Finance Department Quotes

So here we have found a means of a) alienating even the most flexible and patient Palestinians; while b) frustrating the efforts of the more principled and compromising Israelis; while c) empowering and financing some of the creepiest forces in American and Israeli society; and d) heaping ordure on our own secular founding documents. When will the Justice Department and the Congress and the Supreme Court become aware of this huge and rank offense, which is designed to bring us ever nearer to holy war?

At the beginning of the eighteenth century, as the British economic historian Angus Maddison has demonstrated, India’s share of the world economy was 23 per cent, as large as all of Europe put together. (It had been 27 per cent in 1700, when the Mughal Emperor Aurangzeb’s treasury raked in £100 million in tax revenues alone.) By the time the British departed India, it had dropped to just over 3 per cent. The reason was simple: India was governed for the benefit of Britain. Britain’s rise for 200 years was financed by its depredations in India.

The majority of the employees here are civilians," explained my Alderman guide/protector/companion/would-be-executioner as we strode without a word to the security guards through the foyer towards the lifts. "They conduct themselves within perfectly standard financial services and regulations. There is one specialist suboperational department catering to the financing of more...unusual extra-capital ventures, and the executive assets who operate it have to undergo a rigorous level of training, psyche evaluation, personality assessment, and team operational analyses." We stared at him, and said, "We barely understood the little words." "No," he replied, "I didn't think you would.

Over and over I have tried to be her fire department, financing treatments and paying for stays in premium rehabs. But even with substantial resources, there is no way to rescue someone who doesn’t realize they’re burning.

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.

If a woman can by careful selection of a father, and nourishment of herself produce a citizen with efficient senses, sound organs and a good digestion, she should clearly be secured a sufficient reward for that natural service to make her willing to undertake and repeat it. Whether she be financed in the undertaking by herself, or by the father, of by a speculative capitalist, or by a new department of , say, the Royal Dublin Society, or (as at present) by the War Office maintaining her ‘on the strength’ and authority under a by-law directing that women may under certain circumstances have a year’s leave of absence on full salary, or by the central government, does not matter provided the results be satisfactory.

In the tax profession, there are only three total official credentials. One is the enrolled agent credential. The EA is the only authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury.

The word “Establishment” is a general term for the power elite in international finance, business, the professions and government, largely from the northeast, who wield most of the power regardless of who is in the White House. Most people are unaware of the existence of this “legitimate Mafia.” Yet the power of the Establishment makes itself felt from the professor who seeks a foundation grant, to the candidate for a cabinet post or State Department job. It affects the nation’s policies in almost every area.

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.

Before 1969 came to an end, Palestinian terrorists trained at the KGB’s Balashikha special-operations school east of Moscow had hijacked their first “Zionist” El Al plane and landed it in Algeria, where its thirty-two Jewish passengers were held hostage for five weeks. The hijacking had been planned and coordinated by the KGB’s Thirteenth Department, known in Soviet bloc intelligence jargon as the Department for Wet Affairs (wet being a KGB euphemism for bloody). To conceal the KGB’s hand, Andropov had the Popular Front for the Liberation of Palestine (created and financed by the KGB) take credit for the hijacking. The

A 1997 study of the consumer product design firm IDEO found that most of the company’s biggest successes originated as “combinations of existing knowledge from disparate industries.” IDEO’s designers created a top-selling water bottle, for example, by mixing a standard water carafe with the leak-proof nozzle of a shampoo container. The power of combining old ideas in new ways also extends to finance, where the prices of stock derivatives are calculated by mixing formulas originally developed to describe the motion of dust particles with gambling techniques. Modern bike helmets exist because a designer wondered if he could take a boat’s hull, which can withstand nearly any collision, and design it in the shape of a hat. It even reaches to parenting, where one of the most popular baby books—Benjamin Spock’s The Common Sense Book of Baby and Child Care, first published in 1946—combined Freudian psychotherapy with traditional child-rearing techniques. “A lot of the people we think of as exceptionally creative are essentially intellectual middlemen,” said Uzzi. “They’ve learned how to transfer knowledge between different industries or groups. They’ve seen a lot of different people attack the same problems in different settings, and so they know which kinds of ideas are more likely to work.” Within sociology, these middlemen are often referred to as idea or innovation brokers. In one study published in 2004, a sociologist named Ronald Burt studied 673 managers at a large electronics company and found that ideas that were most consistently ranked as “creative” came from people who were particularly talented at taking concepts from one division of the company and explaining them to employees in other departments. “People connected across groups are more familiar with alternative ways of thinking and behaving,” Burt wrote. “The between-group brokers are more likely to express ideas, less likely to have ideas dismissed, and more likely to have ideas evaluated as valuable.” They were more credible when they made suggestions, Burt said, because they could say which ideas had already succeeded somewhere else.

