DOCSLIB.ORG

Der Kampf Hat Begonnen

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Der Kampf Hat Begonnen Nr. 13 / 21.3.2020 Deutschland € 5,30 DER KAMPF HAT BEGONNEN Wie gut Deutschlands Kliniken für den Corona-Ansturm gerüstet sind fr 7,80 € 6,80 Slowakei Spanien € 6,80 195,- Kc Tschechien Slowenien € 6,50 Slowenien Spanien/Kanaren in Germany Printed Ft 2670,- Ungarn € 7,00 PLUS: KRISENSTAB Angst vor der Ausgangssperre WIRTSCHAFT Jetzt droht die Pleitewelle FORSCHUNG Die riskante Jagd nach dem Impfstoff BeNeLux € 6,40 Finnland € 8,30 Griechenland € 7,30 NOK 86,– Norwegen ZL 33,– (ISSN00387452) Polen s Schweiz Dänemark dkr 57,95 € 6,80 Frankreich Italien € 6,80 € 6,00 Österreich (cont) € 6,80 Portugal SHUTDOWN Familien im Lagerkoller Platz? Da. Der neue GLB kombiniert maximale Flexibilität mit großzügigem Komfort. Denn die auf Wunsch längs verschiebbare zweite Sitzreihe sorgt in Verbindung mit der optionalen dritten Sitzreihe für ein Platz- und Komfortangebot, bei dem Sie und Ihre Familie auf nichts mehr verzichten müssen. Mehr auf www.mercedes-benz.de/GLB Das deutsche Nachrichten-Magazin Das Wissen Hausmitteilung der Besten Betr.: Coronavirus, in eigener Sache, SPIEGEL GESCHICHTE Jetzt im Handel Die Coronakrise hat die Welt im Griff, nicht nur in Deutschland bestimmt sie das Leben: Europa schottet sich ab, auch die Bundesrepublik macht dicht. Die In- nenstädte leeren sich, auf vielen Straßen geht es ge- spenstisch ruhig zu. Für Unternehmen und die Finanz- märkte ist es der perfekte Sturm. Alle leiden: Gastwirte, kleine Unternehmen, Geschäftsinhaber, Selbstständige, Konzertveranstalter, Eltern. Weil es noch viel schlimmer werden kann, kommt es jetzt vor allem auf jene an, die FELIX VON DER OSTEN / DER SPIEGEL DER OSTEN FELIX VON möglichst viele Menschenleben werden retten müssen: Blech in Eschweiler auf Krankenschwestern, Ärzte, Sanitäter, Apotheker. Die Titelgeschichte analysiert, ob unser Gesundheits- system kollabieren kann oder ob es robust genug ist. Was kommt auf die Kliniken zu? Was passiert, wenn die Zahl der Beatmungsgeräte nicht mehr ausreichen sollte und jemand entscheiden müsste, wer leben darf und wer sterben muss? Für die Co- rona-Artikel dieses Heftes haben Kollegen weltweit, aber besonders im eigenen Land, recherchiert, oft per Telefon, um die Ansteckungsgefahr zu reduzieren. In Deutschland gibt es bislang die meisten Covid-19-Fälle in Nordrhein-Westfalen. Autor Jörg Blech verbrachte zwei Tage im St.-Anto nius-Hospital Eschweiler. Er sprach mit einem Patienten auf der Intensivstation, mit Medizinern und Pflegern. »Die Mitarbeiter halten zusammen«, sagt er, »sie wünschen sich aber mehr Wert- schätzung.« Chinakorrespondent Bernhard Zand recherchierte in Tokio, in den USA waren René Pfister und Ralf Neukirch unterwegs, Fritz Schaap besuchte ein Kran- kenhaus in einem Township bei Kapstadt. Schwerpunkt Innovation Auch die SPIEGEL-Redaktion muss mit der Wie aus kreativen Ideen Gefahr umgehen. Unser Haus an der Hamburger attraktive Produkte werden Ericusspitze ist inzwischen nahezu leer. Denn vor drei Wochen haben wir eine Taskforce ge- gründet, die seitdem jeden Tag entscheidet, Unter anderem mit welche Schritte notwendig sind. Wir wollen die Mitarbeiter schützen, mögliche Infektionsketten diesen Themen: unterbrechen und trotzdem unsere Leser infor- mieren. Mittlerweile arbeiten fast alle Kollegen zu Hause im »Mobile