 - Schedule of Investment Expenses 62 • Schedule 5 - Schedule -
FINANCIAL CENTRE REPORT 2017 Building Bridges 2 Financial Centre Report 2017 3
FINANCIAL CENTRE REPORT 2017 Building Bridges 2 Financial Centre Report 2017 3 Dear Readers, Just a few months ago, the federal state of Hessen celebrated its 70th anniversary. In the course of these seven decades, Frankfurt am Main has gradually become the most important financial centre in 1585FRANKFURT STOCK continental Europe. Frankfurt is where the European Central Bank (ECB), the European Insurance and Occupational Pensions Authority (EIOPA), the Deutsche Bundesbank, the Federal Financial Supervi- sory Authority (BaFin) and the Federal Agency for Financial Market Stabilisation (FMSA) are all based, EXCHANGE FOUNDED making it a centre of supervision and regulation for the whole of the EU. Even during the financial crisis, Frankfurt fared better than other financial hubs and perhaps even grew stronger compared to its rivals. Nonetheless, like the financial industry as a whole, Frankfurt now faces a plethora of challenges. I would like to take this opportunity to home in on two of these, the first being digitisation. The rapid advance- ment of digitisation is forcing not only the financial sector to redesign its processes at ever-decreasing intervals and to fundamentally overhaul its business processes or indeed business models. Frankfurt as a financial centre has to seize this challenge as an opportunity, and the creation of TechQuartier sent out a strong signal that it is doing precisely that. The aim of TechQuartier is to serve as the central platform for the development of a fintech ecosystem, with the financial community, related technology fields and local academic institutions coming together to put Frankfurt on the global map in this emergent sector. -
A Guide to Sources of Information on Foreign Investment in Spain 1780-1914 Teresa Tortella
A Guide to Sources of Information on Foreign Investment in Spain 1780-1914 Teresa Tortella A Guide to Sources of Information on Foreign Investment in Spain 1780-1914 Published for the Section of Business and Labour Archives of the International Council on Archives by the International Institute of Social History Amsterdam 2000 ISBN 90.6861.206.9 © Copyright 2000, Teresa Tortella and Stichting Beheer IISG All rights reserved. No part of this publication 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 publisher. Niets uit deze uitgave mag worden vermenigvuldigd en/of openbaar worden gemaakt door middel van druk, fotocopie, microfilm of op welke andere wijze ook zonder voorafgaande schriftelijke toestemming van de uitgever. Stichting Beheer IISG Cruquiusweg 31 1019 AT Amsterdam Table of Contents Introduction – iii Acknowledgements – xxv Use of the Guide – xxvii List of Abbreviations – xxix Guide – 1 General Bibliography – 249 Index Conventions – 254 Name Index – 255 Place Index – 292 Subject Index – 301 Index of Archives – 306 Introduction The purpose of this Guide is to provide a better knowledge of archival collections containing records of foreign investment in Spain during the 19th century. Foreign in- vestment is an important area for the study of Spanish economic history and has always attracted a large number of historians from Spain and elsewhere. Many books have already been published, on legal, fiscal and political aspects of foreign investment. The subject has always been a topic for discussion, often passionate, mainly because of its political im- plications.