That City of yours is a morbid excrescence. Wall Street is a morbid excrescence. Plainly it's a thing that has grown out upon the social body rather like -- what do you call it? -- an embolism, thrombosis, something of that sort. A sort of heart in the wrong place, isn't it? Anyhow -- there it is. Everything seems obliged to go through it now; it can hold up things, stimulate things, give the world fever or pain, and yet all the same -- is it necessary, Irwell? Is it inevitable? Couldn't we function economically quite as well without it? Has the world got to carry that kind of thing for ever? "What real strength is there in a secondary system of that sort? It's secondary, it's parasitic. It's only a sort of hypertrophied, uncontrolled counting-house which has become dominant by falsifying the entries and intercepting payment. It's a growth that eats us up and rots everything like cancer. Financiers make nothing, they are not a productive department. They control nothing. They might do so, but they don't. They don't even control Westminster and Washington. They just watch things in order to make speculative anticipations. They've got minds that lie in wait like spiders, until the fly flies wrong. Then comes the debt entanglement. Which you can break, like the cobweb it is, if only you insist on playing the wasp. I ask you again what real strength has Finance if you tackle Finance? You can tax it, regulate its operations, print money over it without limit, cancel its claims. You can make moratoriums and jubilees. The little chaps will dodge and cheat and run about, but they won't fight. It is an artificial system upheld by the law and those who make the laws. It's an aristocracy of pickpocket area-sneaks. The Money Power isn't a Power. It's respectable as long as you respect it, and not a moment longer. If it struggles you can strangle it if you have the grip...You and I worked that out long ago, Chiffan... "When we're through with our revolution, there will be no money in the world but pay. Obviously. We'll pay the young to learn, the grown-ups to function, everybody for holidays, and the old to make remarks, and we'll have a deuce of a lot to pay them with. We'll own every real thing; we, the common men. We'll have the whole of the human output in the market. Earn what you will and buy what you like, we'll say, but don't try to use money to get power over your fellow-creatures. No squeeze. The better the economic machine, the less finance it will need. Profit and interest are nasty ideas, artificial ideas, perversions, all mixed up with betting and playing games for money. We'll clean all that up..." "It's been going on a long time," said Irwell. "All the more reason for a change," said Rud.

FOCUS ON GENERATING REVENUE THE DOJ FOUND THAT virtually every branch and tributary of the city’s bureaucracy—the mayor, city council, city manager, finance director, municipal court judge, municipal court prosecutor, court clerk, assistant clerks, police chief—all were enmeshed in an unending race to raise revenue through municipal fines and fees:            City officials routinely urge Chief [Tom] Jackson to generate more revenue through enforcement. In March 2010, for instance, the City Finance Director wrote to Chief Jackson that “unless ticket writing ramps up significantly before the end of the year, it will be hard to significantly raise collections next year. . . . Given that we are looking at a substantial sales tax shortfall, it’s not an insignificant issue.” Similarly, in March 2013, the Finance Director wrote to the City Manager: “Court fees are anticipated to rise about 7.5%. I did ask the Chief if he thought the PD [police department] could deliver 10% increase. He indicated they could try.” The importance of focusing on revenue generation is communicated to FPD officers. Ferguson police officers from all ranks told us that revenue generation is stressed heavily within the police department, and that the message comes from City leadership. The evidence we reviewed supports this perception.

There followed a three-year spectacle during which [Senator Joseph] McCarthy captured enormous media attention by prophesying the imminent ruin of America and by making false charges that he then denied raising—only to invent new ones. He claimed to have identified subversives in the State Department, the army, think tanks, universities, labor unions, the press, and Hollywood. He cast doubt on the patriotism of all who criticized him, including fellow senators. McCarthy was profoundly careless about his sources of information and far too glib when connecting dots that had no logical link. In his view, you were guilty if you were or ever had been a Communist, had attended a gathering where a supposed Communist sympathizer was present, had read a book authored by someone soft on Communism, or subscribed to a magazine with liberal ideas. McCarthy, who was nicknamed Tailgunner Joe, though he had never been a tail gunner, was also fond of superlatives. By the middle of 1951, he was warning the Senate of “a conspiracy so immense and an infamy so black as to dwarf any previous such venture in the history of man.” McCarthy would neither have become a sensation, nor ruined the careers of so many innocent people, had he not received support from some of the nation’s leading newspapers and financing from right-wingers with deep pockets. He would have been exposed much sooner had his wild accusations not been met with silence by many mainstream political leaders from both parties who were uncomfortable with his bullying tactics but lacked the courage to call his bluff. By the time he self-destructed, a small number of people working in government had indeed been identified as security risks, but none because of the Wisconsin senator’s scattershot investigations. McCarthy fooled as many as he did because a lot of people shared his anxieties, liked his vituperative style, and enjoyed watching the powerful squirm. Whether his allegations were greeted with resignation or indignation didn’t matter so much as the fact that they were reported on and repeated. The more inflammatory the charge, the more coverage it received. Even skeptics subscribed to the idea that, though McCarthy might be exaggerating, there had to be some fire beneath the smoke he was spreading. This is the demagogue’s trick, the Fascist’s ploy, exemplified most outrageously by the spurious and anti-Jewish Protocols of the Elders of Zion. Repeat a lie often enough and it begins to sound as if it must—or at least might—be so. “Falsehood flies,” observed Jonathan Swift, “and the truth comes limping after it.” McCarthy’s career shows how much hysteria a skilled and shameless prevaricator can stir up, especially when he claims to be fighting in a just cause. After all, if Communism was the ultimate evil, a lot could be hazarded—including objectivity and conventional morality—in opposing it.

