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The Corporate Governance Lessons from the Financial Crisis
ISSN 1995-2864 Financial Market Trends © OECD 2009 Pre-publication version for Vol. 2009/1 The Corporate Governance Lessons from the Financial Crisis Grant Kirkpatrick * This report analyses the impact of failures and weaknesses in corporate governance on the financial crisis, including risk management systems and executive salaries. It concludes that the financial crisis can be to an important extent attributed to failures and weaknesses in corporate governance arrangements which did not serve their purpose to safeguard against excessive risk taking in a number of financial services companies. Accounting standards and regulatory requirements have also proved insufficient in some areas. Last but not least, remuneration systems have in a number of cases not been closely related to the strategy and risk appetite of the company and its longer term interests. The article also suggests that the importance of qualified board oversight and robust risk management is not limited to financial institutions. The remuneration of boards and senior management also remains a highly controversial issue in many OECD countries. The current turmoil suggests a need for the OECD to re-examine the adequacy of its corporate governance principles in these key areas. * This report is published on the responsibility of the OECD Steering Group on Corporate Governance which agreed the report on 11 February 2009. The Secretariat’s draft report was prepared for the Steering Group by Grant Kirkpatrick under the supervision of Mats Isaksson. FINANCIAL MARKET TRENDS – ISSN 1995-2864 - © OECD 2008 1 THE CORPORATE GOVERNANCE LESSONS FROM THE FINANCIAL CRISIS Main conclusions The financial crisis can This article concludes that the financial crisis can be to an be to an important important extent attributed to failures and weaknesses in corporate extent attributed to governance arrangements. -
Theatre UAB 2015-2016 Season College of Arts and Sciences Department of Theatre DANCING at LUGHNASA Frank and Joan Dawson, Michael J
The University of Alabama at Birmingham Theatre UAB 2015-2016 Season College of Arts and Sciences Department of Theatre DANCING AT LUGHNASA Frank and Joan Dawson, Michael J. and Mary Anne Freeman by Brian Friel and Directed by Jack Cannon W.B. Philips, Jr. The Sirote Theatre present October 14 - 17 at 7:30pm & October 18 at 2:00pm l STUPID F*CKING BIRD by Aaron Posner Directed by Dennis McLemon The Odess Theatre November 11 - 14 & 18- 20 at 7:30pm & November 21 at 2:00pm THE HUMAN RIGHTS PROJECT by Robert Earl Price Directed by Karla Koskinen The Sirote Theatre February 17- 20 at 7:30pm & February 21 at 2:00pm THEATRE UAB THIRTEENTH ANNUAL FESTIVAL OF TEN MINUTE PLAYS Produced by Lee Shackleford The Odess Theatre March13 at 2:00pm & March 14-17 at 7:30pm SPRING AWAKENING Music by Duncan Sheik. Book & Lyrics by Steven Sater Directed by Valerie Accetta Musical Direction by Carolyn Violi The Sirote Theatre April 6 - 9 at 7:30pm & April 10 at 2:00pm ] ASC Box Office: 975-ARTS. Show information at http://www.uab.edu/cas/theatre/productions in the Alys Robinson Stephens Performing Arts Center OVATIONUAB Theatre UAB Faculty and Administrative StatI (Sponsored by Theatre Advisory Committee) Kelly Dean Allison, Professor .................................................... .. , ......... Chair Opening nights at Theatre UAB are OVATION nights. OVATION UAB features Valerie Accetta, Assistant Professor ..... ....... ... Head of Musical Theatre Performance refreshments and conversation with the director and designers before the show , as well Jack Cannon, Assistant Professor ........................................ Acting/Intro to Theatre as a post-performance party with the cast and crew. -
Bear Stearns High Grade Structured Credit Strategies Fund
