Finance And Accounting Quotes

If you don't take good care of your credit, then your credit won't take good care of you.

Net Income is more important than gross revenues.

There is much more to wealth than simply a bank account with many zeros. A well-balanced, whole life is made up of wealth and success that comes from many facets; family, friends, work, faith, it is the complete person who works on each of these areas and creates the whole,

If repairing one's credit is as easy as sending some dispute letters to the credit bureaus then why doesn't everyone have good credit?

Are you willing to accept anything less than the credit you want, the credit you need and the credit you deserve?

A deep understanding of financial statements, accounting principles, and financial markets is crucial for overseeing the company's financial performance and making sound investment decisions.

It is easier to tell our therapist about our sex life than it is to tell our accountant about our finances.

health, social life, job, house, partners, finances; leisure use, leisure amount; working time, education, income, children; food, water, shelter, clothing, sex, health care; mobility; physical safety, social safety, job security, savings account, insurance, disability protection, family leave, vacation; place tenure, a commons; access to wilderness, mountains, ocean; peace, political stability, political input, political satisfaction; air, water, esteem; status, recognition; home, community, neighbors, civil society, sports, the arts; longevity treatments, gender choice; the opportunity to become more what you are that's all you need

A man is not allowed to practise medicine unless he knows something of the human body, but a financier is allowed to operate freely without any knowledge at all of the multifarious effects of his activities, with the sole exception of the effect upon his bank account.

Danny has demonstrated exceptional finance and accounting abilities and his accomplishments are impressive- especially considering his young age. His training has been invaluable. I am pleased to commend his excellence.

the polluters had triumphed by overturning the campaign-finance laws. “There was a huge change after Citizens United,” he contends. “When anyone could spend any amount of money without revealing who they were, by hiding behind amorphous-named organizations, the floodgates opened. The Supreme Court made a huge mistake. There is no accountability. Zero.

Schools of business responded to popular demand for finance and creative accounting. The results are decline.

And we all nodded at him: the man of finance, the man of accounts, the man of law, we all nodded at him over the polished table that like a still sheet of brown water reflected our faces, lined, wrinkled; our faces marked by toil, by deceptions, by success, by love; our weary eyes looking still, looking always, looking anxiously for something out of life, that while it is expected is already gone – has passed unseen, in a sigh, in a flash – together with the youth, with the strength, with the romance of illusions.

If a woman makes a unilateral decision to bring pregnancy to term, and the biological father does not, and cannot, share in this decision, he should not be liable for 21 years of support... autonomous women making independent decisions about their lives should not expect men to finance their choice.

A policy of ‘naming and shaming’ is ineffective if everyone has been named and shamed.

Companies should manage tax liabilities strategically to optimize financial resources, enhance profitability, and ensure compliance with tax laws. Effective tax management reduces the tax burden and allows companies to allocate more resources to core activities, ultimately improving their bottom line.

The [carried-interest] loophole was in essence an accounting trick that enabled hedge fund and private equity managers to categorize huge portions of their income as ‘interest,’ which was taxed at the 15 percent rate then applied to long-term capital gains. This was less than half the income tax rate paid by other top-bracket wage earners. Critics called the loophole a gigantic subsidy to millionaires and billionaires at the expense of ordinary taxpayers. The Economic Policy Institute, a progressive think tank, estimated that the hedge fund loophole cost the government over $6 billion a year—the cost of providing health care to three million children. Of that total, it said, almost $2 billion a year from the tax break went to just twenty-five individuals.

By all that’s wonderful, it is the sea, I believe, the sea itself — or is it youth alone? Who can tell? But you here — you all had something out of life: money, love — whatever one gets on shore — and, tell me, wasn’t that the best time, that time when we were young at sea; young and had nothing, on the sea that gives nothing, except hard knocks — and sometimes a chance to feel your strength — that only — what you all regret?” And we all nodded at him: the man of finance, the man of accounts, the man of law, we all nodded at him over the polished table that like a still sheet of brown water reflected our faces, lined, wrinkled; our faces marked by toil, by deceptions, by success, by love; our weary eyes looking still, looking always, looking anxiously for something out of life, that while it is expected is already gone — has passed unseen, in a sigh, in a flash — together with the youth, with the strength, with the romance of illusions.

I’ve learned that while the finance goals are important, they’re not the most important. Finance can hit all our objectives, and the company still can fail. After all, the best accounts receivables team on the planet can’t save us if we’re in the wrong market with the wrong product strategy with an R&D team that can’t deliver.

Strategic tax management also enhances a company's competitiveness by enabling them to make informed financial decisions, attract investors, and adapt to changing tax regulations. It helps in minimizing financial risk and ensuring that the company's financial health remains strong, fostering long-term sustainability and growth.

Would you believe me if I told you that there’s an investment strategy that a seven-year-old could understand, will take you fifteen minutes of work per year, outperform 90 percent of finance professionals in the long run, and make you a millionaire over time?   Well, it is true, and here it is: Start by saving 15 percent of your salary at age 25 into a 401(k) plan, an IRA, or a taxable account (or all three). Put equal amounts of that 15 percent into just three different mutual funds:   A U.S. total stock market index fund An international total stock market index fund A U.S. total bond market index fund.   Over time, the three funds will grow at different rates, so once per year you’ll adjust their amounts so that they’re again equal. (That’s the fifteen minutes per year, assuming you’ve enrolled in an automatic savings plan.)   That’s it; if you can follow this simple recipe throughout your working career, you will almost certainly beat out most professional investors. More importantly, you’ll likely accumulate enough savings to retire comfortably.

Isn't it sad that we have to gain control of the artificial numbers placed upon us by others to regain some control of our lives?

Every unit of time that passes daily should be accounted for

Always account for each unit of passing time

Enough is not in the volume of money owned or size of one’s account. It is in the needs that can be consistently met without having to work for money anymore

Then, in the late summer of 1790, Humboldt began to study finance and economics at the academy of trade in Hamburg. He hated it for it was all numbers and account books. In his spare time, Humboldt delved into scientific treatises and travel book, he learned Danish and Swedish - anything was better than his business studies. Whenever he could, he walked down to the River Elbe in Hamburg where he watched the large merchant vessels that brought tobacco, rice and indigo from the United States. The 'sight of the ships in the harbour', he told a friend, was what held him together - a symbol of his hopes and dreams. He couldn't wait to be finally the 'master of his own luck'.

Companies should maintain accurate and timely financial records because it serves as the foundation for informed decision-making, ensures compliance with regulatory requirements, and enhances transparency, ultimately bolstering trust among stakeholders and facilitating long-term financial stability and growth. Without good records, businesses may risk financial mismanagement and uncertainty, hindering their ability to thrive in a competitive market.

In fact, they are not taught in any university departments: the dynamics of debt, and how the pattern of bank lending inflates land prices, or national income accounting and the rising share absorbed by rent extraction in the Finance, Insurance and Real Estate (FIRE) sector. There was only one way to learn how to analyze these topics: to work for banks. Back in the 1960s there was barely a hint that these trends would become a great financial bubble.

Lefever describes his financing plan with modesty: "'Our detailed budget is realistic, but does not take into account the inflation that may occur before September 1983. The one place it could cut or reduce is item 7, the simultaneous interpreter services, if these services could be provided gratis by the U.S. government.'" "In other words, the only way to make a saving on a U.S.-subsidized project is to take money out of another U.S.-subsidized column.