While these tactics were aggressive and crude, they confirmed that our legislation had touched a nerve. I wasn’t the only one who recognized this. Many other victims of human rights abuses in Russia saw the same thing. After the bill was introduced they came to Washington or wrote letters to the Magnitsky Act’s cosponsors with the same basic message: “You have found the Achilles’ heel of the Putin regime.” Then, one by one, they would ask, “Can you add the people who killed my brother to the Magnitsky Act?” “Can you add the people who tortured my mother?” “How about the people who kidnapped my husband?” And on and on. The senators quickly realized that they’d stumbled onto something much bigger than one horrific case. They had inadvertently discovered a new method for fighting human rights abuses in authoritarian regimes in the twenty-first century: targeted visa sanctions and asset freezes. After a dozen or so of these visits and letters, Senator Cardin and his cosponsors conferred and decided to expand the law, adding sixty-five words to the Magnitsky Act. Those new words said that in addition to sanctioning Sergei’s tormentors, the Magnitsky Act would sanction all other gross human rights abusers in Russia. With those extra sixty-five words, my personal fight for justice had become everyone’s fight. The revised bill was officially introduced on May 19, 2011, less than a month after we posted the Olga Stepanova YouTube video. Following its introduction, a small army of Russian activists descended on Capitol Hill, pushing for the bill’s passage. They pressed every senator who would talk to them to sign on. There was Garry Kasparov, the famous chess grand master and human rights activist; there was Alexei Navalny, the most popular Russian opposition leader; and there was Evgenia Chirikova, a well-known Russian environmental activist. I didn’t have to recruit any of these people. They just showed up by themselves. This uncoordinated initiative worked beautifully. The number of Senate cosponsors grew quickly, with three or four new senators signing on every month. It was an easy sell. There wasn’t a pro-Russian-torture-and-murder lobby in Washington to oppose it. No senator, whether the most liberal Democrat or the most conservative Republican, would lose a single vote for banning Russian torturers and murderers from coming to America. The Magnitsky Act was gathering so much momentum that it appeared it might be unstoppable. From the day that Kyle Scott at the State Department stonewalled me, I knew that the administration was dead set against this, but now they were in a tough spot. If they openly opposed the law, it would look as if they were siding with the Russians. However, if they publicly supported it, it would threaten Obama’s “reset” with Russia. They needed to come up with some other solution. On July 20, 2011, the State Department showed its cards. They sent a memo to the Senate entitled “Administration Comments on S.1039 Sergei Magnitsky Rule of Law.” Though not meant to be made public, within a day it was leaked.

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.

Haier, China’s dominant home appliance maker, comprises thousands of minicompanies, all reporting to the chairman. There are no pure cost centers; even the finance department functions independently, providing financing and advisory services for a fee.

Economics also has to become a fundamentally monetary discipline—from the consideration of how individuals make market decisions through to our understanding of macroeconomics. The myth of "the money illusion" (which can only be true in a world without debt) has to be immediately dispelled, while our macroeconomics have to reflect a monetary economy in which nominal magnitudes matter, precisely because they are the link between the value of current output and the financing of accumulated debt. The dangers of excessive debt and deflation simply cannot be comprehended from a neoclassical perspective. The discipline must also become fundamentally empirical, in contrast to the faux empiricism of econometrics. By this I mean basing itself on the economic and financial data first and foremost—the collection and interpretation of which has been the hallmark of contributions by econophysicists—and by respecting economic history, a topic which has been systematically expunged from economics departments around the world.

The D’Souza case is the one panned by Alan Dershowitz as “selective” and “outrageous.” The piddling sum allegedly involved, $15,000, is well beneath the Justice Department’s norm for criminal enforcement; it falls into the category that is routinely settled with a fine paid to the Federal Election Commission. Certainly it is not in the same stratosphere as the Obama campaign’s own multimillion-dollar campaign finance violations, which are felonies that the same Justice Department opted not to prosecute.

Guideline #12: Hire a professional. Remember the definition of a job seeker I posted at the front of this book? Take a moment and go back to the definition, and study all the aspects of the job campaign you have to master or be proficient in. CEOs of Fortune 500 companies would be hard-pressed to master or be proficient in that many disciplines. They have finance professionals, sales teams, IT departments, management personnel, and consultants to help them. However, most job seekers conduct the job campaign solely on their own.

Or, perhaps, Hillary and Jack Coulter, since she was the one with all the money, and there was a great deal of it. He added a couple of paragraphs to the memo he was sending to the tax and finance department of his law firm, Woodman & Weld, where his suggestions would be reviewed to keep him out of trouble. His phone buzzed.

The payments system is the heart of the financial services industry, and most people who work in banking are engaged in servicing payments. But this activity commands both low priority and low prestige within the industry. Competition between firms generally promotes innovation and change, but a bank can gain very little competitive advantage by improving its payment systems, since the customer experience is the result more of the efficiency of the system as a whole than of the efficiency of any individual bank. Incentives to speed payments are weak. Incrementally developed over several decades, the internal systems of most banks creak: it is easier, and implies less chance of short-term disruption, to add bits to what already exists than to engage in basic redesign. The interests of the leaders of the industry have been elsewhere, and banks have tended to see new technology as a means of reducing costs rather than as an opportunity to serve consumer needs more effectively. Although the USA is a global centre for financial innovation in wholesale financial markets, it is a laggard in innovation in retail banking, and while Britain scores higher, it does not score much higher. Martin Taylor, former chief executive of Barclays (who resigned in 1998, when he could not stop the rise of the trading culture at the bank), described the state of payment systems in this way: ‘the systems architecture at the typical big bank, especially if it has grown through merger and acquisition, has departed from the Palladian villa envisaged by its original designers and morphed into a gothic house of horrors, full of turrets, broken glass and uneven paving.

In early 2002, the CEO and representatives from Citibank paid a visit to the Treasury Department to talk about Saudi Arabia. Secretary O’Neill hosted the large group, to include Citi’s chief lawyers, in the main conference room. The Citibank officials wanted to know whether they should stop doing business in Saudi Arabia altogether due to the risk of terrorist financing.

Fifty years later, in the 1920s, the American DuPont Company independently set up a similar unit and called it a Developmental Department. This department gathers innovative ideas from all over the company, studies them, thinks them through, analyses them. Then it proposes to top management which ones should be tackled as major innovative projects. From the beginning, it brings to bear on the innovation all the resources needed: research, development, manufacturing, marketing, finance, and so on. It is in charge until the new product or service has been on the market for a few years.

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.

For example, regressions support workforce planning to ensure adequate staffing, or the identification of the talents that an organization should retain based on relevant traits, practices, and skills. Other applications include predicting the level of liquidity required for a finance department based on trends in disbursement.

Even to this day, nine out of ten university professors of Chinese or Sanskrit/Hindi Studies in Europe are not able to write or communicate fluently in those languages, let alone to a level worthy of the highest intellectual standard, and even have to employ Chinese or Indian translators or assistants to help their 'white masters' carefully dissecting those foreign texts as if they were insects on a cardboard. Are Europeans really that ignorant? Of course, they are not. Far from it, in fact, they are really busy in all intellectual departments in keeping what they have, and maybe learning a bit more about finance, IT, American pop culture, and the other twenty-five EU member states. What they don't have is spare time and human resources to master Eastern cultures and languages.

