Financial Report Quotes

Effective board governance hinges on the accuracy and reliability of financial reporting, instilling investor confidence.

Investors, creditors, and regulatory bodies rely on financial statements to make informed decisions. When internal metrics align with recognized standards, it enhances the credibility of your financial reports, fostering trust among these stakeholders.

Ensuring the company's sustainable success requires a board that ensures the accuracy and transparency of financial reporting.

... In the discourse of today's financial backers of research, the only credible goal is power. Scientists, technicians, and instruments are purchased not to find truth, but to augment power.

It's all right, darling. I'll finish the financial report on my own. I can think clearly before sex and stay awake afterwards. That's one of the nice things about being a woman.

Nine had heard whisperings that the secretive Bilderberg Group was effectively the World Government, undermining democracy by influencing everything from nations' political leaders to the venue for the next war. He recalled persistent rumors and confirmed media reports that the Bilderberg Group had such luminaries as Barack Obama, Prince Charles, Bill Gates, Rupert Murdoch, Tony Blair, Bill and Hillary Clinton, George Bush Sr. and George W. Bush. Other Bilderberg members sprung forth from Nine’s memory bank. They included the founders and CEOs of various multinational corporations like Facebook, BP, Google, Shell and Amazon, as well as almost every major financial institution on the planet.

mainly thinking, well, I'm still alive and have the ability to expel wastes from my body and poems. and as long as that's happening I have the ability to handle betrayal loneliness hangnail clap and the economic reports in the financial section.

Basically, financial reporting is this sinking hole at the centre of journalism. You start by swimming around it until finally, reluctantly, you can't fight the pull anymore and you get sucked down the drain into the biz pages.

People are accustomed to thinking of accounting as dry and boring, a necessary evil used primarily to prepare financial reports and survive audits, but that is because accounting is something that has become taken for granted.

It's crucial for companies to identify the specific regulatory bodies that apply to their business and ensure their internal financial metrics align with the relevant reporting standards.

Dark pools were another rogue spawn of the new financial marketplace. Private stock exchanges, run by the big brokers, they were not required to reveal to the public what happened inside them. They reported any trade they executed, but they did so with sufficient delay that it was impossible to know exactly what was happening in the broader market at the moment the trade occurred.

We had all opted to take City's financial reporting course work, which, in theory, meant we wanted to write about stock prices and corporate takeovers. That, of course, was a joke. No one still in their twenties, and broke, goes into journalism to write about money—a subject in which they still have zero practical experience.

The Wall Street Journal recently pointed out, “The reason people get stuck is almost always an emotional reason…and they can get stuck for years…but the consequences are financial.” And similarly, Kiplinger’s reported, “Financial planners are increasingly finding themselves playing the role of psychologist as well as financial counselor.

A reporter once asked me why I think progressive men who earn significantly less than their breadwinning wives still won't quit their jobs to take care of their children. Why do they still hold on to their careers, even if taking care of the children would make more financial sense because the cost of childcare is higher than their net salary? I think I know the answer to that now, and it sucks. Women are not expected to live a life for themselves. When women dedicate their lives to children, it is deemed a worthy and respectable choice. When women dedicate themselves to a passion outside of the family that doesn't involve worshiping their husbands or taking care of their kids, they're seen as selfish, cold, or unfit mothers. But when a man spends hours grueling over a craft, profession, or project, he's admired and seen as a genius. And when a man finds a woman who worships him, who dedicates her life to serving him, he's lucky. But when a man dedicates himself to taking care of his children it's seen as a last resort. That it must be because he ran out of other options. That it's plan Z. That it's an indicator of his inability to provide for his family. Basically, that he's a fucking loser. I think it's one of the most important falsehoods we need to shatter when talking about women's rights.

The financial impact of the "housing crisis" and "Great Recession" (circa 2008-2012) has been well chronicled. But the human impact has been vastly under-reported.

One analysis of 2013 financial reports calculated that the value of each user to Google is $40 per year, and only $6 to Facebook, LinkedIn, and Yahoo. This is why companies like Google and Facebook keep raising the ante.

When we feel out of control we search for patterns in the world. Finding regularities allows us to plan our behavior in a manageable environment. And in our search for order we often see order that isn’t there. Jennifer Whitson and Adam Galinsky have shown that when people feel out of control, they’re more likely to see shapes in random noise, false correlations in financial reports, or conspiracies in strings of events. So the need for control can lead us to spot patterns (which may or may not exist), and, as explained earlier, pattern perception leads to agency detection; spooky coincidences and semblant conspiracies suggest creators. Such conspicuous alignments don’t just happen on their own, right?

But those reports and stuff aren’t just saying things are unhealthy—they’re saying they’re morally wrong. Like you’re somehow a better person, spiritually, if you have the right body-fat percentage and exercise for an hour a day—and there’s that awful condescending set of ads where smoking isn’t just a stupid thing to do, it’s literally the devil. People need a moral code, to help them make decisions. All this bio-yogurt virtue and financial self-righteousness are just filling the gap in the market. But the problem is that it’s all backwards. It’s not that you do the right thing and hope it pays off; the morally right thing is by definition the thing that gives the biggest payoff.

Trump has blown up even the backroom version of the issues-driven campaign. There are no secret donors that we know of. Trump himself appears to be the largest financial backer of the Trump campaign. A financial report disclosed that Trump lent his own campaign $1.8 million while raising just $100,000. There

US law requires financial institutions to report cash transactions of $10,000 or larger to the government; for currency exchangers, the threshold is $1,000.

even if it’s boring and dull and soon to be forgotten, continue to learn double-entry bookkeeping. People think I’m joking, but I’m not. You should love the mathematics of business.

But if they are serious, then my job is to be solely responsible for the running of all aspects of the resort and I’ll have to liaise with the head office and provide weekly reports. I’ve never had to “liaise” before. It sounds sexy and dangerous. Any job that tells me that I have to “liaise” with the big boys in the head office is a winner to me. I can picture myself all dolled up in a cocktail dress at a work “do” standing in a circle with the other “suits” speaking in hushed tones about graphs and pie charts and financial reports. If people ask us what we’re doing, I can say dismissively, “Oh don’t mind us, we’re just liaising…” Ahern, Cecelia (2005-02-01). Love, Rosie (pp. 173-174). Hachette Books. Kindle Edition.

The company’s working capital is the amount of money left over after you subtract current liabilities from current assets. Current Assets  –  Current Liabilities  =  Working Capital

The motivation for taking on debt is to buy assets or claims rising in price. Over the past half-century the aim of financial investment has been less to earn profits on tangible capital investment than to generate “capital” gains (most of which take the form of debt-leveraged land prices, not industrial capital). Annual price gains for property, stocks and bonds far outstrip the reported real estate rents, corporate profits and disposable personal income after paying for essential non-discretionary spending, headed by FIRE [Finance, Insurance, Real Estate]-sector charges.

Both the Environmental Protection Agency and the Department of the Interior removed from their websites the links to climate change data. The USDA removed the inspection reports of businesses accused of animal abuse by the government. The new acting head of the Consumer Financial Protection Bureau, Mick Mulvaney, said he wanted to end public access to records of consumer complaints against financial institutions. Two weeks after Hurricane Maria, statistics that detailed access to drinking water and electricity in Puerto Rico were deleted from the FEMA website. In a piece for FiveThirtyEight, Clare Malone and Jeff Asher pointed out that the first annual crime report released by the FBI under Trump was missing nearly three-quarters of the data tables from the previous year.

