Banking Sales Quotes

I feel robbing a bank would be the highest form of performance art. No need to pay to see me work. The Federal Reserve is subsidizing it.

What do I do for fun? Well, I’d love to get into the bank robbing business, but government work is not for me.

money that is easy to produce is no money at all, and easy money does not make a society richer; on the contrary, it makes it poorer by placing all its hard‐earned wealth for sale in exchange for something easy to produce.

Likes, views and follows are nice, but business is all about sales. If your likes, views and follows don't convert to sales and money in the business bank account - then from a business perspective those likes views and follows are worthless.

If I were to hold up a bank with my index finger and my thumb as the “gun,” then I hope I wouldn’t try to use half my weapon to hitchhike my escape from the police.

Certainly there were obvious differences in policies between the various leaders, and an America run by a Bush, an Obama or a Clinton would have distinct contrasts. Those variables didn’t concern the secret elite rulers, however. As long as the Omega Agency and other clandestine groups ensured each administration sold out on the most lucrative issues – oil, banking, drug trafficking, arms sales – they couldn’t care less whether a political party poured a few more measly bucks into healthcare or schools.

From the time that all of the sales collateral is complete until the cash is in the bank, the exit process can take as little as 4 to 5 months and as long as 18 to 24 months.

Making a product is just an activity, making a profit on a product is the achievement.

When I first came to the city, a line of people often helped me discover an exciting premiere or a big sale; in 1931, such queues more often ended at soup kitchens or collapsing banks.

Twenty metric tonnes of confiscated gold, worth US$200 million, held in its vaults was made available by the RBI to the State Bank of India for sale, with a repurchase option, to the Union Bank of Switzerland.

a money that is easy to produce is no money at all, and easy money does not make a society richer; on the contrary, it makes it poorer by placing all its hard-earned wealth for sale in exchange for something easy to produce.

a money that is easy to produce is no money at all, and easy money does not make a society richer; on the contrary, it makes it poorer by placing all its hard‐earned wealth for sale in exchange for something easy to produce.

Much like a house mortgaged to a bank today, mortgaged slaves were security for those who put up the money for the mortgage, to whom the slaves were “conveyed.” A mortgage financier might be a merchant, a church with an investment portfolio, a college, a bank, or, commonly, a wealthy individual with a large slavehold. A slave put up for sale had to be warranted not only of “good character” (not criminal-minded or rebellious) but “free of all incumbrance” (not already mortgaged).14 Slaveowners had physical possession of, and legal title to, the enslaved, but to speak only of the slaveowners is to underestimate how broad was the stakeholding.

•I lost money in every way possible: I misplaced checks and sometimes found them when they were too old to take to the bank. If I did find them in time, I missed out on the interest they could’ve made in my savings account. I paid late fees on bills, even though I had money in the bank — I’d just forgotten to pay them or lost the bill in my piles. I bought new items because they were on sale with a rebate, but forgot to mail the rebate form. •I dealt with chronic health worries because I never scheduled doctor’s appointments. •I lived in constant fear of being “found out” by people who held me in high regard. I always felt others’ trust in me was misplaced. •I suffered from nonstop anxiety, waiting for the other shoe to drop. •I struggled to create a social life in our new home. I either felt I didn’t have time because I needed to catch up and calm some of the chaos, or I wasn’t organized enough to make plans in the first place. •I felt insecure in all my relationships, both personal and professional. •I had nowhere to retreat. My life was such a mess, I had no space to gather my thoughts or be by myself. Chaos lurked everywhere. •I rarely communicated with long-distance friends or family. •I wanted to write a book and publish articles in magazines, yet dedicated almost no time to my creative pursuits.

The Yap Island chiefs who refused O'Keefe's cheap Rai stones understood what most modern economists fail to grasp: a money that is easy to produce is no money at all, and easy money does not make a society richer; on the contrary, it makes it poorer by placing all its hard-earned wealth for sale in exchange for something easy to produce.

She asserted that Europeans like them were robbers with guns who went all over the world stealing other people's land, which they then called their plantations. And they made the people they robbed their slaves. She was taking a long view of history, of course. Tarkington's Trustees certainly hadn't roamed the world on ships, armed to the teeth and looking for lightly defended real estate. Her point was that they were heirs to the property of such robbers, and to their mode of thinking, even if they had been born poor and had only recently dismantled an essential industry, or cleaned out a savings bank, or earned big commissions by facilitating the sale of beloved American institutions or landmarks to foreigners.

The government system we have now is set up just like that of Rome and is changing into a system I call Corpocracism (Babylon, United States). Corpocracism is a word derived from some entities of feudalism, democracy, capitalism, classism, and corporatism to form a government system into a dictatorship and police state. This system is being brought about by a group of people in our own government, corporations, financial institutions and foreign entities. It is an ideology of hypocrisy that is leading to an JerUSAlem (America) that will sale off every aspect of its nations people to be captive to foreign entities such as corporations, governments, lawyers, financial institutions, banks, individuals and groups of individuals.

It's amazing how people define roles for themselves and put handcuffs on their experience and are constantly surprised by the things a roulette universe spins at them. Here am I, they say, a mere wholesale fishmonger, at the controls of a giant airliner because as it turns out all the crew had the Coronation Chicken. Who'd have thought it? Here am I, a housewife who merely went out this morning to bank the proceeds of the Playgroup Association's Car Boot Sale, on the run with one million in stolen cash and a rather handsome man from the Battery Chickens' Liberation Organization. Amazing! Here am I, a perfectly ordinary hockey player, suddenly realizing I'm the Son of God with five hundred devoted followers in a nice little commune in Empowerment, Southern California. Who'd have thought it?

Your level of audacity affects how well they perceive your idea.   Audacity in asking means that you ask for what you actually want. When you are in the heat of the conversation, and things are getting real, and the yes and no affects your bank account, you will sometimes feel a temptation to be safe, rather than... sorry.   What a bullshit phrase, by the way. I’d rather die in the pursuit of my peak potential, than live forever in a mediocre, average way.” Excerpt From: “Unlimited Influence: Sell Any Idea One On One.

Any intervention, such as that of the German Reichsbank in the Spring of 1923, in which only a small part of the increasing note-expansion was recovered by the banks through the sale of foreign bills, would necessarily be unsuccessful. Led by the idea of opposing speculation, inflationistic governments have allowed themselves to become involved in measures whose meaning is hardly intelligible. Thus at one time the importation of notes, then their exportation, then again both their exportation and importation, have been prohibited. Exporters have been forbidden to sell for their own country's notes, importers to buy with them.

This determination that nurturing should become exclusively a concern of women served to signify to both sexes that neither nurture nor womanhood was very important. But the assignment to women of a kind of work that was thought both onerous and trivial was only the beginning of their exploitation. As the persons exclusively in charge of the tasks of nurture, women often came into sole charge of the household budget; they became family purchasing agents. The time of the household barterer was past. Kitchens were now run on a cash economy. Women had become customers, a fact not long wasted on the salesmen, who saw that in these women they had customers of a new and most promising kind. The modern housewife was isolated from her husband, from her school-age children, and from other women. She was saddled with work from which much of the skill, hence much of the dignity, had been withdrawn, and which she herself was less and less able to consider important. She did not know what her husband did at work, or after work, and she knew that her life was passing in his regardlessness and in his absence. Such a woman was ripe for a sales talk: this was the great commercial insight of modern times. Such a woman must be told — or subtly made to understand — that she must not be a drudge, that she must not let her work affect her looks, that she must not become “unattractive,” that she must always be fresh, cheerful, young, shapely, and pretty. All her sexual and mortal fears would thus be given voice, and she would be made to reach for money. What was implied was always the question that a certain bank finally asked outright in a billboard advertisement: “Is your husband losing interest?

You may be thinking, Why don’t you call a bank? Don’t they loan money to businesses all the time? Yes, they do. But not after they’ve heard a story like mine, in which a long-established but barely profitable company enters a downward spiral. Banks want one thing: their money back, with interest. They only want to do business with a company that has a good plan to pay them back, and plenty of collateral available if that plan doesn’t work out. They aren’t interested in propping up a company that’s in trouble. And clearly I’m in trouble. Everything is wrong here—the fact that I’ve survived for many years without building up a healthy cash reserve indicates bad management, and our disappearing sales indicate incompetent marketing. Showing up, hat in hand, at a bank, when I may be out of business in a few weeks, would show a serious lack of judgment on my part.

Very briefly, this simple, practical measure would be for a portion of the machines of every company to become the property of everyone – with the percentage of profits corresponding to that portion flowing into a common fund to be shared equally by all. Consider what effect that would have on the course of human history. Currently, increasing automation reduces the portion of total income that goes to workers, diverting more and more money into the pockets of the rich who own the machines. But as we have seen, this ultimately diminishes demand for their products, as the majority have less and less money to spend. But if a portion of the profits were to go automatically into the bank accounts of the workers as well, then this downward pressure on demand, sales and prices would be alleviated, turning the whole of humanity into the beneficiary of the machines’ labour.

One can hardly fault China for seizing on a great bargain, but for Zambia, the auctioning off of its most lucrative economic resources at fire-sale prices constituted another big stroke of bad national luck. Copper prices were still depressed and the government’s state of near bankruptcy at the time meant that Zambia had little negotiating power. Edith Nawakwi, who was the Zambian finance minister at the time of the sale, said that the country was pressured by its more traditional partners to accept this pittance. “We were told by advisers, who included the International Monetary Fund and the World Bank, that … for the next twenty years, Zambian copper would not make a profit. [Conversely, if we privatized] we would be able to access debt relief, and this was a huge carrot in front of us—like waving medicine in front of a dying woman. We had no option [but to go ahead].” The

Europe’s war against debtor countries was turning into class war, which always ends up being waged on the political battlefield. One financial analyst noted that the money raised for putting up islands and public buildings, ports and the water system for sale “will barely put a dint in Greece’s now-unpayable public debt.” Creditors simply hoped to take as much as they could, in the absence of public protests to stop the selloffs. That is why bankers resort to anti-democratic methods in opposing any political power independent of creditor interests. The aim is to centralize financial policy in the hands of “technocrats” drawn from the banking sector – not only Lucas Papademos in Greece, but also Mario Monti in Italy almost simultaneously (as described in the next chapter). The fear is that democratically elected officials will act “irresponsibly,” that is, in the interests of the economy at large rather than catering to the demands of banks and bondholders. The

the sales reps walks by her office, taps on the glass wall and calls out, ‘Yo, Soph!’ She calls back ‘Yo, Matt!’ and waves a fist in the air like a homeboy. She is such a fraud. She taps quickly on the delete key, thinking with pleasurable horror of the reaction if she had accidentally clicked on ‘send’. Their hurt, earnest faces! What can Thomas possibly want, after all this time? She finds herself remembering a sugary-brown smell. It is the smell of cinnamon toast, frangipani blossoms and Mr Sheen –the smell of his Aunt Connie’s house. Sophie had been going out with Thomas for nearly a year when she decided to break up with him. The decision was the result of weeks of agonised self-analysis. Yes, she loved him, but did she love him for the right reasons? She knew, for example, that it was right to love a man for his kind heart, but wrong to love him for his bank account. It was fine to love him for his gorgeous blue eyes, but shallow to love him for his tanned muscles. (Unless, of course, they were uniquely his muscles,