Obviously, bureaucracies and institutions and governments and finance departments can be huge obstacles to doing compelling work, but ideally—in spirit—the person who gives things their much needed structure and order is playing a vital role in the ongoing creation of the world, helping things move forward. (Which is an excellent litmus test for whether the work you’re doing is work that the world needs: Does it move things forward? Because some work doesn’t. Some work takes things in the wrong direction. Some things people give their energies to prevent other people from thriving. Some tasks dehumanize and degrade the people involved. Perhaps you’re in one of those jobs, the kind that sucks the life out of your soul and you can’t see the good in it. Stop. Leave. Life is too short to help make a world you don’t want to live in.)

When I left the State Department, I was flattered by offers of top positions in major corporations, most of them in the financial world. The monetary rewards were stunning and the work not terribly demanding. I was told I didn’t need to know anything about banking, finance, or exotic financial instruments like hedge funds and derivatives. Experts would be present to help me. One investment bank pressed me hard, repeatedly upping the money and the title. The offers were definitely tempting. I understood the financial and social value of these positions. But my instincts said no. Did they want me for what I could do for them? Or did they want me for the celebrity I could bring them? My instincts said I would mostly be a door opener and a dinner host.

Strange as it may seem — and irrational as it would be in a more logical system of world diplomacy — the dollar glut is what finances America’s global military build-up. It forces foreign central banks to bear the costs of America’s expanding military empire. The result is a new form of taxation without representation. Keeping international reserves in dollars means recycling dollar inflows to buy U.S. Treasury bills — U.S. government debt issued largely to finance the military spending that has been a driving force in the U.S. balance-of-payments deficit since the Korean War broke out in 1950. [...] “China National Offshore Oil Corporation go home” is the motto when foreign governments try to use their sovereign wealth funds (central bank departments trying to figure out what to do with their dollar glut) to make direct investments in American industry, as happened when China’s national oil company sought to buy Unocal in 2005.[...] So Europeans and Asians see U.S. companies pumping more dollars into their economies not only to buy their exports (in excess of providing them with goods and services in return), not only to buy their companies and commanding heights of privatized public enterprises (without giving them reciprocal rights to buy important U.S. companies), and not only to buy foreign stocks, bonds and real estate. The U.S. media neglect to mention that the U.S. Government spends hundreds of billions of dollars abroad — not only in the Near East for direct combat, but to build military bases to encircle the rest of the world, and to install radar systems, guided missile systems and other forms of military coercion, including the “color revolutions” that have been funded all around the former Soviet Union.

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

From all this we can extrapolate three outstanding facts that are almost synecdoches of our increasingly clandestine world. 1.–The cocaine money laundered by Archbishop Marcinkus helped finance the death squads that killed Archbishop Romeros, who served the same God and the same church as Marcinkus: we are all living in a Le Carre novel. 2.–In the symbiosis between the Mafia and the CIA the mob thinks it is using the spooks, and the spooks think they are using the mob and one of them is terribly deceived. 3.–Bobby Kennedy broke off his affair with Marilyn when he learned, from FBI wiretaps, that the Mafia was taping his boudoir adventures. Contemplate that: while the Justice Department wiretaps the Mafia, the Mafia wiretaps the head of the Justice Department. It is more than a synecdoche; it is a Joycean epiphany.

It was the German powerhouse Deutsche Bank AG, not my fictitious RhineBank, that financed the construction of the extermination camp at Auschwitz and the nearby factory that manufactured Zyklon B pellets. And it was Deutsche Bank that earned millions of Nazi reichsmarks through the Aryanization of Jewish-owned businesses. Deutsche Bank also incurred massive multibillion-dollar fines for helping rogue nations such as Iran and Syria evade US economic sanctions; for manipulating the London interbank lending rate; for selling toxic mortgage-backed securities to unwitting investors; and for laundering untold billions’ worth of tainted Russian assets through its so-called Russian Laundromat. In 2007 and 2008, Deutsche Bank extended an unsecured $1 billion line of credit to VTB Bank, a Kremlin-controlled lender that financed the Russian intelligence services and granted cover jobs to Russian intelligence officers operating abroad. Which meant that Germany’s biggest lender, knowingly or unknowingly, was a silent partner in Vladimir Putin’s war against the West and liberal democracy. Increasingly, that war is being waged by Putin’s wealthy cronies and by privately owned companies like the Wagner Group and the Internet Research Agency, the St. Petersburg troll factory that allegedly meddled in the 2016 US presidential election. The IRA was one of three Russian companies named in a sprawling indictment handed down by the Justice Department in February 2018 that detailed the scope and sophistication of the Russian interference. According to special counsel Robert S. Mueller III, the Russian cyber operatives stole the identities of American citizens, posed as political and religious activists on social media, and used divisive issues such as race and immigration to inflame an already divided electorate—all in support of their preferred candidate, the reality television star and real estate developer Donald Trump. Russian operatives even traveled to the United States to gather intelligence. They focused their efforts on key battleground states and, remarkably, covertly coordinated with members of the Trump campaign in August 2016 to organize rallies in Florida. The Russian interference also included a hack of the Democratic National Committee that resulted in a politically devastating leak of thousands of emails that threw the Democratic convention in Philadelphia into turmoil. In his final report, released in redacted form in April 2019, Robert Mueller said that Moscow’s efforts were part of a “sweeping and systematic” campaign to assist Donald Trump and weaken his Democratic rival, Hillary Clinton. Mueller was unable to establish a chargeable criminal conspiracy between the Trump campaign and the Russian government, though the report noted that key witnesses used encrypted communications, engaged in obstructive behavior, gave false or misleading testimony, or chose not to testify at all. Perhaps most damning was the special counsel’s conclusion that the Trump campaign “expected it would benefit electorally from the information stolen and released through Russian efforts.