Book Value Book value represents the value at which assets are carried on the “books” of the company. The book value of a company is defined as its total assets less its current liabilities and less any long-term debt.

Who is going to influence whom in the new association? Warren may have entered the ocean in California, but I am sitting down in Virginia with Ben Graham’s beginner’s book and “How to Read a Financial Report” by someone called Merrill, Lynch, Pierce, Fenner and Smith. I am told I have to finish Ben Graham very soon because Warren is unwilling to pay the small fine involved in having the book out of the Omaha public library too long.

Generally, the financial incentives offered to local law enforcement to pump up their drug arrests have not been well publicized, leading the average person to conclude reasonably (but mistakenly) that when their local police departments report that drug arrests have doubled or tripled in a short period of time, the arrests reflect a surge in illegal drug activity, rather than an infusion of money and an intensified enforcement effort.

He has a really consistent routine. He comes in in the morning at around 8:30. He reads five newspapers. He reads The Financial Times, The Washington Post, The New York Times, The Wall Street Journal, and The Omaha World Herald. Then he has a stack of reports on his desk from the companies Berkshire owns, and some trade press like American Banker or oil and gas journals, and through the rest of the day, he alternates between flipping through this stuff and then talking on the phone to people either who call him or who he calls. He never calls his managers; they can call him. He is really accessible, but he leaves them alone. Then he has CNBC on all day long with the crawl, with the sound muted and if he sees his name cross along the bottom and they are talking about him, he will turn the sound on to find out what they are saying. That is his day. He doesn't do meetings -- there are no meetings.

If during the review of a corporation’s books, the accountant has reason to believe that the company may go bankrupt, he must issue a “qualified opinion” stating the potential of the company’s demise. More on this concept later.

Liquidation Value The liquidation value is what the company’s assets would bring at a forced sale. Normally the liquidation value of a going concern has little relevance since the value of an operating business is much greater than its liquidation value.

The three amigos were horrified, the investors were horrified, the banks were horrified, the government were horrified. The Skylark financial controller unhelpfully threw himself off a bridge while out walking the dog. The dog was, reportedly, horrified.

Arianna Huffington cites studies in her brilliant book Thrive that show how the act of giving actually improves your physical and mental health. One example I love in particular is the 2013 study from Britain’s University of Exeter Medical School that reveals how volunteering is associated with lower rates of depression, higher reports of well-being, and a 22% reduction in death rates! She also writes, “Volunteering at least once a week yields improvements to well-being tantamount to your salary increasing from $20,000 to $75,000!

When it comes to green energy investigations, I conclude that the internal opposition I face has its origins in the personal beliefs of those who decide which stories go on the air and which are kept off. The purpose of the stories I propose isn’t to examine the general merits or shortfalls of the technology, ideology, or movement. They’re financial stories delving into possible waste, abuse, and questionable spending of tax dollars. What I didn’t anticipate is that some colleagues and managers, unable to disconnect their personal viewpoints from their duty as journalists, would view this line of reporting as damaging to a cause about which they hold deep-rooted beliefs. Fearful that the stories would discourage rather than promote green energy, they want to prevent the public from seeing them at all. It’s a paternalistic attitude that results in de facto censorship. Simply put: they decide that it’s best for you to not hear a story at all rather than run the risk that you might see it and form the “wrong” opinion. (By that, I mean an opinion that differs from theirs.)

SHAREHOLDERS’ EQUITY has two components: CAPITAL STOCK: The original amount of money the owners contributed as their investment in the stock of the company. RETAINED EARNINGS: All the earnings of the company that have been retained, that is, not paid out as dividends to owners.

In 2021, 73 percent of Americans ranked financial issues as their number one cause of stress—above politics, work, or family—and these numbers are highest in Generation Z and Millennials, with over 80 percent of people born after 1980 reporting that they find their finances to be a source of stress.

An 0.1 percent tax on capital would be more in the nature of a compulsory reporting law than a true tax. Everyone would be required to report ownership of capital assets to the world’s financial authorities in order to be recognized as the legal owner, with all the advantages and disadvantages thereof.

Taking wildly different positions on the value of assets and using his emotional state to justify those valuations helps explain something else Trump has done repeatedly. Congress requires all presidential candidates to file a financial disclosure statement listing their assets, liabilities, and income. Trump’s ninety-two-page disclosure report valued one of his best-known properties at more than $50 million. But he told tax authorities the same property was worth only about $1 million. He valued another signature Trump property at zero—and demanded the return of the property taxes he had already paid.

Private sector networks in the United States, networks operated by civilian U.S. government agencies, and unclassified U.S. military and intelligence agency networks increasingly are experiencing cyber intrusions and attacks,” said a U.S.-China Economic and Security Review Commission report to Congress that was published the same month Conficker appeared. “. . . Networks connected to the Internet are vulnerable even if protected with hardware and software firewalls and other security mechanisms. The government, military, businesses and economic institutions, key infrastructure elements, and the population at large of the United States are completely dependent on the Internet. Internet-connected networks operate the national electric grid and distribution systems for fuel. Municipal water treatment and waste treatment facilities are controlled through such systems. Other critical networks include the air traffic control system, the system linking the nation’s financial institutions, and the payment systems for Social Security and other government assistance on which many individuals and the overall economy depend. A successful attack on these Internet-connected networks could paralyze the United States [emphasis added].

In Hate Inc., Matt Taibbi notes that this is partly because the financial incentives for incendiary opinion journalism are so strong: “There is a financial pull toward research-free stories. Writing 1,200 words of jokes about a Trump tweet costs less than sending a reporter undercover into a Mexican maquiladora.

1. Accounting Entity The accounting entity is the business unit (regardless of the legal business form) for which the financial statements are being prepared. The accounting entity principle states that there is a “business entity” separate from its owners … a fictional “person” called a company for which the books are written.

Discounted Cash Flow The discounted cash flow method of valuation is the most sophisticated (and the most difficult) method to use in valuing the business. With this method you must estimate all the cash influxes to investors over time (dividends and ultimate stock sales) and then compute a “net present value” using an assumed discount rate (implied interest rate).

Father Egan continues to write about everything from the injustice of current wars to the past and future of Catholic mysticism. In the Catholic Reporter, he publishes an article titled "Celibacy, a Vague Old Cross on Priestly Backs", and explains that it started "only in 1139 when the church no longer wanted to be financially responsible for the children of priests.