Office«, das macht viele Block Jensen EINZELHANDEL Abläufe sehr kompliziert, beim Heft müssen Wenn es in Geschäften keine vor allem die Chefin vom Dienst Anke Jensen und ihre Stellvertreterin Gesine Block die Fäden zusammenhalten. Wie wir arbeiten, ändert sich gerade, aber unser Journa- Kassen mehr gibt lismus soll so bleiben, wie er ist. Dabei kann es in den nächsten Wochen natürlich mal passieren, dass Sie kein SPIEGEL-Heft mehr im Supermarkt oder an der Tankstelle bekommen oder Ihr Stammkiosk geschlossen bleibt. Dann finden Sie alle Inhalte LERNEN aus dem Heft digital unter www.spiegel.de/plus. Unsere Themenseite zum Corona- virus erreichen Sie über den Link www.spiegel.de/thema/coronavirus. Sie können KI und Roboter revolutionieren das gedruckte Heft auch online bestellen unter www.amazon.de/spiegel oder die Ausbildung www.meine-zeitschrift.de. Sollte Ihnen als Abonnent der gedruckte SPIEGEL einmal nicht pünktlich zugestellt werden, nutzen Sie bitte unter www.spiegel.de/ersatzsendung den Service der digitalen Ersatzlieferung. KARRIERE Wie Sie Ihren Vorgesetzten auff allen Das alte Ägypten war eine der mächtigsten frühen Hochkulturen und fasziniert die Menschen bis heute: Pharaonen, Pyramiden, Mu- mien – ein paar Wörter genügen, und eine Welt scheint auf. Eine Welt, die durch neue Erkenntnisse immer konkreter wird. Wie re- gierten Herrscher wie Ramses II. oder Djoser? Wieso blieben die Hieroglyphen so lange ein Rätsel? Wie lebten die einfachen Leute? Antworten liefert die neue Ausgabe von SPIEGEL GESCHICHTE Jetzt App mit dem Titel »Das alte Ägypten«. Das Heft erscheint am Dienstag. downloaden DER SPIEGEL Nr. 13 / 21. 3. 2020 3 harvardbusinessmanager.de Inhalt 74.Jahrgang | Heft 13 | 21.März 2020 Titel Bildung Die Milliarden aus dem Digitalpakt sind in Kliniken Das deutsche Gesund- den Schulen noch nicht heitssystem rüstet sich für angekommen – nur wenige den Corona-Ansturm – und Lehrer können via fürchtet den Kollaps . 8 Internet unterrichten . 46 Senioren Wie sicher sind Beziehungen Familienknatsch Pflegeheime? . 16 daheim – Eltern und Kinder streiten um den richtigen Umgang mit dem Risiko . 50 Deutschland chland Einwurf Ich, der Hamster – eine Verteidigungsrede . 53 Leitartikel Was der Wirtschaft helfen kann . 6 Strafjustiz Zwei Polizisten sollen im Dienst eine Polizei bereitet sich auf Corona- Frau vergewaltigt haben . 54 Szenarien vor / Koalitions- krach um Windkraft / Schwarze Kasse für AfD-»Flügel« / Die Reporter Gegendar stellung / So gesehen: Homeoffice . 18 DER OSTEN FELIX VON Familienalbum / Warum Pi die Zahl der Krise ist . 56 Krisenpolitik Wie gut sind die Auf Leben und Tod Regierenden für den Ausnahme - Eine Meldung und ihre zustand präpariert? . 22 Das deutsche Gesundheitswesen gilt als eines Geschichte Wer zahlt 22491 Euro für Regierung Kanzleramtsminister der besten der Welt und könnte mit der eine Flasche Riesling? . 57 Helge Braun im SPIEGEL- kommenden Corona-Welle doch überfordert sein. Gespräch über die Maßnahmen Zu wenige Pfleger, zu wenig Ausrüstung, ein Ausnahmezustand Bleiben der Koalition . 27 auf Profit ausgerichtetes System. Eine Recherche müssen, wenn andere gehen: sieben Geschichten aus Seite 8 Europa Kommissionschefin an der Front des Virus. der Einsamkeit in Corona- Ursula von der Leyen versucht, Zeiten . 58 die EU zusammenzuhalten 30 Versorgung Eine Ärztin, Covid-19 Wie die Seuche das Virus und wir – das Leben der Deutschen ein Praxis besuch in Berlin . 