06 LIBOR Materials
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HOW REAL ESTATE SPECULATORS ARE TARGETING NEW YORK CITY’S MOST AFFORDABLE NEIGHBORHOODS by Leo Goldberg and John Baker
HOUSE FLIPPING IN NYC: HOW REAL ESTATE SPECULATORS ARE TARGETING NEW YORK CITY’S MOST AFFORDABLE NEIGHBORHOODS By Leo Goldberg and John Baker JUNE 2018 2 In neighborhoods across New York City, real estate investors are knocking on doors and calling up homeowners, seeking to convince them to sell their properties at low prices so that the homes can be resold for substantial profits. Commonly referred to as “housing flipping,” this practice can uproot residents in gentrifying neighborhoods and reduce the stock of affordable homes in a city where homeownership is increasingly out of reach for most. Not since 2006, when property speculators played a significant role in spurring the mortgage crisis that triggered the Great Recession, has so much house flipping been recorded in the city.1 The practice is often lucrative for investors but can involve unwanted and sometimes deceptive solicitations of homeowners. And the profitability of house flipping creates an incentive for scammers seeking to dislodge vulnerable — and often older — homeowners from their properties.2 In more economically depressed parts of the country, flipping is sometimes considered a boon because it puts dilapidated homes back on the market. However, in New York City, where prices are sky-high and demand for homes far exceeds supply, flipping contributes to gentrification and displacement. The practice not only affects homeowners, but also renters who live in 1-4 unit homes and often pay some of the most affordable rents in the city. Once an investor swoops in, these renters can find they’ve lost their leases as the property gets flipped. -
A Guide to Flipping Mobile Homes Intro Thanks for Purchasing Our Book
A Guide to Flipping Mobile Homes Intro Thanks for purchasing our book. First off, mobile home investing has been a huge asset to our real estate investing portfolio. Especially in times where margins are thinner in asset types like commercial, land, MFH, single family residence, and notes. This isn’t a comprehensive guide by any means. But it is designed for the newcomer in MH’s and/or the wholesaler or flipper who wants to monetize some of the mobile home leads that he/she generates (I know that I left a lot of money on the table when I threw those leads away). It’s also designed for those who are very interested in possibly making anywhere from 20%-50% (or more) return on their money yearly. This niche has many exit strategies for the flipper who wants to make a quick turnover… or the cash flow investor who wants to create a passive income stream. Or for the developer who wants to build a large amount of value in a parcel by planting manufactured homes into them. Whatever your goals are, it can be accomplished with mobile homes. To dive further into the topic and learn specific strategies, then sign up to our email list where we email DAILY tips along with promotional offers to upcoming events, seminars, and information packets at: www.pauldocampo.com Paul do Campo, Millionaire Makers Next Generation DISCLAIMER: We are not financial advisors and do not guarantee any success or return on any investment. The returns and the theories that have been stated here are only just that, theories and do not guarantee a certain return on any investment. -
A Behavioral Finance Analysis of the Barclays-LIBOR Case
Corporate Culture and Frauds: A Behavioral Finance Analysis of the Barclays-LIBOR Case Enrico Maria Cervellati Luca Piras Matteo Scialanga University of Bologna University of Cagliari Luiss Rome Abstract The aim of this paper is to use behavioral finance to explain the factors that brought Barclays Plc. to face a £290 million fine (about $440 million), having deliberately tried to manipulate the LIBOR (London Interbank Offered Rate). This sums to the £59.5 million fined by the British Financial Services Authority (FSA) – the highest fine imposed by this organization – and respectively £102 million and £128 million by the US Department of Justice and by the Commodity Futures Trading Commission (CFTC). To achieve this goal, we analyze the reports of the American and British regulatory agencies, and those of financial analysts. Even though the focus of analysis are Barclays’ actions, we compare them with what other market participants did, to give a comprehensive look on financial industry and its dominant culture. In particular, after describing LIBOR rate determination methodology and the behavior of Barclays personnel when violations occurred, we presents Barclays’ failures in organizing its own control systems and establishing a proper corporate culture. Finally, we analyze the behavior of market participants and supervisory authority in evaluating Barclays’ financial and ethical performance. 1 “Barclays had a cultural tendency to be always pushing the limit” Lord Adair Turner, Financial Services Authority Chairman Introduction The aim of this paper is to use behavioral finance to explain the factors that brought Barclays Plc. to face a £290 million fine (about $440 million), having deliberately tried to manipulate the LIBOR (London Interbank Offered Rate). -
