DOCSLIB.ORG

Investing Between the Lines

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Investing Between the Lines Praise for Investing Between the Lines Investing Between the Lines captures the essence of successful execu- tives: Communicate strong values that ALL employees understand and emulate, put safety and customers at the top of the corporate agenda, and maintain the agility to change. L.J. Rittenhouse reminds leaders that yes, their words matter. —JAMES P. TORGERSON, President and CEO, UIL Holdings Company Rittenhouse has done it again! Wise investors, executives, directors, and employees will empower themselves with the knowledge and techniques recommended by L.J. Rittenhouse. If you are searching for leaders who build sustainable businesses, IBTL offers the impor- tant clues needed to find these long-term value creators. I highly recommend Investing Between the Lines. —JAMES A. SEYERS, Portfolio Manager, Personal Investment Management Group, ScotiaMcLeod The ability to inspire confidence lies at the heart of creating value. It is also difficult to measure. L.J. Rittenhouse’s insightful book pres- ents a creative approach to developing metrics that identify confi- dence-building executives. Investors looking to find and back such leaders are advised to read this book! —DR. VINAY NAIR, Founding and Managing Principal, Ada Investments That a man is as good as his word is a truism that underlines L.J. Rittenhouse’s Investing Between the Lines, a guide to ferreting out a company’s “business morality.” She makes a compelling argument that executive letters are the best barometers of leadership qualities. This book is required reading for the long-suffering investing pub- lic, as well as for officers and board members looking to see how well their CEO fares in informing others about the company’s progress. —IRENE NATIVIDAD, Chair, Corporate Women Directors International Confirming the deep insight of every faith tradition, Rittenhouse offers convincing proof that integrity matters. Words are sacred and CEOs who honor this truth are more likely to be trustworthy stew- ards of capital. —DR. RON PATTERSON, Sr. Minister, Naples United Church of Christ, Naples, Florida L.J. Rittenhouse explains in this well-written manual why it is nec- essary to pay close attention to CEOs’ words. By espousing the principles and practices used by Warren Buffett and other straight- talking leaders, Rittenhouse shows how to make sound judgments in separating companies that build long-term relationships from those preferring one-night stands. Executives and communication teams will gain important lessons in how to make wealth-creating communications. —MARK O’HARE, Senior Partner, Grant Thornton, Australia Rittenhouse’s ideas are critical for individual investors like me. Unlike portfolio managers running mutual funds who limit their viewpoint to the next quarter, we can be more patient. That demands having someone in charge who knows what he’s doing, and can effec- tively communicate. If a business can’t be made understandable to the shareholders, how can we assume the CEO understands it? And if he can’t communicate it to us, how does he communicate it to the people who work for him?” —TOM ROBBINS-MILNE, Individual Investor, New York City InvestIng Between the LInes How to Make S Marter DeciSionS by DecoDing ceo coMMUnicationS L.J. rittenHoUSe New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright © 2013 by L.J. Rittenhouse. 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: 978-0-07-174324-2 MHID: 0-07-174324-3 The material in this eBook also appears in the print version of this title: ISBN: 978-0-07-171407-5, MHID: 0-07-171407-3. 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 benefi t 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 [email protected]. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting, securities trading, or other professional services. If legal or fi nancial advice or other expert assistance is required, the services of a competent professional person should be sought. —From a Declaration of Principles Jointly Adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations 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 is subject to these terms. Except as permitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work, you may not decompile, disassemble, reverse engineer, reproduce, modify, create derivative works based upon, transmit, distribute, disseminate, sell, publish or sublicense the work or any part of it without McGraw-Hill’s prior consent. You may use the work for your own noncommercial and personal use; any other use of the work is strictly prohibited. Your right to use the work may be terminated if you fail to comply with these terms. THE WORK IS PROVIDED “AS IS.” McGRAW-HILL AND ITS LICENSORS MAKE NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF OR RESULTS TO BE OBTAINED FROM USING THE WORK, INCLUDING ANY INFORMATION THAT CAN BE ACCESSED THROUGH THE WORK VIA HYPERLINK OR OTHERWISE, AND EXPRESSLY DISCLAIM ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. McGraw-Hill and its licensors do not warrant or guarantee that the functions