DOCSLIB.ORG

Financial History of the United States / Jerry W

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Financial History of the United States / Jerry W ! &).!.#)!, ()34/29 OF THE 5.)4%$ 34!4%3 ! &).!.#)!, ()34/29 OF THE 5.)4%$ 34!4%3 6OLUME )) &ROM *0 -ORGAN TO THE )NSTITUTIONAL )NVESTOR *ERRY 7 -ARKHAM %3HARPE !RMONK .EW 9ORK ,ONDON %NGLAND Copyright © 2002 by M. E. Sharpe, Inc. All rights reserved. No part of this book may be reproduced in any form without written permission from the publisher, M. E. Sharpe, Inc., 80 Business Park Drive, Armonk, New York 10504. Library of Congress Cataloging-in-Publication Data Markham, Jerry W. A financial history of the United States / Jerry W. Markham. p. cm. Includes bibliographical references and index. Contents: v. 1. From Christopher Columbus to the Robber Barons (1492–1900) — v. 2. From J.P. Morgan to the institutional investor (1900–1970) — v. 3. From the age of derivatives into the new millennium (1970–2001) ISBN 0-7656-0730-1 (alk. paper) 1. Finance—United States—History. I. Title. HG181.M297 2001 332’.0973—dc21 00-054917 Printed in the United States of America The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences Permanence of Paper for Printed Library Materials, ANSI Z 39.48-1984. ~ BM (c) 10 9 8 7 6 5 4 3 2 1 For my parents, John and Marie Markham In every generation concern has arisen, sometimes to the boiling point. Fear has emerged that the United States might one day discover that a relatively small group of individuals, especially through banking institutions they headed, might become virtual masters of the economic destiny of the United States. —Adolf A. Berle, February 1969 Contents List of Illustrations xiii Preface xv Acknowledgments xvii Introduction xix Chapter 1. A New Century 1. The Twentieth Century Begins 3 The NYSE 3 • The Consolidated Stock Exchange 5 • The Curb Market 6 • Brokerage Firms 7 • The West Coast 9 • Speculators 10 • The Securities Business 10 • Mergers 12 • The Great Northern Battle 13 2. Insurance, Banking, and Underwriting 17 Insurance 17 • The Armstrong Investigation 18 • New Directions 20 • New Entrants Into the Banking Business 21 • Money Markets 21 • Consumer Credit 22 • The Big Banks 23 • Investment Banking 25 • Economic Consolidation 26 • Securities Disclosures 27 3. The Panic of 1907 29 J.P. Morgan to the Rescue 31 • Effects of the Panic 34 • The Hughes Committee 35 • Currency Issues 38 • Trading Continues 39 • Taxes 40 4. The Federal Reserve and the Money Trust 42 The Duck Hunters 43 • The Federal Reserve Is Created 45 • State Banks 46 • The Hunt for the Money Trust 47 • The Pujo Committee Attacks the NYSE 50 • The Pujo Committee Recommendations 53 5. Banking and Securities Before the War 55 Changing of the Guard 55 • Financial Institutions 56 • Bank Affiliates 57 • Blue-Sky Laws 58 • Financial Markets 60 • William Durant 63 • Automobile Finance 64 • International Finance 65 ix x CONTENTS Chapter 2. America Enters the War 1. World War I 69 Prewar Finance 69 • International Payments 70 • American Financial Leadership 73 •America Enters the War 75 • The Liberty Loans 76 • War Finance 78 2. War and the Stock Market80 The Money Committee 80 • The Capital Issues Committee 82 • Securities Trading 85 • Financial Changes 88 • Pension Plans 90 • Disturbances 90 • Accounting 91 3. The Futures Markets 93 Regulatory Issues 94 • The Cotton Futures Act 95 • Wartime Trading 96 • Postwar Problems 99 • The FTC Study 100 • Legislation 101 • Abuses Remain 102 • Additional Exchanges 104 • Clearinghouses and Other Issues 105 4. Banking in the Twenties 107 Consumer Finance 107 • Money Markets and the Fed 108 • Banking Operations 111 • Branch Banking 113 • International Banking 115 • Bank Securities Affiliates 115 • J.P. Morgan & Co. 118 • Government Finance 118 Chapter 3. The Crash 1. The