OPTIONS FOR REDUCING While thrift stores such as Goodwill or the Salvation Army can be a convenient way to initially let go, many other outlets exist and are often more appropriate for usable items. Here are some examples: • Amazon.com • Antiques shops • Auction houses • Churches • Consignment shops (quality items) • Craigslist.org (large items, moving boxes, free items) • Crossroads Trading Co. (trendy clothes) • Diggerslist.com (home improvement) • Dress for Success (workplace attire) • Ebay.com (small items of value) • Flea markets • Food banks (food) • Freecycle.org (free items) • Friends • Garage and yard sales • Habitat for Humanity (building materials, furniture, and/or appliances) • Homeless and women’s shelters • Laundromats (magazines and laundry supplies) • Library (books, CDs and DVDs) • Local SPCA (towels and sheets) • Nurseries and preschools (blankets, toys) • Operation Christmas Child (new items in a shoe box) • Optometrists (eyeglasses) • Regifting • Rummage sales for a cause • Salvage yards (building materials) • Schools (art supplies, magazines, dishes to eliminate class party disposables) • Tool co-ops (tools) • Waiting rooms (magazines) • Your curb with a “Free” sign

What’s an IPO, exactly? A company decides it wants to “float” part of its equity on the public markets, allowing employees and founders to sell private shares to pay them off for years of service, as well as sell shares out of the corporate treasury to have some money in the bank. Large investment banks (such as my former employer Goldman Sachs) form what’s called a “syndicate” (“mafia” might be a better term) wherein they offer to effectively buy those shares from Facebook, and then sell them into the capital markets, usually by pushing it via their sales force onto wealthy clients or institutional investors. That syndicate either guarantees a price (“firm commitment”) or promises to get the best price it can (“best effort”). In the former case, the bank is taking real execution risk, and stands to lose money if it doesn’t engineer a “pop” in the stock on opening day. To mitigate the risk, the bank convinces the offering company to expect a lower price, while simultaneously jacking up what real price the market will bear with a zealous sales pitch to the market’s deepest pockets. Thus, it is absolutely jejune to think that a stock’s rise on opening day is due to clamoring and unexpected interest. Similar to Captain Renault in Casablanca, Wall Street bankers are shocked—shocked!—that there should be such a large and positive price dislocation in the market they just rigged.

Professor Joseph Stiglitz, former Chief Economist of the World Bank, and former Chairman of President Clinton's Council of Economic Advisers, goes public over the World Bank’s, “Four Step Strategy,” which is designed to enslave nations to the bankers. I summarise this below, 1. Privatisation. This is actually where national leaders are offered 10% commissions to their secret Swiss bank accounts in exchange for them trimming a few billion dollars off the sale price of national assets. Bribery and corruption, pure and simple. 2. Capital Market Liberalization. This is the repealing any laws that taxes money going over its borders. Stiglitz calls this the, “hot money,” cycle. Initially cash comes in from abroad to speculate in real estate and currency, then when the economy in that country starts to look promising, this outside wealth is pulled straight out again, causing the economy to collapse. The nation then requires International Monetary Fund (IMF) help and the IMF provides it under the pretext that they raise interest rates anywhere from 30% to 80%. This happened in Indonesia and Brazil, also in other Asian and Latin American nations. These higher interest rates consequently impoverish a country, demolishing property values, savaging industrial production and draining national treasuries. 3. Market Based Pricing. This is where the prices of food, water and domestic gas are raised which predictably leads to social unrest in the respective nation, now more commonly referred to as, “IMF Riots.” These riots cause the flight of capital and government bankruptcies. This benefits the foreign corporations as the nations remaining assets can be purchased at rock bottom prices. 4. Free Trade. This is where international corporations burst into Asia, Latin America and Africa, whilst at the same time Europe and America barricade their own markets against third world agriculture. They also impose extortionate tariffs which these countries have to pay for branded pharmaceuticals, causing soaring rates in death and disease.

extent, Polly Lear took Fanny Washington’s place: she was a pretty, sociable young woman who became Martha’s closest female companion during the first term, at home or out and about, helping plan her official functions. The Washingtons were delighted with the arrival of Thomas Jefferson, a southern planter of similar background to themselves, albeit a decade younger; if not a close friend, he was someone George had felt an affinity for during the years since the Revolution, writing to him frequently for advice. The tall, lanky redhead rented lodgings on Maiden Lane, close to the other members of the government, and called on the president on Sunday afternoon, March 21. One of Jefferson’s like-minded friends in New York was the Virginian James Madison, so wizened that he looked elderly at forty. Madison was a brilliant parliamentary and political strategist who had been Washington’s closest adviser and confidant in the early days of the presidency, helping design the machinery of government and guiding measures through the House, where he served as a representative. Another of Madison’s friends had been Alexander Hamilton, with whom he had worked so valiantly on The Federalist Papers. But the two had become estranged over the question of the national debt. As secretary of the Treasury, Hamilton was charged with devising a plan to place the nation’s credit on a solid basis at home and abroad. When Hamilton presented his Report on the Public Credit to Congress in January, there was an instant split, roughly geographic, north vs. south. His report called for the assumption of state debts by the nation, the sale of government securities to fund this debt, and the creation of a national bank. Washington had become convinced that Hamilton’s plan would provide a strong economic foundation for the nation, particularly when he thought of the weak, impoverished Congress during the war, many times unable to pay or supply its troops. Madison led the opposition, incensed because he believed that dishonest financiers and city slickers would be the only ones to benefit from the proposal, while poor veterans and farmers would lose out. Throughout the spring, the debate continued. Virtually no other government business got done as Hamilton and his supporters lobbied fiercely for the plan’s passage and Madison and his followers outfoxed them time and again in Congress. Although pretending to be neutral, Jefferson was philosophically and personally in sympathy with Madison. By April, Hamilton’s plan was voted down and seemed to be dead, just as a new debate broke out over the placement of the national capital. Power, prestige, and a huge economic boost would come to the city named as capital. Hamilton and the bulk of New Yorkers and New Englanders

The Ten Ways to Evaluate a Market provide a back-of-the-napkin method you can use to identify the attractiveness of any potential market. Rate each of the ten factors below on a scale of 0 to 10, where 0 is terrible and 10 fantastic. When in doubt, be conservative in your estimate: Urgency. How badly do people want or need this right now? (Renting an old movie is low urgency; seeing the first showing of a new movie on opening night is high urgency, since it only happens once.) Market Size. How many people are purchasing things like this? (The market for underwater basket-weaving courses is very small; the market for cancer cures is massive.) Pricing Potential. What is the highest price a typical purchaser would be willing to spend for a solution? (Lollipops sell for $0.05; aircraft carriers sell for billions.) Cost of Customer Acquisition. How easy is it to acquire a new customer? On average, how much will it cost to generate a sale, in both money and effort? (Restaurants built on high-traffic interstate highways spend little to bring in new customers. Government contractors can spend millions landing major procurement deals.) Cost of Value Delivery. How much will it cost to create and deliver the value offered, in both money and effort? (Delivering files via the internet is almost free; inventing a product and building a factory costs millions.) Uniqueness of Offer. How unique is your offer versus competing offerings in the market, and how easy is it for potential competitors to copy you? (There are many hair salons but very few companies that offer private space travel.) Speed to Market. How soon can you create something to sell? (You can offer to mow a neighbor’s lawn in minutes; opening a bank can take years.) Up-front Investment. How much will you have to invest before you’re ready to sell? (To be a housekeeper, all you need is a set of inexpensive cleaning products. To mine for gold, you need millions to purchase land and excavating equipment.) Upsell Potential. Are there related secondary offers that you could also present to purchasing customers? (Customers who purchase razors need shaving cream and extra blades as well; buy a Frisbee and you won’t need another unless you lose it.) Evergreen Potential. Once the initial offer has been created, how much additional work will you have to put in in order to continue selling? (Business consulting requires ongoing work to get paid; a book can be produced once and then sold over and over as is.) When you’re done with your assessment, add up the score. If the score is 50 or below, move on to another idea—there are better places to invest your energy and resources. If the score is 75 or above, you have a very promising idea—full speed ahead. Anything between 50 and 75 has the potential to pay the bills but won’t be a home run without a huge investment of energy and resources.

Leonard H. Stringfield 1)Retrievals of the Third Kind: A Case Study of Alleged UFOs and Occupants in Military Custody. The first formal research paper presented publicly on the subject of UFO crash/retrievals at the MUFON Symposium, Dayton, Ohio, July, 1978. Original edition, dated April, 1978, was published in MUFON Proceedings (1978). Address: MUFON, 103 Oldtowne Road, Seguin, Texas 78155. If available, price___________. 2)Retrievals of the Third Kind: A Case Study of Alleged UFOs and Occupants in Military Custody,Status Report I. Revised edition, July, 1978, word processed copy, 34 pages. Available at author's address. See below. Price, USA___________. 3)UFO Crash/Retrieval Syndrome, Status Report II. Published by MUFON. Flexible cover, typeset, illustrations, 37 pages. Available only at MUFON address: 103 Oldtowne Road, Seguin, Texas 78155. Price, USA___________. 4)UFO Crash/Retrievals: Amassing the Evidence, Status Report III, June 1982; flexible cover, typeset, illustrations, 53 pages. Available from author's address. See below. Price, USA___________. 5)The Fatal Encounter at Ft. Dix -- McGuire: A Case Study, Status Report IV, June, 1985. Paper presented at MUFON Symposium, St. Louis, Missouri, 1985. Xeroxed copy, 26 pages. Available at author's address. See below. Price, USA___________. 6)UFO Crash/Retrievals: Is the Coverup Lid Lifting? Status Report V. Published in MUFON UFO Journal, January, 1989, with updated addendum. Xeroxed copy, 23 pages. Available at author's address. See below. Price, USA___________. 7)Inside Saucer Post, 3-0 Blue. Book privately published, 1957. Review of author's early research and cooperative association with the Air Defense Command Filter Center, using code name, FOX TROT KILO 3-0 BLUE. Flexible cover, typeset, illustrations, 94 pages. Available from author's address. See below. Price, USA___________. 8)Situation Red: The UFO Siege. Hardcover book published by Doubleday & Co., 1977. Paperback edition published by Fawcett Crest Books, 1977. Also foreign publishers. Out of print, not available. 9)Orbit Newsletter, published monthly, 1954-1957, by author for international sale and distribution. Set of 36 issues. Some issues out of stock, duplicated by xerox. Available at author's address -- see below. Price of set, USA___________. 10)UFO Crash/Retrievals: The Inner Sanctum, Status Report VI, July, 1991; flexible cover, book length, 81.000 words, 142 (8-1/2 X 11) pages, illustrated. Privately published. Available from author's address. See below. Price, USA___________. Prices include postage and handling. Mailings to Canada, add 500 for each item ordered. All foreign orders, payable U.S. funds, International money order or draft on U.S. Bank. Recommend Air Mail outside U.S. territories. Check on price. Leonard H. Stringfield 4412 Grove Avenue Cincinnati, Ohio 45227 USA Telephone: (513) 271-4248

Traffic and visitor counts are, frankly, B.S., flung about by fools and social media promoters and charlatans like monkeys at the zoo fling feces. It’s meaningless. Only traffic converted to prospects and customers, converted to sales and profits count. Be very wary of all the “new metrics” gobbledygook. There’s no line for it on a bank deposit slip.