Be careful of your words. Man shall be held accountable for his lightest word. If you talk about substance in a negative way, your finances will be decreased, but if you talk about it in an appreciative, large way, you will be prospered.

In contrast to Ricardo’s expectation that banking would retain its early focus on international commerce — and hence,on industrial capital formation to provide foreign markets with British exports in exchange for raw materials — banking has found real estate to be the key, along with its traditional market in creating monopolies and trusts. Some 80% of bank loans in the United States and Britain are mortgages, and consequently they account for 70% of the economy’s interest payments.

The Marine Corps assumes maximum ignorance from its enlisted folks. It assumes that no one taught you anything about physical fitness, personal hygiene, or personal finances. I took mandatory classes about balancing a checkbook, saving, and investing. When I came home from boot camp with my fifteen-hundred-dollar earnings deposited in a mediocre regional bank, a senior enlisted marine drove me to Navy Federal—a respected credit union—and had me open an account. When I caught strep throat and tried to tough it out, my commanding officer noticed and ordered me to the doctor. We

1. Project What is the project? Why is it unique? Why is the business needed? Why will customers love your product? 2. Partners Who are you? Who are the partners? What are your educational backgrounds? How much experience do you all have? How are you and your partners qualified to make the project a success? 3. Financing What is the total cost of the project? How much debt and how much equity is there? Are partners investing their own money? What is the investor’s return and reward for their risk? What are the tax consequences? Who is your CFO or accounting firm? Who is responsible for investor communications? What is the investor’s exit? 4. Management Who is running your company? What is their experience? What is their track record? Have they ever failed? How does their experience relate to your industry? Do you believe this is the strongest management team you can assemble? Can you pitch them with confidence?

The truth is that others judge us. More than that, they evaluate the truth of the Gospel by what they see of our lives and our integrity. [We] must make every effort to be above all suspicion in the matter of finances and statistics. We are not only accountable to God’s people, but also to our Master (see Acts 24:16).

Forget about earnings. That's a priesthood of the accounting profession," he would preach, unrelentingly. "What you're really after is appreciating assets. You want to own as much of that asset as you can; then you want to finance it as efficiently as possible." 6 And above all else, make sure that the deals you do avoid as much in taxes as is legally possible.

To honour his bills of exchange, Badoer had at least four accounts with local bankers in Constantinople, where banking was organised along the same lines as on the Rialto: a bank’s primary function was not to lend money, but to transfer the funds of its depositors, who personally presented themselves to authorise the transfer of money to creditor accounts in different cities.

But for me all the East is contained in that vision of my youth. It is all in that moment when I opened my young eyes on it. I came upon it from a tussle with the sea—and I was young—and I saw it looking at me. And this is all that is left of it! Only a moment; a moment of strength, of romance, of glamour—of youth!... A flick of sunshine upon a strange shore, the time to remember, the time for a sigh, and—good-bye!—Night—Good-bye...!” He drank. “Ah! The good old time—the good old time. Youth and the sea. Glamour and the sea! The good, strong sea, the salt, bitter sea, that could whisper to you and roar at you and knock your breath out of you.” He drank again. “By all that’s wonderful, it is the sea, I believe, the sea itself—or is it youth alone? Who can tell? But you here—you all had something out of life: money, love—whatever one gets on shore—and, tell me, wasn’t that the best time, that time when we were young at sea; young and had nothing, on the sea that gives nothing, except hard knocks—and sometimes a chance to feel your strength—that only—what you all regret?” And we all nodded at him: the man of finance, the man of accounts, the man of law, we all nodded at him over the polished table that like a still sheet of brown water reflected our faces, lined, wrinkled; our faces marked by toil, by deceptions, by success, by love; our weary eyes looking still, looking always, looking anxiously for something out of life, that while it is expected is already gone—has passed unseen, in a sigh, in a flash—together with the youth, with the strength, with the romance of illusions.

Phaethon asked: “Do you think there is something wrong with the Sophotechs? We are Manorials, father! We let Rhadamanthus control our finances and property, umpire our disputes, teach our children, design our thoughtscapes, and even play matchmaker to find us wives and husbands!” “Son, the Sophotechs may be sufficient to advise the Parliament on laws and rules. Laws are a matter of logic and common sense. Specially designed human-thinking versions, like Rhadamanthus, can tell us how to fulfill our desires and balance our account books. Those are questions of strategy, of efficient allocation of resources and time. But the Sophotechs, they cannot choose our desires for us. They cannot guide our culture, our values, our tastes. That is a question of the spirit.” “Then what would you have us do? Would you change our laws?” “Our mores, not our laws. There are many things which are repugnant, deadly to the spirit, and self-destructive, but which law should not forbid. Addiction, self-delusion, self-destruction, slander, perversion, love of ugliness. How can we discourage such things without the use of force? It was in response to this need that the College of Hortators evolved. Peacefully, by means of boycotts, public protests, denouncements, and shunnings, our society can maintain her sanity against the dangers to our spirit, to our humanity, to which such unboundried liberty, and such potent technology, exposes us.” (...) But Phaethon certainly did not want to hear a lecture, not today. “Why are you telling me all this? What is the point?” “Phaethon, I will let you pass through those doors, and, once through, you will have at your command all the powers and perquisites I myself possess. The point of my story is simple. The paradox of liberty of which you spoke before applies to our entire society. We cannot be free without being free to harm ourselves. Advances in technology can remove physical dangers from our lives, but, when they do, the spiritual dangers increase. By spiritual danger I mean a danger to your integrity, your decency, your sense of life. Against those dangers I warn you; you can be invulnerable, if you choose, because no spiritual danger can conquer you without your own consent. But, once they have your consent, those dangers are all-powerful, because no outside force can come to your aid. Spiritual dangers are always faced alone. It is for this reason that the Silver-Gray School was formed; it is for this reason that we practice the exercise of self-discipline. Once you pass those doors, my son, you will be one of us, and there will be nothing to restrain you from corruption and self-destruction except yourself. “You have a bright and fiery soul, Phaethon, a power to do great things; but I fear you may one day unleash such a tempest of fire that you may consume yourself, and all the world around you.

The panic was blamed on many factors—tight money, Roosevelt’s Gridiron Club speech attacking the “malefactors of great wealth,” and excessive speculation in copper, mining, and railroad stocks. The immediate weakness arose from the recklessness of the trust companies. In the early 1900s, national and most state-chartered banks couldn’t take trust accounts (wills, estates, and so on) but directed customers to trusts. Traditionally, these had been synonymous with safe investment. By 1907, however, they had exploited enough legal loopholes to become highly speculative. To draw money for risky ventures, they paid exorbitant interest rates, and trust executives operated like stock market plungers. They loaned out so much against stocks and bonds that by October 1907 as much as half the bank loans in New York were backed by securities as collateral—an extremely shaky base for the system. The trusts also didn’t keep the high cash reserves of commercial banks and were vulnerable to sudden runs.

And we all nodded at him: the man of finance, the man of accounts, the man of law, we all nodded at him over the polished table that like a still sheet of brown water reflected our faces, lined, wrinkled; our faces marked by toil, by deceptions, by success, by love; our weary eyes looking still, looking always, looking anxiously for something out of life, that while it is expected is already gone—has passed unseen, in a sigh, in a flash—together with the youth, with the strength, with the romance of illusions.