Stock Market Expands 123 The NYSE 124 • Other Markets 126 • Information 128 • Investments 129 • Merrill Lynch and Other Giants 130 • Syndicate Operations 131 • William Durant 132 • More Automobiles 133 • Financial Troubles 134 2. The Market Surge and Investment Trusts 137 Investment Trusts 137 • The Big Investment Trusts 140 • Investment Trust Abuses 142 • Other Abuses 143 • Preferred Lists 145 • Real Estate 146 3. The Stock Market Crash of 1929 148 Speculative Orgies 148 • Manipulations 149 • Margin Concerns 150 • The Crash 153 • Aftermath 156 4. The Banking Crisis 160 Bank Failures 160 • The Reconstruction Finance Corporation 161 • Government Programs 163 • Bank Runs 164 • The New Deal 165 • The Investment Bankers Split 168 • Further Reforms 171 5. Congress Investigates the Stock Market 173 The Crisis Deepens 173 • Congressional Investigations 177 • Insider Trading 180 • Margin Trading 182 • Securities Legislation 184 CONTENTS xi Chapter 4. Regulating Finance 1. Monetary Policy and the Depression 189 Monetary Policy and International Finance 190 • The Gold Standard Is Abandoned 191 • The Silverites Return 194 • Fort Knox 195 • Government Intervention 195 • The Bonus Army 197 • NIRA 198 • More Relief Agencies 199 • Social Security 200 • Taxes 201 2. The Federal Securities Laws 202 Joseph Kennedy 202 • SEC Regulations 202 • Holding Companies 205 • The Whitney Scandal 206 • NYSE Reforms 207 • SEC Efforts 208 • The NASD 210 • Accounting 211 • Trust Indenture Act 212 3. Commodity Market Reforms 214 Speculation 214 • Farm Relief 214 • Trading Concerns 215 • President Hoover Becomes Alarmed 216 • Commodity Prices Continue Their Plunge 217 • Government Intervention 218 • Congress Investigates 220 • The Commodity Exchange Act 222 • Margin 223 • Commodity Markets 224 4. The Market Suffers 226 Trading Continues 226 • Government Securities 228 • Financing Business 230 • New Leaders 232 • Market Ups and Downs 233 • The Crisis Continues 235 5. Investment Companies and Insurance Regulation 237 Abuses 238 • Legislation 239 • Market Activity 241 • Government Investigations 244 • TNEC and a New Money Trust 245 • Insurance Industry Investigation 245 • Industry Composition 246 • Insurance Industry Investments 249 • Industry Abuses 250 Chapter 5. War and the Rebuilding of Finance 1. World War II and Finance 255 War Preparation 255 • Effects of the War in Europe 257 • Lend-Lease 258 • Commodity Trading 259 • Financial Effects of the War 260 • Government Finance 261 • War Loans 263 • Wartime Taxes 263 • Securities Markets 265 • Banking Activity 266 • Insurance Business 267 2. After the War 269 Demobilization 269 • Postwar Boom 270 • Speculation Resumes 270 • Truman’s Attacks on Speculators 272 • Expanded Trading 274 • The IMF 275 • GATT 277 • The Marshall Plan 277 • Banking Operations 278 • Credit Cards 279 • Insurance Companies 280 • Financing Resumes 281 • Government and Finance 283 • Securities Trading and Information 284 xii CONTENTS 3. Korea and the War on the Investment Bankers 286 Speculation 286 • Insurance Programs 288 • A New Money Trust Hunt 288 • Underwritings 290 • Stock Trading 292 • New Issues 293 • Securities Fraud 295 • Boiler Rooms 296 • Financial Changes 297 4. The Fed and the 1950s 299 The Treasury–Federal Reserve Accord 299 • Fixed Income Securities 301 • Small Businesses 303 • Commercial Banks and Thrifts 303 • Consumer Finance 305 • Credit Card Growth 306 • Banking Operations 307 • Bank Holding Company Legislation 307 • Banking Challenges 308 • International Finance 309 • Financial Concerns 310 Chapter 6. A New Era Begins 1. Institutional Investors 315 Investment Standards 315 • Insurance Business 316 • Annuities 317 • Pension Funds 318 • Mutual Funds 320 • Corporate Finance 320 • Securities Markets 321 • Financial Abuses 323 • Commodity Markets 323 • Increased Wealth 