62 bestimmt . 32 Gesellschaft Der Psychiater SPD Juso-Chef Kevin Kühnert Borwin Bandelow erklärt, im SPIEGEL-Gespräch wie man mit sozialer Isolation über mehr Staatseinfluss im zurechtkommt . 64 Gesundheitswesen und seine Begeisterung für Olaf Kolumne Leitkultur . 66 Scholz . 40 Versorgung Politik und BERNHARD RIEDMANN / DER SPIEGEL Wirtschaft Handelsketten mühen sich, die Nachschubprobleme in Geschlossene Gesellschaft Rentenkommission kann den Supermärkten zu lösen 43 sich nicht einigen / Das Virus infiziert den Alltag, es kommt als Corona gefährdet Boni Ischgl Aus dem Party-Skiort Schock oder als Chance. Alle müssen für VW-Manager . 67 trugen Hunderte die nun improvisieren, nicht allen zeigt die Seuche Krankheit in ihre Heimat - Weltwirtschaft Die Folgen der länder – die Behörden dasselbe Gesicht. Der SPIEGEL hat Corona-Pandemie übertreffen griffen spät ein . 44 Stimmen und Stimmungen eingesammelt. Seite 32 sogar die Lehman-Krise . 68 4 DER SPIEGEL Nr. 13 / 21. 3. 2020 Luftfahrt Die Lufthansa streicht Experten Im Kampf gegen die 95 Prozent ihrer Flüge . 72 Seuche werden Virologen und Epidemiologen plötzlich zu Streaming Disney, Netflix, einer Art Nebenregierung 104 Apple, Amazon: die Milliarden- schlacht ums Fernsehen . 74 Hygiene Was hilft gegen die Ausbreitung der Viren in Bus und Bahn? . 106 Ausland Rechtsdrall in Sloweniens Kultur Regierung / Gefährdeter Frie- densprozess in Afghanistan 79 MICHAEL NAGLE / DPA Neue Biografie der Künstlerin Hilma af Klint / USA Die Coronakrise bringt Wirtschaft im Koma Geschichten in den Wahlkampf durcheinander einfachem Deutsch . 109 und könnte Trumps Läden bleiben geschlossen, Betriebe stellen die Wiederwahl gefährden . 80 Produktion ein: Der deutsche Wohlstandsmotor ist Denker Der Historiker Yuval bedroht. Regierungen und Notenbanken versuchen Noah Harari ist der Japan Premierminister Abe erfolgreichste Welterklärer will die Olympischen Spiele mit gigantischen Hilfsprogrammen, Unternehmen unserer Zeit – seine retten – und sich selbst . 83 und Banken am Leben zu erhalten. Seite 68 Kernthese: Der Homo sapiens steht vor dem Ende . 110 Dänemark Die Frau, die den U-Boot-Mörder Peter Madsen Essay Das Jahr 2020 als Kontra - im Gefängnis heiratete . 86 punkt zum Mauerfall . 116 Jagd nach dem Impfstoff Essay Der Historiker Philipp Ther über die Welt Schneller als je zuvor arbeiten Pharmaforscher nach der Pandemie . 92 daran, Mittel gegen das Coronavirus zu entwickeln. Erste Versuche am Menschen haben Südafrika In Kapstadt erwarten Mediziner ein Desaster durch schon begonnen. In der Krise werden Tabus das Virus . 94 gebrochen – mit ungewissem Ausgang. Seite 100 Sport Nur Kriege konnten bisher Olympia stoppen / Gut zu wissen: Warum Sporttreiben bei einer Viruserkrankung gefährlich ist . 95 Fußball Sind die Profivereine solidarisch genug, um Pleiten zu verhindern? 96 ALESSANDRO RAMPAZZO
Load more

Recommended publications
  • Global Events