Real Estate Investing Overview
Real Estate Investing Overview 18301 Von Karman, Suite 330, Irvine, CA 92612 Phone: 800-208-2976 Fax: 949.37.6701 [email protected] Fix and Flip Real Estate Investing Overview Getting Started Wholesaling: Wholesaling is a great way to get started if you are short on experience and/or funds. With wholesaling, your objective is to enter into purchase contracts at an attractive enough purchase price that you can assign your purchase contract to someone who is willing to pay you a premium to your contract purchase amount for the opportunity to purchase the property. Partnering: Partnering with an experienced fix/flip investor is a great way to learn the business with less risk. Your partner will likely want to share in any profits but the potential savings of avoiding snafus may be more than worth any shared profits. Fix and Flipping: The potential profits of going it alone and purchasing, repairing and reselling your own investment property are the greatest, but so are the potential risks. How to Obtain the Money to Flip Houses Do you want to start flipping houses but don’t know how you are going to access the money you need? Check out these options to find the cash to begin flipping houses: Home Equity Loan: You can utilize the equity in your primary residence to flip houses. If you don’t have enough equity in your home to purchase an investment property outright you can leverage your home equity into buying one, or more deals with a traditional or private money lender. Credit Cards: Be cautious when using this method because it’s easy to get over extended. -
Report on Tax Fraud and Money Laundering Vulnerabilities Involving the Real Estate Sector
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT REPORT ON TAX FRAUD AND MONEY LAUNDERING VULNERABILITIES INVOLVING THE REAL ESTATE SECTOR CENTRE FOR TAX POLICY AND ADMINISTRATION EXECUTIVE SUMMARY This report contains information on the tax evasion and money laundering vulnerabilities associated with the real estate sector. The information contained in the report was provided by 18 countries represented in the Sub-Group in response to a questionnaire that was sent to delegates in July 2006. Apart from providing a useful overview of the key tax evasion and money laundering issues and risks associated with the real estate sector, the report is also intended to provide practical guidance to tax authorities that are seeking to implement or refine strategies to effectively address these risks. The key findings are as follows: In most of the countries surveyed, the real estate sector has been identified as an important sector being used to facilitate tax fraud and money laundering. There are no reported official figures or statistics about the dimension of the problem; one country, Austria, has reported an estimation of the amount of fraud involving the real estate sector of approximately € 70 million. The countries reported that the three most common methods and schemes used are: price manipulation (escalating prices make it easier to manipulate prices of properties and transactions), undeclared income / transactions and the use of nominees and/or false identities, and corporations or trusts to hide the identity of the beneficial owners. The method of concealing ownership has three main variations: a) onshore acquisitions through off- shores companies and/or through a complex structure of ownership; b) unreported acquisition of properties overseas; and c) use of nominees. -
HOME BUYERS SHOP on REMAX.COM Than Any Other National Real Estate Franchise Website
THE ZIZZI TEAM OF RE/MAX PLUS THE Left to right: POWER Pam Cimini, Pete Zizzi, Julie Goin OF A LOCAL MARKET Office Phone: LEADER 585.279.8155 A WORLD Two Convenient Locations: RENOWNED Brighton: 2171 Monroe Ave. | Rochester NY 14618 Greece: 2850 W. Ridge Rd | Rochester NY 14626 Each office independently owned and operated. BRAND 2171 Monroe Ave. Rochester NY 14618. Each office independently owned and operated. MISSION STATEMENT The Zizzi Team is dedicated to guiding our clients and providing them with the highest quality Real Estate services to achieve their goals. Our Commitment: Gaining our client’s trust by facilitating all transactions to a positive and enjoyable outcome based on our client’s best interests. Our Focus: Educating and empowering our clients before, during and after the transaction. Our Services: Executing a balanced combination of cutting edge technology and personal interaction. Our Loyalty: Establishing ourselves as a professional referral source and nurturing client relationships through appreciation programs that continue long term. Our Mission is to continue to be among the top producing Real Estate teams in New York State. The Zizzi Team is united by friendship, strengthened by mutual trust, and bolstered by our common goals in business in personal life. ABOUT THE Office: 585-279-8155 [email protected] ZIZZI TEAM www.ZizziTeam.com Pete Zizzi: Associate Real Estate Broker, Residential Specialist, ABR, MRP • GRAR Platinum Award 2013-Present • RE/MAX 100% Club 2008-Present • #3 Team Gross Closed Commission -2015 -
