HACKING the UTURE of MONEY BRETT SCOTT • the Heretic's Guide to Global Finance the Heretic's Guide to Global Finance
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LOW-CARBON CURRENCIES: the POTENTIAL of TIME BANKING and LOCAL MONEY SYSTEMS for COMMUNITY CARBON-REDUCTION by Gill Seyfang C
LOW-CARBON CURRENCIES: THE POTENTIAL OF TIME BANKING AND LOCAL MONEY SYSTEMS FOR COMMUNITY CARBON-REDUCTION by Gill Seyfang CSERGE Working Paper EDM 09-04 1 LOW-CARBON CURRENCIES: THE POTENTIAL OF TIME BANKING AND LOCAL MONEY SYSTEMS FOR COMMUNITY CARBON-REDUCTION Gill Seyfang CSERGE, School of Environmental Sciences, University of East Anglia [email protected] ISSN 0967-8875 2 ABSTRACT The challenge of achieving low-carbon communities cannot be underestimated. While government policies set ambitious targets for carbon-reduction over the next 40 years, there remains an urgent need for tools and initiatives to deliver these reductions through behaviour-change among individuals, households and communities. This chapter sets out a ‘New Economics’ agenda for sustainable consumption which addresses the need for low- carbon communities. It then applies these criteria in a critical examination of complementary currencies in the UK (time banking and local money). These are alternative mechanisms for exchanging goods and services within a community, which do not use money, and which aim instead to build local economic resilience and social capital. The potential of these initiatives as carbon-reduction tools has not previously been considered. Time banking appears to offer the greatest potential for carbon-reduction through offering a supportive social network which meets some of the participants’ social and psychological needs for recognition, esteem and belongingness – needs which might otherwise be met through material consumption. In contrast, local money systems aim to strengthen and build resilience in local economies, and their principal impact on consumption is through localisation and import-substitution – which brings carbon-reductions from avoiding transport costs. -
Vulture Hedge Funds Attack California
JUNE 2019 HEDGE PAPERS No. 67 VULTURE HEDGE FUNDS ATTACK CALIFORNIA "Quick profits for Wall Street" versus safe, sustainable, affordable energy PG&E was plunged into bankruptcy after decades of irresponsible corporate practices led to massive wildfires and billions in new liabilities. Some of the most notorious hedge fund vultures are using their role as investors to make sure PG&E’s bankruptcy leads to big profits for their firms—at the expense of ratepayers, public safety and the environment. CONTENTS 4 | Vulture Hedge Funds Attack 10 | Meet the Billionaires and Vultures Preying on PG&E – Andrew Feldstein – Joshua S Friedman – Paul Singer – Dan Loeb – Jay Wintrob – Seth Klarman – Richard Barrera 17 | How Californias Will Get Hurt – Impact on Public Safety – Impact on Ratepayers – box: Lessons from Puerto Rico 20 | Sustainability / Climate 22 | Protect Californias —And All Americans—From Predatory Hedge Funds 24 | Hedge Funds Should Be Illegal – table: Hedge Funds That Own One Million or More Shares of PG&E 28 | About Hedge Clippers 29 | Press + General Inquiry Contacts MEET HEDGE FUNDS PUTTING THEIR 1 BILLIONS TO WORK IN HARMFUL WAYS Over three dozen hedge funds are attacking California’s biggest utility. SEVEN BILLIONAIRES AND VULTURES are leading the charge. They're treating control of PG&E as up for grabs while climate crisis wildfires rage and customers pay through the nose. The Answer: Outlaw hedge funds. Andrew Feldstein CEO, BlueMountain Capital 2 3 4 Paul Singer Dan Loeb Jay Wintrob Elliott Management Third PointCapital Oaktree -
Vulture Funds and the Fresh Start Accounting Value of Firms Emerging from Bankruptcy
Vulture Funds and the Fresh Start Accounting Value of Firms Emerging from Bankruptcy Miles Gietzmann University of Bocconi, Italy Helena Isidro ISCTE-IUL Instituto Universitário de Lisboa, Portugal Ivana Raonic Cass Business School, City, University of London, UK Abstract: We study how distress-oriented hedge funds (vulture funds) play an important role in the fresh start valuation of firms emerging from Chapter 11 reorganization.. We find that loan-to-own vultures acquire debt positions of the distressed firm that grant dominant power in the bankruptcy negotiations, and they then use the discretion allowed by fresh start accounting to introduce valuation bias in their favor. We show that the strategic influence over fresh start values can create opportunities to increase vulture investors’ returns at the expense of other claim holders. Keywords: distress, bankruptcy, valuation, hedge fund, reporting discretion. JEL: G14, G23, G33, M41 1 1. INTRODUCTION Active hedge funds have an important role in the resolution of Chapter 11 bankruptcies. They can influence the reorganization negotiations and shift control rights in their favor (Hotchkiss and Mooradian, 1997; Kahan and Rock, 2009; Jiang et al., 2012; Lim, 2015; Ivashina et al., 2016). However, how distress-oriented hedge funds achieve that influence is unclear. While finance research underlines the positive effects of hedge fund involvement (e.g., quick recovery from bankruptcy, greater debt reduction, and more efficient contracting, Lim, 2015), legal studies argue that distressed-oriented -