    GLOBAL EVENTS Education • Professional Leverage • Networking • Philanthropy Industry Icons Sep 18, 2013 New York: A Conversation With Adena T. Friedman, Chief Financial Officer, The Carlyle Group Adena Friedman, Chief Financial Officer, The Carlyle Group Bill Stone, Founder and CEO, Moderator, SS&C Technologies Jun 3, 2013 Washington: Conversation with David M. Rubenstein, Co-Founder, The Carlyle Group David M. Rubenstein, Co-Founder, The Carlyle Group Jeffrey R. Houle, Moderator, Partner, DLA Piper Apr 3, 2013 New York: Fireside Chat with Saba Capital's Boaz Weinstein Boaz Weinstein, Founder & CIO, Saba Capital Stephanie Ruhle, Moderator, Anchor, Bloomberg Oct 30, 2012 Newport Beach: A Conversation with Dr. Mohamed El-Erian of PIMCO: Investing in a Zero-Interest Rate Environment Dr. Mohamed El-Erian, Chief Executive Officer and Co-CIO, PIMCO Lupin Rahman, Moderator, Executive Vice President, PIMCO Marc Seidner, Managing Director and Generalist Portfolio Manager, PIMCO Qi Wang, Managing Director and Portfolio Manager, PIMCO Oct 16, 2012 New York: Know Yourself and Your Decision-Making Process: A Conversation with Nobel Laureate Dr. Daniel Kahneman Dr. Daniel Kahneman, Eugene Higgins Professor of Psychology and Professor of Public Affairs Emeritus, Princeton University Jason Zweig, Moderator, Columnist, Wall Street Journal Sep 19, 2012 New York: Conversation with Eric E. Schmidt, Executive Chairman of Google Eric E. Schmidt, Executive Chairman, Google Apr 30, 2012 New York: An Armchair Discussion with John J. Mack on Leadership John J. Mack, former Chairman and CEO, Morgan Stanley Joanne Pace, Moderator, former Chief Operating Officer, Morgan Stanley Investment Management Jan 25, 2012 Geneva: Philippe Jabre Talks Markets Philippe Jabre, Chief Investment Officer, Jabre Capital Partners Dec 8, 2011 Los Angeles: Dinner Event with Howard Marks, Chairman, Oaktree Capital Oct 26, 2011 Los Angeles: Renee Haugerud, Founder, CIO & Managing Principal, Galtere, Ltd.
    [Show full text]
  • Bloomberg Briefs: Hedge Funds
    Tuesday March 7, 2017 March 7, 2017 Alaska's Wealth Fund Seeks 11 Funds for Investments Number of the Week By Hema Parmar Alaska’s $55.4 billion wealth fund is seeking up to 11 hedge funds for allocations, following its decision in May to redeem from its funds of hedge funds and invest in $1.06 Billion managers directly. The Alaska Permanent Fund Corp. prefers experienced managers that have a track Net inflows into macro hedge funds in record of producing returns of at least inflation plus 5 percent, according to public January, according to eVestment. documents from its quarterly board of trustees meeting. Alaska is seeking funds with low correlation to equity markets, "appropriate" risk controls as measured by historical drawdowns and volatility and that can show they have protected capital during down Inside markets, the documents from the Feb. 22-23 board meeting show. Equity-focused Viking Global saw a Marcus Frampton, Alaska’s director of private markets, declined to comment. slight loss in February, while Alaska currently has nine managers in its program that invests directly in hedge funds. Renaissance's equities fund gained It plans to invest a total 5 percent of the firm’s assets, or about $2.8 billion, in managers in the month: Returns in Brief via that program, the documents said. As of Dec. 31, Alaska had a 4.5 percent exposure to commingled funds, either directly Macro funds run by Prologue and or via the funds of hedge funds from which it is redeeming. The move to allocate to State Street are closing: Closures managers directly will save Alaska $15 million a year, according to the documents, as it allows the wealth fund to cut the layer of fees paid to funds of funds for making Ray Dalio jolts Bridgewater as Jon investments.