Flipping Brochure
SPECIAL ALERT Office of the Attorney General, Consumer Protection Division Home Buyers: Beware of “Flipping” Scams Bought by "flipper" Sold to you $24,000 $78,000 February July efore you agree to buy a house, make sure Take Three Steps to BB you’re not dealing with a “flipper.” A flipper Protect Yourself: buys a house cheap and then sells it to an unsus- pecting home buyer for a price that far exceeds its 1 real value. Get the facts. The flipper finds his victims by looking for someone who needs a new place to live but believes he or You can find out how much the house is she can’t afford to buy a home or qualify for a really worth before you sign a contract. mortgage loan. The flipper gets the buyer to trust Don’t just take the seller’s asking price as being a him by promising to put the buyer in a house and fair market price. You need to get the facts your- arrange a mortgage loan even if the buyer has bad self. Ask the seller to complete and sign the credit or little money. Not surprisingly, these attached “seller’s statement” form. buyers often feel that the flipper is making their ➠ dreams come true by getting them a house and a SEE SELLER’S STATEMENT FORM INSIDE loan when no one else could. The seller’s answers will give you the facts you The flipper does not tell the buyer that the sales need to begin to find out what the true value of price of the house is much higher than the house is the house is. -
Appendix Table of Contents
APPENDIX TABLE OF CONTENTS Appendix A: Court of appeals opinion, April 7, 2020 ................................................... 1a Appendix B: District court opinion, August 14, 2018 ............................................ 47a Appendix C: Court of appeals opinion, January 12, 2018 .......................................... 60a Appendix D: District court opinion, September 24, 2015 ..................................... 79a Appendix E: Court of appeals order denying rehearing, June 15, 2020 ................................................ 95a APPENDIX A UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT No. 18-3667 August Term 2018 Argued: June 26, 2019 Decided: April 7, 2020 ARKANSAS TEACHER RETIREMENT SYSTEM, West Virginia Investment Management Board, Plumbers and Pipefitters Pension Group, Plaintiffs-Appellees, Pension Funds, Ilene Richman, Individually and on behalf of all others similarly situated, Plaintiffs-Appellees, Howard Sorkin, Individually and on behalf of all others similarly situated, Tikva Bochner, On behalf of herself and all others similarly situated, Dr. Ehsan Afshani, Louis Gold, Individually and on behalf of all others simi- larly situated, Thomas Draft, individually and on behalf of all others similarly situated, Consolidated Plaintiffs-Appellees v. GOLDMAN SACHS GROUP, INC., Lloyd C. Blankfein, David A. Viniar, Gary D. Cohn, Defendants-Appellants, Sarah E. Smith, Consolidated Defendant-Appellant (1a) 2a Before: WESLEY, CHIN, and SULLIVAN, Circuit Judges. This is a class action lawsuit brought by shareholders -
Informationstation.Org Kitchen Table Economics
INFORMATIONSTATION.ORG KITCHEN TABLE ECONOMICS First Job Fridays: Lloyd Blankfein Posted on December 18, 2015 https://informationstation.org/kitchen_table_econ/first-job-fridays-lloyd-blankfein/ When people say “Wall Street,” we im- public housing project in Brooklyn. But he recognizes a deeper importance: mediately think power and wealth. But From an early age, there were two “[You] also know what people go many of New York’s top money-movers things on Blankfein’s mind: His favorite through in the world who don’t grow weren’t born with it—they spent early baseball team, the New York Yankees, out of that, but that’s what they do for mornings and late nights working and the best way to make a living. This a living.” their way up the corporate ladder. A led the young baseball fan to the old life of luxury was something these Yankee Stadium, where he found a job Now leading one of America’s most executives earned on their own, rather as a concession vendor. recognizable investment banks, Blank- than inherited. fein applies that steady sense of humili- Selling soft drinks and peanuts in “the ty to his corporate life, “I need my boss- In our regular First Job Friday feature upper decks” was his first major respon- es’ goodwill, but I need the goodwill of on Information Station, we profile sibility, and Blankfein realized he had to my subordinates even more.” Those who American business leaders whose first take it seriously—the job was “all com- know him best praise his modesty and step on the ladder was anything but mission-based,” meaning no guarantee self-deprecating humor, an approach- “Wall Street.” of personal income. -
From: Sent: To: BCC: Subject