Fortunately, due to a terrible misunderstanding, I soon found myself working as a consultant to the World Bank. I am not exactly sure what it was that led the World Bank to believe I had any expertise in infrastructure finance. I had never even balanced a checkbook. I hadn’t even tried. There is not much reason to balance a checkbook when your checking account rarely tops the three-figure mark. And so, to the Third World countries who had the misfortune of working with me on their infrastructure projects, I wish to apologize.

Prinny has been an unpopular monarch for 250 years. He spent fortunes on palaces and parks at a time when England needed all the money it could raise to finance the Napoleonic War. Well, the Napoleonic War was followed by the Crimean War and the Boer War and the First World War and the Second World War and they're all long gone. The Pavilion at Brighton and Windsor Castle and Regent Street and Carlton House Terrace and Regent's Park and the Nash Terraces are all still here. Blessings on your far-sighted spendthrift head, Prinny.

Estimates suggest that $7.6 trillion of wealth is hidden in tax havens all over the world. The international finance sector acts as a 'circulation system for criminal money acquired through drug trafficking, terrorism, piracy, human trafficking, proliferation and tax evasion.' When we look at the international financial system, we don't find a free-market paradise. Instead, we find incredibly powerful institutions in both the public and private sector shaping the conditions faced by everyone else. Financial institutions 'dress themselves up in liberal trappings of the market, yet capture the old sovereignty of the state all the better to squeeze the social body to feed their own profits.' Yet all this power is held without any democratic accountability. Politicians, technocrats, and financiers work together to decide everything from the interest rates we pay on our loans to who gets what when a state files for bankruptcy. If everyone had a say in determining how these rules were made and enforced, rather than just a privileged few, we'd live in a very different world.

For centuries, it wasn’t government that kept the best records; merchants did. They were the ones who refined methods of accounting, bookkeeping, costs, and incomes, and they were at the core of the development of banking and notes of credit that are the precursors to all contemporary finance. Rulers, however, needed and coveted the revenue that merchants generated. Hence the evolution of the mercantile system, which saw various empires attempt to monopolize trade with their far-flung colonies and keep out foreign powers and foreign merchants.

It takes an army to make a movie. Camera crews, lighting crews, wardrobe crews, makeup crews, hair crews, painters, builders (called grips), a crew to provide the props, a crew to provide the furnishings (the art department), electricians, special-effects people, stunt performers, stand-ins, the accountant, scheduling and finance (called the unit production manager), catering and someone to provide snacks and drinks (called craft service), and the team of walkie-talkie-armed Gestapo that police the second-by-second momentum of shooting: the assistant director staff.

To mark its global centrality, the French sculptor Frédéric-Auguste Bartholdi asked the Egyptian government to let him build a ninety-foot statue of an Arab peasant woman wearing robes and holding a torch above her head to welcome Eastern travelers to the Mediterranean. When Egypt declined on account of the project’s high cost, he took the idea to France, which financed the sculpture. Once the Muslim woman was refashioned into a Roman goddess, France gifted the statue to the United States, where the woman became a symbol of liberty for immigrants entering New York Harbor.

If you run a bakery, you need a baker, a shop assistant to sell the cakes, and someone to oversee the finances. Would you employ the same person to do all three jobs? Of course not. Your financial wizard may know nothing about baking, but he will keep your accounts in perfect order. Your shop assistant may know nothing about finances, but he understands how to treat his customers. Each brings a unique skill to his job. In the same way, you may know enough about each set of skills to be able to manage a team of people, but you aren’t necessarily the best person to actually do the baking, even if you have a rough knowledge of it.

Thaler recounts an amusing real-life example of mental accounting.15 A professor of finance he knows has a clever strategy to help him deal with minor misfortunes. At the beginning of the year, the professor plans for a generous donation to his favorite charity. Anything untoward that happens in the course of the year—a speeding ticket, replacing a lost possession, an unwanted touch by an impecunious relative—is then charged to the charity account. The system makes the losses painless, because the charity does the paying. The charity receives whatever is left over in the account. Thaler has nominated his friend as the world’s first Certified Mental Accountant.

Here are my simple rules for identifying market tops and bottoms: 1. Market tops are relatively easy to recognize. Buyers generally become overconfident and almost always believe “this time is different.” It’s usually not. 2. There’s always a surplus of relatively cheap debt capital to finance acquisitions and investments in a hot market. In some cases, lenders won’t even charge cash interest, and they often relax or suspend typical loan restrictions as well. Leverage levels escalate compared to historical averages, with borrowing sometimes reaching as high as ten times or more compared to equity. Buyers will start accepting overoptimistic accounting adjustments and financial forecasts to justify taking on high levels of debt. Unfortunately most of these forecasts tend not to materialize once the economy starts decelerating or declining. 3. Another indicator that a market is peaking is the number of people you know who start getting rich. The number of investors claiming outperformance grows with the market. Loose credit conditions and a rising tide can make it easy for individuals without any particular strategy or process to make money “accidentally.” But making money in strong markets can be short-lived. Smart investors perform well through a combination of self-discipline and sound risk assessment, even when market conditions reverse.

Let me tell you what my role is, as a death doula,” I say, leaning forward. “I’m here to assist you and make sure your needs are met right now. I can help you with anything that’s left undone—I can work with you to plan a funeral; I can help you organize your will or your finances; I can clean your garage if the clutter is driving you crazy. I can comb through a storage facility if there’s a picture in there of your grandmother you really want to see. I can take you to see an opera one more time, or read Fifty Shades of Grey out loud to you. I can organize your social media accounts so that your friends know you’ve died, when the time comes. I can help move you outside, so you can watch the birds.” I

How common is resource infidelity? One survey of a thousand individuals in New York City revealed that 40 percent of married women and 37 percent of married men had a secret bank account.12 A Harris survey found somewhat lower numbers, but nonetheless 31 percent admitted lying to their spouse about some aspect of finances—58 percent of those who did hid cash, 30 percent hid a bill, 15 percent hid a bank account, 11 percent lied about earnings, and another 11 percent lied about debt.13 Another study found that 80 percent of respondents admitted to hiding money from their spouse.14 Regardless of the exact numbers, which vary from study to study, sample to sample, and method to method, financial infidelity is clearly not uncommon.

Hillary trotted out her favorite image of a three-legged stool that upholds stable societies: “a responsive, accountable government; an energetic, effective private sector economy; and then civil society, which represents everything else that happens in the space between the government and the economy, that holds the values, that represents the aspirations.” This “stool” is actually the image of the bland governance of a corporate society: a government responsive to the demands of finance capital, a capitalist economy, and private, unelected and well-funded organizations that will determine “our values”. Note what is missing: a vigorous political life, scrupulously independent media, and an education system that prepares intellectually alert and critical citizens.

The global centre of power shifted to Europe only between 1750 and 1850, when Europeans humiliated the Asian powers in a series of wars and conquered large parts of Asia. By 1900 Europeans firmly controlled the world’s economy and most of its territory. In 1950 western Europe and the United States together accounted for more than half of global production, whereas China’s portion had been reduced to 5 per cent.5 Under the European aegis a new global order and global culture emerged. Today all humans are, to a much greater extent than they usually want to admit, European in dress, thought and taste. They may be fiercely anti-European in their rhetoric, but almost everyone on the planet views politics, medicine, war and economics through European eyes, and listens to music written in European modes with words in European languages. Even today’s burgeoning Chinese economy, which may soon regain its global primacy, is built on a European model of production and finance.