    [Show full text]
  • Credit Default Swaps: Indices, Curves and Their Relationship to Volatility
    Find our latest analyses and trade ideas on bsic.it Credit Default Swaps: indices, curves and their relationship to volatility Introduction Credit Default Swaps (CDSs) have had an interesting trajectory to say the least, starting out as a niche derivative, they rose to prominence after the Russian financial crisis of 1998, ballooning into a market worth an enormous $62.2 trillion in 2007. In 2008, this market promptly collapsed, producing a mushroom cloud worthy of Warren Buffet’s designation of CDSs as ‘financial weapons of mass destruction.’ However, the CDS market is far from finished, standing at $8.8 trillion in the first half of 2020 according to the Bank for International Settlements. In this article we’ll give a quick primer on the theory underpinning these derivatives and explore CDS indices and their arbitrage, curve trades, and the relationship between credit risk and equity volatility, proposing a pairs trade. What are Credit Default Swaps and how do they work? Credit Default Swaps are over the counter financial contracts that allow investors to regulate their exposure to credit risk. While the most straightforward use of credit derivatives is to hedge the risk derived from investing in bonds or other credit securities, they are also used to express views on the creditworthiness of one or more entities (i.e., the governments or corporations who issue the bonds.) Beyond taking a simple directional bet in the form of buying/selling a single-name CDS, investors can express their view on the relative value of two different credits (pairs trading), the time when an entity will default (curve trading), the capital structure of the entity etc.
    [Show full text]
  • How Profitable Is Capital Structure Arbitrage?
    How ProÞtable Is Capital Structure Arbitrage? Fan Yu1 University of California, Irvine First Draft: September 30, 2004 This Version: January 18, 2005 1I am grateful to Yong Rin Park for excellent research assistance and Vineer Bhansali, Nai-fu Chen, Darrell Duffie, Philippe Jorion, Dmitry Lukin, Stuart Turnbull, Ashley Wang, Sanjian Zhang, Gary Zhu, and seminar participants at UC-Irvine and PIMCO for insightful discussions. The credit default swap data are acquired from CreditTrade. Address correspondence to Fan Yu, UCI-GSM, Irvine, CA 92697-3125, E-mail: [email protected]. How ProÞtable Is Capital Structure Arbitrage? Abstract This paper examines the risk and return of the so-called “capital structure arbitrage,” which exploits the mispricing between a company’s debt and equity. SpeciÞcally, a structural model connects a company’s equity price with its credit default swap (CDS) spread. Based on the deviation of CDS market quotes from their theoretical counterparts, a convergence-type trading strategy is proposed and analyzed using 4,044 daily CDS spreads on 33 obligors. We Þnd that capital structure arbitrage can be an attractive investment strategy, but is not without its risk. In particular, the risk arises when the arbitrageur shorts CDS and the market spread subsequently skyrockets, resulting in market closure and forcing the arbitrageur into liquidation. We present preliminary evidence that the monthly return from capital structure arbitrage is related to the corporate bond market return and a hedge fund return index on Þxed income arbitrage. Capital structure arbitrage has lately become popular among hedge funds and bank proprietary trading desks. Some traders have even touted it as the “next big thing” or “the hottest strategy” in the arbitrage community.