Follow-up Call (Script) Seller: “Hello Mr. Prospect, my name is Tom Freese, and I’m the regional manager for KnowledgeWare in Kansas City. I wanted to contact you about the CASE application development seminar we are hosting at IBM’s Regional Headquarters on August 26. Do you remember receiving the invitation we sent you? (Pause for a response) “Frankly, we are expecting a record turnout—over one hundred people, including development managers from Sprint, Hallmark Cards, Pepsi Co., Yellow Freight, Kansas Power & Light, the Federal Reserve Bank, Northwest Mutual Life, American Family Life, St. Luke’s Hospital, Anheuser-Busch, MasterCard, American Express, Worldspan, and United Airlines, just to name a few. “I wanted to follow up because we haven’t yet received an RSVP from your company, and I wanted to make sure you didn’t get left out.” Granted, this was a highly positioned approach, but it was also 100 percent accurate. I wanted prospects to know that IBM was endorsing this event. I also wanted to let them know that I expected “everyone else” to participate. I accomplished this by rattling off an impressive list of marquee company names that we were “expected” to attend. Most importantly, I wanted to make sure that they didn’t get left out.

Privatisation of government-owned enterprises is crucial to the project [neoliberalism]. One of the appealing features of tax cuts for neoliberal governments is that reduced revenue provides them with an excuse to sell state assets to meet the sudden budget shortfalls. The sale of state assets creates more lucrative business opportunities for the corporations that can afford to buy such things as power stations, water treatment plants, telecommunications providers, government banks and airlines. It's something of a windfall for a business to acquire an asset that will always deliver a return so long as citizens still need things like water or power supplied to their homes, a bus to catch from one place to another, or a telephone connection. And - unlike a state-owned asset - a private corporation never has to adjust its services due to democratic prompting from the electorate. Why do power prices keep going up across Australia? Because most of the power supply is now owned and operated by private corporations. They're free to price gouge on the supply of an essential service, because they can't be voted out of office. p.58-9

No web tracking system I’ve ever seen gives perfectly accurate numbers. But dollars in the bank—that’s a pretty reliable measure.

The central bank’s bond purchases or sales are also an important indication of where the value of the dollar is headed. Is the Fed continuing its bond purchases and further expanding the money supply? Or, is it shrinking the monetary base by selling those securities? The answers may be found on the Federal Reserve balance sheet.

Privatisation of government-owned enterprises is crucial to the project [neoliberalism]. One of the appealing features of tax cuts for neoliberal governments is that reduced revenue provides them with an excuse to sell state assets to meet the sudden budget shortfalls. The sale of state assets creates more lucrative business opportunities for the corporations that can afford to buy such things as power stations, water treatment plants, telecommunications providers, government banks and airlines. It's something of a windfall for a business to acquire an asset that will always deliver a return so long as citizens still need things like water or power supplied to their homes, a bus to catch from one place to another, or a telephone connection. And - unlike a state-owned asset - a private corporation never has to adjust its services due to democratic prompting from the electorate. Why do power prices keep going up across Australia? Because most of the power supply is now owned and operated by private corporations. They're free to price gouge on the supply of an essential service, because they can't be voted out of office.

In better times, Salomon might have shunned me, but they were as desperate as I was, and after an intense round of interviews, they offered me a position as an associate on the East European investment-banking team in London. It wasn’t exactly what I wanted. My dream was to be an investor—the person deciding what shares to buy—not an investment banker, the guy organizing the sale of shares.

This strategy, together with the partial dismantling of measures to fight poverty, partly explains the continuous rise of inequalities in India. However, some of the rich have become richer for other reasons as well, including the close relationship between the Modi government and industrialists. FROM CRONY CAPITALISM TO COLLUSIVE CAPITALISM While the Modi government is not responsible for the enrichment of Indian tycoons, which began in most cases prior to the BJP victory in 2014, it continued to help them. In Gujarat, the Modi government had apparently granted unwarranted advantages to industrialists, including the sale of land below market prices, dispensations from environmental standards, unjustified tax rebates, interest-free loans, and so on.136 After forming the central government, the NDA government allegedly shielded Indian industrialists from banks to which these men owed billions. Such collusion has contributed to destabilizing a banking system undermined by dubious debts—particularly those held by these big investors, who do not pay back their loans.137 Even if the problem began under the previous government, it has persisted in part owing to collusion between businessmen and the ruling class. The government’s cronies continued to receive huge loans from public-sector banks (whose heads have trouble disobeying the government),138 which they proved unable to pay back. In May 2018, nonperforming assets (NPAs) vested in public banks—in other words, loans for which the borrower had not made payment on either the interest or the principal in at least ninety days—accounted for 12.65 billion dollars, or about 14 percent of their total loans (compared to 12.5 percent in March the previous year139 and only 3 percent in March 2012).140 A small number of borrowers were largely responsible for this evolution, among whom were prominent large industrialists.141 In 2015, in a fifty-seven-page document, Credit Suisse gave a detailed analysis of the astounding level of debt of ten Indian corporations that continued to borrow even though all the red flags had gone up.142 In 2018, 84 percent of the dubious loans were owed by major corporations, and twelve of them accounted for 25 percent of the outstanding NPAs.143 Among them is the group owned by Gautam Adani, a supporter of Prime Minister Narendra Modi since 2002.144 In 2015, the group increased its debt level by 16 percent to acquire a seaport and two power plants. Consequently, its debt soared to 840 billion rupees (11.2 billion USD), compared to only 331 billion rupees (4.41 billion dollars) in 2011.145

Among many other things, the Depression changed how I felt about crowds: When I first came to the city, a line of people often helped me discover an exciting premiere or a big sale; in 1931, such queues more often ended at soup kitchens or collapsing banks.

Taxing land rent (and also natural resource rent and monopoly rent) has three positive effects. First, it keeps property prices low by preventing this rent from being capitalized into bank loans. Second, it frees labor and industry from taxes on wages, profits and sales, alleviating most family budgets. Third, banks will be obliged not to create as much new debt that merely becomes a cost of transferring ownership rather than contributing to real output and productivity. Taxing rent is administratively easy. The United States has over twenty thousand appraisers whose job is to assess the market value of buildings and land separately.

Mina chose Llewellyn Park, an exclusive, gated, hillside enclave in West Orange, New Jersey. It was far enough from the railroad station in downtown Orange to be considered rural, yet close enough to merit municipal horsecar service. Glenmont, the estate’s premier residence, was listed for sale fully furnished, thanks to the downfall of the owner, Henry Pedder, in a million-dollar embezzlement case. It was bigger than the house she had grown up in, a many-gabled, twenty-three-room Queen Anne mansion, red of brick and exterior framing, almost new and built as solidly as a bank, with a mahogany central staircase, a billiard den, a music room, and an immense curving

Hutchins’s role as the hero of the WannaCry story would be complicated just three months later, when he was arrested by the FBI after attending the DEF CON hacker conference. Hutchins was charged with computer fraud and abuse related to his alleged creation and sale of banking malware years earlier. In July 2019, however, a judge sentenced him to no jail time, in part due to his WannaCry work.

No publisher. No agent. They had told him that sales had not been good. Markets had changed. Same old shit. Well, fuck them. Fuck them all. Something different was needed, apparently. Something original but easily pigeon-holed. Books by celebrities were very popular. Models, second-rate comedians, has-been soap stars (those that weren’t trying to make it in the music business), even footballers were writing books. Any talentless cunt with enough money to pay a ghost-writer and a good editor was capable of churning out a book and earning shit-loads of cash for it. And then there were the household names who milked their own brand of repetitious bullshit while fawning publishers knelt at their feet to push ever-larger cheques into their grasping hands. Add to these the comfortable middle-class writers who lectured on real life from the security of knowing it was a world they would never have to inhabit. People with millions in the bank who crowed that money wasn’t everything, who complained about invasion of privacy during their six-page interviews, who were proud of how they’d been single mothers or record-shop employees or advertising men before they’d made it big. And who whined about how hard they’d had to work to get published when all it took was a generous publisher and an even more generous publicity department. Ward despised them all. Even when he’d been successful he’d despised them. The whole fucking business stank. It stank of cowardice. Of duplicity. Of betrayal.

Procrastination and laziness in sales and business lead to – nowhere and a lean and lousy bank account. It has been said that Procrastination is the opportunity’s assassin and that is true. Procrastination is one of the main reasons why so many fail to effectively manage their time. Don’t be that guy or gal. Procrastination is a deterrent that sabotages our own efforts. Overcoming it is essential if you want your business to succeed.

So Charlie decided to take back what rightfully belonged to her. She was no longer as naive as she had once been. She learned everything she could about banking and finance and figured out how to establish a secure Swiss bank account. After that, through Barracuda, she hacked into Lightning’s corporate bank accounts, siphoned out a considerable amount of money, and deposited it in her own account. And then, because she couldn’t help herself, she enacted a little more vengeance on Lightning. On the company’s homepage, she altered the slogan to “Committing Evil for 120 years” and animated their lightning logo so that it struck a kennel and set several cartoon dogs on fire. She also removed all the software products for sale on their website, replacing them with particularly horrible items like elephant tusks, rhino horns, and giant panda skins. Finally, she wiped out all of Lightning’s access codes.

What happened in 1970 in Los Angeles was the worst economic episode I’ve ever had to fight through. Unlike the post–Cold War Recession, we did not have the waves of in-migration from Mexico, nor were drug sales as great. I believe the underground economy was a silent savior of Los Angeles during 1990–94. The Kent State Massacre and the Pentagon Papers scandal didn’t help the 1970 scene. Furthermore, things didn’t get better in the early 1970s. The sharp recession of 1970 was followed by a sudden inflation caused by Vietnam spending. Nixon “slammed the gold window shut.” From 1945 to 1971, the U.S., under the Bretton Woods Agreement, had agreed to back its currency to a limited extent with gold at $35 per ounce. Other nations’ central banks were withdrawing our gold so fast that Nixon had to renege on the promise. This was followed in 1973 by the end of fixed currency exchange rates. The dollar plummeted. Traveling to the wine country of France in the summer of 1973, I was unable to cash American Express dollar-denominated traveler’s checks. Inflation jumped with the 1973 Energy Crisis. Nixon imposed wage and price controls. Then Watergate, accompanied by the Dow Jones hitting bottom in 1974. Three Initiatives to Turn the Tide Against all this, Trader Joe’s mounted three initiatives. In chronological order: We launched the Fearless Flyer early in 1970. We broke the price of imported wines in late 1970 thanks to a loophole in the Fair Trade law. Most importantly, in 1971, we married the health food store to the Good Time Charley party store, which had been the 1967–70 version of Trader Joe’s. Together these three elements comprised the second version of Trader Joe’s, Whole Earth Harry.

Karl Polanyi described in his book The Great Transformation, things like land, labor, and money aren’t actual commodities. Instead each functions as a “fictitious commodity.” Land isn’t produced by anyone; it was already there. Money isn’t made from one’s efforts but comes from banks and states as a mechanism for accounting. As Polanyi writes, “Labor is only another name for a human activity which goes with life itself, which in its turn is not produced for sale but for entirely different reasons, nor can that activity be detached from the rest of life, be stored or mobilized.