In 1998, the New York Times reported that “in the [annual UCLA] survey taken at the start of the fall semester, 74.9 percent of freshmen chose being well off as an essential goal and 40.8 percent chose developing a philosophy. In 1968, the numbers were reversed, with 40.8 percent selecting financial security and 82.5 percent citing the importance of developing a philosophy.”4

What most small investors didn’t realize was that things were often stacked against them. Many of the most respected business leaders in the country took part in syndicates in which share prices were shamelessly manipulated for the sake of a large, quick gain at the expense of innocent investors. One such, reported by the financial writer John Brooks in his classic Once in Golconda, involved such

So what are people actually referring to when they talk about "deregulation"? In ordinary usage, the word seems to mean "changing the regulatory structure in a way that I like." In practice this can refer to almost anything. In the case of airlines or telecommunications in the seventies and eighties, it meant changing the system of regulation from one that encouraged a few large firms to one that fostered carefully supervised competition between midsize firms. In the case of banking, "deregulation" has usually meant exactly the opposite: moving away from a situation of managed competition between mid-sized firms to one where a handful of financial conglomerates are allowed to completely dominate the market. This is what makes the term so handy. Simply by labeling a new regulatory measure "deregulation," you can frame it in the public mind as a way to reduce bureaucracy and set individual initiative free, even if the result is a fivefold increase in the actual number of forms to be filled in, reports to be filed, rules and regulations for lawyers to interpret, and officious people in offices whose entire job seems to be to provide convoluted explanations for why you're not allowed to do things. (p. 17)

It was a journalist (it was always journalists these days), and she had something to read to him. She’d had a crash course in media relations since her exams, and dealing with them/it had taught her there was no point in trying to deal with each one separately. To give some unique point of view to the Financial Times and then to the Mirror and then to the Daily Mail was impossible. It was their job, not yours, to get the angle, to write their separate book of the huge media bible. Each to their own. Reporters were factional, fanatical, obsessively defending their own turf, propounding the same thing day after day. So it had always been. Who would have guessed that Luke and John would take such different angles on the scoop of the century, the death of the Lord? It just went to prove that you couldn’t trust these guys.

During our recent Human Rights Defenders Forum at The Carter Center, it was reported that between two hundred and three hundred children are sold in Atlanta alone each month! Our city is considered to be one of the preeminent human trafficking centers in the United States, perhaps because we have the busiest airport in the world and because, until recently, the penalty for someone convicted of selling another human being was only a $50 fine. A much heavier penalty of up to twenty years’ imprisonment can be imposed by the federal government, but only if there is proof that the trafficking took place across state lines. An analysis by Atlanta social workers found that 42 percent of the sexual exchanges they investigated were in brothels and hotel rooms in the most affluent areas of the city, while only 9 percent were in the poorer neighborhoods in the vicinity of the airport. Like Kara, they too conclude that the primary culprits are the men who buy sexual favors and the male pimps and brothel owners who control the women and garner most of the financial gains.

We should not be complacent and view China’s actions as those of an alien nation; they are in many ways simply more honest about their totalitarianism. To control a population of disenfranchised and divided people, Western governments and bodies like the EU are all following China’s example and calling upon the power of digital and financial corporations to monitor and report on their citizen’s activities both in the real world and online. Their veneer of democratic respectability is peeling away, allowing people to see the truth that lies beneath.

Read the notes.Never buy a stock without reading the footnotes to the financial statements in the annual report. Usually labeled “summary of significant accounting policies,” one key note describes how the company recognizes revenue, records inventories, treats installment or contract sales, expenses its marketing costs, and accounts for the other major aspects of its business.7 In the other footnotes, watch for disclosures about debt, stock options, loans to customers, reserves against losses, and other “risk factors” that can take a big chomp out of earnings

A remarkable consensus of Democratic and Republican editorial writers held that Roosevelt would be as “conservative” as McKinley. The very unanimity of this opinion seemed contrived, as if to soothe a nervous stock market. The financial pages reported that “Severe Shocks,” “Feverish Trading,” and “Heavy Declines” had hit Wall Street on Friday, when the Gold Dollar President began to die. Roosevelt knew little about money—it was one of the few subjects that bored him—but even he could see that one false move this weekend might bring about a real panic on Monday.

It was during the 1970s that statisticians decided it would be a good idea to measure banks’ “productivity” in terms of their risk-taking behavior. The more risk, the bigger their slice of the GDP.14 Hardly any wonder, then, that banks have continually upped their lending, egged on by politicians who have been convinced that the financial sector’s slice is every bit as valuable as the whole manufacturing industry. “If banking had been subtracted from the GDP, rather than added to it,” the Financial Times recently reported, “it is plausible to speculate that the financial crisis would never have happened.”15 The CEO who recklessly hawks mortgages and derivatives to lap up millions in bonuses currently contributes more to the GDP than a school packed with teachers or a factory full of car mechanics. We live in a world where the going rule seems to be that the more vital your occupation (cleaning, nursing, teaching), the lower you rate in the GDP. As the Nobel laureate James Tobin said back in 1984, “We are throwing more and more of our resources, including the cream of our youth, into financial activities remote from the production of goods and services, into activities that generate high private rewards disproportionate to their social productivity.”16

Is there a bird among them, dear boy?” Charity asked innocently, peering not at the things on the desk, but at his face, noting the muscle beginning to twitch at Ian’s tense jaw. “No.” “Then they must be in the schoolroom! Of course,” she said cheerfully, “that’s it. How like me, Hortense would say, to have made such a silly mistake.” Ian dragged his eyes from the proof that his grandfather had been keeping track of him almost from the day of his birth-certainly from the day when he was able to leave the cottage on his own two legs-to her face and said mockingly, “Hortense isn’t very perceptive. I would say you are as wily as a fox.” She gave him a little knowing smile and pressed her finger to her lips. “Don’t tell her, will you? She does so enjoy thinking she is the clever one.” “How did he manage to have these drawn?” Ian asked, stopping her as she turned away. “A woman in the village near your home drew many of them. Later he hired an artist when he knew you were going to be somewhere at a specific time. I’ll just leave you here where it’s nice and quiet.” She was leaving him, Ian knew, to look through the items on the desk. For a long moment he hesitated, and then he slowly sat down in the chair, looking over the confidential reports on himself. They were all written by one Mr. Edgard Norwich, and as Ian began scanning the thick stack of pages, his anger at his grandfather for this outrageous invasion of his privacy slowly became amusement. For one thing, nearly every letter from the investigator began with phrases that made it clear the duke had chastised him for not reporting in enough detail. The top letter began, I apologize, Your Grace, for my unintentional laxness in failing to mention that indeed Mr. Thornton enjoys an occasional cheroot… The next one opened with, I did not realize, Your Grace, that you would wish to know how fast his horse ran in the race-in addition to knowing that he won. From the creases and holds in the hundreds of reports it was obvious to Ian that they’d been handled and read repeatedly, and it was equally obvious from some of the investigator’s casual comments that his grandfather had apparently expressed his personal pride to him: You will be pleased to know, Your Grace, that young Ian is a fine whip, just as you expected… I quite agree with you, as do many others, that Mr. Thornton is undoubtedly a genius… I assure you, Your Grace, that your concern over that duel is unfounded. It was a flesh wound in the arm, nothing more. Ian flipped through them at random, unaware that the barricade he’d erected against his grandfather was beginning to crack very slightly. “Your Grace,” the investigator had written in a rare fit of exasperation when Ian was eleven, “the suggestion that I should be able to find a physician who might secretly look at young Ian’s sore throat is beyond all bounds of reason. Even if I could find one who was willing to pretend to be a lost traveler, I really cannot see how he could contrive to have a peek at the boy’s throat without causing suspicion!” The minutes became an hour, and Ian’s disbelief increased as he scanned the entire history of his life, from his achievements to his peccadilloes. His gambling gains and losses appeared regularly; each ship he added to his fleet had been described, and sketches forwarded separately; his financial progress had been reported in minute and glowing detail.

So there is little doubt that financial incentives work well, even if the outcome is undesirable. Consider a 2011 traffic accident in the Chinese city of Foshan. A two-year-old girl, walking through an outdoor market, was hit by a van. The driver stopped as the girl’s body slid beneath the vehicle. But he didn’t get out to help. After a pause, he drove away, running over the body again. The girl later died. The driver eventually turned himself in to the police. A recording that was widely reported to be a phone call with the driver was broadcast on the news. “If she is dead,” he explained, “I may pay only about 20,000 yuan”—roughly $3,200. “But if she is injured, it may cost me hundreds of thousands yuan.