contained in the work will meet your requirements or that its operation will be uninterrupted or error free. Neither McGraw-Hill nor its licensors shall be liable to you or anyone else for any inaccuracy, error or omission, regardless of cause, in the work or for any damages resulting therefrom. McGraw-Hill has no responsibility for the content of any information accessed through the work. Under no circumstances shall McGraw-Hill and/or its licensors be liable for any indirect, incidental, special, punitive, consequential or similar damages that result from the use of or inability to use the work, even if any of them has been advised of the possibility of such damages. This limitation of liability shall apply to any claim or cause whatsoever whether such claim or cause arises in contract, tort or otherwise. My word is my bond Since 1801 the motto of the London Stock Exchange (in Latin, “dictum meum pactum”), where bargains are made with no exchange of documents and no written pledges being given. —Urban Dictionary I should be very surprised if the story I have to tell is anywhere near the whole truth. We are all, as Huxley says someplace, Great Abbreviators, meaning that none of us has the wit to know the whole truth, the time to tell it if we believed we did, or an audience so gullible as to accept it. —Neil Postman, Amusing Ourselves to Death Acknowledgments Investing Between the Lines represents the contributions of many people. Special thanks go to Stephen Dandrow and Rahel Abebe, who reviewed chapters, checked facts, and analyzed data, while continuing to conduct “business as usual.” John Taylor’s insights on corporate finance and foren- sic intelligence sharpened ideas, led to new discoveries, and spurred us onward. Bob Emmott offered his wisdom and experience on leadership, while Gary Zahokos, Roger Marvinney, Erich Korngold, Tom Robbins- Milne, John Freund, Caren Byrd, and Rick Kool helped to clarify impor- tant concepts. Greg Icenhower challenged and guided our Candor and strategy reporting throughout as he has done over the decade. Thanks go to Lisa Norton, Laura Berman, John Finck, and Justine Hoechst for reviewing chapters and to Michelle Sauvage for her graphic representation and data development expertise. Without Warren Buffett’s permission to quote generously from his shareholder letters, there would have been no first book,Do Business with People You Can Tru$t and no present book. My gratitude to him and to Debbie Bosanek, his assistant, is immeasurable. Thanks go to McGraw-Hill editors Zachary Gajweski, Mary Glenn, and also to Patricia Wallenburg, who composed IBTL. Jill Totenberg and the team at Monaco Associates, Carolyn Monaco and Alicia Simons, guided the transition from book production to book release and set us on a firm course. No ambitious project like this is possible without the support of friends and family. This group of stalwarts includes, but is not limited to, David Dowd, Sahil Ghandi, as well as Neel, Sarita, and Ashima, Betty Robbins and Moses Silverman, Gordon and Carole Hyatt, Eve Burton, Barbara Cooperman, Enid and Nan Elliot, Jesse Guardina, Sam Murkatovic, and my daughter, Lianne. Finally, and not least of all, is the debt I owe my clients who have worked with us over the years and used Rittenhouse Rankings Candor metrics to build and rebuild trustworthy cultures that produce excellent results. Your dedication has launched this essential approach to twenty- first-century business. This book is dedicated to you and all that you have done and are doing to usher in a new era of corporate Candor.
Load more

Recommended publications
  • Lehman Brothers
    Lehman Brothers Lehman Brothers Holdings Inc. (Pink Sheets: LEHMQ, former NYSE ticker symbol LEH) (pronounced / ˈliːm ə n/ ) was a global financial services firm which, until declaring bankruptcy in 2008, participated in business in investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. It was a primary dealer in the U.S. Treasury securities market. Its primary subsidiaries included Lehman Brothers Inc., Neuberger Berman Inc., Aurora Loan Services, Inc., SIB Mortgage Corporation, Lehman Brothers Bank, FSB, Eagle Energy Partners, and the Crossroads Group. The firm's worldwide headquarters were in New York City, with regional headquarters in London and Tokyo, as well as offices located throughout the world. On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, and devaluation of its assets by credit rating agencies. The filing marked the largest bankruptcy in U.S. history.[2] The following day, the British bank Barclays announced its agreement to purchase, subject to regulatory approval, Lehman's North American investment-banking and trading divisions along with its New York headquarters building.[3][4] On September 20, 2008, a revised version of that agreement was approved by U.S. Bankruptcy Judge James M. Peck.[5] During the week of September 22, 2008, Nomura Holdings announced that it would acquire Lehman Brothers' franchise in the Asia Pacific region, including Japan, Hong Kong and Australia.[6] as well as, Lehman Brothers' investment banking and equities businesses in Europe and the Middle East.