The Proofs Human society has devised a system of proofs or tests that people must pass before they can participate in many aspects of commercial exchange and social interaction. Until they can prove that they are who they say they are, and until that identity is tied to a record of on-time payments, property ownership, and other forms of trustworthy behavior, they are often excluded—from getting bank accounts, from accessing credit, from being able to vote, from anything other than prepaid telephone or electricity. It’s why one of the biggest opportunities for this technology to address the problem of global financial inclusion is that it might help people come up with these proofs. In a nutshell, the goal can be defined as proving who I am, what I do, and what I own. Companies and institutions habitually ask questions—about identity, about reputation, and about assets—before engaging with someone as an employee or business partner. A business that’s unable to develop a reliable picture of a person’s identity, reputation, and assets faces uncertainty. Would you hire or loan money to a person about whom you knew nothing? It is riskier to deal with such people, which in turn means they must pay marked-up prices to access all sorts of financial services. They pay higher rates on a loan or are forced by a pawnshop to accept a steep discount on their pawned belongings in return for credit. Unable to get bank accounts or credit cards, they cash checks at a steep discount from the face value, pay high fees on money orders, and pay cash for everything while the rest of us enjoy twenty-five days interest free on our credit cards. It’s expensive to be poor, which means it’s a self-perpetuating state of being. Sometimes the service providers’ caution is dictated by regulation or compliance rules more than the unwillingness of the banker or trader to enter a deal—in the United States and other developed countries, banks are required to hold more capital against loans deemed to be of poor quality, for example. But many other times the driving factor is just fear of the unknown. Either way, anything that adds transparency to the multi-faceted picture of people’s lives should help institutions lower the cost of financing and insuring them.

IRA funds became a form of play money for the middle class... Because the pool of capital that made up an IRA could not be withdrawn for twenty or thirty years, many people viewed their IRAs as containing money they could experiment with. They could use an IRA to buy their first stock or their first mutual fund. They could put in in a money market fund first, and then, as they got bolder - and the bull market became more irresistible - shift some of it into something a little riskier. IRAs gave people a way to try on the stock and bond markets for size, to see how they felt, and to become slowly comfortable with the idea of investing. The knowledge that the money couldn't easily be withdrawn acted as a psychological safety net, allowing investors to feel as though they could take a chance or two. If they made a mistake, they reasoned, there was still time to recoup - several decades, perhaps.Over time, many people came to believe that it as imperative to maximize the returns they were getting on their IRA account, even at the risk of taking a loss. How else would they ever have enough to retire on? This, surely, is the classic definition of investment capital.

Banks were once an extremely valuable part of the economy and did a lot of good in advancing civilization. Banks played a pivotal role in financing big projects like roads, bridges, factories, stadiums, etc. Banks were to the economy what the heart is to the human body. But that has ended. Traditional banks have become extra toxic entities in the economy. It’s partially the fault of excessive government regulations that have made everything dysfunctional and it’s partially the fault of greedy bankers putting profits above customers and shareholders above society... But nonetheless, banks today offer very little benefit to their clients. They pay barely anything in interest. They offer barely anything in growth. They move money too slowly. They’re too restrictive. They’re selling the same boring products and services they did a hundred years ago. And they have too much power over peoples accounts. Soon, the many new companies and applications that emerge on the Ethereum infrastructure will eliminate the need for traditional banks and eliminate their value proposition by providing people with superior value. Everything from growth to asset management to lending can be done even better on the Ethereum infrastructure by anyone.

President and Chief Operating Officer (COO), accountable for the overall achievement of the Strategic Objective and reporting to the SHAREHOLDERS who include, on an equal basis, Jack and Murray. • Vice-President/Marketing, accountable for finding customers and finding new ways to provide customers with the satisfactions they derive from widgets, at lower cost, and with greater ease, and reporting to the COO. • Vice-President/Operations, accountable for keeping customers by delivering to them what is promised by Marketing, and for discovering new ways of assembling widgets, at lower cost, and with greater efficiency so as to provide the customer with better service, reporting to the COO. • Vice-President/Finance, accountable for supporting both Marketing and Operations in the fulfillment of their accountabilities by achieving the company’s profitability standards, and by securing capital whenever it’s needed, and at the best rates, also reporting to the COO. • Reporting to the Vice-President/Marketing are two positions: Sales Manager and Advertising/Research Manager. • Reporting to the Vice-President/Operations are three positions: Production Manager, Service Manager, and Facilities Manager. • Reporting to the Vice-President/Finance are two positions: Accounts Receivable Manager and Accounts Payable Manager.

Data sliced sufficiently finely begin once again to tell stories. The top 1 percent of the income distribution—representing household incomes in excess of roughly $475,000—comprises only about 1.5 million households. If one adds up the numbers of vice presidents or above at S&P 1500 companies (perhaps 250,000), professionals in the finance sector, including in hedge funds, venture capital, private equity, investment banking, and mutual funds (perhaps 250,000), professionals working at the top five management consultancies (roughly 60,000), partners at law firms whose profits per partner exceed $400,000 (roughly 25,000), and specialist doctors (roughly 500,000), this yields perhaps 1 million people. These are surely not all one-percenters, but they are all plausibly parts of the top 1 percent, and this group might comprise half—a sizable share—of 1 percent households overall. At the very least, the people in these known and named jobs constitute a material, rather than just marginal or eccentric, part of the top 1 percent of the income distribution. They are also, of course, the people depicted in journalistic accounts of extreme jobs—the people who regularly cancel vacation plans, spend most of their time on the road, live in unfurnished luxury apartments, and generally subsume themselves in work, encountering their personal lives only occasionally, and as strangers.

Many college courses in the humanities focus on discussion over lecture. Students read course material ahead of time and have a discussion in class. Harvard Business School took this to the extreme by pioneering case-based learning more than a hundred years ago, and many business schools have since followed suit. There are no lectures there, not even in subjects like accounting or finance. Students read a ten-to twenty-page description of a particular company’s or person’s circumstance—called a “case”—on their own time and then participate in a discussion/debate in class (where attendance is mandatory). Professors are there to facilitate the discussion, not to dominate it. I can tell you from personal experience that despite there being eighty students in the room, you cannot zone out. Your brain is actively processing what your peers are saying while you try to come to your own conclusions so that you can contribute during the entire eighty-minute session. The time goes by faster than you want it to; students are more engaged than in any traditional classroom I’ve ever been a part of. Most importantly, the ideas that you and your peers collectively generate stick. To this day, comments and ways of thinking about a problem that my peers shared with me (or that I shared during class) nearly ten years ago come back to me as I try to help manage the growth and opportunities surrounding the Khan Academy.

I have known its fascination since: I have seen the mysterious shores, the still water, the lands of brown nations, where a stealthy Nemesis lies in wait, pursues, overtakes so many of the conquering race, who are proud of their wisdom, of their knowledge, of their strength. But for me all the East is contained in that vision of my youth. It is all in that moment when I opened my young eyes on it. I came upon it from a tussle with the sea—and I was young—and I saw it looking at me. And this is all that is left of it! Only a moment; a moment of strength, of romance, of glamour—of youth!... A flick of sunshine upon a strange shore, the time to remember, the time for a sigh, and—good-bye!—Night—Good-bye...!” He drank. “Ah! The good old time—the good old time. Youth and the sea. Glamour and the sea! The good, strong sea, the salt, bitter sea, that could whisper to you and roar at you and knock your breath out of you.” He drank again. “By all that’s wonderful, it is the sea, I believe, the sea itself—or is it youth alone? Who can tell? But you here—you all had something out of life: money, love—whatever one gets on shore—and, tell me, wasn’t that the best time, that time when we were young at sea; young and had nothing, on the sea that gives nothing, except hard knocks—and sometimes a chance to feel your strength—that only—what you all regret?” And we all nodded at him: the man of finance, the man of accounts, the man of law, we all nodded at him over the polished table that like a still sheet of brown water reflected our faces, lined, wrinkled; our faces marked by toil, by deceptions, by success, by love; our weary eyes looking still, looking always, looking anxiously for something out of life, that while it is expected is already gone—has passed unseen, in a sigh, in a flash—together with the youth, with the strength, with the romance of illusions.