The integrationist transformation of King as color-blind and race-neutral erases the actual King. He did not live to integrate Black spaces and people into White oblivion. If he did, then why did he build low-income Atlanta apartments “using Negro workmen, Negro architects, Negro attorneys, and Negro financial institutions throughout,” as he proudly reported in 1967? Why did he urge Black people to stop being “ashamed of being Black,” to invest in their own spaces? The child of a Black neighborhood, church, college, and organization lived to ensure equal access to public accommodations and equal resources for all racialized spaces, an antiracist strategy as culture-saving as his nonviolence was body-saving.

Or I can stay with Colby when he comes back,” she added deliberately. She even smiled. “He’ll take care of me.” His black eyes narrowed. “He can barely take care of himself,” he said flatly. “He’s a lost soul. He can’t escape the past or face the future without Maureen. He isn’t ready for a relationship with anyone else, even if he thinks he is” She didn’t rise to the bait. “I can count on Colby. He’ll help me if I need it.” He looked frustrated. “But you won’t let me help you.” “Colby isn’t involved with anyone who’d be jealous of the time he spent looking out for me. That’s the difference.” He let out an angry breath and his eyes began to glitter. “You have to beat the subject to death, I guess.” She managed to look indifferent. “You have your own life to live, Tate. I’m not part of it anymore. You’ve made that quite clear.” His teeth clenched. “Is it really that easy for you to throw the past away?” he asked. “That’s what you want,” she reminded him. There was a perverse pleasure in watching his eyes narrow. “You said you’d never forget or forgive me,” she added evenly. “I took you at your word. I’ll always have fond memories of you and Leta. But I’m a grown woman. I have a career, a future. I’ve dragged you down financially for years, without knowing it. Now that I do…” “For God’s sake!” he burst out, rising to pace with his hands clenched in his pockets. “I could have sent you to Harvard if you’d wanted to go there, and never felt the cost! “You’re missing the point,” she said, feeling nausea rise in her throat and praying it wouldn’t overflow. “I could have worked my way through school, paid for my own apartment and expenses. I wouldn’t have minded. But you made me beholden to you in a way I can never repay.” He stopped pacing and glared at her. “Have I asked for repayment?” She smiled in spite of herself. “You look just like Matt when you glower that way.” The glare got worse. She held up a hand. “I know. You don’t want to talk about that. Sorry.” “Everyone else wants to talk about it,” he said irritably. “I’ve done nothing but dodge reporters ever since the story broke. What a hell of a way to do it, on national television!

However, Putin's tilt toward Trump appeared to have been motivated by something deeper than a desire for revenge against Hillary Clinton and the Obama administration. Putin and Trump shared a similar zero-sum worldview and a penchant for operating in the shadows. Each man viewed the idea of a free press with contempt. They both believed that financial interests should be passed down to their children to create family dynasties ... Trump and Putin are both conversant with the secrecy world, practiced hands at using anonymous companies to wall off their activities and keep their business affairs secret. During the campaign, Trump reported that he had 378 individual Delaware companies, but the full extent of his business dealings remains hidden.

While you were in school, you got a report card once a quarter. A financial statement is your report card once you leave school. The problem is that since most people have not been trained to read financial statements or trained in how to keep a personal financial statement, they have no idea how they are doing once they leave school. Many people have failing marks on their personal financial statements but think they are doing well because they have a high-paying job and a nice home. Unfortunately, if I were handing out the grades, anyone who was not financially independent by age 45 would receive a failing grade. It is not that I want to be cruel. I just want people to wake up and maybe do a few things differently, before they run out of their most important asset—time.

We equate blessing with a new job, a new house, a banner year for our company, a big bonus at work, a new baby, a clean medical report, or an acceptance into the college of our choice. In our Western mindset—conditioned by the affluence surrounding us—God’s blessings are pleasant and enjoyable. When the opposite happens—suffering, hardship, loss of job, loss of health, financial strain—“blessing” isn’t usually the first word off our lips. As we cope with trials, we wonder if we’re being punished by God. We question if we’ve somehow merited God’s judgment. And we fervently pray that the burdens will be removed. In God’s economy, blessings are radically different than our American perception. This is the second counterintuitive principle we learn from Scripture: persecution means you’re blessed, not cursed.

Although I don’t know for sure, I’d bet my dog and lot that John Grisham never worked for the mob. All of that is total fabrication (and total fabrication is the fiction-writer’s purest delight). He was once a young lawyer, though, and he has clearly forgotten none of the struggle. Nor has he forgotten the location of the various financial pitfalls and honeytraps that make the field of corporate law so difficult. Using plainspun humor as a brilliant counterpoint and never substituting cant for story, he sketches a world of Darwinian struggle where all the savages wear three-piece suits. And—here’s the good part—this is a world impossible not to believe. Grisham has been there, spied out the land and the enemy positions, and brought back a full report. He told the truth of what he knew, and for that if nothing else, he deserves every buck The Firm made.

In her book The Government-Citizen Disconnect, the political scientist Suzanne Mettler reports that 96 percent of American adults have relied on a major government program at some point in their lives. Rich, middle-class, and poor families depend on different kinds of programs, but the average rich and middle-class family draws on the same number of government benefits as the average poor family. Student loans look like they were issued from a bank, but the only reason banks hand out money to eighteen-year-olds with no jobs, no credit, and no collateral is because the federal government guarantees the loans and pays half their interest. Financial advisers at Edward Jones or Prudential can help you sign up for 529 college savings plans, but those plans' generous tax benefits will cost the federal government an estimated $28.5 billion between 2017 and 2026. For most Americans under the age of sixty-five, health insurance appears to come from their jobs, but supporting this arrangement is one of the single largest tax breaks issued by the federal government, one that exempts the cost of employer-sponsored health insurance from taxable incomes. In 2022, this benefit is estimated to have cost the government $316 billion for those under sixty-five. By 2032, its price tag is projected to exceed $6oo billion. Almost half of all Americans receive government-subsidized health benefits through their employers, and over a third are enrolled in government-subsidized retirement benefits. These participation rates, driven primarily by rich and middle-class Americans, far exceed those of even the largest programs directed at low income families, such as food stamps (14 percent of Americans) and the Earned Income Tax Credit (19 percent). Altogether, the United States spent $1.8 trillion on tax breaks in 2021. That amount exceeded total spending on law enforcement, education, housing, healthcare, diplomacy, and everything else that makes up our discretionary budget. Roughly half the benefits of the thirteen largest individual tax breaks accrue to the richest families, those with incomes that put them in the top 20 percent. The top I percent of income earners take home more than all middle-class families and double that of families in the bottom 20 percent. I can't tell you how many times someone has informed me that we should reduce military spending and redirect the savings to the poor. When this suggestion is made in a public venue, it always garners applause. I've met far fewer people who have suggested we boost aid to the poor by reducing tax breaks that mostly benefit the upper class, even though we spend over twice as much on them as on the military and national defense.

But scamming large amounts of money off the top seems even harder to catch. Fraud by American defense contractors is estimated at around $100 billion per year, and they are relatively well behaved compared to the financial industry. The FBI reports that since the economic recession of 2008, securities and commodities fraud in the United States has gone up by more than 50 percent. In the decade prior, almost 90 percent of corporate fraud cases—insider trading, kickbacks and bribes, false accounting—implicated the company’s chief executive officer and/or chief financial officer. The recession, which was triggered by illegal and unwise banking practices, cost American shareholders several trillion dollars in stock value losses and is thought to have set the American economy back by a decade and a half. Total costs for the recession have been estimated to be as high as $14 trillion—or about $45,000 per citizen.

