Equipment Finance Quotes

Yet each country had items that the other needed. The Arridi had reserves of red gold and iron in their deserts that the Toscans required to finance and equip their large armies. Even more important, Toscans had become inordinately fond of kafay, the rich coffee grown by the Arridi.

Corporate loans can be used for various purposes like expansion, working capital, or equipment purchases. Sometimes these loans fuel the next level of growth, and sometimes it help keep afloat a company that might otherwise die.

In 1965 the Indonesian military—advised, equipped, trained, and financed by the U.S. military and the CIA—overthrew President Achmed Sukarno and eradicated the Indonesian Communist Party and its various allies, killing half a million people (some estimates are as high as a million) in what was the greatest act of political mass murder since the Holocaust.

Commercial loans serve various purposes, from financing expansion and working capital to equipment acquisition and real estate investment – They’re a very important part of the capital ecosystem of the world, and of its individual nations.

he’d wondered aloud if the Scottish-Japanese technophile wanted to be Batman. “You already have the lair, the finances and the right equipment,” he’d said. “Why do you ask? Do you have a fetish for rich men in masks?” Ken asked, smiling that angelic smile. “I don’t have fetishes,” Brady responded quickly. “But he isn’t my type. He’s got a cave full of baggage and relies on toys instead of natural talent. Give me Superman any day.

During the 1950s, American cold warriors in West Germany instituted a crude campaign of sabotage and subversion against East Germany designed to throw that country’s economic and administrative machinery out of gear. The CIA and other US intelligence and military services recruited, equipped, trained, and financed German activist groups and individuals, of West and East, to carry out actions which ran the spectrum from juvenile delinquency to terrorism; anything to make life difficult for the East German people and weaken their support for the government; anything to make the commies look bad.

As to the general situation, he (Pericles) repeated his previous advice; they must prepare for war and bring their property from the country into the city; they must defend their walls but not go out to battle; they should also equip for service the fleet in which lay their strength.Their allies should be kept well in hand, for their power depended on the revenues which they derived from them; military successes were generally gained by a wise policy and command of money.The state of their finances was encouraging; they had on an average six hundred talents of tribute coming in annually from their allies, to say nothing of their other revenue; and there were still remaining in the Acropolis six thousand talents of coined silver.(The whole amount had once been as much as nine thousand seven hundred talents, but from this had to be deducted a sum of three thousand seven hundred expended on various buildings, such as the Propylaea of the Acropolis, and also on the siege of Potidaea.) Moreover there was uncoined gold and silver in the form of private and public offerings, sacred vessels used in processions and games, the Persian spoil and other things of the like nature, worth at least five hundred talents more. (Book 2 Chapter 13.2-4)

We usually think of empires as violent undertakings. As Frantz Fanon observed in the 1960s, the process of conquering and governing a colony is, by definition, violent. But in the context of global capitalism, empire has a more expansive meaning. Capitalist empires are not simply the states capable of winning the most wars; they are the command centers of the capitalist world system. Their corporations are the largest and most powerful multinationals, extracting profits from all corners of the globe and sucking them back to the imperial core. Their financial institutions are some of the most important nodes in the networks of global finance. The priorities of their governments are forcefully communicated to -and sometimes enforced upon- less powerful states. In fact, at the global level it is much easier to see the equivalence between economic and political power than it is domestically. The power of US businesses abroad is maintained through an international order that prioritizes the interests of US capital, promulgated by the US government and its allies. The power of US finance rests on the central role played by the dollar as the global reserve currency, which is it self a function of American military, political, and economic might. American military power, meanwhile, stems from and helps to reinforce the power of a web of military contractors, weapons manufacturers, and research hubs that provide the expertise and equipment needed to maintain its supremacy. In certain parts of the world, as in Iraq after its invasion, the US government has rules through private corporations like Halliburton. Empire is, then, about more than formal colonization -it refers to all the processes through which the world's most powerful capitalist institutions plan who gets what at the level of the world economy. Throughout history, this imperial power has often been exercised through horrendous acts of violence that have warped the development of entire societies for decades. But today, it is often exerted in far more covert ways, such as through the secretive system of international courts or international financial institutions imposing rigid conditions on countries trying to access emergency lending.