It is untrue that I or anybody else in Germany wanted war in 1939. It was desired and instigated exclusively by those international statesmen who were either of Jewish origin or working for Jewish interests. I have made so many offers for the reduction and elimination of armaments, which posterity cannot explain away for all eternity, that the responsibility for the outbreak of this war cannot rest on me. Furthermore, I never desired that after the first terrible World War a second war should arise against England or even against America. Centuries may pass, but out of the ruins of our cities and monuments of art there will arise anew the hatred for the people who alone are ultimately responsible: International Jewry and its helpers! As late as three days before the outbreak of the German-Polish War, I proposed to the British Ambassador in Berlin a solution for the German-Polish problem -- similar to the problem of the Saar area, under international control. This offer cannot be explained away, either. It was only rejected because the responsible circles in English politics wanted the war, partly in the expectation of business advantages, partly driven by propaganda promoted by international Jewry. But I left no doubt about the fact that if the peoples of Europe were again only regarded as so many packages of stock shares by these international money and finance conspirators, then that race, too, which is the truly guilty party in this murderous struggle would also have to be held to account: the Jews! I further left no doubt that this time we would not permit millions of European children of Aryan descent to die of hunger, nor millions of grown-up men to suffer death, nor hundreds of thousands of women and children to be burned and bombed to death in their cities, without the truly guilty party having to atone for its guilt, even if through more humane means.

The Seventh Central Pay Commission was appointed in February 2014 by the Government of India (Ministry of Finance) under the Chairmanship of Justice Ashok Kumar Mathur. The Commission has been given 18 months to make its recommendations. The terms of reference of the Commission are as follows:  1. To examine, review, evolve and recommend changes that are desirable and feasible regarding the principles that should govern the emoluments structure including pay, allowances and other facilities/benefits, in cash or kind, having regard to rationalisation and simplification therein as well as the specialised needs of various departments, agencies and services, in respect of the following categories of employees:-  (i) Central Government employees—industrial and non-industrial; (ii) Personnel belonging to the All India Services; (iii) Personnel of the Union Territories; (iv) Officers and employees of the Indian Audit and Accounts Department; (v) Members of the regulatory bodies (excluding the RBI) set up under the Acts of Parliament; and (vi) Officers and employees of the Supreme Court.   2. To examine, review, evolve and recommend changes that are desirable and feasible regarding the principles that should govern the emoluments structure, concessions and facilities/benefits, in cash or kind, as well as the retirement benefits of the personnel belonging to the Defence Forces, having regard to the historical and traditional parties, with due emphasis on the aspects unique to these personnel.   3. To work out the framework for an emoluments structure linked with the need to attract the most suitable talent to government service, promote efficiency, accountability and responsibility in the work culture, and foster excellence in the public governance system to respond to the complex challenges of modern administration and the rapid political, social, economic and technological changes, with due regard to expectations of stakeholders, and to recommend appropriate training and capacity building through a competency based framework.   4. To examine the existing schemes of payment of bonus, keeping in view, inter-alia, its bearing upon performance and productivity and make recommendations on the general principles, financial parameters and conditions for an appropriate incentive scheme to reward excellence in productivity, performance and integrity.   5. To review the variety of existing allowances presently available to employees in addition to pay and suggest their rationalisation and simplification with a view to ensuring that the pay structure is so designed as to take these into account.   6. To examine the principles which should govern the structure of pension and other retirement benefits, including revision of pension in the case of employees who have retired prior to the date of effect of these recommendations, keeping in view that retirement benefits of all Central Government employees appointed on and after 01.01.2004 are covered by the New Pension Scheme (NPS).   7. To make recommendations on the above, keeping in view:  (i) the economic conditions in the country and the need for fiscal prudence; (ii) the need to ensure that adequate resources are available for developmental expenditures and welfare measures; (iii) the likely impact of the recommendations on the finances of the state governments, which usually adopt the recommendations with some modifications; (iv) the prevailing emolument structure and retirement benefits available to employees of Central Public Sector Undertakings; and (v) the best global practices and their adaptability and relevance in Indian conditions.   8. To recommend the date of effect of its recommendations on all the above.

Clodius had doubtless been instructed to leave him meanwhile at peace, but Caesar as little threw off Clodius on account of Cicero as he threw off Cicero on account of Clodius; and the great saviour of his country and the no less great hero of liberty entered into an antechamber-rivalry in the headquarters of Samarobriva, for the befitting illustration of which there lacked, unfortunately, a Roman Aristophanes. But not only was the same rod kept in suspense over Cicero's head, which had once already descended on him so severely; golden fetters were also laid upon him. Amidst the serious embarrassment of his finances the loans of Caesar free of interest, and the joint overseership of those buildings which occasioned the circulation of enormous sums in the capital, were in a high degree welcome to him; and many an immortal oration for the senate was nipped in the bud by the thought of Caesar's agent, who might present a bill to him after the close of the sitting.

Action Steps 1. Audit your current skill set. You have more areas of competence than you think. Throughout your life, you have amassed knowledge and specialized skills in a wide range of disciplines. That knowledge and those skills can prove useful to you in future endeavors. For example, I have a degree in Finance and Investments. Upon graduating from college, I accepted an accounting position with one of the top automakers. I then became a stockbroker. Then, I moved into a career in IT. For the past 20 years, I’ve been a writer in numerous capacities. Along the way, I learned about server management, Wordpress development and search engine optimization. All of these ventures imbued me with skills I use every day - in my business and personal life. Your experience has likewise instilled within you a raft of specialized skills. Many of them will help you to tackle unfamiliar tasks and projects, even if they seem unrelated to your current and previous jobs. 2. Focus on your desired outcomes rather than the things that might go wrong along the way. One of our survival instincts is to plan for things that might go wrong. In some circumstances, that’s a valuable quality that protects us from harm. It prevents us from strolling down dark alleys in unpopulated locales. It discourages us from petting strange dogs. In other circumstances, however, it can hold us back. The instinct prevents us from pursuing opportunities that can lead to improved aptitude as well as personal and professional growth. By focusing on your desire outcomes, you’ll find it easier to ignore your inborn fear of the unknown. You’ll be able to dismiss the voice in your head constantly whispering “What if XYZ happens?” 3. Look for opportunities to learn new skills. The self-confidence you’ll gain will make you less fearful of tackling unfamiliar tasks. Achieving a high level of competency in any discipline requires repeated exposure and application. There’s no other way to attain proficiency. The problem is a lack of courage. It’s normal to feel hesitant, or even intimidated, when we’re given a new responsibility.