At one chew per second, the Fletcherizing of a single bite of shallot would take more than ten minutes. Supper conversation presented a challenge. “Horace Fletcher came for a quiet dinner, sufficiently chewed,” wrote the financier William Forbes in his journal from 1906. Woe befall the non-Fletcherizer forced to endure what historian Margaret Barnett called “the tense and awful silence which . . . accompanies their excruciating tortures of mastication.” Nutrition faddist John Harvey Kellogg, whose sanatorium briefly embraced Fletcherism,* tried to reenliven mealtimes by hiring a quartette to sing “The Chewing Song,”† an original Kellogg composition, while diners grimly toiled. I searched in vain for film footage, but Barnett was probably correct in assuming that “Fletcherites at table were not an attractive sight.” Franz Kafka’s father, she reports, “hid behind a newspaper at dinnertime to avoid watching the writer Fletcherize.

The 12 Principles of Permaculture Investing are: 1. Accumulate & Compound Capital: Consistently save and invest to grow your capital base over time, leveraging the power of compound interest. 2. Utilize Capital: Actively deploy your capital into productive investments that generate returns, rather than letting it sit idle. 3. Retain Maximum & Gradiented Liquidity: Maintain a balance between liquid assets (easily accessible cash) and less liquid investments, ensuring you can meet immediate needs while still investing for the long term. 4. Actively Manage Passive: While focusing on passive income sources, actively monitor and adjust your investments to optimize returns and mitigate risks. 5. Prioritize Long-Term Growth: Focus on investments that offer potential for significant growth over the long term, even if they don't provide immediate high yields. 6. Prioritize Consistent Yields: Balance your portfolio with investments that provide reliable, consistent income to support your financial needs. 7. Add Net Value to all Stakeholders: Invest in ways that benefit not only yourself but also the broader community, environment, and all parties involved. 8. Provide Authentic Data: Be transparent and honest in your financial reporting, providing accurate information to all stakeholders. 9. Collect & Utilize Authentic Data: Base your investment decisions on reliable, verified data rather than speculation or rumors. 10. Diversify Holistically: Diversify your investments across different asset classes, industries, and geographical regions to reduce risk and maximize potential returns. 11. Harvest Yields Equitably: Distribute profits fairly among all stakeholders, ensuring everyone benefits from the investment's success. 12. Reinvest Yields in Most Profitable Assets: Continuously evaluate your portfolio and reinvest profits into the most promising opportunities to further compound your growth.

The strongest evidence yet was published in 2010. In a painstaking long-term study, much larger and more thorough than anything done previously, an international team of researchers tracked one thousand children in New Zealand from birth until the age of thirty-two. Each child’s self-control was rated in a variety of ways (through observations by researchers as well as in reports of problems from parents, teachers, and the children themselves). This produced an especially reliable measure of children’s self-control, and the researchers were able to check it against an extraordinarily wide array of outcomes through adolescence and into adulthood. The children with high self-control grew up into adults who had better physical health, including lower rates of obesity, fewer sexually transmitted diseases, and even healthier teeth. (Apparently, good self-control includes brushing and flossing.) Self-control was irrelevant to adult depression, but its lack made people more prone to alcohol and drug problems. The children with poor self-control tended to wind up poorer financially. They worked in relatively low-paying jobs, had little money in the bank, and were less likely to own a home or have money set aside for retirement. They also grew up to have more children being raised in single-parent households, presumably because they had a harder time adapting to the discipline required for a long-term relationship. The children with good self-control were much more likely to wind up in a stable marriage and raise children in a two-parent home. Last, but certainly not least, the children with poor self-control were more likely to end up in prison. Among those with the lowest levels of self-control, more than 40 percent had a criminal conviction by the age of thirty-two, compared with just 12 percent of the people who had been toward the high end of the self-control distribution in their youth.

Despite the fact that Uncle Rulon and his followers regard the governments of Arizona, Utah, and the United States as Satanic forces out to destroy the UEP, their polygamous community receives more than $6 million a year in public funds. More than $4 million of government largesse flows each year into the Colorado City public school district—which, according to the Phoenix New Times, “is operated primarily for the financial benefit of the FLDS Church and for the personal enrichment of FLDS school district leaders.” Reporter John Dougherty determined that school administrators have “plundered the district’s treasury by running up thousands of dollars in personal expenses on district credit cards, purchasing expensive vehicles for their personal use and engaging in extensive travel. The spending spree culminated in December [2000], when the district purchased a $220,000 Cessna 210 airplane to facilitate trips by district personnel to cities across Arizona.” Colorado City has received $1.9 million from the U.S. Department of Housing and Urban Development to pave its streets, improve the fire department, and upgrade the water system. Immediately south of the city limits, the federal government built a $2.8 million airport that serves almost no one beyond the fundamentalist community. Thirty-three percent of the town’s residents receive food stamps—compared to the state average of 4.7 percent. Currently the residents of Colorado City receive eight dollars in government services for every dollar they pay in taxes; by comparison, residents in the rest of Mohave County, Arizona, receive just over a dollar in services per tax dollar paid. “Uncle Rulon justifies all that assistance from the wicked government by explaining that really the money is coming from the Lord,” says DeLoy Bateman. “We’re taught that it’s the Lord’s way of manipulating the system to take care of his chosen people.” Fundamentalists call defrauding the government “bleeding the beast” and regard it as a virtuous act.

Docketing a judgment slapped it on a tenant’s credit report. If the tenant came to own any property in Milwaukee County in the next decade, the docketed judgment placed a lien on that property, severely limiting a new homeowner’s ability to refinance or sell.14 To landlords, docketing a judgment was a long-odds bet on a tenant’s future. Who knows, maybe somewhere down the line a tenant would want to get her credit in order and would approach her old landlord, asking to repay the debt. “Debt with interest,” the landlord could respond, since money judgments accrued interest at an annual rate that would be the envy of any financial portfolio: 12 percent. For the chronically and desperately poor whose credit was already wrecked, a docketed judgment was just another shove deeper into the pit. But for the tenant who went on to land a decent job or marry and then take another tentative step forward, applying for student loans or purchasing a first home—for that tenant, it was a real barrier on the already difficult road to self-reliance and security.

For members of a particular religious community, the sense of obligation takes a specific form when it comes to their commitment to each other. In the movie Shall We Dance?, Richard Gere plays a bored middle-aged attorney who surreptitiously takes up ballroom dancing. His wife, played by Susan Sarandon, becomes suspicious at his renewed energy and vitality. She hires a private detective, who discovers the dance studio and reports the news. She decides to let her husband continue dancing undisturbed. In the scene where she meets the private detective in a bar to pay his fee and end the investigation, they linger over a drink and discuss why people marry in the first place. The detective, whose countless investigations into infidelity have rendered him cynical about marriage, suggests that the desire to marry has something to do with hormones and passing fancy. She disagrees. The reason we marry, she insists, is that “we need a witness to our lives. There’s a billion people on the planet. . . . I mean, what does any one life really mean? But in a marriage, you’re promising to care about everything. The good things, the bad things, the terrible things, the mundane things . . . all of it, all of the time, every day. You’re saying ‘Your life will not go unnoticed because I will notice it. Your life will not go un-witnessed because I will be your witness.’ ” The sacramental bond that unites two people in a marriage or committed relationship is known as a covenant. A covenant—the word means mutual agreement—is a promise to bear witness to the life of another: the good things, the bad things, the terrible things, the mundane things. At its heart, the relationship among members of a religious community is covenantal as well. As with marriage, the relationship also includes other dimensions, such as friendship and perhaps financial and/or legal partnership. But the defining commitment that members of a religious community make to each other arises from their calling—their covenantal duty—to bear witness to each other’s lives: the lives they now lead and the lives they hope to lead in the future, and the world they now occupy and the world they hope to occupy in the future.

