Corporate Responsibility
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Investment Banking and Secondary Markets
Lecture 17: Investment Banking and Secondary Markets Economics 252, Spring 2008 Prof. Robert Shiller, Yale University Glass-Steagall Act 1933 • The modern concept of “Investment Bank” was created in the Glass-Steagall act (Banking Act of 1933). Glass Steagall separated commercial banks, investment banks, and insurance companies. • Carter Glass, Senator from Virginia, believed that commercial banks securities operations had contributed to the crash of 1929, that banks failed because of their securities operations, and that commercial banks used their knowledge as lenders to do insider trading of securities. Henry Paulson’s Proposal • Objectives-Based Regulation • Market stabililization Regulator • Prudential Financial Regulator • Business Conduct Regulator Paulson Continued • Federal Charter for insurance • Mortgage Origination Commission • SEC and CFTC merge • Merge OTS with OCC • Equip fed to monitor risks Investment Banks • Bulge bracket firms: First Boston, Goldman Sachs, Merrill Lynch, Morgan Stanley, Salomon Brothers, Lehman Brothers. • Traditionally were often partnerships, but partnership form is disappearing. Graham-Leach Act 1999 • President Clinton November 1999 signs Graham-Leach Bill which rescinded the Glass-Steagall Act of 1933. • Consumer groups fought repeal of Glass- Steagall saying it would reduce privacy. Graham-Leach calls for a study of the issues of financial privacy Mergers among Commercial Banks, Investment Banks & Insurance Companies • Travelers’ Group (insurance) and Citicorp (commercial bank) 1998 to produce Citigroup, on anticipation that Glass-Steagall would be rescinded. Brokerage Smith Barney • Chase Manhattan Bank (commercial bank) acquires JP Morgan (investment bank) (2000) for $34.5 billion • UBS Switzerland buys Paine Webber (brokerage) 2000 • Credit Suisse buys Donaldson Lufkin Jenrette (investment bank) 2000 Lehman Brothers • Founded 1850, by Henry Lehman, a young German immigrant, and his brothers • Investment banking, private equity, private banking, etc. -
Lenguas Adicionales. Inglés. How Tolerant Are We of Differences? 5.° Año
Lenguas Adicionales Inglés Formación General del Ciclo Orientado How tolerant are we of differences? Actividades para estudiantes Lenguas Adicionales. Inglés | How tolerant are we of differences? JEFE DE GOBIERNO Horacio Rodríguez Larreta MINISTRA DE EDUCACIÓN E INNOVACIÓN María Soledad Acuña SUBSECRETARIO DE PLANEAMIENTO EDUCATIVO, CIENCIA Y TECNOLOGÍA Diego Javier Meiriño DIRECTORA GENERAL DE PLANEAMIENTO EDUCATIVO María Constanza Ortiz GERENTA OPERATIVA DE LENGUAS EN LA EDUCACIÓN María José Fittipaldi SUBSECRETARIO DE CIUDAD INTELIGENTE Y TECNOLOGÍA EDUCATIVA Santiago Andrés DIRECTORA GENERAL DE EDUCACIÓN DIGITAL Mercedes Werner GERENTE OPERATIVO DE TECNOLOGÍA E INNOVACIÓN EDUCATIVA Roberto Tassi G.C.A.B.A. | Ministerio de Educación e Innovación | Subsecretaría de Planeamiento Educativo, Ciencia y Tecnología. Educativo, de Planeamiento | Subsecretaría e Innovación de Educación | Ministerio G.C.A.B.A. SUBSECRETARIA DE COORDINACIÓN PEDAGÓGICA Y EQUIDAD EDUCATIVA Andrea Fernanda Bruzos Bouchet SUBSECRETARIO DE CARRERA DOCENTE Y FORMACIÓN TÉCNICA PROFESIONAL Jorge Javier Tarulla SUBSECRETARIO DE GESTIÓN ECONÓMICO FINANCIERA Y ADMINISTRACIÓN DE RECURSOS Sebastián Tomaghelli 2 Lenguas Adicionales. Inglés | How tolerant are we of differences? Subsecretaría de Planeamiento Educativo, Ciencia y Tecnología (SSPECT) Dirección General de Planeamiento Educativo (DGPLEDU) Gerencia Operativa de Lenguas en la Educación (GOLE) María José Fittipaldi Especialistas: Laura Sebastiano (coordinación), Martha Crespo Subsecretaría de Ciudad Inteligente y Tecnología -
150 Jahre Im Bankgeschäft