the Cook expedition had another, far less benign result. Cook was not only an experienced seaman and geographer, but also a naval officer. The Royal Society financed a large part of the expedition’s expenses, but the ship itself was provided by the Royal Navy. The navy also seconded eighty-five well-armed sailors and marines, and equipped the ship with artillery, muskets, gunpowder and other weaponry. Much of the information collected by the expedition – particularly the astronomical, geographical, meteorological and anthropological data – was of obvious political and military value. The discovery of an effective treatment for scurvy greatly contributed to British control of the world’s oceans and its ability to send armies to the other side of the world. Cook claimed for Britain many of the islands and lands he ‘discovered’, most notably Australia. The Cook expedition laid the foundation for the British occupation of the south-western Pacific Ocean; for the conquest of Australia, Tasmania and New Zealand; for the settlement of millions of Europeans in the new colonies; and for the extermination of their native cultures and most of their native populations.2 In the century following the Cook expedition, the most fertile lands of Australia and New Zealand were taken from their previous inhabitants by European settlers. The native population dropped by up to 90 per cent and the survivors were subjected to a harsh regime of racial oppression. For the Aborigines of Australia and the Maoris of New Zealand, the Cook expedition was the beginning of a catastrophe from which they have never recovered. An even worse fate befell the natives of Tasmania. Having survived for 10,000 years in splendid isolation, they were completely wiped out, to the last man, woman and child, within a century of Cook’s arrival. European settlers first drove them off the richest parts of the island, and then, coveting even the remaining wilderness, hunted them down and killed them systematically. The few survivors were hounded into an evangelical concentration camp, where well-meaning but not particularly open-minded missionaries tried to indoctrinate them in the ways of the modern world. The Tasmanians were instructed in reading and writing, Christianity and various ‘productive skills’ such as sewing clothes and farming. But they refused to learn. They became ever more melancholic, stopped having children, lost all interest in life, and finally chose the only escape route from the modern world of science and progress – death. Alas,

Men are not content with a simple life: they are acquisitive, ambitious, competitive, and jealous; they soon tire of what they have, and pine for what they have not; and they seldom desire anything unless it belongs to others. The result is the encroachment of one group upon the territory of another, the rivalry of groups for the resources of the soil, and then war. Trade and finance develop, and bring new class-divisions. "Any ordinary city is in fact two cities, one the city of the poor, the other of the rich, each at war with the other; and in either division there are smaller ones - you would make a great mistake if you treated them as single states". A mercantile bourgeoisie arises, whose members seek social position through wealth and conspicuous consumption: "they will spend large sums of money on their wives". These changes in the distribution of wealth produce political changes: as the wealth of the merchant over-reaches that of the land-owner, aristocracy gives way to a plutocratic oligarchy - wealthy traders and bankers rule the state. Then statesmanship, which is the coordination of social forces and the adjustment of policy to growth, is replaced by politics, which is the strategy of parts and the lust of the spoils of office. Every form of government tends to perish by excess of its basic principle. Aristocracy ruins itself by limiting too narrowly the circle within which power is confined; oligarchy ruins itself by the incautious scramble for immediate wealth. In rather case the end is revolution. When revolution comes it may seem to arise from little causes and petty whims, but though it may spring from slight occasions it is the precipitate result of grave and accumulated wrongs; when a body is weakened by neglected ills, the merest exposure may bring serious disease. Then democracy comes: the poor overcome their opponents, slaughtering some and banishing the rest; and give to the people an equal share of freedom and power. But even democracy ruins itself by excess – of democracy. Its basic principle is the equal right of all to hold office and determine public policy. This is at first glance a delightful arrangement; it becomes disastrous because the people are not properly equipped by education to select the best rulers and the wisest courses. As to the people they have no understanding, and only repeat what their rulers are pleased to tell them; to get a doctrine accepted or rejected it is only necessary to have it praised or ridiculed in a popular play (a hit, no doubt, at Aristophanes, whose comedies attacked almost every new idea). Mob-rule is a rough sea for the ship of state to ride; every wind of oratory stirs up the waters and deflects the course. The upshot of such a democracy is tyranny or autocracy; the crowd so loves flattery, it is so “hungry for honey” that at last the wiliest and most unscrupulous flatterer, calling himself the “protected of the people” rises to supreme power. (Consider the history of Rome). The more Plato thinks of it, the more astounded he is at the folly of leaving to mob caprice and gullibility the selection of political officials – not to speak of leaving it to those shady and wealth-serving strategists who pull the oligarchic wires behind the democratic stage. Plato complains that whereas in simpler matters – like shoe-making – we think only a specially-trained person will server our purpose, in politics we presume that every one who knows how to get votes knows how to administer a city or a state.