In business studies, value is understood as being created inside the company by bringing together managerial expertise, strategic thinking and a dynamic (changing with circumstances) division of labour between workers.3 All this ignores the massive role of government in creating value, and taking risk in the process. In The Entrepreneurial State I argued that Silicon Valley itself is an outcome of such high-risk investments by the state, willing to take risks in the early stages of development of high-risk technologies which the private sector usually shies away from.4 This is the case with the investments that led to the internet, where a critical role was played by DARPA, the Defence Advanced Research Projects Agency inside the US Department of Defense – and also by CERN in Europe with its invention of the World Wide Web. Indeed, not only the internet but nearly every other technology that makes our smart products smart was funded by public actors, such as GPS (funded by the US Navy), Siri (also funded by DARPA) and touch-screen display (funded initially by the CIA). It is also true of the high-risk, early-stage investments made in the pharmaceutical industry by public actors like the National Institutes of Health (NIH) – without which most blockbuster drugs would not have been developed. And the renewable energy industry has been greatly aided by investments made by public banks like the European Investment Bank or the KfW in Germany, with private finance often too risk-averse and focused on short-term returns.

Another supposed essential character of fascism is its anticapitalist, antibourgeois animus. Early fascist movements flaunted their contempt for bourgeois values and for those who wanted only “to earn money, money, filthy money."36 They attacked “international finance capitalism" almost as loudly as they attacked socialists. They even promised to expropriate department-store owners in favor of patriotic artisans, and large landowners in favor of peasants.37 Whenever fascist parties acquired power, however, they did nothing to carry out these anticapitalist threats. By contrast, they enforced with the utmost violence and thoroughness their threats against socialism. Street fights over turf with young communists were among their most powerful propaganda images.38 Once in power, fascist regimes banned strikes, dissolved independent labor unions, lowered wage earners’ purchasing power, and showered money on armaments industries, to the immense satisfaction of employers

How to Quantify Achievement Stories When hiring managers, recruiters, and staffing firms see a resume or LinkedIn profile or attend an interview with verbiage but no numbers, they don’t know what those words mean. In fact, they know next to nothing until you add the numbers that explain the impact of your work. Here’s how you can resolve this issue. Work With Finance Sometimes the impact of our work is not always clear. At times like this, reaching out to one of your friends in the Finance Department can be very helpful. Finance has access to numbers that are not always readily available to other departments. If you’re no longer with the company, explain to the Finance associate that the numbers he provides could make the difference in determining whether you land another position. Using a Range Per Lily Zhang of the Muse, one reason job seekers avoid quantifying is not knowing the exact number. Lily suggests using a range. Using my work experience, here’s what that means: Before: Chaired weekly product manager meeting. After: Chaired weekly meeting with 7 to 12 product managers so plans could be discussed and coordinated. Confusion and rework were eliminated. Frequency Lily shared that one of the easiest ways to add numbers is to identify the frequency with which you perform a given task. This can help the hiring manager understand how much you can handle. For example: Before: Responded to pricing requests from the Sales Force. After: Responded to 15 to 20 pricing requests from the Sales Force on a daily basis. Scale Everyone on the hiring side of the business loves when candidates provide numbers, because numbers explain the impact of what you’ve done. The most meaningful numbers are those associated with making money, saving money, and driving productivity. Here are a couple examples from my work experience: Before: Reduced time to perform Operations Manager’s role; after analysis showed tasks could be batched and performed at the end of the month. After: Reduced time to perform Operations Manager role by 66%; after analysis showed tasks could be batched and performed at the end of the month. Asked Director if I could take on the responsibilities of employees who were laid off. Before: Analysis revealed misconfigured offers; worked with other departments to correct errors. Implemented process to prevent future errors. After: Analysis revealed misconfigured offers; worked with other departments to correct errors. Recognized $7.2M. Implemented process to prevent future errors.

In the workplace, managers and leaders who knew how to say No would do a much better job of keeping their organizations strategically focused. People in departments such as finance and human resources who regularly have to say No to internal clients would be able to contribute more effectively to the organization’s success. People in sales would know when and how to say No to customers—and would feel supported in doing so. And everyone would be more empowered to create a healthier balance between work and personal life.

the roughly $800 billion in available stimulus, we directed more than $90 billion toward clean energy initiatives across the country. Within a year, an Iowa Maytag plant I’d visited during the campaign that had been shuttered because of the recession was humming again, with workers producing state-of-the-art wind turbines. We funded construction of one of the world’s largest wind farms. We underwrote the development of new battery storage systems and primed the market for electric and hybrid trucks, buses, and cars. We financed programs to make buildings and businesses more energy efficient, and collaborated with Treasury to temporarily convert the existing federal clean energy tax credit into a direct-payments program. Within the Department of Energy, we used Recovery Act money to launch the Advanced Research Projects Agency–Energy (ARPA-E), a high-risk, high-reward research program modeled after DARPA, the famous Defense Department effort launched after Sputnik that helped develop not only advanced weapons systems like stealth technology but also an early iteration of the internet, automated voice activation, and GPS.

It was the same act of ventriloquism: the State Department talked, and Tom Lamont moved his lips.