150 Jahre im Bankgeschäft Inhaltsverzeichnis 4 Einführung 6 Zeitstrahl der Geschichte 8 1862–1912 16 1912–1945 22 1945 –1980 30 1980–2000 34 Der Weg ins 21. Jahrhundert 37 Ausblick Einführung 2012 feiert UBS ihr 150-jähriges Jubiläum. Dieser wichtige Meilenstein in unserer langjährigen Geschichte legt auf eindrucksvolle Weise Zeugnis darüber ab, welchen Anteil unser Institut an der Entwicklung des modernen globalen Bankensektors hat und welche Schlüsselstellung UBS als Teil der schweizerischen Tradition des Bankgewerbes zukommt. Das Bankwesen in der Schweiz kann auf schaft beteiligt waren. Zunächst ent- Geschäftsbeziehungen in verschiedenen eine sehr lange, bis ins Mittelalter rei- stand 1862 die Bank in Winterthur, die Ländern profitieren. Ausserhalb der chende Geschichte zurückblicken. Diese sich 1912 mit der Toggenburger Bank Schweiz waren die Vorgängerbanken lange Tradition erklärt auch, warum die zur Schweizerischen Bankgesellschaft von UBS bereits seit langem in vielen Schweiz im In- und Ausland seit jeher als zusammenschloss. 1872 wurde der Städten und auf allen Kontinenten wichtiger und zuverlässiger Finanzplatz Basler Bankverein gegründet, aus dem vertreten, wobei die älteste Banknieder- gilt. Die Wahrnehmung der Schweiz als nach mehreren Fusionen schliesslich der lassung in London genau einhundert starkes Finanz zentrum wird immer Schweizerische Bankverein hervorging. Jahre vor der Fusion eröffnet worden wieder in der erzählenden Literatur und Eines der Hauptziele der Fusion, die war. In jüngerer Vergangenheit wurden anderen Medien aufgegriffen und 1998 zur Gründung von UBS führte, be- die globalen Wurzeln von UBS durch gleichsam verstärkt. Tatsächlich sind die stand darin, einen global aufgestellten verschiedene Akquisitionen deutlich ge- Grösse und die internationale Bedeu- Bankkonzern zu schaffen, der Privat- stärkt. -
Our Businesses in 2011
Review 2011 Our businesses in 2011 Contents 2 UBS 150 years: Looking back, looking forward 4 A trip through three centuries 12 Financial performance 2011 13 Our strategy 22 Wealth Management 27 Retail & Corporate 30 Wealth Management Americas 34 Global Asset Management 40 Investment Bank 45 Corporate Center 48 Our Board of Directors 50 Our Group Executive Board 52 Corporate responsibility 54 Information sources This review is provided as a convenience to our investors, clients and other stakeholders who would like a brief overview of our business, strategy and 2011 performance. Please refer to UBS’s Annual Report 2011 for additional information. Details about how to obtain the Annual Report and other publicly available information about UBS, including the Annual Report on Form 20-F for the year ended 31 December 2011, are set out on page 54 of this review. The information contained in this review is not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS AG or its affiliates should be made on the basis of this document. UBS 150 years: Looking back, looking forward Dear readers, UBS has made progress in what has been a difficult and A successful organization has the strength to adapt and turbulent year. Throughout 2011, uncertain markets, low improve continuously. Throughout its history, UBS has client activity and regulatory changes weighed heavily proven that it possesses this quality. With our agility in on our industry’s results. -
Old Broken Crayons: Adolescent Artists with Autism in Art Education
Syracuse University SURFACE Teaching and Leadership - Dissertations School of Education 2011 Old Broken Crayons: Adolescent Artists with Autism in Art Education Corrie Burdick Syracuse University Follow this and additional works at: https://surface.syr.edu/tl_etd Part of the Education Commons Recommended Citation Burdick, Corrie, "Old Broken Crayons: Adolescent Artists with Autism in Art Education" (2011). Teaching and Leadership - Dissertations. 234. https://surface.syr.edu/tl_etd/234 This Dissertation is brought to you for free and open access by the School of Education at SURFACE. It has been accepted for inclusion in Teaching and Leadership - Dissertations by an authorized administrator of SURFACE. For more information, please contact [email protected]. Abstract This research engages a combined qualitative methodology of arts-informed research and critical descriptive ethnography to study thirteen adolescent artists with autism as they engage in art making across multiple art education contexts. This study revealed the perceptions of stakeholders about art and autism that informed the access these adolescent artists had to art education and art materials. These perceptions included varying ideas of competence, ability and struggle associated with an identity as ‗autistic‘. In the examination of these adolescents‘ experiences the engagement with art making and the role of art in the lives of these artists is explored. It is shown that art functions as communication and a way of connecting to the world around them, acting as a form of literacy through the visual text of their artwork. This study offers a paradigm for inclusive art education that operates within the social model of dis/ability and considers strategies for full inclusion with art curriculum and art materials. -