Treasure Hunters Who Followed the Restalls When I started this book, I intended to tell the full Oak Island story, including those treasure hunters who came after the Restalls. But space will not allow it, so we will have to be satisfied with the briefest of highlights. • Robert Dunfield was the first treasure hunter after the accident. He had a causeway built connecting the mainland to Oak Island. It allowed mammoth equipment to be moved over to the island. Down at the Money Pit end of the island, no work was done to stop the sea water, but the huge machinery moved soil from this place to that in search of the treasure. The work gouged out part of the clearing so that the Money Pit, which had been 32 feet above sea level, was reduced to just 10 feet. His work drastically changed the terrain, giving free rein to the incoming sea water. It turned that end of the island into a huge heap of slippery mud. No treasure was found. • Dan Blankenship and David Tobias formed Triton Alliance Limited, the next treasure-hunting company. After drilling countless exploratory holes, they put down a mammoth caisson; Dan climbed down inside, but the caisson began to slowly collapse, threatening to crush the life out of him. He barely escaped. Before this near-fatal event, Triton had located and videotaped what many believe to be evidence of treasure within a huge cavern beneath the bedrock of the island. Their video also revealed what appears to be a human hand. • Oak Island Tours Inc., the final treasure-hunting company, is still at work on Oak Island. In fact, they have only just begun. This company includes a pervious Oak Island treasure hunter, Dan Blankenship, and four newcomers from Michigan--Craig Tester, Marty Lagina, Rick Lagina, and Alan J. Kostrzewa. It is reported that they possess adequate financing to see the job through to a successful end. I’ve exchanged emails with one of these men from Michigan and met face-to-face with another, and I’m convinced that they respect the island and the searchers who went before them and that they will give their search for treasure their very best effort. I wish them every success.

Bitcoin has been merely used as a digital store of value since its invention but some projects are coming with aims to increase the utility of Bitcoin by equipping it with decentralised finance capabilities. It is just a matter of time before we start witnessing the untapped Bitcoin and potentials in action.

The main components of an OP1 narrative are: Assessment of past performance, including goals achieved, goals missed, and lessons learned Key initiatives for the following year A detailed income statement Requests (and justifications) for resources, which may include things like new hires, marketing spend, equipment, and other fixed assets Each group works in partnership with its finance and human resources counterparts to create their detailed plan, which is then presented to a panel of leaders.

The mortgage industry might be ill-equipped to finance the number of new homes the marketplace actually requires.

Email info: Adwarerecoveryspecialist@auctioneer.net  WhatsApp info:+12 723 328 343 Investing is often seen as a pathway to financial growth, but the reality can sometimes be starkly different. The rise of online scams has left many investors devastated, myself included. I experienced this firsthand when I fell victim to a fraudulent investment scheme, losing a staggering $16,000. It felt like a crushing blow, and for a while, I was filled with despair and uncertainty about my financial future. my story didn’t end in defeat. I decided to take action and seek help. Through extensive research, I discovered  ADWARE RECOVERY SPECIALIST a skilled recovery specialist who focused on helping individuals reclaim their lost funds. Their expertise in the complex world of trading and recovery made a significant difference in my situation. With their guidance, I was able to reclaim an impressive 95% of my lost investment. Working with this recovery specialist not only restored my finances but also equipped me with valuable insights into safer investment practices. They provided me with tools and strategies to navigate the trading landscape, helping me to understand the signs of potential scams and how to avoid them in the future. This knowledge has been empowering, allowing me to approach investments with renewed confidence. If you’ve faced a similar ordeal—losing your hard-earned money to binary options or online trading scams—I encourage you not to lose hope. There are professionals out there, like those at ADWARE RECOVERY SPECIALIST, who specialize in helping individuals like us recover lost or stolen funds. They understand the emotional toll these experiences can take and offer a lifeline for those seeking to reclaim their financial well-being. It’s easy to feel isolated in such situations, but remember, you are not alone. Many people have successfully navigated their way back to financial security with the right support. Don’t hesitate to reach out and explore your options. Recovery is possible, and there’s always a path forward. Stay resilient, and take that first step towards reclaiming your financial future.