The tone of those negotiations was very contentious,” says Becky Sauerbrunn, who served on the national team’s CBA committee and participated in most of the negotiation sessions. “They didn’t go anywhere. We would go into those meetings and say we want equal pay and they would say you’re not really generating the revenue to deserve equal pay to the men. And it just went around and around like that.” But then on March 7, Rich Nichols saw something that caught him by surprise. It was an article by Jonathan Tannenwald of the Philadelphia Inquirer that broke down financial numbers contained in U.S. Soccer’s General Annual Meeting report. The report itself was released quietly on U.S. Soccer’s website without fanfare—Tannenwald was the only journalist for a major newspaper who picked up on it. What the U.S. Soccer report showed—and what in turn the Philadelphia Inquirer explained—was that U.S. Soccer initially budgeted a $420,000 loss for 2016 but changed their numbers to expect a profit of almost $18 million, based largely on the gate receipts and merchandise sales of the women’s national team during the 2015 Women’s World Cup victory tour.

As we’ve seen, one of the most frequently pursued paths for achievement-minded college seniors is to spend several years advancing professionally and getting trained and paid by an investment bank, consulting firm, or law firm. Then, the thought process goes, they can set out to do something else with some exposure and experience under their belts. People are generally not making lifelong commitments to the field in their own minds. They’re “getting some skills” and making some connections before figuring out what they really want to do. I subscribed to a version of this mind-set when I graduated from Brown. In my case, I went to law school thinking I’d practice for a few years (and pay down my law school debt) before lining up another opportunity. It’s clear why this is such an attractive approach. There are some immensely constructive things about spending several years in professional services after graduating from college. Professional service firms are designed to train large groups of recruits annually, and they do so very successfully. After even just a year or two in a high-level bank or consulting firm, you emerge with a set of skills that can be applied in other contexts (financial modeling in Excel if you’re a financial analyst, PowerPoint and data organization and presentation if you’re a consultant, and editing and issue spotting if you’re a lawyer). This is very appealing to most any recent graduate who may not yet feel equipped with practical skills coming right out of college. Even more than the professional skill you gain, if you spend time at a bank, consultancy, or law firm, you will become excellent at producing world-class work. Every model, report, presentation, or contract needs to be sophisticated, well done, and error free, in large part because that’s one of the core value propositions of your organization. The people above you will push you to become more rigorous and disciplined, and your work product will improve across the board as a result. You’ll get used to dressing professionally, preparing for meetings, speaking appropriately, showing up on time, writing official correspondence, and so forth. You will be able to speak the corporate language. You’ll become accustomed to working very long hours doing detail-intensive work. These attributes are transferable to and helpful in many other contexts.

To the untrained eye, the Wall Street people who rode from the Connecticut suburbs to Grand Central were an undifferentiated mass, but within that mass Danny noted many small and important distinctions. If they were on their BlackBerrys, they were probably hedge fund guys, checking their profits and losses in the Asian markets. If they slept on the train they were probably sell-side people—brokers, who had no skin in the game. Anyone carrying a briefcase or a bag was probably not employed on the sell side, as the only reason you’d carry a bag was to haul around brokerage research, and the brokers didn’t read their own reports—at least not in their spare time. Anyone carrying a copy of the New York Times was probably a lawyer or a back-office person or someone who worked in the financial markets without actually being in the markets. Their clothes told you a lot, too. The guys who ran money dressed as if they were going to a Yankees game. Their financial performance was supposed to be all that mattered about them, and so it caused suspicion if they dressed too well. If you saw a buy-side guy in a suit, it usually meant that he was in trouble, or scheduled to meet with someone who had given him money, or both. Beyond that, it was hard to tell much about a buy-side person from what he was wearing. The sell side, on the other hand, might as well have been wearing their business cards: The guy in the blazer and khakis was a broker at a second-tier firm; the guy in the three-thousand-dollar suit and the hair just so was an investment banker at J.P. Morgan or someplace like that. Danny could guess where people worked by where they sat on the train. The Goldman Sachs, Deutsche Bank, and Merrill Lynch people, who were headed downtown, edged to the front—though when Danny thought about it, few Goldman people actually rode the train anymore. They all had private cars. Hedge fund guys such as himself worked uptown and so exited Grand Central to the north, where taxis appeared haphazardly and out of nowhere to meet them, like farm trout rising to corn kernels. The Lehman and Bear Stearns people used to head for the same exit as he did, but they were done. One reason why, on September 18, 2008, there weren’t nearly as many people on the northeast corner of Forty-seventh Street and Madison Avenue at 6:40 in the morning as there had been on September 18, 2007.

I can't bear to look at the screen itself, the women in pastels, like so many Jordan almonds. The men in suits, wearing equally angelic expressions. Members just like men, ostensibly. Who have vowed to be obedient to God's laws, and to repent of their sins. They've promised to be honest, true, chaste, benevolent, and virtuous; they've promised to be hopeful, and to endure all things, to seek after what is lovely, of good report, or praiseworthy. Only then will God provide a lasting solution to their loneliness and frustration. I imagine they comfort themselves, like I do, with the game of "wouldn't it be worse." Wouldn't it be worse to have a sick child, ailing parents, or a flesh-eating virus? Wouldn't it be lonelier to be trapped in a dying marriage, scarier to have crippling financial problems or to spend one's retirement fund on failed in vitro treatments? Wouldn't it be worse to live a life absent of faith, absent of purpose, absent of the love of God? I imagine they tell themselves, like I do, that a soul-crushing loneliness is a small price to pay, given the big picture. Everyone suffers. Loneliness is the human condition. And after the tests of our faith, we will triumph.

Which meant, if somehow GameStop did start to go up, the people who had shorted the company would begin to feel pressure to buy; the more the stock went up, the heavier that pressure became. As the shorts began to cover, buying shares to return them to their lenders, the stock would rise even higher. In financial parlance, this was something called a 'short squeeze.' It didn't happen often, but when it did, it could be spectacular. Most famously, in 2008, a surprise takeover attempt of the German automaker Volkswagen by rival Porsche drove Volkswagen's stock price up by a factor of 5 — briefly making it the most valuable company in the world — in two quick days of trading, as short selling funds struggled to cover their positions. Similarly, a battle between two hedge fund titans — Bill Ackman, of Pershing Square Capital Management, and Carl Icahn — led to a squeeze involving supplement maker — and alleged pyramid marketer — Herbalife, which cost Ackman a reported $1 billion. And perhaps the first widely reported short squeeze dated back a century, to 1923, when grocery magnate Clarence Saunders successfully decimated short sellers who had targeted his nascent chain of Piggly Wiggly grocery stores.