PS Art 2020 Catalogue
P. S. Art 2020 Exhibition Schedule The Metropolitan Museum of Art The Ruth and Harold D. Uris Center for Education Fifth Avenue and 81st Street New York, New York October 8, 2020 through February 14, 2021 Tweed Courthouse 52 Chambers Street New York, New York February 16 through May 21, 2021 (Dates tentative) The New York City Department of Education gratefully acknowledges Studio in a School NYC for its generous sponsorship of P.S. Art 2020, and The Metropolitan Museum of Art for its generous commitment of time and energy in the development and creation of this exhibition. Front cover image: The Jhon, Jhon Boconzaca, Grade 12 High School for Arts and Business, Queens Art Teacher: Gina Mann Back cover image: Me and Theo Walking on a Snowy Winter Morning, Nikolai Ushakov, Grade 1 P.S. 63, The STAR Academy, Manhattan Art Teacher: Risa Schneider The P.S.Art 2020 Exhibition was produced by the New York City Department of Education in collaboration with Studio in a School NYC and The Metropolitan Museum of Art. The P.S. Art 2020 Catalogue was produced by Studio in a School in collaboration with the New York City Department of Education. Editor: Karen Rosner Catalogue design by Don Giordano No part of this book may be stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, microfilming, recording or otherwise without written permission from the publishers. Copyright 2020 Studio in a School NYC and The New York City Department of Education All rights reserved Published 2020 Printed in the United States of America For information contact Studio in a School NYC and the Office of Arts and Special Projects, NYCDOE 2 Contents Letter from the Chancellor, New York City Department of Education, Richard A. -
Autism Friends Newsletter
Child Early Intervention Medical Center Volume 2, Issue 3 3rd Quarter 2010 AutismAutism FriendsFriends NewsletterNewsletter CEIMC tailors Summer Camp Program for Children with Autism The Child Early said. Each child worked Inside this issue: Intervention Medi- with camp therapists and cal Center is volunteers on a one-to- pleased to an- one basis, ensuring the Upcoming Parent Training 2 nounce the suc- child's safety and tailored Information cessful comple- programming, organizers Tips to Promote Eye contact 2 tion of our first said. The children in Children with Autism annual Summer learned how to make Camp program friends, identify feelings Mother Warriors: A Nation 2 implemented by by understanding body of Mothers Healing Autism Against All Odds our Occupational language and manage and Speech Ther- anger and stress. Activi- Stephen Wiltshire, Autistic 3 apy departments. ties throughout the week Artist, Known as the Human included school-related Camera The camp in- cluded children on directives, story time, and Vision Therapy Training 3 the Autistic Spec- various fun, interactive with Dr. Becker, OD trum, between the social developing skill Perfect „No-Rolling” Dairy- 4 ages of (3 and 7) in small groups were 'Splash of Colors', 'Trip to games and more. "Our Free Gluten-Free Pie Crust developing a range of skills and the Beach', 'In the Mighty Jungle', arts and crafts activities were abilities. The four-week camp and 'Fun at the Circus'. "It was a particular favorites amongst the How Much Do You Know 4 About Autism? focused on developing the chil- lot of fun but also hard work. -
Key Dates Stephen Wiltshire