Alter~(lv~ Inv<!'Stment M.I~i(,lIlenl AsSO<.iaUon AlMA'S ILLUSTRATIVE QUESTIONNAIRE FOR DUE DILIGENCE OF Bear Stearns High Grade Structured Credit Strategies Fund Published by The Alternative Investment Management Association Limited (AlMA) IMPORTANT NOTE All/any reference to AlMA should be removed from this document once any amendment is made of any question .or information added· including details of a company/fund. Only AlMA can distribute this questionnaire in its current form to its member companies and institutional investors on its confidential database. AlMA's Illustrative Questionnaire for Due Diligence Review of Hedge Fund Managers ~ The Alternative Investment Management Association Limited (AlMA), 2004 1 of 25 Confidential Treatment Requested by JPMorgan BSAMFCIC 00000364 AlMA's Illustrative Questio~naire for Due Diligence Review of HEDGE FUND MANAGERS This due diligence questionnaire is a tool to assist investors when considering a hedge fund manager and a hedge fund. Most hedge fund strategies are more of an investment nature than a trading activity. Each strategy has its own peculiarities. The most important aspect is to understand clearly what you plan to invest in. You will also have to: • identify the markets covered, • understand what takes place in the portfolio, • understand the instruments used and how they are used, • understand how the strategy is operated, • identify the sources of return, • understand how ideas are generated, • check the risk control mechanism, • know the people you invest wIth professionally and, sometimes, personally. Not all of the following questions are applicable to aU managers but we recommend that you ask as many questions as possible before making a dedsion. -
Hsi 12.31.20
HSBC SECURITIES (USA) INC. Statement of Financial Condition December 31, 2020 2 HSBC Securities (USA) Inc. STATEMENT OF FINANCIAL CONDITION December 31, 2020 (in millions) Assets Cash................................................................................................................................................................... $ 285 Cash segregated under federal and other regulations ....................................................................................... 609 Financial instruments owned, at fair value (includes $9,072 pledged as collateral, which the counterparty has the right to sell or repledge)..................................................................................................................... 9,153 Securities purchased under agreements to resell (includes $4 at fair value)..................................................... 20,643 Receivable under securities borrowing arrangements....................................................................................... 11,758 Receivable from brokers, dealers, and clearing organizations.......................................................................... 4,154 Receivable from customers................................................................................................................................ 269 Other assets (include $13 at fair value)............................................................................................................. 295 Total assets....................................................................................................................................................... -
Maneerut Anulomsombat, Senior Associate – Investment Banking, the Quant Group
Maneerut Anulomsombat, Senior Associate – Investment Banking, The Quant Group. [email protected] Maneerut is a Senior Associate Director at The Quant Group – Investment Banking, she graduated magna cum laude in Industrial Engineering from Chulalongkorn University and an MBA from Stanford University. May 2008 Smackdown - The Fight for Financial Hegemony Last night I switched on the cable and World Wrestling Championship was on. I’ve never really watched wrestling before but for the five minutes that I did, it seemed like the fight was between two greasy large muscular male slamming their heads at each other surrealistically and theatrically slapstick. Amidst this fight another large muscular male came out from backstage, jumped into the ring and dropped-kick one wrestler who fell off the stage then turned around and slammed the other wrestler while the referee bounced around the ring ineffectively. Apparently this is a common scene on “Smackdown”. I don’t know what it is exactly but this made me think about the fights for the hegemony in global deal-making between the three giants: Private Equity Funds (PE), Hedge Funds (HF), and Sovereign Wealth Funds (SWF). And while the authorities and senate banking committees don’t always wear striped black and white referee shirts, they seem to be bouncing around not quite certain what to do as well. And here's how the giants compare by size. The Asset Under Management (AUM) of PE by the end of year 2007 was around US$1.16 trillion. The AUM of SWFs rose from US$500 Million in 1990 to US$3.3 trillion in 2007, overshadowing the US$1.7 trillion of AUM thought to be managed by HFs in year 2007 (up from $490 billion in year 2000). -