There are many different Sponsor Programs available including several that give you a competition-free exclusive position. Sponsors are needed for each hour for the phone banks; for the Interview Area, where guests are interviewed by celebrity hosts; for table banners; and much more. There are even a few 1 and 2 minute Video Presentation Opportunities (company exposure) available. In all cases, representatives of your firm come on the show for you, your people, and your products. We will also assist you every step of the way with your employee fundraising event or other promotion, to raise the funds for your sponsorship. There really is no good reason not to participate. As a sponsor, you'll be showing your concern for the community, in connection with a situation that, at one time or another, will affect over 35% of all families! Arthritis is one of the most common, frustrating, debilitating diseases. It is understandably of great concern to a great many people. Also, the Arthritis Foundation has an excellent track record in terms of appropriate use of funds for research and education (rather than organizational overhead). We believe that real cures for arthritis are just around the corner; you can help get us there! With our Telethon on Channel 10, we will benefit from their superior production capability, involvement of their popular celebrities, and advance promotional opportunities. Our Telethon will be on for several hours immediately before and again immediately after an NBA Basketball Game, which we believe will increase our viewership. And, of course, we're mixing our live, local show with a “feed” from the National Telethon, featuring major Hollywood entertainers. Everything points to our highest, most responsive viewership ever! You'll be in good company, too, with local and national sponsors like: Thrifty, Sears, Allstate, Greyhound, Prudential, and Procter & Gamble. To summarize, you have an opportunity to … Help a good, worthy cause Gain valuable TV exposure and publicity Get all the benefits with little or no money out of your present budget — we'll work with your employees to raise the funds! Possibly have exclusive position, if you act quickly Have complete, step-by-step assistance from our staff Why not give me a call; let's arrange a meeting where I can personally explain the different “standard opportunities” available and then “brainstorm” with you about the best way for your business to participate. There's no obligation, of course, and certainly no pressure, but, together, we just may figure out the perfect situation for your business. Thank you for you consideration, Joel L. Beck Telethon Chairman for the Arthritis Foundation JLB/va _______ Letter reprinted with permission of Dan Kennedy (writer) and Joel Beck, former telethon chairman, Arizona.

BENEFITS OF MSME REGISTRATION There are diverse blessings that groups get after acquiring MSME registration in India below the MSME act. They are as follows: COLLATERAL FREE BANK LOANS Collateral loose loans are loans supplied to the lender through the borrower with none guarantee. One can method a borrower for a mortgage despite the fact that he/she has not anything to spend money on or pledge. The Government of India has made collateral-loose credit score to be had to all small and micro-enterprise sectors. This initiative ensures finances to micro and small-zone firms. Under this scheme, each the vintage in addition to the brand new firms can declare the advantages. REGISTRATION SUBSIDY A big 50% subsidy is given to the status quo having a certificates of registration granted through MSME. This subsidy for patent registration may be availed through filing packages to diverse ministries. CONCESSION ON ELECTRICITY BILLS One of the large advantages to the MSMEs, organizations registered below the MSME act can get a concession on strength payments. For doing this, they should post the payments along side an utility and a replica of the registered certificates through MSME. PROTECTION AGAINST DELAYED PAYMENTS Taking into consideration the uncertainty with the sales technology through diverse groups, the authorities offers a layer of defensive to them in opposition to bills. The Ministry of Micro, Small, and Medium Enterprise has given enterprise proprietors and firms to acquire hobby on bills not on time through the client. Under the MSME registration advantages, a client is predicted to make a fee for the goods/offerings inside 15 days of the purchase. If the client delays, the fee for greater than forty five days, the agency is eligible to rate compound hobby that's three instances the charge notified through RBI.

I mean, yeah. I was happy, excited for the album, but you know what my mind kept going back to?” “What?” My voice is hushed, my heart waiting. “Our first kiss.” A smile crooks the corner of his full lips. “That night at the carnival, no one knew who I was. My bank account was sad. Not one of my dreams had come true yet, but I had you. That night I had you, and it was the best night of my life. And the night of the party, when I thought you might marry Parker, that we might not ever get back to what we started on that Ferris wheel, I could barely focus on the songs. That let me know what is the most important thing to me, and it ain’t sales.

The sale is closed when you get the order, collect the check, take it to the bank, and the check clears! —DAVID H. SANDLER

That day I walked out of the store with new shoes and an understanding of how emotions can be used to drive a sale. Having me put on a shoe that was way out of my price range, but not pressuring me to buy it, created a big Wow Moment, and it achieved a couple of important things. First, my mind was blown. I couldn’t believe the difference between a good shoe and an amazing shoe, and I was able to feel it for myself. This is a great technique for upselling someone if they have more to spend. You can’t control how much money is in a client’s bank account, but you can control how you present the product to them—and that directly impacts how they feel about it. I

The Lost Bank by Kirsten Grind (Simon & Schuster, 2012) describes the fall of Washington Mutual and really goes into detail on the environment created by its sales practices.

Raising capital. Organisations like Rio Tinto, TomTom and GKN have all raised significant sums through the equity markets. Refinancing debt. Some companies, like Yell and Schaeffler, have rolled over billions in bank finance. However, many businesses are still finding banks reluctant to lend and have turned to bond issuance as an alternative. Divestment. Companies can sell off valuable assets, such as Barclays did with Barclays Global Investors, and it is always better to do so before a crisis; otherwise it will be seen for the fire sale it is and the price will be a fire-sale price. Furthermore, any sell-off that weakens a firm’s core capability or its long-term competitive position may also shorten its life. Cut costs but not capability The managing uncertainty survey revealed that the most common action that companies took when the financial crisis struck was to cut costs. Some 82% of respondents cut costs. When asked about their future responses to uncertainty, 76% indicated they would continue to focus on cost reduction.

fulfill our mission with the Rational ApproachTM, a comprehensive softwareengineering solution consisting of three elements: • A configurable set of processes and techniques for the development of software, based on iterative development, object modeling, and an architectural approach to software reuse. • An integrated family of application construction tools that automate the Rational Approach throughout the software lifecycle. • Technical consulting services delivered by our worldwide field organization of software engineers and technical sales professionals. Our customers include businesses in the Asia/Pacific region, Europe, and North America that are leaders in leveraging semiconductor, communications, and software technologies to achieve their business objectives. We serve customers in a diverse range of industries, such as telecommunications, banking and financial services, manufacturing, transportation, aerospace, and defense.They construct software applications for a wide range of platforms, from microprocessors embedded in telephone switching systems to enterprisewide information systems running on company-specific intranets. Rational Software Corporation is traded on the NASDAQ system under the symbol RATL.1

If I worked at a Laundromat, I’d steal money, and if I worked at a bank, I’d steal clothes.

Dear KDP Author, Just ahead of World War II, there was a radical invention that shook the foundations of book publishing. It was the paperback book. This was a time when movie tickets cost 10 or 20 cents, and books cost $2.50. The new paperback cost 25 cents – it was ten times cheaper. Readers loved the paperback and millions of copies were sold in just the first year. With it being so inexpensive and with so many more people able to afford to buy and read books, you would think the literary establishment of the day would have celebrated the invention of the paperback, yes? Nope. Instead, they dug in and circled the wagons. They believed low cost paperbacks would destroy literary culture and harm the industry (not to mention their own bank accounts). Many bookstores refused to stock them, and the early paperback publishers had to use unconventional methods of distribution – places like newsstands and drugstores. The famous author George Orwell came out publicly and said about the new paperback format, if “publishers had any sense, they would combine against them and suppress them.” Yes, George Orwell was suggesting collusion. Well… history doesn’t repeat itself, but it does rhyme. Fast forward to today, and it’s the e-book’s turn to be opposed by the literary establishment. Amazon and Hachette – a big US publisher and part of a $10 billion media conglomerate – are in the middle of a business dispute about e-books. We want lower e-book prices. Hachette does not. Many e-books are being released at $14.99 and even $19.99. That is unjustifiably high for an e-book. With an e-book, there’s no printing, no over-printing, no need to forecast, no returns, no lost sales due to out of stock, no warehousing costs, no transportation costs, and there is no secondary market – e-books cannot be resold as used books. E-books can and should be less expensive. Perhaps channeling Orwell’s decades old suggestion, Hachette has already been caught illegally colluding with its competitors to raise e-book prices. So far those parties have paid $166 million in penalties and restitution. Colluding with its competitors to raise prices wasn’t only illegal, it was also highly disrespectful to Hachette’s readers. The fact is many established incumbents in the industry have taken the position that lower e-book prices will “devalue books” and hurt “Arts and Letters.” They’re wrong. Just as paperbacks did not destroy book culture despite being ten times cheaper, neither will e-books. On the contrary, paperbacks ended up rejuvenating the book industry and making it stronger. The same will happen with e-books. Many inside the echo-chamber of the industry often draw the box too small. They think books only compete against books. But in reality, books compete against mobile games, television, movies, Facebook, blogs, free news sites and more. If we want a healthy reading culture, we have to work hard to be sure books actually are competitive against these other media types, and a big part of that is working hard to make books less expensive. Moreover, e-books are highly price elastic. This means that when the price goes down, customers buy much more. We've quantified the price elasticity of e-books from repeated measurements across many titles. For every copy an e-book would sell at $14.99, it would sell 1.74 copies if priced at $9.99. So, for example, if customers would buy 100,000 copies of a particular e-book at $14.99, then customers would buy 174,000 copies of that same e-book at $9.99. Total revenue at $14.99 would be $1,499,000. Total revenue at $9.99 is $1,738,000. The important thing to note here is that the lower price is good for all parties involved: the customer is paying 33% less and the author is getting a royalty check 16% larger and being read by an audience that’s 74% larger. The pie is simply bigger.

What does a man do when he robs a bank? Last week I ran like hell.

I should charge my bank money every time I endorse the back of a check. What is the going rate these days for the autograph of an aspiring writer?

I’m a thief. What can I say, I’ve got sticky fingers. I robbed a sperm bank. But I did it for the people.

Perhaps the most common device for giving people focus and direction is goal setting, but goals, as often as they are used, have their pros and cons. Sure, if you can convince everybody that profits must increase 20% next quarter or we’re going out of business, people will hurry around looking for ways to hype profits by 20%. When discussing “mission” I assigned Susan a goal of 25% improvement in sales, based on what I calculated was needed to avoid closing the factory and on what I felt her district could reasonably provide. It was not a number pulled from the ether, and I went to some length to explain this to her. Short of any such basis in reality, people will often do the easiest things, such as firing 20% of the workforce, canceling vital R&D programs, or simply not making any payments to suppliers. In other words, they will take achieving the goal as seriously as they feel you were in setting it; they will sense whether you have positioned yourself at the Schwerpunkt. Goals, as we all know, can be motivators. Cypress Semiconductor, a communications-oriented company founded in 1982, used to have a computer that tracked the thousands of self-imposed goals that its people fed into the system. Cypress founder T. J. Rodgers identified this automated goal tending system as the heart of his management style and a big factor in the company’s early success.136 Frankly, I find this philosophy depressing, not to mention a temptation to focus inward: If the boss places great importance on entering and tracking goals, as he obviously does, then that is what the other employees are going to consider important.137 In any case, what’s the big deal about meeting or missing a goal? A goal is an intention at a point in time. It is, to a large extent, an arbitrary target, whether you set it or someone above you assigns it. And we all know that numerical goals can be gamed, like banking (delaying) sales that we could have made this quarter to help us make quota next quarter. Unlike a Schwerpunkt, which gives focus and direction for chaotic and uncertain situations, what does a goal tell you? Just keep your head down and continue plugging away?