Key dates Stephen Wiltshire 1974 April 24th, Stephen is born in London, England 1977 Stephen is diagnosed with autism 1979 Starts at Queensmill School, London 1981 Stephen becomes fascinated with sketching London buildings 1981 Wins various drawing competitions, including Cadbury's 1982 Stephen sells his first drawing – of Salisbury Cathedral - to the former Prime Minister Edward Heath 1982-3 Stephen learns to communicate through speech 1987 Stephen appears in the BBC programme ‘The Foolish Wise Ones’ about the so-called ‘savant syndrome’. The programme shows Stephen drawing from memory an accurate sketch of St. Pancras station, which he had briefly visited once 1987 Drawings, Stephen’s first book is published 1988 Stephen visits New York for the first time and produces a series of acclaimed drawings of the city – the trip heavily influenced his work. ITN followed him during his trip 1989 Cities, Stephen’s second book is published 1990 Stephen leaves school and starts a drawing and painting course at City and Guilds of London Art School 1991-2 Trips to Venice, Leningrad, Moscow and Amsterdam 1991 Floating Cities, Stephen’s book of drawings made during his visits to Venice, Leningrad, Moscow and Amsterdam, is published and reaches number one in the bestsellers lists 1992 Stephen is invited to visit Tokyo and undertakes a drawing commission of landmarks 1992 Stephen visits the USA for a second time, travelling to Chicago, San Francisco, Los Angeles (plus Hollywood studios), Las Vegas, Arizona and New York, drawing the landmarks, cars and -
The Employee Engagement Network's Video Collection
Compiled by Katharine Zinger and Luke Zinger The Employee Engagement Network’s Video Collection Over 580 videos on the free EEN Welcome to the video collection Here is the January 2014 list of videos available to view on the Employee Engagement Network. This is part of our new stronger focus on education within the network. This is an engaging and eclectic collection of videos that relates to employee engagement. Some of the videos are specific to engagement while others were chosen because they were engaging and speak to elements or themes within employee engagement. The videos are not specifically rated and do not have descriptions. We intend to release a more detailed description and rating near the end of 2014. How to use the list. 1. Scan the list. 2. Look for relevant or appealing titles. 3. If the title appeals to you, click on the title and it will take you directly to the video. David Zinger Founder of the Employee Engagement Network The Employee Engagement Network The Employee Engagement Network 2 Videos on EEN 1. John Smythe - Speaker on Employee Engagement 2. Lightning Lesson on Step Into Tension 3. Lightning Lesson on Work with Theresa Dudeck 4. HBR Interview: Google Management Lessons 5. Lightning Lesson #1: Interference and Work 6. The Natural History of Burt’s Bees 7. Google’s Project Oxygen for Managers 8. Introducing Juice as the EENetwork Knowledge Partner 9. RSA Animate - Re-Imagining Work 10. “This Is Psychology” Episode 12: Healthy workplaces 11. Interview Ricardo Semler on creating different workplaces 12. TEDxBloomington -- Edward Castronova -- “Be A Gamer” 13. -
Regulating Bank Governance
Regulating Bank Governance 1. Role of the Board 2. Risk Governance 3. Conduct Risk 4. Public Integrity Kern Alexander, Professor of Banking and Financial Market Law, UZH . The Bank in Winterthur and the Toggenburger Bank merged in 1912 to form the Union Bank of Switzerland Bank in Winterthur, est. 1862 The Toggenburger Bank, est. 1863 «It is clear that the size, nature and culture of banking have changed considerably.» (Lord King of Lothbury, 2015) Barclays, est. 1896 1. Role of the Board • Basel Committee on Banking Supervision (2009) identifies the board as an «essential part of bank regulatory reform» and as a critical element of risk management. • Boards are more important as a governance mechanism for banks than for other types of firms because the directors are responsible not only for shareholders (in the case of public banks) but they also have a duty to depositors, taxpayers, and other stakeholders (Pathan, 2009, Alexander 2006). • Additionally, because bank operations are not very transparent, information asymmetry is especially high (Haggard and Howe, 2012). As a result, the role that bank boards play is more significant, in that other stakeholders cannot see effective governance in the bank, so the directors must somehow signal that they are effective monitors. Role of the Board • Independent scrutiny of risk management • Deter behaviour inconsistent with regulatory norms and standards • Emphasise risk culture as a ‘critical focus’ of bank business strategies. Basel Committee on Banking Supervision (2009) • «Boards should identify and deal seriously with risky culture, ensure their compensation system supports the desired culture, discuss culture at the board level and with supervisors, and periodically use a variety of formal and informal techniques to monitor risk culture». -