The Guardian’s Paul Vallely has given a decent account of how Cardinal George Pell, appointed by Francis, began a review of the bank’s operations. Pell had successfully overhauled the Church’s finances in Sydney and Melbourne. The Australian son of a former heavyweight boxer, Pell is a political and doctrinal conservative who speaks aggressively and does not believe in man-made climate change. He is a cult hero among conservative Catholics. You can imagine what the Lavender Mafia think of him. Vallely notes grudgingly that, “For all his conservatism, Pell had for years been a vocal critic of the Roman Catholic bureaucracy and its corruption.” Pell moved quickly, and made enemies. A straight dealer to the point of unbearable bluntness, especially in the delicately perfumed and gold-embroidered world of the Holy See, Pell probably didn’t anticipate getting tripped up by dirty tactics: in this case, stories leaked to the media about—you guessed it—clerical abuse. The press reports were coincidentally timed, arriving just as Pell’s reforms of the bank began to take hold. It was alleged that Pell was soft on child abuse, thanks to offhand comments he had made years before, in typically ribald and direct Australian fashion. It was suggested that he may himself have some questions to answer about covering up abuse. Then the allegations widened, to direct accusations of historic sex abuse, at which point Pell had to put his work at the bank on hold. Now Pell is back in Australia, trying to clear his name, and his reforms are stalling, just as the intriguers intended. This is how efforts to clean up the Roman Catholic Church usually end.

they just took the US government... they just changed the governance model by accounting policy to a fascist government

Auditors are to the world of finance what anti-doping lab technicians are to the Tour de France; they both test thousands of random samples each year and find nothing wrong.

Zero Line Spender, Saver, Wealth Creator Your financial personality type determines your financial position in life. Let’s say there is a zero financial line that represents a position where you owe nothing and have nothing. Perhaps you can remember those days getting started on your own. So, let us assume you just graduated from college and you’re one of the lucky few who graduated at the zero line, you owe nothing. Pretty amazing considering that in 2013, the debt on student loans exceeded all credit card debt owed in America. But fortunately, you made it out free and clear to the zero line. You’re a “Spender” so you go to the showroom and pick one out. With your job and the car as collateral, you get a car loan and you drop below the zero line. You lifestyle gets more and more expensive and since you are a ‘Spender” you probably take on credit card debt to help finance your lifestyle desires. You are constantly working your way back to becoming a zero, financially speaking. Then, you get married and now there are two in debt working their way back to zero. Eventually, children come along, and the odds of being able to put away enough money to pay your debt and interest and live on the top side of the zero line are becoming virtually impossible. Unfortunately, many Americans live in this position with little or no chance of ever living debt free. When something comes along that requires their savings, they must deplete their funds in order to avoid paying interest and then they must start saving again for their next expense. They are constantly returning to the zero line. The money they have accumulated is compounding interest, giving them uninterrupted growth. Having access to capital allows them to negotiate more favorable loans by collateralizing against their accounts rather than depleting them. They make payments to the lending institution with dollars from their current cash flow, protecting the growth of the money they have saved and invested for their future. Saving and investing with uninterrupted compounding is an important wealth concept for moving further and further away from the zero line.

both Tesla and GM think battery prices will come down fast enough for electric cars to be more affordable than equivalent gasoline cars by the early 2020s. The Chevy Bolt sells for less than $35,000, after subsidies. Tesla plans to be producing Model 3s at a rate of hundreds of thousands a year by 2019. Other electric car companies, new and old, are developing competitive strategies. It is still difficult to predict how quickly the sales of electric cars will overtake those of gasoline vehicles. Even assuming all goes well for Tesla and their electric competitors, it could take years, or decades. Bloomberg New Energy Finance’s study estimated that electric cars will account for 35 percent of new car sales by 2040. That’s based on battery prices decreasing at a slower rate than Tesla and GM anticipate. But, as noted earlier, gasoline cars will face the difficult task of competing with electric cars that are both cheaper and better.

Doing a No-Spend Challenge for longer than a month is hard, but it’s an extremely efficient way to change your life and bank account. And I love efficiency. Doing a challenge over multiple months means you’ll likely experience every temptation your life has to offer —often multiple times —and you’ll see your financial growth a lot faster.

Along with the other items presented in the budget document, the finance minister submits the Annual Financial Statement which consists of estimated receipts and spending, which are operated through three separate accounts: (i) the Consolidated Fund, (ii) the Contingency Fund, and (iii) the Public Account.

quite clear on questions of finance, and saw to a “t” how progress should be made towards communism, so that no violence should disturb that progress, and that in the due course of centuries all desire for personal property should be conquered and annihilated by a philanthropy so general as hardly to be accounted a virtue. In the meantime he could never contrive to pay his tailor’s bill regularly out of the allowance of £400 a year which his father made him, and was always dreaming of the comforts of a handsome income.

The truth, which should be apparent to anyone with a vaguely cynical soul, is that 3-D will always be the past, and is only being rammed down our throats as something excitingly ‘new’ right now because it is much harder to pirate 3-D films than good old flat ones. Big Hollywood studios want you to believe in 3-D because they want to carry on believing in their own bank accounts. It has nothing to do with ‘the future’ of cinema, merely the future of film finance.

September was a busy time of year for accounants, and not particularly Al's favorite. All the corporations that had filed extensions in April had to have their taxes in by the middle of September, with the procrastinating individuals following close behind. Al's clients who hadn't been able to get their finances together in the spring were even less inclined to now, any more than they wanted to tuck in the loose ends of their carefree summer spending... In September, accountants were firmly planted in the role of curmudgeon, grown-up when everyone wanted only to remember the feeling of bare feet for as long as possible.

The tools of traditional finance, like modern portfolio theory, can help investors establish efficient portfolios to maximize their wealth with acceptable levels of risk. However, mental accounting makes it difficult to implement these tools. Instead, investors use mental accounting to match different investing goals to different asset allocations. This often leads to investors diversifying their portfolios by goal rather than in total. When investors pick investments in each goal-focused mini portfolio, they examine each choice’s individual risk and return characteristics and ignore their diversification characteristics. They eliminate the choices they view as inferior and then often simply divide their money equally among the acceptable choices.

The UPA government, instead of implementing the Supreme Court order—which would have been the defining indicator of its bona fides in retrieving the black money looted from the people of India— instead demanded a recall of the order. This establishes its complete mala fide, connivance and conspiracy, and confirms that it has no intention of taking any substantive steps to recover the black money stashed away abroad, or take any serious action to combat this grievous economic crime impoverishing our nation—the 21st century version of UPA imperialism. The nation should be informed that no investigation has taken place regarding the issues before it since the Supreme Court judgement, but the finance minister chose to conceal these extremely pertinent facts in his Paper. The White Paper coyly discussed the dimensions of black money stashed away abroad by quoting statistics that are more than a decade old, saying that these are being researched upon by three agencies whose report is expected in September 2012. From this it would appear that the government had no knowledge of the quantum of black money lying abroad. One wonders why the government presented the paper at this stage. Interestingly, the Paper officially disclosed a figure regarding Indian accounts held with Swiss banks, at around only US $213 billion (as against $88 billion projected by the International Monetary Fund, and $213.2 billion by GFI), down 60% between 2006 and 2010. A reasonable conclusion that can be drawn is that black money holders, in anticipation of international and national public pressure (not governmental) transferred their money to other safe havens, the safest, it is said, being India. The last two years have seen several enabling statutes and mechanisms to stealthily repatriate the ill-gotten wealth back to India. I am also given to understand that there is evidence of a huge disparity between export figures, particularly of metals quoted by the government, and actual exports through data available from independent sources. The same applies to figures regarding FIIs. The game is clear. Use every government tool and instrument available to repatriate the money to India, without disclosure, culpability or punishment. There must be ways, and ways that we can never fathom or document, but the black money holders control legislation, either through being important politicians, or big businesses, who can buy safe passage, necessary loopholes and escape routes through statute or legislation. The finance minister through his negligence and active cooperation with the criminals allowed the stolen money to be removed from the accounts in which it was held and only a small fraction now remains, which too he is determined to place beyond the reach of the people of India who are its legitimate owners.