324 2. Banking, Gold, and Trading 326 Gold Problems 326 • Euro Dollars 328 • Problems on the AMEX 329 • Securities Trading 330 • Salad Oil Swindle 331 • Special Study of the Securities Markets 333 • Insider Trading and Other Concerns 334 • Government Finance 334 • Banking Consolidation and Regulation 335 • Crossing Regulatory Boundaries 336 • Banking Finance 339 • Government Securities 340 • Commodity Markets 341 3. The Securities Markets 342 Merrill Lynch 342 • Underwriting 343 • Stock Exchanges 344 • Exchange Competition 346 • Securities Information 346 • Mergers and Acquisitions 347 • Conglomerates 348 • Securities Markets and Mutual Funds 351 • IOS 353 4. Institutions and Paperwork 356 Insurance Companies 356 • Pension Plans and Other Institutional Investors 357 • Hedge Funds 358 • Institutional Membership 359 • Block Trades 360 • REITs 360 • Securities Trading 361 • Paperwork Crisis 362 • Legislation 364 • Stock Certificates 366 Conclusion 369 Notes 373 Selected Bibliography 383 Name Index 395 Subject Index 401 List of Illustrations James R. Keene 11 J.P. Morgan 32 Nelson Aldrich 35 William C. Durant 63 Benjamin Strong 151 Carter Glass 153 Jesse Jones 162 Joseph P. Kennedy 203 Charles Merrill 243 William McChesney Martin 301 xiii Preface This is the second of three volumes in a history of finance in America. The first volume covered the period from the “discovery” of America to the end of the nineteenth century. This volume starts with the investment bankers who dominated finance at the beginning of the twentieth century. It then describes the Panic of 1907 and the resulting creation of the Federal Reserve Board (the “Fed”). The volume then traces finance through World War I, and it examines the events that led to the stock market crash of 1929 and the Great Depres- sion. From there, it reviews the rebirth of finance after World War II and the growth of the institutional investor. The third and final volume of this history will focus on the growth of de- rivatives, the savings
Load more

Recommended publications
  • Chronology, 1963–89
    Chronology, 1963–89 This chronology covers key political and economic developments in the quarter century that saw the transformation of the Euromarkets into the world’s foremost financial markets. It also identifies milestones in the evolu- tion of Orion; transactions mentioned are those which were the first or the largest of their type or otherwise noteworthy. The tables and graphs present key financial and economic data of the era. Details of Orion’s financial his- tory are to be found in Appendix IV. Abbreviations: Chase (Chase Manhattan Bank), Royal (Royal Bank of Canada), NatPro (National Provincial Bank), Westminster (Westminster Bank), NatWest (National Westminster Bank), WestLB (Westdeutsche Landesbank Girozentrale), Mitsubishi (Mitsubishi Bank) and Orion (for Orion Bank, Orion Termbank, Orion Royal Bank and subsidiaries). Under Orion financings: ‘loans’ are syndicated loans, NIFs, RUFs etc.; ‘bonds’ are public issues, private placements, FRNs, FRCDs and other secu- rities, lead managed, co-managed, managed or advised by Orion. New loan transactions and new bond transactions are intended to show the range of Orion’s client base and refer to clients not previously mentioned. The word ‘subsequently’ in brackets indicates subsequent transactions of the same type and for the same client. Transaction amounts expressed in US dollars some- times include non-dollar transactions, converted at the prevailing rates of exchange. 1963 Global events Feb Canadian Conservative government falls. Apr Lester Pearson Premier. Mar China and Pakistan settle border dispute. May Jomo Kenyatta Premier of Kenya. Organization of African Unity formed, after widespread decolonization. Jun Election of Pope Paul VI. Aug Test Ban Take Your Partners Treaty.