Five months later, Goldman launched Project Maximus, buying another $1.75 billion in bonds to finance 1MDB’s acquisition of power plants from the Malaysian casino-and-plantations conglomerate Genting Group. Again, the fund paid a high price, and, like Tanjong, Genting made payments to a Najib-linked charity. This time, $790.3 million disappeared into the look-alike Aabar. David Ryan, president of Goldman’s Asia operations, argued to lower the fee on the second bond, given how easy it had been to sell the first round. But he was overruled by senior executives, including Gary Cohn. While Goldman was working on the deal, Ryan was effectively sidelined; the bank brought in a veteran banker, Mark Schwartz, a proponent of the 1MDB business, as chairman in Asia, a post senior to Ryan’s. Goldman earned a little less than the first deal, making $114 million—still an enormous windfall. For bringing in the business, Leissner was paid a salary and bonuses in 2012 of more than $10 million, making him one of the bank’s top-remunerated employees. But that was just the tip of the iceberg. Unknown to his bosses at Goldman, and three months after the first bond, millions of dollars began to flow into a British Virgin Islands shell company controlled by Leissner, some of which he shared with Roger Ng, according to Department of Justice filings. Millions of dollars more moved through Leissner’s shell company to pay bribes to 1MDB officials. Over the next two years, more than $200 million in 1MDB money, raised by Goldman, would flow through accounts controlled by Leissner and his relatives. He could have taken his hefty Goldman salary and disavowed knowledge of the bribery carried out by Low and others. Perhaps he would have gotten away with it, as many Wall Street bankers do in countries far from headquarters. But he decided to take a risk by becoming a direct accomplice in the fraud, rather than just greasing its wheels. He had seen the kind of life Low was leading, and he must have thought that a mere $10 million wasn’t going to cut it, not if he wanted to buy super yachts and host parties himself. Soon he would be doing just that.

The Justice Department was also heavy-handed in its indictment of Dinesh D’Souza, the writer, filmmaker, and strident Obama critic, over a trivial campaign finance violation.

at the outbreak of the war, the House of Morgan “ceased to be a private firm and became almost a Department of government

the outbreak of the war, the House of Morgan “ceased to be a private firm and became almost a Department of government

but it would be interpreted as if we were reduced to the status of a department subordinate to the Government.

BDS on college campuses is a savvy, well-funded political operation whose sponsors and organizers include groups and individuals with ties to Islamist agendas. I didn’t make this up. A much smarter person than me said this in his sworn testimony in front of the United States Congress. Here is Dr. Jonathan Schanzer, former terrorism finance analyst for the United States Department of the Treasury: The overlap of former employees of organizations that provided support to Hamas who now play important roles [in the BDS movement]… speaks volumes about the real agenda of key components of the BDS campaign.10 Schanzer, now senior vice president at the Washington, DC–based think tank the Foundation for Defense of Democracies, is an expert in uncovering financial ties that are designed to be hidden. In his testimony, Dr. Schanzer describes a head-spinning web of financial and personal connections between BDS and supporters of terrorism. The BDS US campus operation represents a savvy rebranding of the Palestinian cause to make it more palatable—and, you know, less terror-y—for the American people. Key figures in the BDS movement come from a particularly uncompromising strain of Palestinian nationalism that calls for a State of Palestine to stretch from the river to the sea (yes, without Israel). Apparently, when they saw that their message was not resonating with Western society (not surprisingly, I would say), they decided to pivot and started pouring their resources into American colleges in order to influence future leaders and voters in America and Europe. “Investing in the future they are,” as Yoda would say.

He also reserved his father’s extraordinary powers, which included the right to allocate profits among partners, arbitrate disputes, fire partners, and determine a fired partner’s departing share of capital. These were the trump cards in a private partnership.

But in September 1966, the most glamourous and charismatic of the new generation of Fianna Fáil politicians, the minister for education Donogh O’Malley, suddenly announced that he was going to introduce free secondary education for all students the following year. He did not consult the minister for finance, Jack Lynch, in advance. More daringly, he did not consult the Catholic bishops. He calculated, rightly, that the measure would be so popular that both the state and the church would have to fall in line with his demarche. (He also told primary school managers to go ahead and arrange for ‘adequate sanitation and heating’ and send the bill to his department.

The primary venue for activities in which value is created for participants shifts from an internal production department to a collection of external producers and consumers—which means that management of externalities becomes a key leadership skill. Growth comes not from horizontal integration and vertical integration but from functional integration and network orchestration. The focus on processes such as finance and accounting shifts from cash flows and assets you can own to communities and assets you can influence. And while platform businesses themselves are often extraordinarily profitable, the chief locus of wealth creation is now outside rather than inside the organization.

You run the engineering analysis department at an architectural firm, and in the past your staff’s salaries have been included in COS. Now the finance folks are moving all those costs out of COS. It’s perfectly reasonable—even though your department has a lot to do with completing an architectural design, a case can be made that it isn’t directly related to any particular job. So does the change matter? You bet. You and your staff are no longer part of what’s often called “above the line.” That means you’re going to show up differently on the corporate radar screen. If your company focuses on gross profit, for instance, management will be monitoring COS carefully. It will try to ensure that departments affecting COS have everything they need to hit their targets. Once you’re outside of COS—“below the line”—the level of attention may be significantly lower.

The community joined forces and made an investment in a shared goal, acknowledging their strong connection with the recipient of the resources, rather than simply offering charity. The community's composition remained relatively stable over an extended period, with few outsiders joining. This provided the "investors" with confidence that, even if not themselves, their future generations would reap the benefits. The first schools I attended, until standard 7, were constructed mostly through the efforts of the community the school serviced. After the Bantu Education Act was implemented in 1953, education for people in the homelands was financed through direct taxes paid by residents of the homelands, instead of general state spending. When there was a class short, the parents would pool their resources and build it

The government will also receive resources from mines and minerals, and other such revenue generating departments. During the current financial year, Balochistan received its complete share from the federal government as projected in the federal budget for 2020-21.