150 Ans D'activité Bancaire
150 ans d’activité bancaire Sommaire 4 Introduction 6 Chronologie 8 1862–1912 16 1912–1945 22 1945 –1980 30 1980–2000 34 Le XXIe siècle 37 Perspectives Introduction En 2012, UBS célèbre son 150e anniversaire. Ce jalon important dans notre longue histoire témoigne de la place de choix qu’occupe notre établissement dans l’évolution du secteur bancaire moderne dans le monde et de notre rôle charnière au sein de la tradition bancaire helvétique. L’activité bancaire en Suisse se fonde sur Tout commence avec la création de la Hors de Suisse, les ancêtres d’UBS sont une tradition qui remonte aussi loin que Bank in Winterthur en 1862, qui fusionne déjà bien présents dans de nombreuses le Moyen-Age. Cet héritage ancien ensuite avec la Toggenburger Bank en villes sur tous les continents, l’implan- concourt à expliquer l’impression large- 1912 pour créer l’Union de Banques tation la plus ancienne, Londres, remon- ment répandue, dans le pays et au ni- Suisses. En 1872, la Basler Bankverein tant précisément à cent ans avant la veau international, que la Suisse a tou- est fondée et devient, après une série de fusion. Plus récemment, diverses acquisi- jours été une place financière bien fusions, la Société de Banque Suisse. tions viennent ancrer plus profondément établie, une perception encore renforcée UBS dans sa vocation mondiale. Les ra- à maintes reprises dans la littérature po- La fusion qui donne naissance à UBS en cines historiques de certains établisse- pulaire et dans d’autres médias. En réali- 1998 vise avant tout à créer un établis- ments repris par l’Union de Banques té, la taille et la portée internationale de sement véritablement mondial, capable Suisses, la SBS et UBS dans les années l’activité bancaire helvétique sont essen- de proposer à une clientèle privée, d’en- 1980, 1990 et 2000 remontent égale- tiellement un produit de la seconde treprises, institutionnelle et souveraine ment au XIXe siècle. -
Eine Zeitreise Durch Drei Jahrhunderte
Dossier . 150 Jahre UBS Eine Zeitreise durch drei Jahrhunderte Der Schweizeri sche Bankverein entsteht aus der Fusion der Die Bank in Bankvereine Winterthur und die Zürich und Toggenburger Bank Basel sowie der schliessen sich zur Schweizerischen Schweizerischen Unionbank in Bankgesellschaft St. Gallen und zusammen. Rudolf aus der Ernst wird ihr Übernahme erster Präsident. der Basler Depositenbank. 1912 1862 1897 Die Bank in Winterthur markiert den In Winterthur Anfang der UBSGeschichte. Gemalt von nimmt die Bank JeanChristophe de Ziegler oder ihre Geschäfts Jakob B. ZieglerSulzberger von 1867. tätigkeit auf. UBS wird 150 Jahre alt. Ihre Am 25. Juni 1862 gründeten 13 ehrenwer- Nicht weniger erfolgreich startete die Geschichte ist eng verknüpft te Kaufleute mit so bekannten Namen wie andere bedeutende Vorgängerbank von Sulzer, Rieter, Reinhardt oder Volkart und UBS – der Schweizerische Bankverein mit der Schweiz und ihrem einem Anfangskapital von fünf Millionen (SBV), der aus einem Zusammenschluss von Aufstieg zu einem erfolg Franken die «Bank in Winterthur». Der sechs Basler Privatbanken (1872) und reichen Wirtschaftsstandort. Kapitalhunger der rasch wachsenden weiteren Übernahmen entstand. Der SBV Industrie, des Verkehrs und des Handels finanzierte unter anderem die neue Text _ Michael E. Müller konnte zu jener Zeit durch die Privatbanken Gotthardbahn und den Aufstieg Basels nicht mehr befriedigt werden, weshalb zum Schweizer Chemiezentrum und neue Industrie- und Handelsbanken wie gründete bereits kurz vor der Jahrhundert- Pilze aus dem Boden schossen. wende eine Niederlassung in London. Die junge Bank war sehr erfolgreich, wie im Rechenschaftsbericht aus dem Jahr Die erste Hälfte des 20. Jahrhunderts war 1872 nachzulesen ist, der den Aktionären geprägt durch einen rasanten wirtschaftli- eine «Gesamtdividende von 11 Prozent» chen Aufschwung in den Industrieländern, ankündigte.