It was common knowledge at one prominent women’s brand I worked for that the reason they didn’t have more women of color, specifically Black women, on their legacy magazine covers was because they didn’t sell as well. For a business enterprise, and a financially struggling one at that, the editorial strategy to routinely flood the covers with normatively sized straight white women was presented as necessary business, and not a deeply racist lens. But this is where I’ve encountered capitalism to be at its most damaging: it provides an all-encompassing language to code racism, heterosexism, and classism as something else—to establish distance between these deeply coursing prejudices and the unavoidable realities of running a business. This distance insulates. It establishes an alternative reality in which testimonials, diversity reports, investigations, and data analysis on representation don’t resonate because making money is the ultimate objective above all else. But that’s all the more reason why the impetus to drive profits also needs to be aligned and analyzed in endeavors against oppression. Because the drive to make money, more money, more money than your competitors, more money than you made last year, more money than projected for the following year is an enduring vehicle for suppression.

Onboarding checklists Business orientation checklist As early as possible, get access to publicly available information about financials, products, strategy, and brands. Identify additional sources of information, such as websites and analyst reports. If appropriate for your level, ask the business to assemble a briefing book. If possible, schedule familiarization tours of key facilities before the formal start date. Stakeholder connection checklist Ask your boss to identify and introduce you to the key people you should connect with early on. If possible, meet with some stakeholders before the formal start. Take control of your calendar, and schedule early meetings with key stakeholders. Be careful to focus on lateral relationships (peers, others) and not only vertical ones (boss, direct reports). Expectations alignment checklist Understand and engage in business planning and performance management. No matter how well you think you understand what you need to do, schedule a conversation with your boss about expectations in your first week. Have explicit conversations about working styles with bosses and direct reports as early as possible. Cultural adaptation checklist During recruiting, ask questions about the organization’s culture. Schedule conversations with your new boss and HR to discuss work culture, and check back with them regularly. Identify people inside the organization who could serve as culture interpreters. After thirty days, conduct an informal 360-degree check-in with your boss and peers to gauge how adaptation is proceeding.

Just as the drivers in Gatsby and Bonfire responsible for crashes left others to bear the blame, so the One Percent seeks to shift responsibility onto the financial victims (“the madness of crowds”). Governments are blamed for running deficits, despite the fact that they result mainly from tax favoritism to the rentiers. Having used FICA paycheck withholding as a ploy to cut progressive tax rates on themselves since the 1980s, the One Percent blame the indebted population for living longer and creating a “retirement problem” by collecting the Social Security and pensions. This is financial warfare – and not all wars end with the victory of the most progressive parties. The end of history is not necessarily utopia. The financial mode of conquest against labor and industry is as devastating today as in the Roman Republic’s Social War that marked its transition to Empire in the 1st century BC. It was the dynamics of debt above all that turned the empire into a wasteland, reducing the population to debt bondage and outright slavery. Livy, Plutarch and other Roman historians placed the blame for their epoch’s collapse on creditors. Tacitus reports the words of the Celtic chieftain Calgacus, c. 83 AD, rousing his troops by describing the empire they were to fight against: Robbers of the world, having by their universal plunder exhausted the land … If the enemy is rich, they are rapacious; if he is poor, they lust for dominion; neither the east nor the west has been able to satisfy them. … To robbery, slaughter, plunder, they give the lying name of empire. They make a wasteland and call it peace. The

It was dusk when Ian returned, and the house seemed unnaturally quiet. His uncle was sitting near the fire, watching him with an odd expression on his face that was half anger, half speculation. Against his will Ian glanced about the room, expecting to see Elizabeth’s shiny golden hair and entrancing face. When he didn’t, he put his gun back on the rack above the fireplace and casually asked, “Where is everyone?” “If you mean Jake,” the vicar said, angered yet more by the way Ian deliberately avoided asking about Elizabeth, “he took a bottle of ale with him to the stable and said he was planning to drink it until the last two days were washed from his memory.” “They’re back, then?” “Jake is back,” the vicar corrected as Ian walked over to the table and poured some Madeira into a glass. “The servingwomen will arrive in the morn. Elizabeth and Miss Throckmorton-Jones are gone, however.” Thinking Duncan meant they’d gone for a walk, Ian flicked a glance toward the front door. “Where have they gone at this hour?” “Back to England.” The glass in Ian’s hand froze halfway to his lips. “Why?” he snapped. “Because Miss Cameron’s uncle has accepted an offer for her hand.” The vicar watched in angry satisfaction as Ian tossed down half the contents of his glass as if he wanted to wash away the bitterness of the news. When he spoke his voice was laced with cold sarcasm. “Who’s the lucky bridegroom?” “Sir Francis Belhaven, I believe.” Ian’s lips twisted with excruciating distaste. “You don’t admire him, I gather?” Ian shrugged. “Belhaven is an old lecher whose sexual tastes reportedly run to the bizarre. He’s also three times her age.” “That’s a pity,” the vicar said, trying unsuccessfully to keep his voice blank as he leaned back in his chair and propped his long legs upon the footstool in front of him. “Because that beautiful, innocent child will have no choice but to wed that old…lecher. If she doesn’t, her uncle will withdraw his financial support, and she’ll lose that home she loves so much. He’s perfectly satisfied with Belhaven, since he possesses the prerequisites of title and wealth, which I gather are his only prerequisites. That lovely girl will have to wed that old man; she has no way to avoid it.” “That’s absurd,” Ian snapped, draining his glass. “Elizabeth Cameron was considered the biggest success of her season two years ago. It was pubic knowledge she’d had more than a dozen offers. If that’s all he cares about, he can choose from dozens of others.” Duncan’s voice was laced with uncharacteristic sarcasm. “That was before she encountered you at some party or other. Since then it’s been public knowledge that she’s used goods.” “What the hell is that supposed to mean?” “You tell me, Ian,” the vicar bit out. “I only have the story in two parts from Miss Throckmorton-Jones. The first time she spoke she was under the influence of laudanum. Today she was under the influence of what I can only describe as the most formidable temper I’ve ever seen. However, while I may not have the complete story, I certainly have the gist of it, and if half what I’ve heard is true, then it’s obvious that you are completely without either a heart or a conscience! My own heart breaks when I imagine Elizabeth enduring what she has for nearly two years. When I think of how forgiving of you she has been-“ “What did the woman tell you?” Ian interrupted shortly, turning and walking over to the window.