    [Show full text]
  • Carefully Consider the Fund's Investment Objectives, Risk Factors
    Saba Capital Management, L.P. (“Saba”) Launches an ETF Focused on Closed-End Funds, Including a Rates Hedge (Bats: CEFS) March 20, 2017 Saba launches CEFS, an actively managed ETF that seeks to generate high income by investing in closed-end funds trading at a discount to net asset value (“NAV”) and hedging the ETF’s risk to rising interest rates. This is Saba’s first ETF; Saba is a well-known alternative investment products firm. Closed-end funds are listed investment vehicles that trade at a premium or discount to NAV as a result of market technicals and sentiment. Saba specializes in fixed income and equity closed-end funds trading at a discount to NAV, given they typically offer higher yield and return potential than the underlying securities. A small portion of that excess return is utilized to finance the portfolio’s interest rate hedge. “Many closed-end funds are trading at an attractive discount to their net asset value,” said Boaz Weinstein, Founder and Chief Investment Officer at Saba. “In an environment where investors are searching for yield, we believe closed-end funds offer high income and a margin of safety due to the discount.” The ETF offers access to Saba Capital’s portfolio managers who have years of experience trading and hedging closed-end funds. Saba Capital’s investment process includes proprietary models that dynamically rank closed-end funds across a variety of factors, including yield, discount to NAV and quality of underlying securities. In addition, CEFS seeks to outperform index-based closed-end fund products by actively trading the portfolio in an attempt to capture the widening and narrowing of discounts to net asset value.
    [Show full text]
  • The Big Shorts Saba Capital Netflix Drama
    THE 2020 ADVISER AWARDS THE BIG SHORTS SABA CAPITAL NETFLIX DRAMA ACTIVIST INSIGHT MONTHLY VOLUME 9 ISSUE 11 | DECEMBER 2020 CONTENTS ACTIVIST INSIGHT MONTHLY, DECEMBER 2020. 03 EDITOR’S LETTER | JASON BOOTH, ACTIVIST INSIGHT 04 FEATURE: THE 2020 ADVISER AWARDS 18 THE TERMINATORS | ACTIVIST IN FOCUS: SABA CAPITAL | JASON BOOTH, ACTIVIST INSIGHT 22 NETFLIX DRAMA | IURI STRUTA, ACTIVIST INSIGHT 25 ESG GOES TO WASHINGTON | ESG CORNER | ELEANOR O’DONNELL, ACTIVIST INSIGHT 27 DISCOVERY TIME | VULNERABILITY REPORT: DISCOVERY INC | IURI STRUTA, ACTIVIST INSIGHT 30 THE BIG SHORTS | IBM | ELEANOR O’DONNELL, ACTIVIST INSIGHT 32 SHORT NEWS IN BRIEF 33 NEW SHORT INVESTMENTS 34 NEWS IN BRIEF 38 NEW INVESTMENTS 40 MONTHLY SUMMARY All rights reserved. The entire contents of Activist Insight Monthly are the Copyright of Activist Insight Ltd. No part of this publication may be reproduced without the express prior written approval of an authorized member of the staff of Activist Insight Ltd, and, where permission for online publication is granted, contain a hyperlink to the publication. The information presented herein is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. PUBLISHED BY: 4 Old Park Lane Image credits (All Shutterstock.com) Activist Insight Ltd Mayfair, London, W1U 6PZ Page 7: Evergy, APNPhotography; Page 9: HP, Tomasz +44 (0) 20 7129 1314 Wozniak;
    [Show full text]
  • Filed: New York County Clerk 12/06/2016 12:16 Pm Index No
    FILED: NEW YORK COUNTY CLERK 12/06/2016 12:16 PM INDEX NO. 653216/2015 NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 12/06/2016 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - x PUBLIC- SECTOR PENSION INVESTMENT BOARD, : Plaintiff, : Index No. 653216/2015 - against - : AMENDED COMPLAINT SABA CAPITAL MANAGEMENT, L.P., : SABA CAPITAL OFFSHORE FUND, LTD. and BOAZ WEINSTEIN, : Defendants. : - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - x - Plaintiff Public Sector Pension Investment Board ("PSP"), by its attorneys, for its Amended Complaint against defendant Saba Capital Offshore Fund, Ltd. (the "Feeder Fund" or "Fund"), alleges upon knowledge with respect to itself and its own acts, and upon information and belief with respect to all other matters, as follows: SUMMARY OF THIS ACTION 1. PSP brings this action to recover the damages it has suffered as a result of the Feeder Fund's breach of the contractual duties it owed to PSP as an investor in the Feeder Fund, a hedge fund managed by Saba Capital Management, L.P. ("Saba Management") and controlled by Boaz Weinstein ("Weinstein," together with Saba Management, "Saba"). The Fund engaged in this wrongdoing by artificially manipulating the value of PSP's investments in the Fund in order to benefit Saba at the expense of PSP. 2. As part of a master/feeder hedge fund structure, the Feeder Fund allocated substantially all of its assets to a master hedge fund (the "Master Fund"), also managed by Saba Management, that invested in securities across the capital structure of a 1 of 12 number of different companies. Under governing Fund organizational documents, the securities in the Master Fund's investment portfolio were to be valued by Saba in good faith in accordance with an applicable valuation policy.