Although in 2005 compact discs still represented over 98 percent of the market for legal album sales, Morris had no loyalty to the format. In May of that year, Vivendi Universal announced it was spinning off its CD manufacturing and distribution business into a calcified corporate shell called the Entertainment Distribution Company. Included in EDC’s assets were several massive warehouses and two large-scale compact disc manufacturing plants: one in Hanover, Germany, and one in Kings Mountain, North Carolina. Universal would still manufacture all its CDs at the plants, but now this would be an arms-length transaction that allowed them to watch the superannuation of optical media from a comfortable distance. It was one of the oldest moves in the corporate finance playbook: divest yourself of underperforming assets while holding on to the good stuff. EDC was a classic “stub company,” a dogshit collection of low-growth, capital-intensive factory equipment that was rapidly going obsolete. In other words, EDC was a drag on A that added little to B. Let the investment bankers figure out who wanted it—Universal had gone digital, and the death rattle of the compact disc had grown loud enough for even Doug Morris to hear. The CD was the past; the iPod was the future. People loved these stupid things. You could hardly go outside without getting run over by some dumb jogger rocking white headphones and a clip-on Shuffle. Apple stores were generating more sales per square foot than any business in the history of retail. The wrapped-up box with a sleek wafer-sized Nano inside was the most popular gift in the history of Christmas. Apple had created the most ubiquitous gadget in the history of stuff.

On May 19, Representative Elias Boudinot of New Jersey, Hamilton’s old patron from Elizabethtown, proposed that Congress establish a department of finance. From the clamor that arose over what would become the Treasury Department, it was clear this would be the real flash point of controversy in the new government, the place where critics feared that European-style despotism could take root. Legislators recalled that British tax abuses had spawned the Revolution and that chancellors of the exchequer had directed huge armies of customs collectors to levy onerous duties. To guard against such concentrated power, Elbridge Gerry wanted to invest the Treasury leadership in a board, not an individual. It was Madison who insisted that a single secretary, equipped with all necessary powers, should superintend the department.

Most arts organizations have a development committee or a finance committee composed of interested and knowledgeable board members, but very few have a technology committee that can advise on new uses of technology and provide access to expertise or equipment. Technology is not a cure-all for the arts, or even for arts marketing. Without the right data and strategy—along with great arts programming—new technology can simply become an under-utilized (and expensive) toy. While the potential of new technology excites many people, including board members looking for answers to the income gap, all expenses must be viewed in context. If we are spending money on x, then we have to take it from y. Such trade-offs are never simple, especially when the choice is between technology and art. It bears repeating that no marketing technology can take the place of good art. Too many boards focus on a new Web site as the answer for a struggling organization, even as the art is being pruned back and made less interesting. New electronic technologies do not create new audiences, they only provide access to information.

In the days ahead, the Holy Spirit will use many who come in the imminent harvest, but God also longs to use many believers who are currently in fellowship with his divine purposes and equip them to invade the very heart of industries on earth, displaying the creative power of God.

even organizational leaders who did go to business school aren’t necessarily fully equipped to make the best decisions and manage as effectively as they are capable of doing. The reason is that most business schools teach subjects separately— finance, accounting, marketing, and so on—rather than integrating them to mimic the realities of day-to-day leadership and management.