My Name Is Mary Hildebrand Nagler, and I Am a Professional Puppeteer
My name is Mary Hildebrand Nagler, and I am a professional Puppeteer. I made my first puppet at 10 years old in girls Scouts and have had a life long interest in the art form. I used to hurry home from High School to watch Sesame street, and longed to work for that innovative company someday. In College at Santa Clara University, as a theater major. I was a frustrated actor. I was too often relegated to back stage because I could make things, so when the opportunity came up to do a Punch and Judy show for the school Renaissance fair I volunteered! It was great performing live and puppetry encompassed all I loved about theater. I finally got to act, in fact I got to play all the characters, make the scenery and props , all the costumes and even write the plays! I had found my calling. For years I worked performing a repertoire of 9 shows geared for a young audience, including some classic tales with a twist: Red Riding Hood, which taught the wolf to use his manners and say please, Harlequin and the Gift of many Colors, about the power of friendship to cross social boundaries and The Reluctant Dragon, a great story about the dangers of prejudice. I left Santa Clara University after two years when I was accepted in to Ringling Bros and Barnum and Bailey Circus Clown School. I graduated with a degree in Buffoonery and landed a one year contract to travel with the Greatest Show on Earth. Several of my parts in the show involved puppets there too! After my year with the circus I got married had two sons, got divorced and went back to school! I have a Bachelor of fine arts degree from Sonoma State University, in sculpture and painting. -
What Is the Next Step in the Development of Animatronic Design in the Entertainment Industry?
WHAT IS THE NEXT STEP IN THE DEVELOPMENT OF ANIMATRONIC DESIGN IN THE ENTERTAINMENT INDUSTRY? MICHAEL LLOYD Extended Project Qualification Question 2017-2018 INTRODUCTION AND CONTENTS DEFINING THE AUDIO ANIMATRONIC, STATING IT’S PURPOSE AND IT’S ROLE IN THE WORLD The key feature of an animatronic which sets it aside from what we consider ‘robotic’ technology is the effect it has on people and how they are viewed in our society. I have chosen two robots, one fictional and one operating in the real world in order to address the issue of defining an animatronic Figure. 1 KUKA 6 axis CNC robotic arm used in industrial Figure.2 R2-D2, a fictional Astromec Service processes such as milling, assembly and manufacture. droid appearing in the Star Wars films. Image credit: KUKA Aktiengesellschaft Image credit: Sideshow Collectibles.com Case Studies a and b: KUKA industrial robot and R2 -D2 On the surface, these ‘robots’ both serve similar goals. KUKA produces UK based industrial manufacture robotics which serve a number of different industries in order to complete given tasks and processes with a higher level of accuracy and speed to a human being Fig 1. Within the Star Wars canon, R2-D2 Fig 2 serves a similar purpose yet his design and personality is far removed from the sleek efficiency of service ‘droids’ in our reality The reason which sets the robots of Star Wars far apart our own is the simple fact that, in a fictional setting, characters are designed to entertain audiences and explore new worlds. The priority to bring personality to a robot far outshines the need for R2-D2 to be entirely functional and efficient. -
Bear Stearns Asset Management Collateral Manager Presentation