    [Show full text]
  • Fy 2020In Review
    FY 2020 IN REVIEW 26 years of helping families and individuals fleeing domestic violence by connecting them to safe, affordable housing and services New Building Opens Supporting our 500+ 42 households moved into The Jennings, our most recently completed service-enriched affordable parents and children project, including 23 households headed by Our Family Support Program (FSP) staff provided domestic violence survivors who were in shelter. ongoing support to over 500 adults and children living in our six service-enriched affordable housing developments. This included on-site services like safety planning, case management, job readiness and vocational counseling, as well as off-site services such as behavioral health counseling, legal assistance and job training programs provided by trusted partner agencies. While in-person assistance ceased in March, the support did not. The FSP team worked tirelessly to help our families continue to find stability and to help them navigate the effects of the pandemic. Ribbon cutting for The Jennings Rapid Rehousing Program Ramps Up HousingLink, our innovative rapid rehousing program, connected 25 domestic violence survivors to safe, affordable apartments during the year, despite the challenges posed when the pandemic ended the provision of in-person services. Our HUD-funded rapid rehousing program has now connected over 130 survivors to high-quality apartments and with new staff will be able to Apartment interior – The Jennings help more survivors during the coming year. A testament to the effectiveness of the program’s aftercare support is that 100% of survivors placed Safe at Last in apartments during the year remained stable in 95% of domestic violence survivors in our their homes.
    [Show full text]
  • And Now for Capital Structure Arbitrage Go to Our Specialist Pages on Source: Euromoney Markets and Products and Regions
    And now for capital structure arbitrage Go to our specialist pages on Source: Euromoney markets and products and regions. December 2002 Search for related Euromoney publications Antony Currie and and events Jennifer Morris Markets have crushed banks this year but now some see a profit to be made in arbitraging debt against equity. It’s a smart trick. Turning it into a sustainable business will be even smarter. Household is about to default on its bonds. Or at least that’s what might be inferred by looking at its spreads towards the end of October. The US consumer finance company’s benchmark 10-year bonds, launched last year at a spread of 155 basis points over US treasuries, had hit 800bp over. Default swap prices were even wider at 900bp over. Yet Household still had its single-A rating and its equity price, though way down on its high of $63.25 in April 2002, was still trading steadily at between $22 and $28. Was this really a company about to go bust, or one suffering from the fear and loathing of big debt issuers that has gripped credit investors for much of this year? It sounds like the perfect opportunity for taking a bet on the company’s future by loading up on its bonds at those juicy wide spreads. But wait – what if Household’s bond investors had correctly sensed it was on the point of meltdown and it was the equity investors who were over-optimistic about the company? You would not be able to hedge that long bond position when the default swap was at even wider levels than the bonds.