We purchased several companies whose earnings will almost certainly decline this year from peaks they reached in 1999 or 2000. The declines make no difference to us, given that we expect all of our businesses to now and then have ups and downs. (Only in the sales presentations of investment banks do earnings move forever upward.)” -2000 letter

1. Selling is no place to get your needs met-only a place to go to the bank.

Reich would soon back a request from Angelo Mozilo, Countrywide’s white-haired, unnaturally tanned CEO. Mozilo wanted an exemption from the Section 23A rules that prevented Countrywide’s holding company from tapping the discount window through a savings institution it owned. Sheila and the FDIC were justifiably skeptical, as was Janet Yellen at the Federal Reserve Bank of San Francisco, in whose district Countrywide’s headquarters were located. Lending indirectly to Countrywide would be risky. It might well already be insolvent and unable to pay us back. The day after the discount rate cut, Don Kohn relayed word that Janet was recommending a swift rejection of Mozilo’s request for a 23A exemption. She believed, Don said, that Mozilo “is in denial about the prospects for his company and it needs to be sold.” Countrywide found its reprieve in the form of a confidence-boosting $2 billion equity investment from Bank of America on August 22—not quite the sale that Janet thought was needed, but the first step toward an eventual acquisition by Bank of America. Countrywide formally withdrew its request for a 23A exemption on Thursday August 30 as I was flying to Jackson Hole, Wyoming, to speak at the Kansas City Fed’s annual economic symposium. The theme of the conference, chosen long before, was “Housing, Housing Finance, and Monetary Policy.

Scott Fetzer’s letter of engagement with the banking firm provided it a $2.5 million fee upon sale, even if it had nothing to do with finding the buyer. I guess the lead banker felt he should do something for his payment, so he graciously offered us a copy of the book on Scott Fetzer that his firm had prepared. With his customary tact, Charlie responded: “I’ll pay $2.5 million not to read it.

My search for professional/personal harmony led me down the path of asking the wrong question. The question isn’t, “What can I give up today to have what I want tomorrow?” The reality of life is that winning costs. It takes a tremendous amount of dedication and effort. The key question here is, “Are the intrinsic and extrinsic rewards worth the price you have to pay?” There is no right or wrong answer, just ebbs and flows. Malcom Gladwell’s Outliers and Geoff Colvin’s Talent is Overrated are different riffs on the same theme. In theory, it takes approximately 10,000 hours of hard, dedicated practice to get to a level of expertise in any field. It takes the right focus, the right practice and most of all, commitment. Cloud technology today is as ubiquitous as kids having cell phones. However, five years ago it was like the feeling shared by a new married couple. There was a lot of hope and promise but you weren’t sure how it was going to play out. Here’s where it got really interesting. Try selling hope and promise to a highly-regulated global bank with massive footprints in Canada and the USA after the financial crisis of 2008. Selling ice to Eskimos in December would have been easier. That’s the challenge we were up against. I had just moved to Toronto from Chicago. I enjoyed working with my new customer. I was whipping my team into shape. I could now openly indulge in contraband (Cuban cigars). Life was good. God bless Canada! Peter was the cloud specialist on my team. We were partners in every sense of the word. Together, we developed a sales strategy and campaign to sell cloud services to this financial services firm in Canada. Together we pushed the envelope and our teams to achieve the impossible.

The American real-estate industry believed segregation to be a moral principle. As late as 1950, the National Association of Real Estate Boards' code of ethics warned that "a Realtor should never be instrumental in introducing into a neighborhood ... any race or nationality, or any individuals whose presence will clearly be detrimental to property values." A 1943 brochure specified that such potential undesireables might include madams, bootleggers, gangsters - and "a colored man of means who was giving his children a college education and thought they were entitled to live among whites." The federal government concurred. It was the How Owners' Loan Corporation, not a private trade association, that pioneered the practice of redlining, selectively granting loans and insisting that any property it insured be covered by a restrictive covenant - a clause in the deed forbidding the sale of the property to anyone other than whites. Millions of dollars flowed from tax coffers into segregated white neighborhoods. "For perhaps the first time, the federal government embraced the discriminatory attitudes of the marketplace," the historian Kenneth R. Jackson wrote in his 1985 book, Crabgrass Frontier, a history of suburbanization. "Previously, prejudices were personalized and individualized; FHA exhorted segregation and enshrined it as public policy. Whole areas of cities were declared ineligible for loan guarantees." Redlining was not officially outlawed until 1968, by the Fair Housing Act. By then the damage was done - and reports of redlining by banks have continued.

His brother Najib owned an auto-parts store at bustling Shikarpur Gate, the mouth of the narrow road linking their village to the city—an ancient byway that had once led southward through the passes all the way to India. At dusk it is clogged with a riot of vegetable sellers’ handcarts beset by shoppers, Toyota pickup trucks, horse-drawn taxis, and three-wheeled rickshaws clambering around and through the throng like gaudy dung beetles. Nurallah’s brother Najib had gone to Chaman, just across the border in Pakistan, where the streets are lined with cargo containers serving as shops, and used motor oil cements the dust to the ground in a glossy tarmac, and every variety of automotive organ or sinew is laid bare, spread out, and strung up for sale. He had made his purchases and set off back to Kandahar. “He paid his customs dues”—Nurallah emphasized the remarkable point—“because that’s the law. He paid at every checkpoint on the way back, fifty afghanis, a hundred afghanis.” A dollar or two every time an unkempt, underage police boy in green fatigues slouched out of a sandbagged lean-to into the middle of the road—eight times in the sixty-six miles when last I counted. “And then when he reached the entrance to town, the police there wanted five hundred afghanis. Five hundred!” A double arch marks the place where the road that swoops down from Kabul joins the road leading in from Pakistan. The police range from one side to the other, like spear fishermen hunting trout in a narrows. “He refused,” Nurallah continued. “He said he had paid his customs dues—he showed them the receipt. He said he had paid the bribes at every checkpoint all along the way, and he was not paying again.” I waited a beat. “So what happened?” “They reached into his window and smacked him.” “They hit him?” I was shocked. Najib might be a sunny guy, but Kandahar tempers are strung on tripwires. For a second I thought we’d have to go bail him out. “What did he do?” Nurallah’s eyes, beneath his widow’s peak, were banked and smoldering. “What could he do? He paid the money. But then he pulled over to the side of the road and called me. I told him to stay right there. And I called Police Chief Matiullah Qatih, to report the officer who was taking the bribes.” And Matiullah had scoffed at him: Did he die of it? The police buzzards had seen Najib make the call. They had descended on him, snatched the phone out of his hand, and smashed it. “You call that law?” Now Nurallah was ablaze. “They’re the police! They should be showing people what the law is; they should be enforcing the law. And they’re the ones breaking it.” Nurallah was once a police officer himself. He left the force the day his own boss, Kabul police chief Zabit Akrem, was assassinated in that blast in the mosque in 2005.1 Yet so stout was Nurallah’s pride in his former profession that he brought his dark green uniform into work and kept it there, hung neatly on a hook in his locker. “My sacred oath,” he vowed, concluding: “If I see someone planting an IED on a road, and then I see a police truck coming, I will turn away. I will not warn them.” I caught my breath. So maybe he didn’t mean it literally. Maybe Nurallah wouldn’t actually connive with the Taliban. Still, if a former police officer like him was even mouthing such thoughts, then others were acting on them. Afghan government corruption was manufacturing Taliban.

PUBLISH YOUR BOOK TODAY The following is a direct quote from Amazon, and, if you are a real writer, it is one of the most fun things you will ever see in your life: This royalty payment notification is for Kindle Direct Publishing (KDP) sales recorded in the Kindle Store. Payment will be made to your bank account and should appear in your available balance within 2 to 5 business days after the Payment Date. Details of the payment will be available on the Payment Report after it has been processed by your bank. The email that the above is quoted from comes for you every month, along with notes about payments from the various Kindle Stores in which you are selling, and they make you feel terrific. What a knockout: there is my money, flowing in as receivables each and every month, like clockwork, from all around the globe and waiting for me in my personal bank account, sitting there to use as I see fit. The statements show up in your every month, along with those from all your stores. They are a bit longer than the above quote, but sit back, close your eyes and visualize how wonderful it will be to have money rolling into your bank electronically, eliminating the bother of dithering around with checks. Right now, as your read this, the opportunity to earn a solid living, even to make a fortune with your books is real world and readily available for you. The revenue stream is just sitting there; it’s waiting for you to get busy, to write books and to learn to use Amazon as an amazing marketing tool poised and ready for your decision to pursue your dream. The trick for getting hot at book marketing—so you can actually be in a place for fully enjoying your life as an author/publisher—is to believe in yourself: to move right on past all your previous confusion: discouraging feedback from peers, friends and family; all self-doubt and blaming games; rejection slips from agents, publishers and magazines; and yes, even the ego trip of your treasured writer’s block . . . .

Unlike traditional retailers, Amazon boasted what was called a negative operating cycle. Customers paid with their credit cards when their books shipped but Amazon settled its accounts with the book distributors only every few months. With every sale, Amazon put more cash in the bank, giving it a steady stream of capital to fund its operations and expansion.14 The company could also lay claim to a uniquely high return on invested capital. Unlike brick-and-mortar retailers, whose inventories were spread out across hundreds or thousands of stores around the country, Amazon had one website and, at that time, a single warehouse and inventory. Amazon’s ratio of fixed costs to revenue was considerably more favorable than that of its offline competitors. In other words, Bezos and Covey argued, a dollar that was plugged into Amazon’s infrastructure could lead to exponentially greater returns than a dollar that went into the infrastructure of any other retailer in the world.

I'm a frightful example of what happens to those who step out of line...When people talk about spongers, they forget the contribution we make to the upholding of the status quo. I am a walking, staggering cattle prod, frightening the Reeboked animals into manageable herds, so that the ordered life of Western society may continue undisrupted. I am, if you will, a sort of policeman. As a responsible citizen I spend my meagre Giro benefit on high-duty items like cigarettes and spirits so most of the money the government allows me is ploughed straight back into its coffers. The remainder I spread like a thin fertilizer over the parched hard pressed land of small businesses - corner shops, pizza parlours and low-grade supermarkets. Even, God help them, those 'worse off than myself' get a look in since what few clothes I own are provided by jumble sales and charity shops. Furthermore, when I die, I shall leave no burgeoning bank account. Whatever may pass through the hands of a waster remains permanently in circulation since he has neither the means nor the pre-disposition to save - in effect, a congenital waster is as lean, fit and economically viable as the most stringently run software corporation.

The reality was, he had this cabin and about a couple thousand dollars that would have to last all winter. There was no hidden bank account, no benefit checks, no retirement. He could put the property up for sale, but there probably wouldn’t be a buyer, maybe for years. He didn’t have things to sell or barter. He could beg her to stay, but he wasn’t sure he’d ever be able to even build her an indoor bathroom. He’d let himself get down to practically nothing, enjoying the deprivation on some screwed-up level. Then Marcie showed up and suddenly he felt like a rich man. Just

Unlike traditional retailers, Amazon boasted what was called a negative operating cycle. Customers paid with their credit cards when their books shipped but Amazon settled its accounts with the book distributors only every few months. With every sale, Amazon put more cash in the bank, giving it a steady stream of capital to fund its operations and expansion.14 The company could also lay claim to a uniquely high return on invested capital. Unlike

Nancy Peretsman of Allen & Co., a top Wall Street banker and a specialist in internet and media deals. Buffett was high on Peretsman, who had been a budding star at Salomon Brothers, the investment bank in which he was a large investor, before she joined forces with Herbert Allen. It was Peretsman who placed the first call to Amazon CEO Jeff Bezos, a casual friend of Graham’s for 15 years, to tell him the Post was for sale.