    [Show full text]
  • Fraternalism Inamerica
    Fraternalism in America Book Review Essay by William Weisberger • Constructing Brotherhood: fascinating chapters on the ritual eighteenth century ethical teachings. Class, Gender, and and ceremonial activities of major As an example, Clawson uses the Fraternalism secret societies in Victorian Ameri- Modern Grand Lodge of London, ca, shows how these orders func- which,created in1717, had capable Mary by Ann Clawson tioned during the past two centu- administrators, recruited aristocrat- Princeton: Princeton University Press, ries. icand middle -class members intoits 1989. Pp. ix,270. Introduction, locallodges, and became wellknown notes, index. $27.50 Clawson begins her workbyview- ing fraternalism as a social form; she for promoting sociability through Secret Ritual and Manhood argues that the Masons, the Odd these lodges, which were closely as- in Victorian America Fellows, and the Knights effectively sociated with London coffeehouses by Mark C. Carnes used ritual and ceremony as a "social and tavern life. New Haven: YaleUniversity Press, metaphor" of brotherhood. Each Like Professor Margaret Jacob 1989. Pp. x, 226. Preface, notes, order's doctrine emphasized capi- and this writer, Clawson in several $27.50 index. talism, competition and individual- ways accentuates the intimate con- ism,and Clawson demonstrates that nections between Speculative Free- lodge activities were geared to pro- masonry, or the Modern Grand and female or- moting patriarchal values and mas- Lodge, and the Enlightenment. To ders and voluntary associa- culine cultural tenets. this end, there are impressive ac- FRATERNALtions have had a significant In the "European Definitions" counts ofthe contributions by John place inAmerican life.Scholars, un- section early in the book, Clawson T.Desaguliers, a Huguenot minis- fortunately, have devoted minimal claims that familyand fraternal lifein ter, a disciple ofSir Isaac Newton, attention to their functions, activi- medieval and early modern Europe and an active member of the Royal ties, and histories.
    [Show full text]
  • Winford K 2013 Edd.Pdf
    A SYSTEMS THEORY REVIEW OF LEHMAN BROTHERS CULTURE, LEADERSHIP, ALIGNMENT, STRUCTURE, SYSTEMS, AND STRATEGY (CLASS-S): A SYSTEMS THEORY REVIEW OF THE FAILURE OF LEHMAN BROTHERS ___________________________________ By KRISTIN TRAHAN WINFORD ___________________________________ A DISSERTATION Submitted to the faculty of the Graduate School of the Creighton University in Partial Fulfillment of the Requirements for the degree of Doctor of Education in the Department of Interdisciplinary Leadership. ___________________________________ Omaha, NE (November 15, 2013) A SYSTEMS THEORY REVIEW OF LEHMAN BROTHERS Copyright 2013, Kristin Trahan Winford This document is copyrighted material. Under copyright law, no part of this document may be reproduced without the expressed permission of the author. A SYSTEMS THEORY REVIEW OF LEHMAN BROTHERS iii ABSTRACT On September 15, 2008, Lehman Brothers, the fourth largest investment bank in the United States, filed for Chapter 11 Bankruptcy protection under the United States Bankruptcy Code. Reporting over 25,000 employees worldwide, assets of $639 billion, and liabilities of $613 billion at the time of filing, this failure disturbed global financial markets and served as a major contributor to tipping the world into a recession that was second only to the Great Depression. Although the macroeconomic conditions of global financial markets were tremulous at the time of the investment bank’s failure, the collapse occurred suddenly. In the first quarter of 2008, the storied investment bank reported profit while other financial institutions were reporting massive losses from write-downs resulting from plummeting commercial and residential real estate holdings. Unknown to many was the fact that Lehman had not yet begun to address its equally troubled real estate portfolio comprised of $25 billion in prime, subprime, and Alt-A mortgages, which had driven the firm’s debt to equity ratio from 26:1 in 2003 to 32:1 in 2008.