VPs of Administration and Finance represent the interests of that business vertical. They are also strongly partial to the systems used by that business vertical. For example, within a medical university, they cannot be expected to also represent marketing; advancement; communications; business development; client relations; disease control; provost; faculty; student life; or other departments. Think about your enterprise: How can the person overseeing finance be impartial or well-informed across all your departments? Under many organizations' reporting structures, the CIO is expected to develop relationships with these other business verticals, but since they report to the CFO they are excluded from the very cabinet meetings where leaders congregate. Even when CIOs are invited, they are not considered of equal rank -- because they are not. Everyone views the CFO as the final authority for IT decisions, leading to some serious problems. In these organizations, finance drives strategy instead of strategy driving finance. IT is seen as a cost center and there is a perennial pressure to cut costs and reduce expenditures -- often at the detriment of strategy. Cybersecurity may be non-existent in these organizations. Setting appropriate salaries for CIOs and people reporting to the CIOs becomes impossible.

One American political figure saw Russia for the growing menace that it was and was willing to call Putin out for his transgressions. During President Obama’s reelection campaign, Mitt Romney warned of a growing Russian strategic threat, highlighting their role as “our number one geopolitical foe.”[208] The response from President Obama, Secretary Clinton, and other Democrats was not to echo his sentiment, but actually to ridicule Romney and support the Russian government. President Obama hurled insults, saying Romney was “stuck in a Cold War mind warp” [209] and in a nationally televised debate mocked the former governor, saying “the 1980s are now calling to ask for their foreign policy back…” [210] When asked to respond to Romney’s comment, Secretary Clinton refused to rebuke the over-the-top and false Obama campaign attacks. Instead, she delivered a message that echoed campaign talking points arguing that skepticism of Russia was outdated: “I think it’s somewhat dated to be looking backwards,” she said, adding, “In many of the areas where we are working to solve problems, Russia has been an ally.”[211] A month after Secretary Clinton’s statement on Romney, Putin rejected Obama’s calls for a landmark summit.[212] He didn’t seem to share the secretary’s view that the two countries were working together. It was ironic that while Obama and Clinton were saying Romney was in a “Cold War mind warp,”[213] the Russian leader was waging a virulent, anti-America “election campaign” (that’s if you can call what they did in Russia an “election”). In fact, if anyone was in a Cold War mind warp, it was Putin, and his behavior demonstrated just how right Romney was about Russia’s intentions. “Putin has helped stoke anti-Americanism as part of his campaign emphasizing a strong Russia,” Reuters reported. “He has warned the West not to interfere in Syria or Iran, and accused the United States of ‘political engineering’ around the world.”[214] And his invective was aimed not just at the United States. He singled out Secretary Clinton for verbal assault. Putin unleashed the assault Nov. 27 [2011] in a nationally televised address as he accepted the presidential nomination, suggesting that the independent election monitor Golos, which gets financing from the United States and Europe, was a U.S. vehicle for influencing the elections here. Since then, Golos has been turned out of its Moscow office and its Samara branch has come under tax investigation. Duma deputies are considering banning all foreign grants to Russian organizations. Then Putin accused U.S. Secretary of State Hillary Rodham Clinton of sending a signal to demonstrators to begin protesting the fairness of the Dec. 4 parliamentary elections.[215] [Emphasis added.] Despite all the evidence that the Russians had no interest in working with the U.S., President Obama and Secretary Clinton seemed to believe that we were just a Putin and Obama election victory away from making progress. In March 2012, President Obama was caught on a live microphone making a private pledge of flexibility on missile defense “after my election” to Dmitry Medvedev.[216] The episode lent credence to the notion that while the administration’s public unilateral concessions were bad enough, it might have been giving away even more in private. So it shouldn’t have been a surprise that Putin didn’t abandon his anti-American attitudes after he won the presidential “election.” In the last few weeks of Clinton’s tenure as Secretary of State, Putin signed a law banning American adoption of Russian children,[217] in a move that could be seen as nothing less than a slap in the face to the United States. Russia had been one of the leading sources of children for U.S. adoptions.[218] This disservice to Russian orphans in need of a home was the final offensive act in a long trail of human rights abuses for which Secretary Clinton failed to hold Russia accountable.

In his searches, Schwall noticed something else, though at first he didn’t know what to make of it: A surprisingly large number of the people pulled in by the big Wall Street banks to build the technology for high-frequency trading were Russians. “If you went to LinkedIn and looked at one of these Russian guys, you would see he was linked to all the other Russians,” said Schwall. “I’d go to find Dmitri and I’d also find Misha and Vladimir and Tolstoy or whatever.” The Russians came not from finance but from telecom, physics, medical research, university math departments, and a lot of other useful fields. The big Wall Street firms had become machines for turning analytically minded Russians into high-frequency traders.

Focus on Generating Revenue The City budgets for sizeable increases in municipal fines and fees each year, exhorts police and court staff to deliver those revenue increases, and closely monitors whether those increases are achieved. City officials routinely urge Chief Jackson to generate more revenue through enforcement. In March 2010, for instance, the City Finance Director wrote to Chief Jackson that “unless ticket writing ramps up significantly before the end of the year, it will be hard to significantly raise collections next year. . . . Given that we are looking at a substantial sales tax shortfall, it’s not an insignificant issue.” Similarly, in March 2013, the Finance Director wrote to the City Manager: “Court fees are anticipated to rise about 7.5%. I did ask the Chief if he thought the PD could deliver 10% increase. He indicated they could try.” The importance of focusing on revenue generation is communicated to FPD officers. Ferguson police officers from all ranks told us that revenue generation is stressed heavily within the police department, and that the message comes from City leadership. The evidence we reviewed supports this perception.