    [Show full text]
  • The Quants: How a New Breed of Math Whizzes Conquered Wall
    Acad. Quest. (2010) 23:506–514 DOI 10.1007/s12129-010-9189-4 REVIEW ESSAY The Quants: How a New Milken, Warren Buffett.1 In the Breed of Math Whizzes “quant” revolution on Wall Street Conquered Wall Street and that took place over the past twenty Nearly Destroyed It, by Scott years, in which mathematical and Patterson. New York: Crown scientific experts created new high-tech Publishing, 2010, 352 pp., investment strategies, we put the $27.00 hardbound. two together. Everyone from Barney Frank to Ben Bernanke to Fannie My Life as a Quant: Mae to the heads of the Harvard and Reflections on Physics and Yale endowment funds to the chief Finance, by Emanuel Derman. executives of the world’slargest Hoboken, NJ: John Wiley & banks and investment banking Sons, 2007, 292, pp., $16.95 houses—even average investors in paperback. many cases—fell under the spell of the quants. The Crash of the Quants It turns out that Roger Lowenstein’s very fine When Genius Failed was Wight Martindale, Jr. wildly mistaken2—so-called “genius” Published online: 27 October 2010 did not fail, it returned with a # Springer Science+Business Media, LLC 2010 vengeance to create even greater havoc. These two books, The Quants: Americans have long been mesmerized How a New Breed of Math Whizzes by scientific genius. Think Thomas Conquered Wall Street and Nearly Edison and Albert Einstein. We are Destroyed It, by Scott Patterson, and equally fascinated by financial My Life as a Quant: Reflections on wizards: J. P. Morgan, Michael Physics and Finance, by Emanuel Derman, provide contrasting insights Wight Martindale, Jr., is an adjunct professor in both the business school and the college of arts and sciences at Lehigh University, Bethlehem, PA 18015; 1 ’ [email protected].
    [Show full text]
  • In Association With
    ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W. VIVIAN LAU BEN LEVINE GREG LIPPMAN JONATHAN MARTIN MARK MCGOLDRICK SAM MORLAND PETER MULLER MICHAEL PASCUTTI GUILLAUME RAMBOURG GERARD SATUR JENS-PETER STEIN MORGAN SZE GEORGE TAYLOR GALIA VELIMUKHAMETOVA JAIME VIESER BOAZ WEINSTEIN MICHAEL WEINSTOCK DANNY YONG JOE ZHOU ALI AKAY DANIELE BENATOFF JOHN BURBANK MARK CARHART TONY CHEDRAOUI NEIL CHRISS CHASE COLEMAN STEPHEN CZECH DEREK DUNN JOHN ECKERSON JEFFREY ENSLIN LOIC FERRY BRIAN FRANK CARL STEPHEN GEORGE ROB GIBBONS KAY HAIGH JOHN HO CARL HUTTENLOCHER RAY IWANOWSKI LOREN KATZOVITZ MASSI KHADJENOURI W.
    [Show full text]
  • New Signatory
    Newsletter November 2013 Dear All, Below is our November report on the developments at the HFSB. New Signatory We are delighted to welcome a new addition to the HFSB family: Saba Capital Management, L.P. (USA) HFSB Annual North American Stakeholder Event The HFSB held its annual North American Stakeholder Forum on 25th November 2013 in New York City. The event was hosted by KPMG and included a roundtable where the HFSB Signatories, Investor Chapter members and Core Supporters presented case studies on topics ranging from AIFM-D Third Country rules, dealing with insider trading to discovering conflicts in fund documentation, corporate governance and analysing fund expenses. The keynote speech was made by Marc Wyatt, Senior Specialized Examiner, Office of Compliance Inspections and Examinations, U.S. Securities & Exchange Commission. He highlighted that “investors play an important role in driving better standards in the industry and the HFSB created a helpful mechanism for collaboration between managers and investors”. Carlos Ferreira of PAAMCO, who was one of the presenters, noted: “This HFSB event provided a great platform for a useful dialogue between managers and investors. It has been educational, constructive and to the point. We need more events like this”. Upcoming Institutional Investor Roundtable in the Nordic Region The HFSB is holding its second annual Nordic event in Helsinki on 4 December 2013. The event will be hosted by Varma Mutual Pension Insurance Company and will include a roundtable where practical case studies will be presented by the HFSB Core Supporters Towers Watson, Unigestion and PAAMCO, HFSB Signatory Matterhorn Investment Management and Varma Mutual Pension Insurance Company.
    [Show full text]