May 15, 0850 JST (May 14, 7.50 p.m. EDT) Bank of Japan data is expected to show wholesale prices fell 2.1 percent in the year to April, the first drop since March 2013, partly as effects of the sales tax hike taper off.

Labor and employment firm Fisher & Phillips LLP opened a Seattle office by poaching partner Davis Bae from labor and employment competitor Jackson Lewis PC. Mr. Bea, an immigration specialist, will lead the office, which also includes new partners Nick Beermann and Catharine Morisset and one other lawyer. Fisher & Phillips has 31 offices around the country. Sara Randazzo LAW Cadwalader Hires New Partner as It Looks to Represent Activist Investors By Liz Hoffman and David Benoit | 698 words One of America’s oldest corporate law firms is diving into the business of representing activist investors, betting that these agitators are going mainstream—and offer a lucrative business opportunity for advisers. Cadwalader, Wickersham & Taft LLP has hired a new partner, Richard Brand, whose biggest clients include William Ackman’s Pershing Square Capital Management LP, among other activist investors. Mr. Brand, 35 years old, advised Pershing Square on its campaign at Allergan Inc. last year and a board coup at Canadian Pacific Railway Ltd. in 2012. He has also defended companies against activists and has worked on mergers-and-acquisitions deals. His hiring, from Kirkland & Ellis LLP, is a notable step by a major law firm to commit to representing activists, and to do so while still aiming to retain corporate clients. Founded in 1792, Cadwalader for decades has catered to big companies and banks, but going forward will also seek out work from hedge funds including Pershing Square and Sachem Head Capital Management LP, a Pershing Square spinout and another client of Mr. Brand’s. To date, few major law firms or Wall Street banks have tried to represent both corporations and activist investors, who generally take positions in companies and push for changes to drive up share prices. Most big law firms instead cater exclusively to companies, worried that lining up with activists will offend or scare off executives or create conflicts that could jeopardize future assignments. Some are dabbling in both camps. Paul, Weiss, Rifkind, Wharton & Garrison LLP, for example, represented Trian Fund Management LP in its recent proxy fight at DuPont Co. and also is steering Time Warner Cable Inc.’s pending sale to Charter Communications Inc. Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP have done work for activist firm Third Point LLC. But most firms are more monogamous. Those on one end, most vocally Wachtell, Lipton, Rosen & Katz, defend management, while a small band including Schulte Roth & Zabel LLP and Olshan Frome Wolosky LLP primarily represent activists. In embracing activist work, Cadwalader thinks it can serve both groups better, said Christopher Cox, chairman of the firm’s corporate group. “Traditional M&A and activism are becoming increasingly intertwined,” Mr. Cox said in an interview. “To be able to bring that perspective to the boardroom is a huge advantage. And when a threat does emerge, who’s better to defend a company than someone who’s seen it from the other side?” Mr. Cox said Cadwalader has been thinking about branching out into activism since late last year. The firm is also working with an activist fund launched earlier this year by Cadwalader’s former head of M&A, Jim Woolery, that hopes to take a friendlier stance toward companies. Mr. Cox also said he believes activism can be lucrative, pooh-poohing another reason some big law firms eschew such assignments—namely, that they don’t pay as well as, say, a large merger deal. “There is real money in activism today,” said Robert Jackson, a former lawyer at Wachtell and the U.S. Treasury Department who now teaches at Columbia University and who also notes that advising activists can generate regulatory work. “Law firms are businesses, and taking the stance that you’ll never, ever, ever represent an activist is a financial luxury that only a few firms have.” To be sure, the handful of law firms that work for both sides say they do so

IN BRAZIL, where the state collects a hefty 36% of GDP in taxes and offers mediocre public services in return, tax-dodging is a national sport. The latest scam unearthed by police, treasury and finance-ministry sleuths sets a record. On March 26th they revealed that over the past ten years the government had been cheated of at least 5.7 billion reais ($1.8 billion) in back taxes and fines from firms, and perhaps as much as 19 billion reais. That would be enough to pay three-quarters of the bill for last year’s football World Cup. It is nearly twice the suspicious payments in a separate corruption scheme involving Petrobras, a state-controlled oil company. Unlike the petrolão, the tax imbroglio does not implicate top politicians. It centres instead on the Administrative Council of Fiscal Resources (CARF), part of the finance ministry, which hears appeals by firms that feel wronged by the tax collectors. Some of its 216 councillors, who decide cases in teams of six, allegedly promised to slash companies’ bills for various taxes, including sales and industrial tax, or make them disappear altogether. In exchange they apparently received 1-10% of the value of the forgone revenue. The bribes were paid in the form of bogus consulting contracts with law firms. To deflect suspicion, the conspirators used firms that do not specialise in tax law. The identity of the suspects remains secret for now. But leaks published in the press suggest that some of Brazil’s biggest firms, in industries ranging from banking to manufacturing, are involved. So, apparently, are a handful of multinationals. There is also much speculation that the dimensions of the scandal will grow: CARF has 105,000 cases pending, with a total value of 520 billion reais.

o n o f R a t i o n a l S o f t w a r e C o r p o r a t i o n i s t o e n s u r e t h e s u c c e s s o f c u s t o m e r s c o n s t r u c t i n g t h e s o f t w a r e s y s t e m s t h a t t h e y d e p e n d o n . We enable our customers to achieve their business objectives by turning software into a source of competitive advantage, speeding time-to-market, reducing the risk of failure, and improving software quality. We fulfill our mission with the Rational ApproachTM, a comprehensive softwareengineering solution consisting of three elements: • A configurable set of processes and techniques for the development of software, based on iterative development, object modeling, and an architectural approach to software reuse. • An integrated family of application construction tools that automate the Rational Approach throughout the software lifecycle. • Technical consulting services delivered by our worldwide field organization of software engineers and technical sales professionals. Our customers include businesses in the Asia/Pacific region, Europe, and North America that are leaders in leveraging semiconductor, communications, and software technologies to achieve their business objectives. We serve customers in a diverse range of industries, such as telecommunications, banking and financial services, manufacturing, transportation, aerospace, and defense.They construct software applications for a wide range of platforms, from microprocessors embedded in telephone switching systems to enterprisewide information systems running on company-specific intranets. Rational Software Corporation is traded on the NASDAQ system under the symbol RATL.1

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The best financial services salespeople are the ones that truly care and follow through to ensure great customer outcomes. So, we’ve taken the client through our whole sales process, from determining the ideal customer through to winning the business and realizing the benefits for their business and our business.

Over the next few years, the number of African Americans seeking jobs and homes in and near Palo Alto grew, but no developer who depended on federal government loan insurance would sell to them, and no California state-licensed real estate agent would show them houses. But then, in 1954, one resident of a whites-only area in East Palo Alto, across a highway from the Stanford campus, sold his house to a black family. Almost immediately Floyd Lowe, president of the California Real Estate Association, set up an office in East Palo Alto to panic white families into listing their homes for sale, a practice known as blockbusting. He and other agents warned that a 'Negro invasion' was imminent and that it would result in collapsing property values. Soon, growing numbers of white owners succumbed to the scaremongering and sold at discounted prices to the agents and their speculators. The agents, including Lowe himself, then designed display ads with banner headlines-"Colored Buyers!"-which they ran in San Francisco newspapers. African Americans desperate for housing, purchased the homes at inflated prices. Within a three-month period, one agent alone sold sixty previously white-owned properties to African Americans. The California real estate commissioner refused to take any action, asserting that while regulations prohibited licensed agents from engaging in 'unethical practices,' the exploitation of racial fear was not within the real estate commission's jurisdiction. Although the local real estate board would ordinarily 'blackball' any agent who sold to a nonwhite buyer in the city's white neighborhoods (thereby denying the agent access to the multiple listing service upon which his or her business depended), once wholesale blockbusting began, the board was unconcerned, even supportive. At the time, the Federal Housing Administration and Veterans Administration not only refused to insure mortgages for African Americans in designated white neighborhoods like Ladera; they also would not insure mortgages for whites in a neighborhood where African Americans were present. So once East Palo Alto was integrated, whites wanting to move into the area could no longer obtain government-insured mortgages. State-regulated insurance companies, like the Equitable Life Insurance Company and the Prudential Life Insurance Company, also declared that their policy was not to issue mortgages to whites in integrated neighborhoods. State insurance regulators had no objection to this stance. The Bank of America and other leading California banks had similar policies, also with the consent of federal banking regulators. Within six years the population of East Palo Alto was 82 percent black. Conditions deteriorated as African Americans who had been excluded from other neighborhoods doubled up in single-family homes. Their East Palo Alto houses had been priced so much higher than similar properties for whites that the owners had difficulty making payments without additional rental income. Federal and state hosing policy had created a slum in East Palo Alto. With the increased density of the area, the school district could no longer accommodate all Palo Alto students, so in 1958 it proposed to create a second high school to accommodate teh expanding student population. The district decided to construct the new school in the heart of what had become the East Palo Alto ghetto, so black students in Palo Alto's existing integrated building would have to withdraw, creating a segregated African American school in the eastern section and a white one to the west. the board ignored pleas of African American and liberal white activists that it draw an east-west school boundary to establish two integrated secondary schools. In ways like these, federal, state, and local governments purposely created segregation in every metropolitan area of the nation.

The deal seemed favorable to Tanjong, especially given that its power-sale agreement with the Malaysian state would soon run out, handing the government leverage to achieve a bargain price. Lazard believed the whole deal smelled of political corruption. It was common in Malaysia for the government to award sweetheart deals to companies in return for kickbacks and political financing; that was what Lazard thought was going on, and so it pulled out. With no other choice, Goldman instead became an adviser to 1MDB on the purchase, as well as helping the fund raise the capital. The bank provided a valuation range that justified 1MDB paying $2.7 billion for the plants. Leissner was at his most charming as he tried to cajole members of 1MDB’s board of directors to accept Goldman’s terms for selling the bonds. Sitting opposite the Goldman banker in a room at the fund’s downtown Kuala Lumpur offices, just a few weeks after Leissner’s meeting in Abu Dhabi, some of the board members looked skeptical. Goldman was preparing to launch what it internally dubbed Project Magnolia, a plan to sell $1.75 billion in ten-year bonds for the 1MDB fund. But some board members were alarmed by what Leissner had informed them: Goldman would likely make $190 million from its part in the deal, or 11 percent of the bond’s value. This was an outrageous sum, even more than Goldman had made on the Sarawak transaction the year before, and way above the normal fee of $1 million for such work. The banker defended Goldman’s profit by pointing out that 1MDB would make big returns in a future IPO of the power assets, all without putting down any money of its own. “Look at your number, not at our number,” he said cajolingly.

After Haitians led a successful slave revolt against the French, the former slaves refused to grow sugar and output halted.60 They grew crops they could eat instead. Subsistence farming meant that a family would grow what they could live on, diversifying their crops, with some portion going for sale and some going for consumption. There was every reason to believe that American blacks would also go this route.