Today, there aren’t any doors. You don’t need permission from anyone. You just need an internet connection and a computer. Here’s the new paradigm: It’s no longer what you know, or who you know. It’s what you create. This fundamental shift has been brought on by technologies (mainly the internet) that have made it insanely easy to create all kinds of awesome stuff. Want to become a published author? Go for it. You don’t need a publisher. Just write your book and publish it on Amazon. I did this, and now I’m a bestselling author, selling more books than most authors would have dreamed of twenty years ago. Want to sell a product? Go for it. You don’t need a warehouse, or manufacturing equipment, or a storefront, or a bank to finance everything. Raise money on KickStarter, use Google to find a cheap manufacturer in China, and ship your product to customers all over the world on Amazon, or through your own ecommerce store. Want to learn how to start a company? You don’t need to spend hundreds of thousands of dollars getting an MBA. Take a course on Udemy. Or, join a startup accelerator program―and they’ll pay you. Here’s the thing. Even if you’re not doing this stuff, other hustlers are. The trend is happening whether you like it or not. When new resources become readily available, a sliver of society inevitably flocks to those resources and uses them to their advantage, often reaping astronomically high rewards in the process. The competitive advantage has shifted from connections to creations. Knowing important people is still important, but the means of meeting them has changed. The order is now reversed. You don’t connect and then create. You create and then connect.

It's a way to ingratiate themselves to local voters, using the very facilities, equipment and services that the voters themselves have financed with their taxes.

The agency had set up fake local internet cafes equipped with key-logging software. This allowed GCHQ to hack delegates’ passwords, which could be exploited later. GCHQ also penetrated their BlackBerrys to monitor email messages and phone calls. A team of 45 analysts kept a real-time log of who phoned whom during the summit. Turkey’s finance minister and 15 other members of his delegation were among the targets. This had, of course, nothing whatever to do with terrorism. The

In 1857, to encourage continued settlement of the West, Congress passed the Pacific Wagon Road Act, which among other improvements to the trail called for the surveying of a shorter route to Idaho across the bottom of the Wind Rivers and the forested Bridger-Teton wilderness to the west. Frederick W. Lander, a hotheaded but experienced explorer and engineer, was assigned the job. He made Burnt Ranch the trailhead and main supply depot for the trail-building job, which became one of the largest government-financed projects of the nineteenth century. Lander hired hundreds of workers from the new Mormon settlement at Salt Lake and supplied the enterprise with large mule-team caravans that ferried provisions and equipment from U.S. Army depots in Nebraska and eastern Wyoming. “With crowds of laborers hauling wood, erecting buildings and tending stock,” writes historian Todd Guenther, “the area was a beehive of activity.” The engineers, logging crews, and workers quickly hacked out what became known as the Lander Cutoff, which saved more than sixty miles, almost a week’s travel, across the mountains. In places, the Lander Cutoff was a steep up-and-down ride, but the route offered cooler, high terrain and plentiful water, an advantage over the scorching desert of the main ruts to the south. Eventually an estimated 100,000 pioneers took this route, and the 230-mile Lander Cutoff was considered an engineering marvel of its time. This

John Tyson had his own esoteric set of rules of thumb for the company’s finances. Tyson Feed and Hatchery could take on long-term debt only if the interest payments amounted to half the amount the company could deduct from its taxes each year for depreciation of its equipment. If the company could deduct $1 million for depreciation, for example, it could only take on debt with interest payments worth $500,000 or less. This rule seemed arcane, but it was part of a philosophy that John Tyson drove home to his managers. Everybody could take on debt during good times. The banks practically threw money at you if they thought you would take it. But the real survivors thought about their debt in terms of the bad times that would inevitably come. Forty years later, when Don Tyson was running a company worth several billion dollars in annual sales, he would stick tightly to his father’s rule of thumb about debt payments and depreciation.

What Is CA - A Chartered Accountant (CA) is a highly respected professional in the fields of accounting, finance, and business. Chartered Accountants are equipped with comprehensive knowledge and skills, making them essential for the financial health and growth of businesses, governments, and individuals. Their expertise spans a broad range of services, including financial reporting, auditing, taxation, management accounting, and advisory services. The designation of Chartered Accountant signifies a commitment to the highest standards of professionalism, ethics, and continuous learning.