on ~ .. ' ~ &. e:.. >-3 (ti ig ~ ~ ~ 0.- ~ ~ ~ - IJ:j ~ n o o o o o 0\ -.l >-' on ~ ~ &. e:.. >-3 (ti ig ~ ~ ~ Introduction 0.- ~ • Bear Stearns Asset Management Inc. ("BSAM") is a corporation formed under the laws of the State of New York, and is focused on lugh value added investment solutions that span traditional and alternative assets for ~ iIlstitutional and high net worth investors. BSAM is committed to providing clients with world-class ~ investment management and thorough communication of both risKs and returns. • BSAM manages the Bear Stearns High Grade Structured Credit Strategies Fund ("BSHG"), a hedge fund incorporated on September 8, 2003, as a Cayman Islands exempted company. The Ftmd seeks to generate total annual returns through "cash and carry" transactions and capital markets arbitrage. The Furid generally invests in hi~h quality floating rate structured finance securities. lypically, 90% of the Fund's gross assets are invested in A.AA or AA structured finance assets. In order to mitiO"ate mark-to-market and credit risk, the Fund tactically buys credit insurance, generally through credit default swaps ("CDS"), on corporate indices and/or individual names. Interest rate auration is targeted to be zero, with net leverage of approximately lOx. • The Senior Portfolio Management Team has over 93 years of combined experience in international fixed income markets and structured finance. • The entire Collateral Surveillance and Portfolio Management Team consists of 33 members with an average of over 10 years of experience each. • BSHG cmrently manages over 30 billion in structured credit assets, across the following sectors: RMBS, Cf'vlBS, and Home Equity ABS COOs, CDO"2s, CLOs, and High Yield CBOs Investment Grade COOs and Synthetic COOs • As experienced participants in the structured finance market, the portfolio management team has the knowledge, experience and resources to identify attractive assets and monitor the credit risk inherent in these assets. -
Administrative Proceeding: Bear, Stearns & Co. Inc.; Citigroup Global
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES ACT OF 1933 Release No. 8684 / May 31, 2006 SECURITIES EXCHANGE ACT OF 1934 Release No. 53888 / May 31, 2006 ADMINISTRATIVE PROCEEDING File No. 3-12310 ORDER INSTITUTING In the Matter of ADMINISTRATIVE AND CEASE-AND-DESIST BEAR, STEARNS & CO. INC.; CITIGROUP PROCEEDINGS, MAKING GLOBAL MARKETS, INC.; GOLDMAN, FINDINGS, AND IMPOSING SACHS & CO.; J.P. MORGAN SECURITIES, REMEDIAL SANCTIONS AND INC.; LEHMAN BROTHERS INC.; A CEASE-AND-DESIST ORDER MERRILL LYNCH, PIERCE, FENNER & PURSUANT TO SECTION 8A SMITH INCORPORATED; MORGAN OF THE SECURITIES ACT OF STANLEY & CO. INCORPORATED AND 1933 AND SECTION 15(b) OF MORGAN STANLEY DW INC.; RBC DAIN THE SECURITIES EXCHANGE RAUSCHER INC.; BANC OF AMERICA ACT OF 1934 SECURITIES LLC; A.G. EDWARDS & SONS, INC.; MORGAN KEEGAN & COMPANY, INC.; PIPER JAFFRAY & CO.; SUNTRUST CAPITAL MARKETS INC.; AND WACHOVIA CAPITAL MARKETS, LLC, Respondents. I. The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 8A of the Securities Act of 1933 (“Securities Act”) and Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) against Bear, Stearns & Co. Inc.; Citigroup Global Markets, Inc.; Goldman, Sachs & Co.; J.P. Morgan Securities, Inc.; Lehman Brothers Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co. Incorporated and Morgan Stanley DW Inc.; RBC Dain Rauscher Inc.; Banc of America Securities LLC; A.G. Edwards & Sons, Inc.; Morgan Keegan & Company, Inc.; Piper Jaffray & Co.; SunTrust Capital Markets Inc.; and Wachovia Capital Markets, LLC (“Respondents”). -
Bear Stearns - an Experienced Participant in the Structured Finance Market I!L BSAM Overview
CI) ill 0) ........ill eu ........!..... (f) :t= "D ill !..... U "D ill L. :::J -+-' 0 :::J L. -+-' ( (f) ill "D cu L. C) ..cI 0) I CI) C L. eu ........ill (f) L. ro ill ill :-- - Confidential Treatment Requested by JPMorgan BSAMFCIC 00000468 on ~ ~ &. e:.. >-3 (ti ig BEAR ~ STEARNS Asset Management ~ ~ ~ 0.