    [Show full text]
  • May 10, 1956: Security Traders Association of New York, Inc
    ESTABLISHED 1S39 In 2 Sections — Section 2 Reg. U. S. Pat. Office Volume 183 Number 5532 New York 7, N. Y., Thursday, May 10, 1956 Price 40 Cents a Copy OF NEW YORK, INC. 20th ANNUAL J V AT WALDORF-ASTORIA DINNER APRIL 27, 1956 President First Second Treasurer Secretary Vice-President Vice-President Edward J. Kelly Carl M. Loeb, Rhoades & Co. Daniel G.Mullin Barney Nieman Nathan A. Krumholz Henry Oetjen Tucker, Anthony A Carl Marks A Co. Siegel A Co. McGinnis & Company ~\ / Co. Inc. DIRECTORS Bernard J. Conlon Edward A. Horn George V. Hunt Reginald J. Knapp Wilbur Krisam P. F. Fox A Co. /. Kuhn, Loeb A Co. A. T. Geyer A Hunt Ira Haupt A Co. John C. Legg A Company Alfred F. Tisch Daniel D. McCarthy Harry A. Michels Lewis H. Serlen / William F. Thompson Fitzgerald A Union Securities Allen A Company Josephthal A Co. Greene and Company Company Corporation Incorporated y *■ Digitized for FRASER http://fraser.stlouisfed.org/ \ Federal Reserve Bank of St. Louis The Commercial and Financial Chronicle .. Thursday, May 10, 1956 2 With Sincere Thanks to All Well, the Twentieth Annual Dinner of STANY is to Finally, you dig into last year's Committee, pull be found in the files and in the fond memories of out Jack Barker, ask Tisch and Horn to stand by something over 1,700 attendants from all over the to advise, needle him every day. Result, he doesn't country. Pridefully I can say it make dinner for a month and comes up with the biggest "Journal" ever.
    [Show full text]
  • Burning Down His House
    Burning Down His House http://www.printthis.clickability.com/pt/cpt?action=cpt&title=Burning+... SAVE THIS | EMAIL THIS | Close Burning Down His House Is Lehman CEO Dick Fuld the true villain in the collapse of Wall Street, or is he being sacrificed for the sins of his peers? By Steve Fishman Published Nov 30, 2008 Getty Images) On June 11, Richard S. Fuld Jr., CEO of Lehman Brothers, sat down to lunch with a half-dozen of Lehman’s senior investment bankers. Since the fall of Bear Stearns in March, Fuld had been struggling to keep “the mother ship,” as Fuld liked to call his firm, from taking on water, but with little success. The stock was sinking quickly. In just a few months, Lehman had given back ten years of gains. Two days before the meeting, Lehman announced a second-quarter loss of $2.8 billion, its first negative quarter in fourteen years, causing the stock to plummet again, 21 percent in a couple of days. Fuld’s own people, their net worth evaporating, were losing confidence. Hugh Skip McGee, the global head of investment banking and for years a loyal Lehman employee, had requested the meeting. They gathered in Fuld’s private dining room on the 32nd floor of Lehman’s Seventh Avenue headquarters, a somber mahogany-paneled room, with a list of several demands, chief among them a change in leadership.“The board of directors is going to be under pressure,” said one banker. And then added, “It has to deliver a head to the street.” At about five-eight, Fuld isn’t physically imposing.
    [Show full text]
  • Mergers, Acquisitions, and Corporate Restructurings, 7Th Edition
    k Trim Size: 7in x 10in Gaughan ffirs.tex V1 - 11/07/2017 6:58am Page i Mergers, Acquisitions, and Corporate Restructurings k k k k Trim Size: 7in x 10in Gaughan ffirs.tex V1 - 11/07/2017 6:58am Page ii Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Asia, and Australia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Corporate F&A series provides information, tools, and insights to corporate professionals responsible for issues affecting the profitability of their company, from accounting and finance to internal controls and performance management. k k k k Trim Size: 7in x 10in Gaughan ffirs.tex V1 - 11/07/2017 6:58am Page iii Mergers, Acquisitions, and Corporate Restructurings Seventh Edition PATRICK A. GAUGHAN k k k k Trim Size: 7in x 10in Gaughan ffirs.tex V1 - 11/07/2017 6:58am Page iv Copyright © 2018 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. The Sixth Edition was published by John Wiley & Sons, Inc. in 2015. Published simultaneously in Canada. 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, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750–8400, fax (978) 646–8600, or on the Web at www.copyright.com.