Gtbank, Okomu, Access, Dangote Cement, Zenith, Top Analysts' Stock
MARKETS AND COMMODITIES MONITOR News COMMODITIES EXCHANGE RATE FMDQ Close FX outlook: When Oil US $56.91 NSE Close BDC TRAVELEX FX Treasury bills FGN Bonds) $-N400 356 $/N 3M 6M 5Y 10Y 20Y can we expect GOLD $ 1,178.60 39.30 £N598 N/A 0.00 0.08 0.67 0.02 0.10 0.05 uninterrupted supply COCOA $ 2,261.00 26,251.39 €N510 N/A 305.00 13.48 18.71 16.04 16.51 16.52 in the market? Page 8 FIFTEEN YEARS OF DEFENDING LIBERAL ECONOMIC THOUGHT NEWS YOU CAN TRUST I ** MONDAY 09 JANUARY 2017 I VOL. 14, NO 262 I GN300 Slashed import GTBank, Okomu, Access, Dangote Cement, tariffs will cut production cost Zenith, top analysts’ stock picks for 2017 – Manufacturers ODINAKA ANUDU & AMAKA ANAGOR-EWUZIE IHEANYI NWACHUKWU & INNOCENT UNAH ment Plc, and Zenith Bank Plc cent equity market return or available to BusinessDay, even anufacturers and trade are among some of analysts’ N603.68billion value loss in though in the first trading week experts predict that the espite a scaling- picks for year 2017. 2016, many stock buyers are into 2017, the share price of GT- MFederal Government’s back of expecta- Also found in the basket of eagerly searching for investment Bank lost N1.16 from year-open decision to slash import tariffs tions on a number most analysts’ stock picks are clues on some value stocks to level of N24.70 to close N23.54 on raw materials and machinery of listed compa- Flour Mills of Nigeria Plc, Nige- place their money on this year. -
Banking: Reading
Banking: Reading The concept of banking may have been a good one initially but I can’t help feeling that in today’s world there are less people benefiting. Of course it’s good to know that your money is safe and sound, but it does seem strange to pay an organization for having your money when they make a profit from this. The charges nowadays in some banks (and different banks in different countries vary enormously) are incredible. Some charge for an overdraft facility even if you don’t go overdrawn, some charge every time you take money out (your money!) while others charge for closing an account! If you’re not careful, it’s a way of losing money rather than keeping it safe. Perhaps because of this there are some interesting alternative money systems. In fact there are some banks that don’t use money at all. Time banks are an example of this. Instead of Pounds, Dollars, Euros etc., the currency is ‘time’ – issued in the form of time credits. As this is an egalitarian system, everyone’s time is valued equally so one time credit is equivalent of one hour’s work, whatever the work. The idea is that whenever you do something to help another person you are given a time credit for this rather than cash. So, for example, if you spend an hour looking after the kids next door you’ll be given one time credit. This you can then spend on an hour’s yoga class or having your front door painted. -
Financing for Development in the Era of COVID-19 and Beyond Menu of Options for the Considerations of Ministers of Finance Part II
Financing for Development in the Era of COVID-19 and Beyond Menu of Options for the Considerations of Ministers of Finance Part II SEPTEMBER 2020 Table of Contents EXTERNAL FINANCE, REMITTANCES, JOBS AND INCLUSIVE GROWTH .............1 Discussion Group I: Executive Summary ...............................................................2 Discussion Group I: Menu of Options .....................................................................8 RECOVERING BETTER FOR SUSTAINABILITY ....................................................32 Discussion Group II: Executive Summary ............................................................33 Discussion Group II: Menu of Options ..................................................................39 GLOBAL LIQUIDITY AND FINANCIAL STABILITY ................................................51 Discussion Group III: Executive Summary ...........................................................52 Discussion Group III: Menu of Options .................................................................55 DEBT VULNERABILITY .......................................................................................80 Discussion Group IV: Executive Summary ...........................................................81 Discussion Group IV: Policy Options ....................................................................83 PRIVATE SECTOR CREDITORS ENGAGEMENT ...................................................97 Discussion Group V: Executive Summary ............................................................98 Discussion -
Drop-It-6-VULTURES-FINAL