    [Show full text]
  • Two Steps Forward, One Step Back: a Brief History of Corporate Citizenship and Corporate Social Responsibility
    Two Steps Forward, One Step Back: A Brief History of Corporate Citizenship and Corporate Social Responsibility Stephen Jordan with B.J. Parker BCLC’s mission is to promote better business and society relations and improve long-term social and economic conditions by: • Communicating the U.S. private sector’s unique and valuable contributions • Cultivating strategies and practices that achieve positive results • Coordinating public-private partnerships and coalitions 2 TABLE OF CONTENTS CHAPTER ONE: DEFINING CORPORATE CITIZENSHIP AND CORPORATE SOCIAL RESPONSIBILITY . .1 CHAPTER TWO: THE ORIGINS OF CAPITALISM AND CORPORATE CITIZENSHIP . .6 CHAPTER THREE: THE RISE OF THE INDUSTRIAL REVOLUTION AND PATERNALISM . 9 CHAPTER FOUR: THE GILDED AGE AND PERSONAL PHILANTHROPY . .12 CHAPTER FIVE: THE FIRST ETHICAL CORPORATIONS . 15 CHAPTER SIX: THE COMMUNITY CHEST MOVEMENT, THE GREAT DEPRESSION, AND WORLD WAR II . 20 CHAPTER SEVEN: THE 1950s - 1970s . .26 CHAPTER EIGHT: 1980 AND THE DAWN OF THE MODERN CORPORATE CITIZENSHIP MOVEMENT . 31 CHAPTER NINE: THE VIEW FROM OUTSIDE . .35 CHAPTER TEN: THE CONTINUING EVOLUTION OF CORPORATE CITIZENSHIP . 41 CHAPTER ELEVEN: DIFFERENT WAYS THE HISTORY OF CORPORATE CITIZENSHIP COULD BE TOLD . 46 Cover photos (clockwise): Andrew Carnegie, Henry Ford, Indra Nooyi (courtesy of PepsiCo), Thomas J. Watson (courtesy of IBM), Robert Wood Johnson II, Bill and Melinda Gates (Wikipedia Commons User Kjetil Ree). About the Authors Stephen Jordan is the founder and executive director of the Business Civic Leadership Center (BCLC), the corporate citizenship affiliate of the U.S. Chamber of Commerce. He is married and has two children. B.J. Parker is a professional writer and editor with more than 10 years’ experience writing business education materials for leading educational publishers.
    [Show full text]
  • Meet Jesse Livermore
    ccc_smitten_ch01_1-8.qxd 9/3/04 3:45 PM Page 1 CHAPTER 1 Meet Jesse Livermore esse Livermore was perhaps the best stock trader who ever lived. During his lifetime, he was a legend of Wall Street. He was “The Boy JPlunger,” “The Wolf of Wall Street,” “The Great Bear of Wall Street.” When he was alive, he was as famous as Warren Buffett is today, although they had entirely different trading techniques. He was a quiet and secretive man, given to keeping his own counsel. After losing several fortunes by listening to tips and the advice of men he thought were smarter than he was, he closed his offices near Wall Street at 111 Broadway, moved up to the Heckscher Building at 780 Fifth Avenue, and set up a palatial suite of offices. On one of his many trips to Europe, he had found a manor house in England with a huge paneled library. He bought the library, including books, paneling, and furniture. He had it dis- assembled in England and reconstructed in New York. The library was highly secure, with a private keyed elevator. It occu- pied the entire penthouse floor. When visitors exited the elevator, they found themselves in front of a big metal door that opened onto a small an- teroom whereCOPYRIGHTED Harry Dache would be waiting. MATERIAL Dache was a six-foot-six, former merchant mariner. He was Livermore’s bodyguard, chauffeur, con- fidante, and tutor of languages and life to his two sons. Once past Harry, visitors entered a suite of palatial offices, including one large room in which six men worked in silence on a walkway in front of a chalkboard, posting stock prices.