    [Show full text]
  • New York New Belfast
    Page 19 / Irish Echo / MAY 28 - JUNE 3, 2014 / www.irishecho.com Page 20 NEW YORK - NEW BELFAST CONFERENCE Loretta is our choice in any year By Ray O’Hanlon As Loretta told the Irish Times in an interview a few [email protected] years ago, she was already in her 40s when she met the two great loves of her life. oretta is the seventh in the fifth. That is to say that Loretta The first was Wall Street magnate Lewis Glucksman, Brennan Glucksman is the seventh person to hold the title who was then head of Lehman Brothers investment LofIrishEchoIrishAmericanoftheYear,andshewillbeduly bank. honored at the fifth New York/New Belfast conference this And it was Lewis who introduced her to the second week. great love: Ireland. But Loretta is oh-so-much more than the numbers, Loretta Brennan was the Irish American. Lewis more than even the tens of millions of dollars raised for Glucksman’s family roots were in Hungary. But he had www.irishecho.com / Irish EchoIrish / MAY 28 - JUNE 3, 2014 causes / during her tenure as chair of the American served on a U.S. Navy submarine during World War II Ireland Fund. and had spent his shore leave in Ireland. She is a woman for all seasons, an Irish American of “He knew Ireland like the back of his hand,” Brennan the Year in any year, a friend of Ireland and the Irish of Glucksman told the Times in that interview. America in innumerable ways. “He loved the writers, visited all their homes. He Brennan Glucksman is the second woman to win the called these journeys his pilgrimages.” Person of the Year accolade since it was revived in 2007.
    [Show full text]
  • Toobigtofail.Pdf
    TOO BIG TO FAIL Andrew Sorkin PROLOGUE Standing in the kitchen of his Park Avenue apartment, Jamie Dimon poured himself a cup of coffee, hoping it might ease his headache. He was recovering from a slight hangover, but his head really hurt for a different reason: He knew too much. It was just past 7:00 a.m. on the morning of Saturday, September 13, 2008. Dimon, the chief executive of JP Morgan Chase, the nation’s third-largest bank, had spent part of the prior evening at an emergency, all-hands-on-deck meeting at the Federal Reserve Bank of New York with a dozen of his rival Wall Street CEOs. Their assignment was to come up with a plan to save Lehman Brothers, the nation’s fourth-largest investment bank—or risk the collateral damage that might ensue in the markets. To Dimon it was a terrifying predicament that caused his mind to spin as he rushed home afterward. He was already more than two hours late for a dinner party that his wife, Judy, was hosting. He was embarrassed by his delay because the dinner was for the parents of their daughter’s boyfriend, whom he was meeting for the first time. “Honestly, I’m never this late,” he offered, hoping to elicit some sympathy. Trying to avoid saying more than he should, still he dropped some hints about what had happened at the meeting. “You know, I am not lying about how serious this situation is,” Dimon told his slightly alarmed guests as he mixed himself a martini.
    [Show full text]
  • Changing Face Ofthejewish
    Pittsburgh History Spring 1993 trasting rituals and structures among The New Crowd: The ch and Rehfeld show that Weill was the Masons, the Odd Fellows, the Changing Face oftheJewish a man driven by success, later head- Knights, and other orders exam- Guard on Wall Street ing American Express and Primeri- ined,would have enhanced the work. ca. The book also contains a fine The place offraternal orders and by Judith R. Erlich and Barry J. sketch ofSidney Weinberg, known related organizations in the Pitts- Rehfeld for breaking through religious and burgh vicinity has yet to be deter- Boston: Little,Brown, 1989. Pp. 444. class barriers on Wall Street; Wein- mined. What is known is that Ma- Illustrations, notes, bibliography, berg directed the trading depart- $19.95 sonry served as a paragon during the index. ment at Goldman Sachs, sat on late eighteenth and early nineteenth boards of numerous corporations, century, recruiting men from vari- thelate nineteenth was even offered diplomatic posts, ous strata ofthe middle- and upper- century, an elite group of and was perceived by executives of classes. Similar to Joseph RishePs DURINGJews ofGerman extraction both Protestant and Jewish invest- conclusions in his Founding Fami- played a prominent role inthe world ment firms as being "Mr. Wall lies ofPittsburgh: The Evolution ofa ofAmerican investment banking. As Street." Regional Elite (Univ. of Pittsburgh Stephen Birmingham demonstrates The authors as well make a case Press, 1990, 59-61, 181), my find- (The Great Jewish Families ofNew for other financiers connected with ings about Masons inearly Steuben- Tor*[NewYork,1967]), the Schiffs, the newcrowd.