DRWinter 2013 OP iT! Stop the debt vultures Design by www.foundation-gd.co.uk. Printed on 100% recycled paper. Cover photo: Alex Sigal/Flickr, Richard Towell/Flickr, RevAngel Designs THE VULTURE THREAT They’re the financial speculators chasing obscene profits from debt crises around the world. Again and again – from Argentina to Zambia, Liberia to Greece, Congo to the Co-op Bank – vulture funds have shown how our financial system allows money to be made from the most distressing situations, while governments sit back and declare ‘that’s just the way things are’. In recent years there’s been a fightback. A handful of countries have bravely fought the vultures through the courts. Our campaigning has brought a landmark UK law protecting 40 impoverished countries from the most outrageous vulture tactics in British courts. And this protection has been extended to shady UK tax havens not covered by the original law. But for most countries, the vulture threat still remains – and this year it has deepened. In a New York court case dubbed the ‘debt trial of the century’, they’ve won a victory that threatens to send one country back in time to a massive debt default, and put all others, rich and poor, on warning that future debt crises will be almost impossible to resolve. It’s time governments stopped accepting vulture funds as a fact of life. It’s time to clip their wings once and for all. SCAVENGING FROM POVERTY the poorest in society, and inequality deepening as a result. But the first thing In Buenos Aires, the capital of Argentina, many countries have encountered as they there is a Museum of Foreign Debt. -
A Growing Concern: 2016 Child Care Fees in Canada's Big Cities
Canadian Centre for Policy Alternatives December 2016 A Growing Concern 2016 Child Care Fees in Canada’s Big Cities David Macdonald and Martha Friendly www.policyalternatives.ca RESEARCH ANALYSIS SOLUTIONS About the Authors David Macdonald is a Senior Economist with the Canadian Centre for Policy Alternatives Martha Friendly is the founder and Executive Direc- ISBN 978-1-77125-321-5 tor of the Childcare Resource and Research Unit. This report is available free of charge at www. She is a Research Associate at the Canadian Cen- policyalternatives.ca. Printed copies may be or- tre for Policy Alternatives. dered through the CCPA National Office for $10. Acknowledgments PleAse mAke A donAtIon... The authors would like to thank Thea Klinger for Help us to continue to offer our conducting the phone survey, extensive data work publications free online. and methodological contributions. They would also With your support we can continue to produce high like to thank the many government officials who quality research — and make sure it gets into the hands helped in decoding the provincial subsidy systems. of citizens, journalists, policy makers and progres- sive organizations. Visit www.policyalternatives.ca or call 613-563-1341 for more information. The CCPA is an independent policy research organ- ization. This report has been subjected to peer re- view and meets the research standards of the Centre. The opinions and recommendations in this report, and any errors, are those of the authors, and do not necessarily reflect the views of the funders -
Doc ~ Alternative Currencies « Read
Alternative currencies \ PDF \\ MQLTCZJO8P Alternative currencies By - Reference Series Books LLC Jan 2012, 2012. Taschenbuch. Book Condition: Neu. 246x189x7 mm. This item is printed on demand - Print on Demand Neuware - Source: Wikipedia. Pages: 47. Chapters: Community currencies, Private currencies, Local currency, Local Exchange Trading Systems, Ithaca Hours, Silvio Gesell, Freiwirtschaft, UIC franc, Freigeld, Liberty Dollar, Findhorn Ecovillage, Stelo, History of Chatham Islands numismatics, Emissions Reduction Currency System, Private currency, List of community currencies in the United States, Cornish currency, Community Exchange System, Complementary currency, BerkShares, RAAM, Digital currency exchanger, Time-based currency, Antarctican dollar, Potomac, Quasi Universal Intergalactic Denomination, Crédito, Chiemgauer, Disney dollar, Lewes Pound, WIR Bank, Neutral Unit of Construction, Terra, Kelantanese dinar, Totnes pound, Ecosimia, Eco-Pesa, PLENTY, Detroit Community Scrip, Hero Card, Toronto dollar, Stroud pound, Calgary Dollar, Fourth Corner Exchange, Fureai kippu, Occitan, Eco-Money, Multi registry system, Abeille, SOL Project, Acmetal, Saber, Urstromtaler, Nagorno-Karabakh dram, Instrodi, Flex dollar, Seborga luigino, Ora, Ural franc, Sectoral currency, Uned, Aspen dollar. Excerpt: The Liberty Dollar (ALD) was a private currency produced in the United States. The currency was embodied in minted metal rounds similar to coins, gold and silver certificates and electronic currency (eLD). ALD certificates are 'warehouse receipts' for real gold and silver owned by... READ ONLINE [ 8.26 MB ] Reviews This ebook can be worthy of a read, and much better than other. I have read and i am certain that i am going to planning to go through again once again in the future. You may like just how the writer compose this book. -