    [Show full text]
  • Concessions and How to Beat Them
    a Labor Notes Book 0 ESSID 4, ad owto beat them by Jane Slaughter With a Foreword by William W. Winpisinger President, International Association of Machinists ONCE SIONS and how to beat them_____ by Jane Slaughter Labor Education & Research Project Publishers of Labor Notes Detroit Copyright © 1983 by the Labor Education & Research Project Any short, attributed quotation may be used without permission. First printing July 1983 Second printing June 1985 Library of Congress Catalog Card Number: 83-81803 ISBN: 0-914093-03-7 Published by the Labor Education & Research Project Designed by David McCullough 138 This book is dedicated to the members of the United Mine Workers of America, who struck against concessions in 1978, before concessions had a name. CONTENTS Acknowledgments ..........~....... vi Foreword 1 ~ntroduction 5 IFromMoretoLess 10 2 The Economics Behind Concessions. .43 3 Why Concessions Don’t Work 52 4 Resisting Concessions 66 5 An Offensive Strategy for the Labor Movement 108 GResources 125 Appendix A Union Education on Concessions . 143 Appendix B ModelLanguage on Investment. 145 Notes 147 There is a list of union abbreviations on pages 14-15 _______Acknowledgments I would like to acknowledge the many people who contributed information for this book or who commented on various drafts: James Bialke, Geoff Bickerton, Dave Blitzstein, Jon Brandow, Rick Braswell, Kate Bronfenbrenner, Nick Builder, Mike Cannon, Bill Carey, Dorsey Cheuvront, Elissa Clarke, Carole Coplea, Alice Dale, Gerry Deneau, Wayne Draznin, Enid Eckstein, Larry
    [Show full text]
  • Banknews Reprints of Articles About Your Community Bank • • 703.584.0840
    Member BankNews Reprints of articles about your community bank • www.JohnMarshallBank.com • 703.584.0840 In 1992, he was hired by Chase Manhattan Personal John Marshall Financial Services as a Second Vice President originating and underwriting jumbo mortgages. In 1995, he Bank Expands returned to commercial lending and until 2002, he held AVP and VP commercial lending positions at Citibank, to Alexandria FSB, First Virginia Bank and F&M Bank of Northern Virginia. From 2002 until 2009, Mr. Johnson was Senior Vice President of commercial lending for Virginia Commerce Bank, where he was responsible for growing a small By Bob Tagert / reprinted from OldTownCrier.com commercial loan portfolio of $5 million into a $90 mil- lion portfolio with approximately $80 million in corre- As today’s banking world appears to be one acquisition sponding deposit and cash management relationships. In after another, it is nice to see a local bank, founded by 2009, he accepted the position as Chief Lending Officer people who are local to the area and employing profes- of 1st Commonwealth Bank of Virginia. sionals who know and live in the community. As the names of banks change as much as the weather, it is Johnson is the current Chairman of the Arlington refreshing to see a local bank making its presence felt. Industrial Loan Authority and has served on this board The bank was founded in 2006 and has their corporate since 2008. Mr. Johnson has been an active member of offices in Reston. John Marshall Bank is a strong commu- nity bank that is well capitalized and is one of the fastest growing banks in the DC Metro area.
    [Show full text]
  • Segelke & Rascal Top Beef Empire Days
    JUNE 10, 2014 Volume 8: Issue 23 In this issue... • Barrel Racing Babies, pg 11 • Nutralix Barrel Daze, pg 13 • Lucky Dog Productions, pg 17 • ID Barrel Futurity, pg 24 fast horses, fast news • MN Futurity & Maturity, pg 26 Published Weekly Online at www.BarrelRacingReport.com - Since 2007 Segelke & Rascal Top Beef Empire Days By Tanya Randall The full slate of summer rodeos is well underway with multiple FI R ST DOWN DAS H high-paying rodeos available across the country. Paxton Segelke and AS H A A M E D T F SI 105 HPQ Smokin Rascal picked up the largest check offered this past SI 113 weekend when they topped the $4,600-added Beef Empire Days, SUDDEN FA M E June 5-7, in Garden City, Kansas. UNA FR IO CE R VEZA SI 98 Segelke, Synder, Colo., collected $2,438 of the $12,192 total purse for TWAYNAS DAS H her run of 17.06 in the rodeo’s first performance on Thursday night. TWAS SP EEDIN G SI 106 “I couldn’t fault it anywhere,” said Segelke, 20, of her run. “Ras- SI 108 cal has been working outstanding here lately. It was pretty fun.” DEANS SP EED CU rr ENT She originally drew fourth position, but with turnouts, moved up HPQ SM OKIN RASCAL to second on the ground. Thanks to all the rain the night before 2006 PALO M INO GELDIN G and proper planning by the rodeo committee, the footing was safe FOL ’S NATIVE and fast. FOLS SM OKE “It had rained quite a bit before slack the night before, but that SI 104 committee worked the ground really well,” she said.