    [Show full text]
  • Lehman Brothers Bankruptcy A: Overview
    yale program on financial stability case study 2014-3a-v1 october 1, 2014 The Lehman Brothers Bankruptcy A:1 Overview Rosalind Z. Wiggins2 Thomas Piontek3 Andrew Metrick4 Abstract On September 15, 2008, Lehman Brothers Holdings, Inc., the fourth-largest U.S. investment bank, sought Chapter 11 protection, initiating the largest bankruptcy proceeding in U.S. history. The demise of the 164-year old firm was a seminal event in the global financial crisis. Under the direction of its long-time Chief Executive Officer Richard Fuld, Lehman had been very successful pursuing a high-leverage, high-risk business model that required it to daily raise billions of dollars to fund its operations. Beginning in 2006, Lehman began to invest aggressively in real- estate-related assets and soon had significant exposures to housing and subprime mortgages, just as these markets began to sour. Lehman employed a cadre of accountants and risk professionals to continually monitor its balance sheet, key ratios, and risks. It undertook desperate and some questionable actions to stay alive. Nevertheless, Lehman ultimately failed because of an inability to finance itself. This overview case provides background information about Lehman’s business and key personnel and also the economic environment during 2006-2008. It may be utilized individually or in connection with any of the other seven YPFS Lehman case studies. _____________________________________________________________________ 1 This case study is one of eight Yale Program on Financial Stability case modules considering the Lehman Brothers Bankruptcy. The other cases are: • The Lehman Brothers Bankruptcy B: Risk Limits and Stress Tests. • The Lehman Brothers Bankruptcy C: Managing the Balance Sheet.
    [Show full text]
  • Connect Fall / Winter 2019
    FALL/ WINTER 2019 PROGRESS THROUGH PHILANTHROPY THE IRELAND FUNDS Impactful Support For Outstanding Organizations WWW.IRELANDFUNDS.ORG 12 3 Message from the Chairman 32 Integrated Education in Northern Ireland 5 Message from the President & CEO 40 AsIAm 6 Your Philanthropic Impact – Thank You! 44 Good Shepherd Cork 10 David Cronin: Meet the new President 48 The Ireland Funds Business Plan Competition & CEO of The Ireland Funds America 52 An Interview with Bill McKiernan 12 Suas 55 Guadalupe Smurfit: The Ireland Funds Monaco 16 Music Generation welcomes a new President 20 Irish Men’s Sheds 56 The Ireland Funds 2019 Worldwide Conference contents in Belfast 26 The Little Museum of Dublin connect 2019 • 1 67 Events Around the World 97 The Ireland Funds Young Leaders Society 112 Contacts 114 The Ireland Funds America Board of Directors 68 116 The Ireland Funds Heritage Society 48 Read Connect magazine online at www.irelandfunds.org contents 56 connect 2019 • 2 ConnectFALL / WINTER / 2019 Dear Fellow Donors, Welcome to the latest edition of Connect Magazine. 2019 has been a strong year so far for The Ireland Funds. We were delighted to welcome David Cronin as the new President & CEO of The Ireland Funds America and we look forward to working with him as we continue to build this great organization. Over the past number of months, we have hosted some incredible events around the world. The high- light of course, was our Annual Worldwide Conference held in Belfast, Northern Ireland. While in Belfast, our donors had the opportunity to visit some of the extraordinary projects we support such as Integrated Education and PeacePlayers.
    [Show full text]
  • A Moment's Notice a Moment's Notice
    www.americanlawyer.com DECEMBER 2008 A MOMENT’S NOTICE An inside look at how Weil Gotshal put together the Lehman bankruptcy in record time. By Ben Hallman LAW FIRM LEADERS SURVEY: Doubts About 2009 THE CHANGE AGENDA n Going public n Rebelling clients n Managing talent n Unrelenting technology Weil’s Harvey Milleriller Weil Gotshal put together the largest bankruptcy in U.S. history in record time. It was a fitting tribute to the firm’s biggest institutional client. A MOMENT’S NOTICE By Ben Hallman By the close of the second week of September, investors had all but given up on Lehman Brothers Holdings Inc. What Stephen Dannhauser, Thomas Roberts, Harvey Miller, and Lori Creditors wanted the 158-year-old investment bank to put up additional Fife didn’t know was that their opinion about whether and when Lehman collateral to cover its bets in the derivatives market. Customers were should file for bankruptcy protection—they had planned to advise the scrambling to close accounts. Traders couldn’t move the firm’s commercial company to wait, to continue to look for a buyer—didn’t really matter paper, or settle trades. In its most visible sign of distress, Lehman’s share anymore. That decision had already been made for them. price tumbled in those last days like a sick pigeon from the sky. As the cab crawled south toward lower Manhattan, Roberts, a 62-year- These grim facts of life weren’t lost on four senior partners from Weil, old M&A lawyer with a Dallas twang, got a phone call from a banking client.
    [Show full text]