Private Equity and Zambia Olufunmilayo B
Northwestern Journal of International Law & Business Volume 29 Issue 3 Summer Summer 2009 Vultures, Hyenas, and African Debt: Private Equity and Zambia Olufunmilayo B. Arewa Northwestern University School of Law Follow this and additional works at: http://scholarlycommons.law.northwestern.edu/njilb Part of the Tax Law Commons Recommended Citation Olufunmilayo B. Arewa, Vultures, Hyenas, and African Debt: Private Equity and Zambia, 29 Nw. J. Int'l L. & Bus. 643 (2009) This Article is brought to you for free and open access by Northwestern University School of Law Scholarly Commons. It has been accepted for inclusion in Northwestern Journal of International Law & Business by an authorized administrator of Northwestern University School of Law Scholarly Commons. Vultures, Hyenas, and African Debt: Private Equity and Zambia Olufunmilayo B. Arewa* TABLE OF CONTENTS I. The Globalization of Private Equity ...................................................... 643 A. Donegal v. Zambia: Vulture Funds in Africa ................................. 643 B. Private Equity in International Perspective .................................... 647 II. Governance and Scavenging: Vultures and Hyenas in Africa .............. 651 A. African Institutional Frameworks: Sovereigns, Performance, and T yranny ............................................................................ 651 B. The Slave Trade, the Colonial State, and African Institutions ....... 655 C. African Sovereigns and Commerce: Business History, Models, and Current Conditions .......................................................... -
From Puerto Rico to the Dublin Docklands;
FROM PUERTO RICO TO THE DUBLIN DOCKLANDS; Vulture funds and debt in Ireland and the Global South Debt and Development Coalition Ireland (DDCI) is a membership organisation working for global financial justice. This report was commissioned by DDCI and written by Dr. Michael Byrne. Please send any comments or enquiries to [email protected] Contents 1. Introduction 2 2. Vulture funds: speculating on debt and crisis 3 3. Vulture funds and sovereign debt in the global south 4 4. The vultures come to Europe 6 4.1) The European financial crisis: an investment opportunity for vulture funds 6 4.2) Ireland’s great property give away 8 4.3) Understanding the risks posed by vulture funds in Ireland 9 4.4) The role of the Irish government in attracting vulture funds 10 5. Vulture funds, distressed debt and global financialization 12 6. Clipping the vulture’s wings: recommendations 14 6.1) Vulture funds in the global south: recommendations 14 6.2) Vulture funds in Ireland: recommendations 15 6.3) Financial crisis and distressed debt 16 Annex 1. Case Studies 17 Annex 2. Further Reading 20 G3092 Vulture Funds Report FINAL.indd 1 1/12/16 12:55 PM 1. Introduction Vulture funds have become familiar to those Despite the problems and risks associated with this kind of concerned with debt justice over recent decades. investment the Irish government has whole-heartedly embraced Because of their speculative strategies and negative vulture funds. Indeed the latter’s aggressive entry into the impacts on sovereign debt restructuring, they have Irish market could not have occurred without two major public come to symbolize the highly unequal and unjust nature financial institutions: the Irish Banking Resolution Corporation of sovereign debt. -
An Analysis of Argentina's 2001 Default
CIGI PAPERS NO. 110 — OCTOBER 2016 AN ANALYSIS OF ARGENTINA’S 2001 DEFAULT RESOLUTION MARTIN GUZMAN AN ANALYSIS OF ARGENTINA’S 2001 DEFAULT RESOLUTION Martin Guzman Copyright © 2016 by the Centre for International Governance Innovation The opinions expressed in this publication are those of the author and do not necessarily refect the views of the Centre for International Governance Innovation or its Board of Directors. This work is licensed under a Creative Commons Attribution — Non-commercial — No Derivatives License. To view this license, visit (www.creativecommons.org/ licenses/by-nc-nd/3.0/). For re-use or distribution, please include this copyright notice. Centre for International Governance Innovation, CIGI and the CIGI globe are registered trademarks. 67 Erb Street West Waterloo, Ontario N2L 6C2 Canada tel +1 519 885 2444 fax +1 519 885 5450 www.cigionline.org TABLE OF CONTENTS iv About the Global Economy Program iv About the Author 1 Acronyms 1 Executive Summary 1 Introduction 3 The Path to the 2001 Default Crisis 4 Macroeconomic Performance in the Post-default Era 4 The First Two Rounds of Restructuring: 2005 and 2010 11 The Legal Disputes 15 Implications for Sovereign Lending Markets 17 Conclusions 19 Appendix 21 Works Cited 24 About CIGI 24 CIGI Masthead CIGI PAPERS NO. 110 — OCTOBER 2016 ABOUT THE GLOBAL ECONOMY ABOUT THE AUTHOR PROGRAM Addressing limitations in the ways nations tackle shared economic challenges, the Global Economy Program at CIGI strives to inform and guide policy debates through world-leading research and