The Importance of an Accountant for Medical Professionals Medical professionals, including doctors, specialists, and surgeons, often face the challenge of managing both patient care and the financial aspects of their practices. An accountant who specializes in working with medical professionals can alleviate much of this burden. By offering financial expertise tailored to the healthcare industry, accountants help medical professionals maintain the financial health of their practices while ensuring compliance with tax laws and regulations. Unique Financial Challenges in Healthcare Medical professionals face distinct financial challenges that other industries may not encounter. These include managing patient billing, insurance reimbursements, and government payments. Additionally, healthcare professionals often have to handle large expenses for medical equipment and office operations while ensuring they maintain a steady cash flow. With fluctuating income and the need to comply with healthcare regulations, financial management can become complex. A specialized accountant for medical professionals understands these nuances and provides essential support to navigate these challenges effectively. Key Roles of an Accountant for Medical Professionals An accountant plays a critical role in managing the financial side of a medical practice. They assist with bookkeeping, ensuring that all financial records are accurate and up-to-date. Furthermore, they handle tax planning and filing, making sure that healthcare-specific deductions are maximized while ensuring compliance with tax laws. Additionally, accountants offer strategic advice on managing overhead costs, optimizing cash flow, and planning for future financial goals, such as retirement or expanding the practice. Benefits of Hiring a Healthcare-Specific Accountant The benefits of hiring a specialized accountant for medical professionals are numerous. By entrusting financial management to a professional, medical practitioners can focus more on patient care. Specialized accountants understand the unique aspects of healthcare finance, offering tailored solutions that enhance profitability and reduce financial risks. Moreover, they provide peace of mind by ensuring all financial matters are handled efficiently and in compliance with the law. Conclusion In conclusion, medical professionals benefit significantly from hiring an accountant who specializes in healthcare finance. With their expertise, accountants help ensure the smooth operation of the practice while providing strategic financial planning. This allows medical professionals to focus on their primary responsibility—caring for their patients—while maintaining a financially sound practice.

Finding the Best Accounting Firms Near You In today’s business landscape, having the right accounting firm can make a significant difference in managing your finances, ensuring compliance, and planning for growth. Whether you are a small business owner or an individual seeking tax advice, finding the best accounting firms near you can provide the expertise and support needed to maintain financial stability. Why Local Accounting Firms Matter Choosing a local accounting firm offers several advantages, especially when it comes to personalized service and understanding local regulations. Local firms are familiar with state-specific tax laws and compliance requirements, which can save time and prevent costly mistakes. Moreover, they offer face-to-face meetings, allowing for better communication and a stronger relationship between the accountant and the client. This personalized approach ensures that the accounting services are tailored to your unique needs. Services Offered by the Best Accounting Firms The top accounting firms near you typically offer a wide range of services that cater to both businesses and individuals. These services may include bookkeeping, tax preparation, payroll management, financial consulting, and auditing. Additionally, many accounting firms provide specialized services such as estate planning, business valuations, and forensic accounting. With such comprehensive services, the best firms ensure that every aspect of your financial management is handled efficiently and professionally. Expertise and Experience One of the most important factors in choosing the best accounting firm is the level of expertise and experience they offer. Reputable firms have a team of certified public accountants (CPAs) and professionals with years of experience in various industries. This allows them to provide valuable insights, strategic advice, and accurate financial reporting. Furthermore, experienced firms are better equipped to handle complex financial situations, ensuring that your business remains compliant and financially sound. Reviews and Reputation Before making your decision, it’s important to research reviews and the reputation of the accounting firms near you. Online reviews and testimonials can provide insight into the experiences of past clients and help you choose a reliable firm. Additionally, asking for referrals from other business owners or professionals in your area can guide you toward a trustworthy accounting partner. In conclusion, finding the best accounting firms near you is crucial for managing finances and ensuring compliance. By considering factors such as local expertise, services offered, and reputation, you can choose an accounting firm that meets your specific financial needs and goals.