- ~ Table of Contents ~ Section ~ .. Philosophy and Strategy. IIttR A Study of Historical Volatility of COO Asset C'lass IIIIIM Risk Factors Appendices a Terms and Conditions m Management Team Biographies .8 Bear Stearns - An Experienced Participant in the Structured Finance Market I!l BSAM Overview The above is for informational purposes only and does not constitute an offer or solicitation to buy private investment fund interests. Any investment in a private investment fund involves significant risks not associated with more conventional investment alternatives. These interests will be offered and sold only to "eligible investors," defined as institutional- investors, individuals and other entities that satisfy certain minimum income, net-worth andlor other requirements. Risk factors, fees and expense informatio"n are set forth in the Confidential Private Placement Memorandum. The Fund: (i) engages in leveraging and other speculative investment practices that may increase the risk of investment loss; (ii) issues interests that are subject to redemption and transfer restrictions; (iii) is not required to provide periodic pricing or valuation information to investors; (iv) may experience delays in distributing important tax information; (v) is not subject to the same regulatory requirements or oversight as mutual funds and (vi) charges investment management and performance fees that will offset the Fund's trading profits and (vii) is managed entirely by a small team of managers applying a generally similar trading program, which could create lack of-diversification, and consequently higher risk. -
Jpmorgan Chase to Acquire Bear Stearns
JPMorgan Chase To Acquire Bear Stearns New York, March 16, 2008 -- JPMorgan Chase & Co. (NYSE: JPM) announced it is acquiring The Bear Stearns Companies Inc. (NYSE: BSC). The Boards of Directors of both companies have unanimously approved the transaction. The transaction will be a stock-for-stock exchange. JPMorgan Chase will exchange 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock. Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share. Effective immediately, JPMorgan Chase is guaranteeing the trading obligations of Bear Stearns and its subsidiaries and is providing management oversight for its operations. Other than shareholder approval, the closing is not subject to any material conditions. The transaction is expected to have an expedited close by the end of the calendar second quarter 2008. The Federal Reserve, the Office of the Comptroller of the Currency (OCC) and other federal agencies have given all necessary approvals. In addition to the financing the Federal Reserve ordinarily provides through its Discount Window, the Fed will provide special financing in connection with this transaction. The Fed has agreed to fund up to $30 billion of Bear Stearns' less liquid assets. "JPMorgan Chase stands behind Bear Stearns," said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. "Bear Stearns' clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns' counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner." Dimon added, "This transaction will provide good long-term value for JPMorgan Chase shareholders. -
Evidence from the Sub-Prime Crisis Viral V
NBER WORKING PAPER SERIES PRECAUTIONARY HOARDING OF LIQUIDITY AND INTER-BANK MARKETS: EVIDENCE FROM THE SUB-PRIME CRISIS Viral V. Acharya Ouarda Merrouche Working Paper 16395 http://www.nber.org/papers/w16395 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 September 2010 A part of this paper was completed while Acharya was a Senior Houblon-Norman Fellow at the Bank of England (BoE) and a Professor of Finance at London Business School, and Ouarda Merrouche was an Economist at the BoE's Financial Stability Directorate. This paper reflects the authors' own opinion and not necessarily those of the BoE. Acharya is grateful for the support of BSI Gamma Foundation and Europlace de Finance. Authors are grateful to seminar participants at the Bangor Business School, Bank of England, BSI Gamma Foundation's September 2008 Conference in Zurich, the CREDIT Conference 2008 in Venice, De Paul University, the Euronext conference in Amsterdam 2009, the European Central Bank, Europlace de Finance conference 2009, FIRS Conference 2010, Goethe University, the Kansas Fed, the NBER Summer Institute 2009, University of Waterloo, Unicredit Conference 2009, the World Bank, the paper's discussants (Morten Bech, Catharine Casamatta, Hans Degryse, Arvind Krishnamurthy, David Lando, Loriana Pelizzon and Enrichetta Ravina), Jose Liberti, Kjell Nyborg, Raghuram Rajan, Amit Seru, Vikrant Vig, and especially Roger Clews and Simon Wells (for helpful discussions and insights concerning BoE's monetary policy framework and Sterling money markets). We thank Rachel Bracken and Liz Tregear for help with collecting the data and Rustom Irani for research assistance. All errors remain our own.