    [Show full text]
  • Exodus General Idea of the Revolution in the XXI Century
    Exodus General Idea of the Revolution in the XXI Century Kevin A. Carson 2021 Contents Reviews 5 Abstract 6 Preface 7 Part One: Background 8 Chapter One: The Age of Mass and Maneuver 9 I. A Conflict of Visions .................................... 9 II. The Triumph of Mass in the Old Left .......................... 15 III. The Assault on Working Class Agency ......................... 42 IV. Workerism/Laborism .................................. 49 Chapter Two: Transition 52 I. Drastic Reductions in Necessary Outlays for the Means of Production . 52 II. The Network Revolution and the Imploding Cost of Coordination . 57 III. The Impotence of Enforcement, and Superiority of Circumvention to Resistance . 70 IV. Superior General Efficiency and Low Overhead .................... 74 V. Conclusion ......................................... 78 Part Two. The Age of Exodus 79 Chapter Three: Horizontalism and Self-Activity Over Vanguard Institutions 80 Introduction ......................................... 80 I. The New Left ........................................ 81 II. Autonomism ........................................ 90 III. The 1968 Movements and the Transition to Horizontalist Praxis . 98 IV. The Post-1994 Movements ................................ 100 Chapter Four: The Abandonment of Workerism 115 I. The Limited Relevance of Proletarianism in the Mass Production Age . 115 II. Technology and the Declining Relevance of Proletarianism . 116 III The Abandonment of Proletarianism by the New Left . 117 IV. The Abandonment of Workerism in Praxis . 127 Chapter Five: Evolutionary Transition Models 131 Introduction and Note on Terminology . 131 2 I. Comparison to Previous Systemic Transitions . 132 II. The Nature of Post-Capitalist Transition . 146 Chapter Six: Interstitial Development and Exodus over Insurrection 157 Introduction ......................................... 157 I. The Split Within Autonomism .............................. 159 II. The Shift From the Factory to Society as the Main Locus of Productivity .
    [Show full text]
  • 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]
  • Zerohack Zer0pwn Youranonnews Yevgeniy Anikin Yes Men
    Zerohack Zer0Pwn YourAnonNews Yevgeniy Anikin Yes Men YamaTough Xtreme x-Leader xenu xen0nymous www.oem.com.mx www.nytimes.com/pages/world/asia/index.html www.informador.com.mx www.futuregov.asia www.cronica.com.mx www.asiapacificsecuritymagazine.com Worm Wolfy Withdrawal* WillyFoReal Wikileaks IRC 88.80.16.13/9999 IRC Channel WikiLeaks WiiSpellWhy whitekidney Wells Fargo weed WallRoad w0rmware Vulnerability Vladislav Khorokhorin Visa Inc. Virus Virgin Islands "Viewpointe Archive Services, LLC" Versability Verizon Venezuela Vegas Vatican City USB US Trust US Bankcorp Uruguay Uran0n unusedcrayon United Kingdom UnicormCr3w unfittoprint unelected.org UndisclosedAnon Ukraine UGNazi ua_musti_1905 U.S. Bankcorp TYLER Turkey trosec113 Trojan Horse Trojan Trivette TriCk Tribalzer0 Transnistria transaction Traitor traffic court Tradecraft Trade Secrets "Total System Services, Inc." Topiary Top Secret Tom Stracener TibitXimer Thumb Drive Thomson Reuters TheWikiBoat thepeoplescause the_infecti0n The Unknowns The UnderTaker The Syrian electronic army The Jokerhack Thailand ThaCosmo th3j35t3r testeux1 TEST Telecomix TehWongZ Teddy Bigglesworth TeaMp0isoN TeamHav0k Team Ghost Shell Team Digi7al tdl4 taxes TARP tango down Tampa Tammy Shapiro Taiwan Tabu T0x1c t0wN T.A.R.P. Syrian Electronic Army syndiv Symantec Corporation Switzerland Swingers Club SWIFT Sweden Swan SwaggSec Swagg Security "SunGard Data Systems, Inc." Stuxnet Stringer Streamroller Stole* Sterlok SteelAnne st0rm SQLi Spyware Spying Spydevilz Spy Camera Sposed Spook Spoofing Splendide
    [Show full text]
  • Financial Journalism Through Financial Crises: the Reporting Of