In my experience as a cameraman, it was quite exceptional to have to light up a surface and volumes that were so immense as those in the Berlin library. I was both very impressed and also worried when the decision was made to shoot in that location. My general philosophy is never to argue with the director. I have only done so very rarely. I can't remember ever refusing to shoot any given scene - as certain of my colleagues had. Whatever difficulties were involved, I told myself: "Actually, I'm here to try to effectuate the thought of the director. So let's try to acquiesce to his vision." And Wim wanted this fabulous decor. But with respect to technical matters, it required a lot of equipment. And it was my good fortune to be working for a company that could finance my own needs, which were enormous. Since there was a lot of current needed, a lot of lights, a lot of gaffers to do the installations. Since everything had to be hidden. And in fact, you don't see a single light, despite the fact that there were scores of them set up at the location. And it was difficult because we filmed in the daytime - but since it was winter, at three or four o'clock in the afternoon, it looks light night - we had to take whatever measures we could to prolong the day, even if we continued filming in the same direction as at the start. It was then decided - and this is one of the nice things about working with Wim - that as long as the daylight lasted, we would film in one direction, and when night came, we would change direction, and return a week later (since we could only film there one day a week: on Sunday). So there were in fact immense difficulties. And in the end, I found that these were beneficial constraints, because something good always comes from having constraints. The same is true of painting. Painters who have no constraints don't produce anything extraordinary. I think that in all the arts, these constraints are present. And there are plenty of them in the art of cinema. So I acquiesced to these difficult conditions for shooting, and in the end I was rather happy with the situation.

Lucent, Not Transparent In mid-2000, Lucent Technologies Inc. was owned by more investors than any other U.S. stock. With a market capitalization of $192.9 billion, it was the 12th-most-valuable company in America. Was that giant valuation justified? Let’s look at some basics from Lucent’s financial report for the fiscal quarter ended June 30, 2000:1 FIGURE 17-1 Lucent Technologies Inc. All numbers in millions of dollars. * Other assets, which includes goodwill. Source: Lucent quarterly financial reports (Form 10-Q). A closer reading of Lucent’s report sets alarm bells jangling like an unanswered telephone switchboard: Lucent had just bought an optical equipment supplier, Chromatis Networks, for $4.8 billion—of which $4.2 billion was “goodwill” (or cost above book value). Chromatis had 150 employees, no customers, and zero revenues, so the term “goodwill” seems inadequate; perhaps “hope chest” is more accurate. If Chromatis’s embryonic products did not work out, Lucent would have to reverse the goodwill and charge it off against future earnings. A footnote discloses that Lucent had lent $1.5 billion to purchasers of its products. Lucent was also on the hook for $350 million in guarantees for money its customers had borrowed elsewhere. The total of these “customer financings” had doubled in a year—suggesting that purchasers were running out of cash to buy Lucent’s products. What if they ran out of cash to pay their debts? Finally, Lucent treated the cost of developing new software as a “capital asset.” Rather than an asset, wasn’t that a routine business expense that should come out of earnings? CONCLUSION: In August 2001, Lucent shut down the Chromatis division after its products reportedly attracted only two customers.2 In fiscal year 2001, Lucent lost $16.2 billion; in fiscal year 2002, it lost another $11.9 billion. Included in those losses were $3.5 billion in “provisions for bad debts and customer financings,” $4.1 billion in “impairment charges related to goodwill,” and $362 million in charges “related to capitalized software.” Lucent’s stock, at $51.062 on June 30, 2000, finished 2002 at $1.26—a loss of nearly $190 billion in market value in two-and-a-half years.

By the early 2000s, though, it seemed that one lesson, at least, was learned. But this was not that the volatility of global capital flows was a problem in itself. The lesson, rather, was that developing countries were not well enough equipped to see their way through the volatility of international capital flows. In other words, it wasn’t that the international financial system per se needed to be made safer for developing countries; it was that developing countries needed to do more to ensure their own safety within the international financial system.

Suppose, for example, the CEO's year-end bonus is based on growth in earnings per share. Assume also that for financial reporting purposes, the corporation's depreciation schedules assume an average life of eight years for fixed assets. By arbitrarily amending that assumption to nine years (and obtaining the auditors’ consent to the change), the corporation can lower its annual depreciation expense. This is strictly an accounting change; the actual cost of replacing equipment worn down through use does not decline. Neither does the corporation's tax deduction for depreciation expense rise nor, as a consequence, does cash flow11 (see Chapter 4). Investors recognize that bona fide profits (see Chapter 5) have not increased, so the corporation's stock price does not change in response to the new accounting policy. What does increase is the CEO's bonus, as a function of the artificially contrived boost in earnings per share.

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