In our deep poverty, after I had gathered together a few things for sale, a sister who earns her living pay the labor of her hands for 82 pounds. This sister was convinced that believers in our Lord Jesus should act out His commandments; "Sell that, ye have, and give alms (Luke 12: 33; lay not up for yourselves treasures upon Earth (Matthew 6:19). Accordingly, she drew her money out of the bank and stocks, 250 pounds, and brought it to me at three different times for the benefit of the orphans, the Bible, missionary, and school funds, and the poor saints. About two months ago she brought me 100 pounds more after she had sold some other possessions. The 82 pounds she brought today is from the sale of her last earthly possession. She never expressed the least regret for the step she took, but went on quietly laboring with her hands to earn her daily living.

In recent years, these troublous times have made some of us chronically blue. Our business was in the red. We were going home with a dark brown taste in the mouth. We were unable to look through the old rose-tinted glasses to see the yellow-golden flood again flowing our way. The purple depression had us contemplating black mourning for dying business, departed bank accounts and profits. But we took a hitch in our belts and carried on, waiting for the rosy dawn, for we lacked the yellow streak. We toned up our product, gave it a more healthy complexion, made it more attractive; put more color spice into our sales appeal.

Friend! There’s a subtle feature of speculative behaviour which reflects the public attitude to money itself. When money is in its right place, fulfilling its proper function, men’s minds are fixed upon the goods and services which money can help them to exchange. In such an economic environment the producers of real wealth are seen to earn a fitting reward for their labours and expertise, and in fact productive and community endeavour are portrayed universally as almost the sole means whereby the individual can get himself a goodly share of the world’s riches. Let there just be a change in the emphasis however. Raise the interest rates. Exacerbate the debt structure. Turn money into a commodity which can be bought and sold at a profit. Then you create a breed of men who live by their dexterity at the exchanges. When these men are seen to prosper more considerably than the producers of goods and services, there is a desire amongst the ordinary plodding citizenry to command a share of the action, and to participate in what are seen as easily made profits. Many a fond illusion was wiped out in the collapse of Wall Street share values during the crash of 1929. Whole volumes have been written about its causes and repercussions, and about the sinister shift in real estate ownership which took place during the spate of liquidations and forced sales which followed. But we shall content ourselves meanwhile with the comment that it was just one of a chain of events that were set in motion way back in 1913 when the Federal Reserve Bank was formed to lend money to the Government.

friends had started hanging around. Franny could feel her stomach hardening and twisting into knots when they arrived, pushing and shoving one another and tripping over their huge basketball shoes. It was a wonder they didn’t knock over a display rack or topple one of the neatly stacked pyramids of paint cans. They seemed to be everywhere at once, and she couldn’t possibly keep an eye on all of them. Actually, she was a little afraid of them. While they dressed like kids, she knew they were actually young men. They were bigger than she was and full of rough male energy. From what she observed it seemed Ben was their leader and they were reporting to him. She was sure they were up to no good. Their whispered conversation was full of winks and nudges, and they constantly checked over their shoulders to see if they were being overheard. She tried to keep her distance, but if she had to approach them to help a customer, she noticed they would move away or fall silent. Whenever Mr. Slack appeared, they disappeared. Returning to the invoices, Franny went through them one more time. She couldn’t understand it. According to the paperwork, the store had received enough batteries to last through the summer, based on her best estimate using last year’s figures. They’d gotten twenty boxes each of AA and D batteries, the most popular sellers, and ten boxes each of the other sizes. Last week she’d noticed the display rack was nearly empty, and she’d asked Ben to fill it. “Can’t,” he’d said, avoiding her eyes. “They’re all gone.” “There should be plenty in the storeroom,” she’d insisted, looking curiously at his two buddies, who were lounging by the paint display. They seemed to find the conversation extremely amusing. “Go check again.” “There’s no point. I’m telling you, they’re all gone. Look, I’m taking a break now,” he’d said, signaling his friends to follow him outside. Sure enough, she couldn’t find any batteries in the storeroom, either. She was sure they hadn’t been sold; she would have noticed the unusual number of sales and ordered more. Where had they gone? It was very disturbing, especially since she’d been having such a hard time lately making up the bank deposit. That was always the first task of the day. She would take the previous day’s take out of the safe and add up the checks and cash, square them with the total sales figure, and fill out the deposit slip. Then Mr. Slack would put the whole business in a blue vinyl zippered pouch and take it to the red-brick bank across the street. For the past few weeks, however, she hadn’t been able to get the figures to match, even though

the drift of risk from simple loans in traditional banks to structured products in leveraged nonbanks increased the danger of a “ ‘positive feedback’ dynamic,” a vicious cycle that could amplify a crisis. If asset prices fell, firms and investors would need money to meet margin calls, prompting fire sales that would drive asset prices even lower, and so on.

Like the circles of Dante’s Inferno, IKEA descends through several floors towards Hell itself (or the checkout, as people with no imagination insist on calling it). Unfortunately for the unwary traveller, you must venture through every floor no matter what item you wish to procure, whether you want to or not. For example, should you wish, like me, merely to purchase a wok and a couple of bookends to stop Greg’s huge hardback rugby books from falling over all the time, you must also look at every other sodding product IKEA has on sale. You must make your way along the circuitous and tortuous route that the sadistic Swedes have laid out between you and the exit. No one in human history has ever said the following: ‘I’ve just popped into IKEA and picked up some meatballs. You fancy a spag bol?’ One does not simply ‘pop’ into IKEA. One plans the visit like a military operation. Make no mistake: shopping there is not to be taken lightly. Not if you wish to retain both sanity and a healthy bank balance.

The thing is, there’s generally no consequence for bad police behavior, even repeated or serially bad behavior. Even if individual officers are successfully sued, the only thing that happens is that the city’s corporation counsel pays out some cash, and life just goes on as before. An officer’s record of complaints or settlements isn’t listed publicly. A defense lawyer who wants to find out if the officer who arrested his client has ever, say, bounced an old lady’s head off a sidewalk or lied to a judge about witnessing a drug sale has to meet an extraordinary legal standard to get access to that info. In order to look at an officer’s record, you have to file what’s called a “Gissendanner motion,” the term referring to a 1979 case, People v. Gissendanner. In that case, a woman in the Rochester suburb of Irondequoit was busted in a sting cocaine sale by a pair of undercover police. The court in that case held that the defendant isn’t entitled to subpoena the records of arresting officers willy-nilly, but that you needed a “factual predicate” to look for records of, say, excessive force or entrapment. In other words, you already need to know what you’re looking for before you find it. What this all boils down to is, if you really feel like it, you can definitely sue the New York City Police Department. Since so much of what they do happens on the street, in front of witnesses, you might very well even win. But even if you win, there’s not necessarily any consequence. The corporation counsel’s office doesn’t call up senior police officials after lawsuits and say, “Hey, you’ve got to get rid of these three meatheads in the Seventy-Eighth Precinct we keep paying out settlements for.” In fact, when there are successful lawsuits, individual officers typically aren’t even informed of it. What makes this so luridly fascinating is that this system is the exact inverse of the no-jail, all-settlement system of justice that governs too-big-to-fail companies like HSBC. Big banks get caught committing crimes, at worst they pay a big fine. Instead of going to jail, a check gets written, and it comes out of the pockets of shareholders, not the individuals responsible. Here it’s the same thing. Police make bad arrests, a settlement comes out of the taxpayer’s pocket, but the officer himself never even hears about it. He doesn’t have to pay a dime. And life goes on as before.

Your committee is satisfied from the proofs submitted ... that there is an established and well defined identity and community of interest between a few leaders of finance ... which has resulted in great and rapidly growing concentration of the control of money and credit in the hands of these few men.... Under our system of issuing and distributing corporate securities the investing public does not buy directly from the corporation. The securities travel from the issuing house through middlemen to the investor. It is only the great banks or bankers with access to the mainsprings of the concentrated resources made up of other people's money, in the banks, trust companies, and life insurance companies, and with control of the machinery for creating markets and distributing securities, who have had the power to underwrite or guarantee the sale of large-scale security issues. The men who through their control over the funds of our railroad and industrial companies are able to direct where such funds shall be kept, and thus to create these great reservoirs of the people's money are the ones who are in a position to tap those reservoirs for the ventures in which they are interested and to prevent their being tapped for purposes which they do not approve.... When we consider, also, in this connection that into these reservoirs of money and credit there flow a large part of the reserves of the banks of the country, that they are also the agents and correspondents of the out-of-town banks in the loaning of their surplus funds in the only public money market of the country, and that a small group of men and their partners and associates have now further strengthened their hold upon the resources of these institutions by acquiring large stock holdings therein, by representation on their boards and through valuable patronage, we begin to realize something of the extent to which this practical and effective domination and control over our greatest financial, railroad and industrial corporations has developed, largely within the past five years, and that it is fraught with peril to the welfare of the country.3 Such was the nature of the wealth and power represented by those six men who gathered in secret that night and travelled in the luxury of Senator Aldrich's private car.

21. THE HABIT OF INDISCRIMINATE SPENDING. The spend-thrift cannot succeed, mainly because he stands eternally in FEAR OF POVERTY. Form the habit of systematic saving by putting aside a definite percentage of your income. Money in the bank gives one a very safe foundation of COURAGE when bargaining for the sale of personal services. Without money, one must take what one is offered, and be glad to get it. 22. LACK OF ENTHUSIASM. Without enthusiasm one cannot be convincing. Moreover, enthusiasm is contagious, and the person who has it, under control, is generally welcome in any group of people. 23. INTOLERANCE. The person with a "closed" mind on any subject seldom gets ahead. Intolerance means that one has stopped acquiring knowledge. The most damaging forms of intolerance are those connected with religious, racial, and political differences of opinion. 24. INTEMPERANCE. The most damaging forms of intemperance are connected with eating, strong drink, and sexual activities. Overindulgence in any of these is fatal to success. 25. INABILITY TO COOPERATE WITH OTHERS. More people lose their positions and their big opportunities in life, because of this fault, than for all other reasons combined. It is a fault which no well-informed business man, or leader will tolerate. 26. POSSESSION OF POWER THAT WAS NOT ACQUIRED THROUGH SELF EFFORT. (Sons and daughters of wealthy men, and others who inherit money which they did not earn). Power in the hands of one who did not acquire it gradually, is often fatal to success. QUICK RICHES are more dangerous than poverty. 27. INTENTIONAL DISHONESTY. There is no substitute for honesty. One may be temporarily dishonest by force of circumstances over which one has no control, without permanent damage. But, there is NO HOPE for the person who is dishonest by choice. Sooner or later, his deeds will catch up with him, and he will pay by loss of reputation, and perhaps even loss of liberty. 28. EGOTISM AND VANITY. These qualities serve as red lights which warn others to keep away. THEY ARE FATAL TO SUCCESS. 29. GUESSING INSTEAD OF THINKING. Most people are too indifferent or lazy to acquire FACTS with which to THINK ACCURATELY. They prefer to act on "opinions" created by guesswork or snap-judgments. 30. LACK OF CAPITAL. This is a common cause of failure among those who start out in business for the first time, without sufficient reserve of capital to absorb the shock of their mistakes, and to carry them over until they have established a REPUTATION. 31. Under this, name any particular cause of failure from which you have suffered that has not been included in the foregoing list.