NRE, FCNR, NRO or inward remittances, the amount can only be credited to the NRO account. The company may accept deposits under a private arrangement or public deposit scheme. A non-banking finance company (NBFC) is required to get registered with RBI and follow the RBI guidelines. Any firm or company accepting deposits are not allowed to use the funds for agricultural/plantation activities, real estate business or investing in other concerns engaged in these activities. Also, the funds cannot be used for re-lending (except NBFC) or repatriated outside India.

income, expenses, and finances: How much debt do I want to carry, and for what purpose? Would I like to pay off one or more of my credit accounts? By when? How much money do I want to make next month? Next year? Five years from now? What expenses do I want to cut down or cut out? — My home and community: What changes do I want to make in my current living environment? Do I want to fix up my home or yard? Do I want to move? What is my ideal home like? Where is it? What is my personal corner or room like? Does it have a garden, pool, or pond? Is it near the ocean, a lake, the desert, or mountains? Is it in the city or the country? What part of the world do I live in? What is my neighborhood like? What community projects am I involved in, if any? — My spiritual life: How much time do I want to devote to spiritual practices, such as meditation, classes, church, volunteer work, and so on? What books do I want to read? What classes do I want to take? What spiritual teachers, authors, or leaders do I want to meet, listen to, and/or work with? What spiritual power places do I want to visit, with whom, and when? What spiritual projects do I want to work on? What spiritual gift do I want to give to others? — My health and fitness: What changes do I want to make in my health and fitness? How much time per day or week do I want to spend exercising? What type of exercise program would I most enjoy and benefit from? Where would I exercise? With whom? What physical healings do I want? If I were to manifest my true natural state of perfect health right now, what would my body be like? About what weight or fat percentage would my body feel comfortable and healthy being? What types of foods would be in my regular diet? What would my ideal sleeping pattern be? How would I deal with stress or tension? What unnecessary stressors do I want to get rid of? What toxins (emotional or physical) can I eliminate from my diet or life? — My family life: What type of family life do I want? What about children? How much time do I want to spend with my kids? What do I want to teach or share with them? How can I be closer to my family and/or spend more quality time with them? What type of

There is an even starker contrast between the two groups of countries when one compares their contributions to growth in global debt versus growth in global GDP. Emerging markets contribute far more to growth in global GDP than to the growth in global public debt. These economies accounted for 14 percent of the increase in global debt levels from 2007 to 2012. In contrast, their contribution to the increase in global GDP over this period was 70 percent. The numbers are equally stark when one examines forecasts for the subsequent five years. From 2012 to 2017, emerging markets are expected to account for about three-fifths of global GDP growth but less than one-fifth of global public debt accumulation. In other words, emerging markets are adding substantially to global GDP, whereas advanced economies are mainly adding to global public debt (see Figure A-3 in the Appendix for details). The U.S. and Japan are certainly heavy hitters when it comes to debt accumulation. These two economies are making a far greater contribution to the rise in global debt than to the rise in global GDP. The U.S. contributed 38 percent of the increase in global debt from 2007 to 2012 and is expected to account for nearly half of the anticipated increase from 2012 to 2017. Its contributions to the increases in global GDP over those two periods are 12 percent and 23 percent, respectively. Japan accounted for 25 percent of the increase in debt from 2007 to 2012 and is expected to add 9 percent from 2012 to 2017, whereas its contributions to the increase in global GDP are far more modest. One

Maximizing time is making sure that every second is accounted for

all cash inflows or outflows are separated into one of three categories: Cash flow from operating activities,  Cash flow from investing activities, and  Cash flow from financing activities. 

Accountability for agency operations is fragmented. Each office in a network is a separate profit center. Each department in an office self-defines its missions. Creative heads focus on creativity; finance directors focus on headcounts, overhead and budgeted/ actual costs and profits; client heads manage the service that they provide to their ‘disorganized’ clients and keep them coming back for more. (Despite this there seem to be very few happy clients.) Managing

The Economist has produced a more sophisticated set of ‘back-of-the-envelope’ estimates in an interactive basic income calculator for all OECD countries.4 This purports to show how much could be paid as a basic income by switching spending on non-health transfers, leaving tax revenues and other public spending unchanged. Interestingly, even on this very restrictive basis, a cluster of seven west European countries could already pay over $10,000 per person per year. The United States could pay $6,300 and Britain $5,800. Obviously, for most countries, the level of basic income that could be financed from this tax-neutral welfare-switching exercise would be modest – though, especially for bottom-ranked countries such as South Korea ($2,200) or Mexico (only $900), this largely reflects their current low tax take and welfare spending. The Economist’s interactive calculator also aims to calculate what tax rises would be needed to pay a basic income of a given amount. For the UK, the calculator estimates that the cost of a basic income of one-third average GDP per head would require a 15 percentage point rise in tax take. Its calculations can again be questioned in their own terms. However, all these back-of-the-envelope exercises are flawed in more fundamental ways. First, they do not allow for clawing the basic income back in tax from higher-income earners, which could be done with no net cost to the affluent or to the Exchequer, simply by tweaking tax rates and allowances so that the extra tax take equals the basic income paid. Second, they do not take account of administrative savings from removal of means testing and behaviour conditions. Administration accounted for £8 billion of the £172 billion 2013–14 budget of the UK’s Department of Work and Pensions, much of which will have gone to pay staff in local job centres to monitor and sanction benefit recipients. This does not include hundreds of millions of pounds paid to private contractors to carry out so-called ‘work assessment’ tests on people with disabilities, which have led to denial of benefits to some of society’s most vulnerable people. Third, they compare the cost of a basic income with the existing welfare budget and assume that all other areas of public spending remain intact. Yet governments can always choose to realign spending priorities. The UK government could save billions by scrapping the plan to replace the Trident nuclear missile system, now estimated to cost more than £200 billion over its lifetime. It could save further billions by ending subsidies that go predominantly to corporations and the affluent.

Infomate Sri Lanka is an established BPO service provider with a global presence. Specializing in Accounting Outsourcing, Payroll & Data Digitization services. As a veteran accounting outsource services provider, Infomate utilizes qualified and experienced teams & individuals from one of the largest pools of accountants globally, Sri Lanka. Coupled with our diversity of use in accounting tools and our own custom platforms, we are the dependable choice for your accounting and finance operations.