    Financial Journalism through Financial Crises: The Reporting of Three Boom and Bust Periods Sophie Elizabeth Knowles, MA Journalism This thesis is presented for the degree of Doctor of Philosophy Murdoch University 2013 Declaration I declare that this thesis is my own account of my research and contains as its main content work that has not previously been submitted for a degree at any tertiary education institution. SOPHIE KNOWLES .................................... i Preface Sections of this thesis have been previously published in the following sources but appear in this dissertation in a revised format: Journal articles Knowles, Sophie, Gail Phillips, and Johan Lidberg. 2013. “The Framing of the Financial Crisis A Cross-Country Comparison of the US, the UK, and Australia.” Australian Journalism Review 35 (2): 59-73. Conferences Knowles, Sophie, Gail Phillips, and Johan Lidberg. 2012. “Who did Financial Journalists serve when reporting the Financial Crisis 2005-2008: The Market or the Audience?” Paper presented for the annual meeting of the Journalism Education Association of Australia, Melbourne, December 2-5, 2012. Knowles, Sophie, Gail Phillips, and Johan Lidberg. 2013. “Are we getting the financial journalism we deserve? A Longitudinal Tri-Nation Study.” Paper presented for the annual meeting of the International Association of Media and Communications Researchers, Dublin, June 29-29, 2013. ii Abstract This thesis describes a longitudinal study of mainstream financial reporting in the United States (US), the United Kingdom (UK), and Australia during three financial crises from the 1980s to the present. It responds to criticisms generated in the wake of the Global Financial Crisis (GFC) that financial journalism did not play enough of a watchdog role in forewarning the public of the troubles ahead.
    [Show full text]
  • IN the UNITED STATES DISTRICT COURT SOUTHERN DISTRICT of TEXAS HOUSTON DIVISION UNITED STATES of AMERICA ) ) ) ) Criminal Number
    IN THE UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION UNITED STATES OF AMERICA ) ) ) ) Criminal Number: v. ) H-08-411 ) MARK DAVID RADLEY, ) JAMES WARREN SUMMERS, ) CODY DEAN CLABORN ) And ) Judge Gray H. Miller CARRIE KIENENBERGER, ) ) Defendants. ) ) ) DEFENDANTS’ MOTION TO DISMISS AND TO COMPEL ELECTION OF COUNTS TWO THROUGH SEVENTEEN AND COUNTS EIGHTEEN AND NINETEEN OF THE SUPERSEDING INDICTMENT AND MEMORANDUM IN SUPPORT OF MOTION DC-1305731 TABLE OF CONTENTS Page I. INTRODUCTION...............................................................................................................1 A. Statement of Nature and Stage of Proceeding.........................................................1 B. Statement of the Issues and Standard of Review.....................................................2 C. Summary of Argument……………………………………………………………3 II. FACTUAL BACKGROUND .............................................................................................4 III. ARGUMENT ......................................................................................................................5 A. The Sixteen Counts of Violating Section 13(a)(2) Are Multiplicitous. ..................5 1. The Multiplicity Doctrine Precludes Charging a Single Offense in Multiple Counts...........................................................................................5 2. Criminal and Civil Precedent Charge Manipulation as a Cumulative Offense. .......................................................................................................6
    [Show full text]
  • Security Market Manipulations and the Assurance of Market Integrity
    Security Market Manipulations and the Assurance of Market Integrity By Shan Ji Supervisor: Professor Mike Aitken Co-supervisor: Professor Frederick H. deB. Harris This thesis is presented for the degree of Doctor of Philosophy in Finance At The University of New South Wales Banking and Finance Australian School of Business 2009 Abstract This dissertation is motivated by two major factors. First, there have been no direct studies conducted for the relationship between market integrity and market efficiency and the driving forces behind the cross-sectional variations in market quality. Second, a better understanding the relationships among market integrity, market efficiency and other mechanism design factors for securities exchanges will facilitate securities exchanges achieve a satisfactory level of market quality. This dissertation consists of three chapters. In Chapter 1, a review of literature on market manipulation will be given. A series of common securities market manipulation strategies and corresponding market surveillance alerts will be explained and defined. In Chapter 2, we develop a testable hypothesis that market manipulation as proxied by the incidence of ramping alerts would raise transaction cost for completing larger trades. We find ramping alert incidence positively related to effective spreads in 8 of 10 turnover deciles from most liquid to thinnest-trading securities. The magnitude of the increase in effective spreads when ramping manipulation incidence doubles is economically significant, 30 to 40 basis points in many
    [Show full text]