To paraphrase the discussion, she shocked us with this: First, we get a feel for the client. The bank suggests that if the client doesn’t know much about investing, we should put them in a fund of funds, for example, a mutual fund that would have a series of funds within it. It tends to be a bit more expensive than regular mutual funds. This sales job only works with investors who really don’t know what they’re doing. If the investor seems a little smarter, we offer them, individually, our in-house brand of actively managed mutual funds. We don’t make as much money with these, so we push for the other products first. Under no circumstances do we offer the bank’s index funds to clients. If an investor requests them and we can’t talk them out of the indexes, only then will we buy them for the client.

Jeremy Banks Sydney Improve lead conversion rates. Note: Lead conversion differs from lead generation. Lead generation is about trying to convert prospects and passive visitors into active leads, while lead conversion covers that next stage from active lead to new customer. While they’re both part of the sales process, they’re two distinct stages that need different strategies to be successful[2]. Jeremy Banks Sydney Australia Lead conversion is the process of turning a lead into a customer. This process includes everything from sales tactics to marketing materials and varies significantly between companies (though many of the principles of the process stay the same across the board)

of business. It is one reason why so many small companies fail in their first year. They simply run out of cash. CASH WITHOUT PROFIT But now let’s look at another sort of profit/cash disparity. Fine Apparel is another start-up. It sells expensive men’s clothing, and it’s located in a part of town frequented by businessmen and well-to-do tourists. Its sales for the first three months are $50,000, $75,000, and $95,000—again, a healthy growth trend. Its cost of goods sold is 70 percent of sales, and its monthly operating expenses are $30,000 (high rent!). For the sake of comparison, we’ll say it too begins the period with $10,000 in the bank. So Fine Apparel’s income statement for these months looks like this: It hasn’t yet turned the corner on profitability, though it is losing less

We moved back to London a year ago, after selling the cottage in Somerset. I used the money from the sale and a bank loan to buy a top-floor flat in a mansion block called Wellington Court in Belsize Park, not far from Primrose Hill. Airy and bright, with high ceilings and a large bay window in the sitting room, it has three bedrooms and a small roof terrace, accessible from the kitchen window, where Emma and I sometimes watch the sun setting over London while sitting on deckchairs like passengers on an ocean liner

Still, Frederic Allen and his partners recognized that the markets were changing. Given its Boston roots, Lee Higginson lacked the national networks of Morgan or National City, a leading commercial bank. The firm needed someone to establish stronger connections, first with new companies whose securities would appeal to investors, and then throughout the United States with the investors themselves. Every American already knew Jack Morgan. They were getting to know National City’s chairman, Charles Mitchell, a former electrical goods salesman, who had been encouraging his brokers with sales contests, high commissions, and motivational speeches. Lee Higginson needed someone to join this fray, and to introduce the firm’s name and the companies it discovered to the public. It wouldn’t hurt if this man resembled Fred Astaire

However, if these factories could be consolidated, the owner of a Swedish match monopoly could raise prices and make a fortune. Some factories in Sweden recently had combined, to form the Jönköping-Vulcan trust, but the men running the trust were conservative and slow. Ivar was sure he could dominate them. He began using loans from the Swedish Credit Bank to buy match factories throughout Sweden. During the next eight years, Ivar parlayed a few family match factories into a conglomerate. He modernized factories and expanded overseas sales. Production increased from 90,000 cases in 1914 to double that in 1916; his profits more than tripled.12 He reduced costs by purchasing the companies that made his machines, as well as companies that supplied chlorate acid potash for the tips. The hardball tactics Ivar used to take over competitors must have reminded Lee Higg’s partners of John D. Rockefeller, who used a similar approach to acquire competitors of his company Standard Oil.

Ivar joined Durant on road shows, and interest grew as Ivar repeated his speech throughout 1923. By the fall Durant believed he finally had found enough investors, and Ivar and Lee Higginson began preparing to close a deal. They followed the same procedure as anyone seeking money. First, they created a new firm, called International Match Corporation, and incorporated it in Delaware. During the late nineteenth century, states had begun competing for corporate charters, the formative documents that corporations are required to file when they are created. Delaware had recently surpassed New Jersey as the incorporation state of choice, and increasingly companies chose to file in Delaware, even if their operations were in another state. Delaware judges took a hands-off approach to business, and would be unlikely to second-guess Ivar’s decisions. By incorporating International Match in Delaware, Lee Higginson would give Ivar and themselves maximum flexibility. Next, Durant and Ivar chose the initial shareholders and directors of International Match. The two original shareholders would be Swedish Match and a syndicate of Swedish banks; they would contribute start-up capital of 30 million dollars and receive the company’s shares, in equal amounts. As shareholders, Swedish Match and the bank syndicate would vote for the company’s board of directors, as well as other major business decisions. The shareholders would elect five directors to oversee International Match’s business: Ivar; Krister Littorin, Ivar’s engineering classmate from Stockholm; Donald Durant; Frederic Allen, Lee Higginson’s senior statesman and head of the firm’s New York office; and Percy A. Rockefeller, a nephew of John D. Rockefeller. Percy Rockefeller owned the World Match Company of Walker-ville, Ontario, and recently had met Ivar while negotiating the sale of a Canadian match manufacturing plant to Swedish Match.29 The two men had impressed each other, and Ivar saw that Rockefeller, who then served on more than sixty other boards, would be the ideal director of International Match: he was well connected, wealthy, generally familiar with the match industry, and far too busy to care about any details. Ivar had idolized the Rockefellers since he was a boy in Kalmar; now, a member of that family would serve on his board.

The shape of authority on the trading floor depends heavily on how much money a particular group is making. For the past several years, the most desirable jobs by far on Wall Street have been in derivatives groups, and those groups have usually ruled the floor. In general, if you aren’t in derivatives, the closer you are to government bond trading—the hub of the bond trading floor—the better. Surrounding the trading of government bonds, known as govvies, are the middle-tier jobs, including foreign exchange, mortgage trading, and corporate bonds. Less desirable jobs may not even be on the trading floor. Equity sales is bad. Private client sales may be worse. One of the worst jobs, for example, is selling money market instruments in Philadelphia, assuming the firm still has a Philadelphia office, which many do not. The worst jobs of all are in the municipal bond department. “Munis” are bonds, usually tax-exempt, that municipalities, states, or other local governmental entities issue to pay for roads, education, sewers, and so forth. Munis can be found in the backwaters of the trading floor and the wasteland of investment banking. Before I took the training examination at First Boston and was told, “You’d better do well on the exam…or else,” I knew very well what the “or else” meant: “or else you’ll end up in munis.

The history of DPG, like the history of derivatives, is not well known, even at Morgan Stanley. Most people there have heard of DPG because the group is such a huge moneymaker. However, few employees, including me, realized how new the group was. DPG did not exist before 1990. In fact, Morgan Stanley didn’t even sell many types of derivatives until a few years ago. Previously, the firm’s limited derivatives activities had been scattered throughout the bank, and overall profits from such sales had been relatively low. In fact, although certain types of derivatives have existed for thousands of years—farmers used forwards to hedge and the ancient Greeks used options to speculate—most derivatives innovation has occurred in the past decade, and most of the derivatives Morgan Stanley was selling in 1994 were new. The majority of derivatives DPG sold—including structured notes and interest rate swaps, which I will describe in detail later—didn’t exist before 1980.

By 1994 sales and trading was driving most of the firm’s revenues, and its engine was fueled by derivatives. Although my new group, known as DPG—for Derivative Products Group—employed only a few dozen people, it was a major hub at the firm. DPG was centered between the firm’s two core businesses: the Investment Banking Division (IBD) and the Fixed Income Division (FID). My first observation at Morgan Stanley was that the most difficult part of working there would be memorizing all the damn acronyms.

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Called by the fattoria committee, the unemployed braccianti arrive in force on the lands that the owners refuse to improve. In spite of the presence of the owners, the superintendents, or their agents, the workers carry out the work; they then demand their salary (pay ble to the legal investment fund). In the backwards strike, the workers work against the wishes of the boss, and their work increases the productivity of the soil. This is doubly paradoxical when compared to the conventional notion of the strike. Thus, at Empoli, between Florence and Sienna, 70,000 cubic meters of grading, ditches, and other work has been carried out by the "strikers" under the direction of the fattorie committees. The latter paid the workers directly, withdrawing 4% from the money deposited by them into the bank and representing the sale of farm products. in all the areas of Tuscany where the committees are active, they have organized the planting of vines, the work of drainage or irrigation, the repair of buildings, and whatever else might be required. They even established, in individual locations, nascent production cooperatives for clearing the land and improving uncultivated or poorly cultivated soil, which assumes their presence on these lands notwithstanding the will of the owner.

21. The habit of indiscriminate spending. The spendthrift cannot succeed, mainly because he stands eternally in fear of poverty. Form the habit of systematic saving by putting aside a definite percentage of your income. Money in the bank gives one a very safe foundation of courage when bargaining for the sale of personal services. Without money, one must take what one is offered, and be glad to get it. 22. Lack of enthusiasm. Without enthusiasm one cannot be convincing. Moreover, enthusiasm is contagious, and the person who has it, under control, is generally welcome in any group of people. 23. Intolerance. The person with a closed mind on any subject seldom gets ahead. Intolerance means that one has stopped acquiring knowledge. The most damaging forms of intolerance are those connected with religious, racial, and political differences of opinion. 24. Intemperance. The most damaging forms of intemperance are connected with eating, strong drink, and sexual activities. Over-indulgence in any of these is fatal to success. 25. Inability to cooperate with others. More people lose their positions and their big opportunities in life, because of this fault, than for all other reasons combined. It is a fault which no well-informed businessman or leader will tolerate. 26. Possession of power that was not acquired through self effort. (Sons and daughters of wealthy men, and others who inherit money which they did not earn). Power in the hands of one who did not acquire it gradually is often fatal to success. Quick riches are more dangerous than poverty. 27. Intentional dishonesty. There is no substitute for honesty. One may be temporarily dishonest by force of circumstances over which one has no control, without permanent damage. But, there is no hope for the person who is dishonest by choice. Sooner or later, his deeds will catch up with him, and he will pay by loss of reputation, and perhaps even loss of liberty. 28. Egotism and vanity. These qualities serve as red lights which warn others to keep away. They are fatal to success. 29. Guessing instead of thinking. Most people are too indifferent or lazy to acquire facts with which to think accurately. They prefer to act on “opinions” created by guesswork or snap-judgments. 30. Lack of capital. This is a common cause of failure among those who start out in business for the first time, without sufficient reserve of capital to absorb the shock of their mistakes, and to carry them over until they have established a reputation. 31. Under this, name any particular cause of failure from which you have suffered that has not been included in the foregoing list.

He did not think that art should, or could, be sold overnight. He believed in waiting for advantageous moments; he arranged them far in advance, so he was not surprised when they came. In his grand financial strategy, he calculated in terms of his total life span. The final tally would not be in, he figured, until he had made his last sale and died. His strategy proved sound. It was not until 1937, after he put over his last great deal with Mellon, that Duveen liquidated his £1,200,000 debt to his London bank. When he had made his very last sale, he was out of debt, and had £3,000,000 in the bank, an inventory worth £2,000,000, and his self-confidence intact.

But I think you peeled away the credit card companies, the sales clerk, the corporation and their many layers, and it was far more personal to work directly with the woman who produced the flour. And you saw how you improved her life. It’s a lot more human and a lot less ones and zeros in a bank account somewhere.