Chasing tax cheats using normal procedures was not an option. It would take decades just to identify anything like the majority of them and centuries to prosecute them successfully; the more we caught, the more clogged up the judicial system would become. We needed a different approach. Once Danis was on board a couple of days later, together we thought of one: we would extract historical and real-time data from the banks on all transfers taking place within Greece as well as in and out of the country and commission software to compare the money flows associated with each tax file number with the tax returns of that same file number. The algorithm would be designed to flag up any instance where declared income seemed to be substantially lower than actual income. Having identified the most likely offenders in this way, we would make them an offer they could not refuse. The plan was to convene a press conference at which I would make it clear that anyone caught by the new system would be subject to 45 per cent tax, large penalties on 100 per cent of their undeclared income and criminal prosecution. But as our government sought to establish a new relationship of trust between state and citizenry, there would be an opportunity to make amends anonymously and at minimum cost. I would announce that for the next fortnight a new portal would be open on the ministry’s website on which anyone could register any previously undeclared income for the period 2000–14. Only 15 per cent of this sum would be required in tax arrears, payable via web banking or debit card. In return for payment, the taxpayer would receive an electronic receipt guaranteeing immunity from prosecution for previous non-disclosure.17 Alongside this I resolved to propose a simple deal to the finance minister of Switzerland, where so many of Greece’s tax cheats kept their untaxed money.18 In a rare example of the raw power of the European Union being used as a force for good, Switzerland had recently been forced to disclose all banking information pertaining to EU citizens by 2017. Naturally, the Swiss feared that large EU-domiciled depositors who did not want their bank balances to be reported to their country’s tax authorities might shift their money before the revelation deadline to some other jurisdiction, such as the Cayman Islands, Singapore or Panama. My proposals were thus very much in the Swiss finance minister’s interests: a 15 per cent tax rate was a relatively small price to pay for legalizing a stash and allowing it to remain in safe, conveniently located Switzerland. I would pass a law through Greece’s parliament that would allow for the taxation of money in Swiss bank accounts at this exceptionally low rate, and in return the Swiss finance minister would require all his country’s banks to send their Greek customers a friendly letter informing them that, unless they produced the electronic receipt and immunity certificate provided by my ministry’s web page, their bank account would be closed within weeks. To my great surprise and delight, my Swiss counterpart agreed to the proposal.19

In Ethereum, there are two types of addresses: the externally owned account (EOA) and an address of a contract account. Transactions sent to an EOA can only transfer ETH.1 In Bitcoin, all addresses are EOA. In Ethereum, when data is sent to a contract account, the data are used to execute code in that contract. The transaction may or may not have an accompanying ETH payment for use by the contract.

Fundamentally, blockchains are software protocols that allow multiple parties to operate under shared assumptions and data without trusting each other. These data can be anything, such as location and destination information of items in a supply chain or account balances of a token. Updates are packaged into “blocks” and are “chained” together cryptographically to allow an audit of the prior history – hence the name.

On a trip to Korea, Thiel’s corporate credit card was declined as he tried to purchase a return ticket home. The investors he had met with were only too happy to furnish a first-class plane ticket—which they did on the spot. “They were excited beyond belief,” Thiel remembered. “The next day, they called up our law firm and asked, ‘What’s the bank account we need to send the money to?’ ” The crazed nature of it all confirmed Thiel’s suspicions about the market. “I remember thinking to myself that it felt like things couldn’t get much crazier, and that we really had to close the money quickly because the window might not last forever,” he said. The final $100 million figure actually disappointed some on the team. Confinity and X.com had secured verbal commitments for double that amount, and some on the team had wanted to hold out for the remaining funding or push for a billion-dollar valuation. Thiel disagreed, urging Selby and others on the financing team to turn handshakes into actual checks, to get term sheets signed, and have deposits confirmed. “Peter kicked everyone’s asses to get that funding round done,” David Sacks remembered. Many Confinity employees—who had seen Thiel at his toughest—rarely remember him this insistent. “If we don’t get this money raised,” Howery recalled Thiel saying, “the whole company could blow up.

Money doesn't care where it came from or what it is spent on, and neither should you.

With gambling or investing, if your gains are quick and easy, you will tend to keep the money in a separate mental account. So, if you subsequently lose it, you won't feel as upset as you'd think if you lost the money you brought to the casino. Yet, they are both pots of currency.

Part of why individuals like Benioff could crow about giving back was because of how comprehensively they had taken to begin with. They had benefited from public goods financed by taxpayers—the schools that educated their employees; the internet, developed by publicly funded research; the roads, the bridges, and the rest of modern infrastructure, which enabled commerce—and then deployed their lobbyists, accountants, and lawyers to master legal forms of tax evasion that starved the system.

Once your investment account has touched a peak value, it's almost impossible to forget that number.

Modern coinage came much later, first emerging in Lydia around 600 BCE and providing what we think of as today's functions of money: unit of account, medium of exchange, and store of value.

No one can post a false transaction without ownership of the corresponding account due to the asymmetric key cryptography protecting the accounts. You have one “public” key representing an address to receive tokens and a “private” key used to unlock and spend tokens over which you have custody. This same type of cryptography is used to protect your credit card information and data when using the Internet. A single account cannot “double spend” its tokens because the ledger keeps an audit of the balance at any given time and the faulty transaction would not clear. The ability to prevent a double spend without a central authority illustrates the primary advantage of using a blockchain to maintain the underlying ledger.

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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.

With approval functionality, contracts (or trusted accounts) can be whitelisted to act as custodians for a user's tokens without directly holding the token balance. This widens the scope of possible applications because users retain full custody before an approved spender executes a transaction.

Ethereum charges a gas fee for every transaction – similar to how driving a car takes a certain amount of gas, which costs money. Imagine Ethereum as one giant computer with many applications (i.e., smart contracts). If people want to use the computer, they must pay for each unit of computation. A simple computation such as sending ether (ETH) requires minimal work to update a few account balances and thus has a relatively small gas fee. A complex computation involving minting tokens and checking various conditions across many contracts requires more gas and thus will have a higher fee. The gas fee may lead to a poor user experience, however. It forces agents to maintain an ETH balance to pay it and leads to worry about overpaying, underpaying, or the transaction not taking place at all. So initiatives are ongoing to eliminate gas fees from end users.

Dan Corrieri trained in engineering graphics, statistical process control, accounting manufacturing methods, finance, management, engineering economy, marketing, design processes in technology and engineering mechanics. Daniel Corrieri was a veteran of the United States Marine Corps Reserves with an honorable discharge. In addition, Daniel Corrieri has gained plenty of volunteer experience with Toys for Tots through the Marine Corps, community service for the American Cancer Society, church service and other excellent opportunities.

The socializing function of finance capital facilitates enormously the task of overcoming capitalism. Once finance capital has brought the most importance branches of production under its control, it is enough for society, through its conscious executive organ - the state conquered by the working class - to seize finance capital in order to gain immediate control of these branches of production. Since all other branches of production depend upon these, control of large-scale industry already provides the most effective form of social control even without any further socialization. A society which has control over coal mining, the iron and steel industry, the machine tool, electricity, and chemical industries, and runs the transport system, is able, by virtue of its control of these most important spheres of production, to determine the distribution of raw materials to other industries and the transport of their products. Even today, taking possession of six large Berlin banks would mean taking possession of the most important spheres of large-scale industry, and would greatly facilitate the initial phases of socialist policy during the transition period, when capitalist accounting might still prove useful. There is no need at all to extend the process of expropriation to the great bulk of peasant farms and small businesses, because as a result of the seizure of large-scale industry, upon which they have long been dependent, they would be indirectly socialized just as industry is directly socialized. It is therefore possible to allow the process of expropriation to mature slowly, precisely in those spheres of decentralized production where it would be a long drawn out and politically dangerous process. In other words, since finance capital has already achieved expropriation to the extent required by socialism, it is possible to dispense with a sudden act of expropriation by the state, and to substitute a gradual process of socialization through the economic benefits which society will confer. [pp. 367-368]