CHAPTER 4 SUMMARY: BEST WAYS 71–80 71. When it comes to ensuring your family’s financial well-being, and securing a meaningful and rewarding job, you need to create a written action plan or a MAP (Meticulous Action Plan). 72. When you create a MAP, you are actually programming your own “employment GPS” so you can go from where you are to where you want to be. 73. When you’re done developing your action plan, you’ll have a highly structured schedule of activities for each day of the week. This includes your job transition campaign as well as your personal, social, and fitness activities. 74. If you are unemployed, you should invest 50, 60, or 70 hours a week on your job campaign. If you have a full-time job, you need to set aside a defined number of hours every week as your investment in your future. 75. Whether you are employed and looking for a better job or out of work seeking a new one, you must hold yourself fully accountable for putting in as many hours as possible and getting the most out of every hour you put in. 76. The first question you will need to address is, how many hours a week will you commit to your job transition campaign? Then, based on the number of weekly hours you’ll invest in getting a new job, your next step is to break weekly hours down into daily hours. 77. There are 13 primary job transition strategies for landing a job in troubled economic times. Your job is to determine which 4 to 6 strategies will be most effective for you. a. Networking and contact development b. Target marketing (identifying companies you want to work for) c. Internet searches and postings d. Federal jobs e. Search firms and employment agencies f. Blogs with job listings g. Classified advertisements in newspapers and trade journals h. Job fairs i. College placement departments and alumni associations j. Workforce System and One-Stops k. Volunteer work l. Job transition strategists m. Creative self-marketing 78. Once you have identified which job transition strategies will work best for your campaign, determine when, during the week, you will work on each. You want to create a structured weekly schedule. When you create a structured weekly schedule, you will have a detailed plan with specific daily tasks both for your job campaign and for personal and social activities. 79. Once you have a structured weekly schedule, you must set goals that you want to achieve from your weekly activities. A MAP without specific goals is not an effective plan. You will want to set specific goals for each strategy so you can track your success or modify the MAP if you are not achieving your weekly goals. 80. Prepare for the worst-case scenario. It is vitally important to remain in a positive, optimistic, and enthusiastic state of mind. But sometimes your plan won’t come to fruition as quickly as you’d like. So expect the best, but plan for the worst. This would include looking at your long- and short-term finances and health and other issues that need to be addressed to free you up to concentrate on getting your next job.

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.

He had the marketing department organize tests, running commercials in only the Minneapolis and Portland media markets and measuring whether they generated an uptick in local purchases. They did—but, Bezos concluded, not enough to justify the investment.12 “It was pretty clear afterward that TV advertising wasn’t really having an impact,” says Mark Stabingas, a finance vice president who joined the company from Pepsi.

Two months into their tenure, Republicans on the House Energy and Commerce Committee also led a crusade against alternative, renewable energy programs. They successfully branded the government’s stimulus support for Solyndra, a California manufacturer of solar panels, and other clean energy firms an Obama scandal. In fact, the loan guarantee program in the Energy Department that extended the controversial financing to the company began under the Bush administration. Contrary to the partisan hype, it actually returned a profit to taxpayers.

On May 19, Representative Elias Boudinot of New Jersey, Hamilton’s old patron from Elizabethtown, proposed that Congress establish a department of finance.

India’s share of the world economy was 23 per cent, as large as all of Europe put together. (It had been 27 per cent in 1700, when the Mughal Emperor Aurangzeb’s treasury raked in £100 million in tax revenues alone.) By the time the British departed India, it had dropped to just over 3 per cent. The reason was simple: India was governed for the benefit of Britain. Britain’s rise for 200 years was financed by its depredations in India.

Swan felt enormous pride when in 2011 Euromoney magazine named him the world’s ‘finance minister of the year’. There was an almost audible dropping of jaws around the departments of Treasury, Finance, and Prime Minister and Cabinet. In fact, the core policy work throughout this period was undertaken by Ken Henry, Nigel Ray and David Gruen in Treasury, Jim Chalmers in the treasurer’s office, and Andrew Charlton and Steven Kennedy in my own. Swan’s talent, in fact, may have lain in knowing to not get in their way – and for some ministers, this was an important attribute.

Following the 9/11 attacks, Congress passed P.L. 107-56 (the USA Patriot Act) to expand the ability of the Treasury Department to detect, track and prosecute those involved in money laundering and terrorist financing. In 2004, the 108th Congress adopted P.L. 108-458, which appropriated funds to combat financial crimes, made technical corrections to P.L. 107-56, and required the Treasury Department to report on the current state of U.S. efforts to curtail the international financing of terrorism.

Do the finance folks dominate decisions? They shouldn't. The strength of their department should be balanced by the strength of operations, of marketing, of human resources, of customer service, of information technology, and so on. If managers in those other departments are not financially savvy, if they don't understand how financial results are measured and how to use those results to critically evaluate the company, then accounting and finance necessarily have the upper hand. The bias they inject in to the numbers affects and can even determine decision making.

Department Floor(s) Administration 1 to 5 Finance 6 to 8 Human resources 9 to 10 Gym and Squash Court 11 Technical 12 to 17 Training 18 to 20 Administration for technical training 21 to 24 Junior and Middle Management 25 to 28 Very Senior Management 29 Security 30

the CTO is there to guide the board away from making decisive calls that are logical to people with a limited understanding of technology and the market conditions associated with it, but are clearly dangerous to somebody in the know. For example, buying a new proprietary HR and finance system on a five-year deal from a supplier that the department has already worked with for ten years might seem sensible to a non-technologist. The fact that the system is a complete pain to use (and ruinously expensive) may just about crop up on the leadership radar. What may not is the fact that systems like this are likely to become commoditised–which is to say, cheap and easily swapped with similar alternatives–in less than five years. Through a combination of ignorance and inertia, the department would be locking itself into the wrong deal, and constraining itself strategically as a result. A CTO stops this kind of mistake.

Muslims have access to build mosques in the West, yet give us no access to build churches or synagogues in the Muslim world. They finance Muslim studies and Middle East studies departments in American universities but do not allow Christian or Judaism Studies departments in any Muslim country. They freely preach Islam around the world but kidnap and kill Christian preachers on their own soil. Christian missionary work is illegal in most Muslim countries.