From: Aylward, Stuart [[email protected]] Sent: Friday, August 31, 2007 7:13:05 AM To: Gass, Jeffrey; Dardani, Justin; Clark, Kristina (Krick); Schwartz, Jeremy; Watts, Laurie [FTU Notes]; Greer, Ken; Papadopulos, John; Kabatznick, Amy; Simpkins, Sally; Twohig, Fleur; Owens, Bryant H (London); Coan, Carolyn; McConnell, Lynn; Andes, Nancy; Smith, Brian E.; Shorkey, Steven; Ingram, Bill BCC: [email protected] Subject: Barclays : FT Comments This Morning See below two articles in this mornings FT. The positive take away's from this are quotes from Barclays stating that 'there are no liquidity issues'. Equally, S&P last night reaffirmed Barclays ratings saying that in its view any losses by Barclays as a result of the Sub-Prime meltdown would be 1limited'. Barclays reassures after more borrowing By Peter Thai Larsen and Chris Giles in London Published: August 30 2007 21:17 | Last updated: August 31 2007 00:39 Barclays rushed to reassure investors and depositors on Thursday night after it was forced by what it said was a technical glitch to borrow from the Bank of England's emergency reserves for the second time in just over a week. The UK bank issued a statement after it emerged it had borrowed £1.6bn (€2.4bn) from the central bank's emergency facility on Wednesday evening. The facility, which carries a penalty rate of interest, has become the subject of intense scrutiny by investors as they search for signs of distress as a result of the recent turmoil in the capital markets. Barclays was forced to use the facility after a technical breakdown in the system used to clear and settle money-market transactions left it unable to borrow in the inzer-bank market to cover a short position in its accounts with the Bank of England. -
01 Leading a Business in a Socially Connected World
01 Leading a business in a socially connected world COPYRIGHT MATERIAL iven this book is aimed at you, the leader, I wanted to start off by Gfocusing directlyNOT FOR on what REPRODUCTION being a leader in a socially connected world means for you. This chapter aims to provide you with insights on where social media for you as a leader fits in, why it matters and the impact that ‘being social’ can have. In fact, before we start, here’s my list of some of the clear benefits. Social media: ●● enables you to tune in and listen in ‘real time’ to your customers, your employees and what’s happening in your sector; ●● enables you to share your viewpoint, in an authentic and conver- sational way; ●● enables you to defend, speak up and mitigate misconceptions; ●● enables you to share your values and your brand’s values. As we go through the book, you’ll hear what other leaders feel are the benefits of being on social media channels – and I’ll endeavour to demonstrate all of the above with real-world examples. My viewpoint and, therefore, the stance in this book, considers that social media, as well as offering you highly practical channels to assist you with driving your business, reaches way beyond the practical application of ‘being social on social networks’ – and rather is enmeshed within the range of technologies that are fast becoming ‘social’ business as usual. M02_CARVILL_K_2558_01_C01.indd 7 1/26/2018 5:18:37 PM 8 Get Social Whilst the focus of this book is to enable you to develop your own social media strategy and tactics, it would be a disservice not to discuss the breadth and depth of social technologies, to equip you with enough compelling context to motivate you to take action and build social media strategies, tactics and activity into your already busy life. -
How Goldman Sachs Turned the Great Recession Into Competitive Advantage Using Strategic Management
How Goldman Sachs Turned the Great Recession into Competitive Advantage Using Strategic Management Mine Doyran The City University of New York Abstract What are the strategic questions confronting Goldman Sachs in the wake of the Great Recession? Goldman Sachs has been considered the most prestigious investment banking firm on Wall Street. Since September 2008, Goldman operates as a bank holding company and financial holding company regulated by the Federal Reserve. It gives advice on how to achieve long-term financial goals in times of both prosperity and crisis. This case reveals how Goldman Sachs became the quintessential global firm for the current period, which combines both growth and weaknesses. It further argues that Goldman Sachs has adopted innovative strategies one step ahead of its competitors, thus surviving the worst of times and redefining the traditional investment banking field. Background Founded in 1869, Goldman Sachs has been considered the most prestigious investment banking firm on Wall Street. Its clients include both public and private institutions seeking funding for expansion to meet the needs of their clients and advice on how to achieve long-term financial goals in times of both prosperity and crisis. Indeed, Goldman would be the quintessential firm for the current period, which combines both growth and weakness. Currently, Goldman Sachs operates as bank holding company and a financial holding company. It is regulated by the Board of Governors of the Federal Reserve System. It has an American depository institution subsidiary, Goldman Sachs Bank USA, which is a “New York State-chartered bank.”1 The business of investment firm includes help in planning corporate mergers, Rutgers Business Review Vol.