We cannot provide a definition of those products from which the age takes it name, the feuilletons. They seem to have formed an uncommonly popular section of the daily newspapers, were produced by the millions, and were a major source of mental pabulum for the reader in want of culture. They reported on, or rather "chatted" about, a thousand-and-one items of knowledge. The cleverer writers poked fun at their own work. Many such pieces are so incomprehensible that they can only be viewed as self-persiflage on the part of the authors. In some periods interviews with well-known personalities on current problems were particularly popular. Noted chemists or piano virtuosos would be queried about politics, for example, or popular actors, dancers, gymnasts, aviators, or even poets would be drawn out on the benefits and drawbacks of being a bachelor, or on the presumptive causes of financial crises, and so on. All that mattered in these pieces was to link a well-known name with a subject of current topical interest. It is very hard indeed for us to put ourselves in the place of those people so that we can truly understand them. But the great majority, who seem to have been strikingly fond of reading, must have accepted all these grotesque things with credulous earnestness. If a famous painting changed owners, if a precious manuscript was sold at auction, if an old palace burned down, the readers of many thousands of feature articles at once learned the facts. What is more, on that same day or by the next day at the latest they received an additional dose of anecdotal, historical, psychological, erotic, and other stuff on the catchword of the moment. A torrent of zealous scribbling poured out over every ephemeral incident, and in quality, assortment, and phraseology all this material bore the mark of mass goods rapidly and irresponsibly turned out. Incidentally, there appear to have been certain games which were regular concomitants of the feature article. The readers themselves took the active role in these games, which put to use some of their glut of information fodder. Thousands upon thousands spent their leisure hours sitting over squares and crosses made of letters of the alphabet, filling in the gaps according to certain rules. But let us be wary of seeing only the absurd or insane aspect of this, and let us abstain from ridiculing it. For these people with their childish puzzle games and their cultural feature articles were by no means innocuous children or playful Phaeacians. Rather, they dwelt anxiously among political, economic, and moral ferments and earthquakes, waged a number of frightful wars and civil wars, and their little cultural games were not just charming, meaningless childishness. These games sprang from their deep need to close their eyes and flee from unsolved problems and anxious forebodings of doom into an imaginary world as innocuous as possible. They assiduously learned to drive automobiles, to play difficult card games and lose themselves in crossword puzzles--for they faced death, fear, pain, and hunger almost without defenses, could no longer accept the consolations of the churches, and could obtain no useful advice from Reason. These people who read so many articles and listened to so many lectures did not take the time and trouble to strengthen themselves against fear, to combat the dread of death within themselves; they moved spasmodically on through life and had no belief in a tomorrow.

When Diana returned to work on Monday, September 16, she came directly to my bedroom and announced, “Mrs. Robertson, I have something important to tell you.” I could see out of the corner of my eye that she had a slight, mischievous grin on her face. “Go right ahead,” I said as I continued to blow-dry my hair in front of the mirror above the dresser. “No, Mrs. Robertson, I’d like your full attention.” I switched off my hair dryer and faced her as she stood in the doorway. “When you leave for work this morning, you’ll notice a lot of reporters and photographers at the entrance to the mews.” I wondered aloud if the press were following either Lord Vestey, a notorious international financier, or John Browne, a bright young M.P. known as one of “Maggie’s boys,” both of whom lived on our small street. “No, actually, Mrs. Robertson, they’re waiting for me,” Diana said with a great deal of blushing, staring at the floor, and throat clearing. “Good heavens, Diana, why?” “Well . . . I spent last weekend at Balmoral.” “With Prince Andrew?” I asked, remembering my friend Lee’s comment on the way to Glyndebourne. “No, actually, I was there to see Prince Charles.” More blushes and throat clearing, quickly followed by her disclaimer, “But he didn’t invite me. His mother did.” Hearing Diana speak of Her Majesty the Queen as “his mother” certainly gave me a clear picture of the circles in which Diana moved. I gasped and asked, probably rather tactlessly, “Gosh, do you think there’s any chance of a romance developing?” “Not really,” she said with noticeable regret. “After all, he’s thirty-one and I’m only nineteen. He’d never look seriously at me.” So modest, so appealing. I couldn’t imagine him not learning to love her. We certainly had. “Well, Diana, I wouldn’t be so sure,” I replied, thinking of my prediction from July.

As the scandal spread and gained momentum, Cardinal Law found himself on the cover of Newsweek, and the Church in crisis became grist for the echo chamber of talk radio and all-news cable stations. The image of TV reporters doing live shots from outside klieg-lit churches and rectories became a staple of the eleven o’clock news. Confidentiality deals, designed to contain the Church’s scandal and maintain privacy for embarrassed victims, began to evaporate as those who had been attacked learned that the priests who had assaulted them had been put in positions where they could attack others too. There were stories about clergy sex abuse in virtually every state in the Union. The scandal reached Ireland, Mexico, Austria, France, Chile, Australia, and Poland, the homeland of the Pope. A poll done for the Washington Post, ABC News, and Beliefnet.com showed that a growing majority of Catholics were critical of the way their Church was handling the crisis. Seven in ten called it a major problem that demanded immediate attention. Hidden for so long, the financial price of the Church’s negligence was astonishing. At least two dioceses said they had been pushed to the brink of bankruptcy after being abandoned by their insurance companies. In the past twenty years, according to some estimates, the cost to pay legal settlements to those victimized by the clergy was as much as $1.3 billion. Now the meter was running faster. Hundreds of people with fresh charges of abuse began to contact lawyers. By April 2002, Cardinal Law was under siege and in seclusion in his mansion in Boston, where he was heckled by protesters, satirized by cartoonists, lampooned by late-night comics, and marginalized by a wide majority of his congregation that simply wanted him out. In mid-April, Law secretly flew to Rome, where he discussed resigning with the Pope.

When a country’s economy is in trouble—when it has a balance of trade deficit, for instance, and when its debts are mounting—and when the currency, therefore, is declining in value because everybody can see that the economy is bad, politicians, throughout history, have found a way of making things worse with the imposition of exchange controls. They run to the press and they say, “Listen, all you God-fearing Americans, Germans, Russians, whatever you are, we have a temporary problem in the financial market and it is caused by these evil speculators who are driving down the value of our currency—there is nothing wrong with our currency, we are a strong country with a sound economy, and if it were not for these speculators everything would be OK.” Diverting attention away from the real cause of the problem, which is their own mismanagement of the economy, politicians look to three crowds of people to blame for the regrettable situation. After the speculators come bankers and foreigners. Nobody likes bankers anyway, not even in good times; in bad times, everybody likes them less, because everybody sees them as rich and growing richer off the bad turn of events. Foreigners as a target are equally safe, because foreigners cannot vote. They do not have a say-so in national affairs, and remember, their food smells bad. Politicians will even blame journalists: if reporters did not write about our tanking economy, our economy would not be tanking. So we are going to enact this temporary measure, they say. To stem the scourge of a declining currency, we are going to make it impossible, or at least difficult, for people to take their money out of the country—it will not affect most of you because you do not travel or otherwise spend cash overseas. (See Chapter 9 and the Bernanke delusion.) Then they introduce serious exchange controls. They are always “temporary,” yet they always go on for years and years. Like anything else spawned by the government, once they are in place, a bureaucracy grows up around them. A constituency now arises whose sole purpose is to defend exchange controls and thereby assure their longevity. And they are always disastrous for a country. The free flow of capital stops. Money is trapped inside your country. And the country stops being as competitive as it once was.

When you contribute to a safer world for the truth, contribute to help stop violence and help end impunity: be vigilant, be alert, stay safe, protect your emotions and health from aggressive troublemakers and manipulators, and have a strong, diplomatic, clear and firm boundaries. Be honest, be factual, and have an indestructible firm coping mechanism ways while you could experience waves of digital aggression as they would like to silence you, discredit you, and they try to ruin your integrity, persona, reputation and credibility. The deceptive, evil manipulators plant lies and create intrigues, polemics mongering, gossip-mongering, and calumny committed by abusive political harridans, bitches and assholes who can shame you privately and publicly. Group cyber lynching, group cyberbullying, defamatory libellous slander is committed by these cyber aggressors who are also financial-political abusive parasites, pathological liar cyberbullies toxic manipulators, and repetitive abusers. Usually when the stakes are high, these manipulative, deceptive, dishonest, unscrupulous aggressive and vindictive, abusive toxic people would resort to any forms of aggression/abuse: digital or cyber aggression, verbal abuse, emotional abuse, and psychological abuse, financial/economic abuse, and/or physical aggression. When a group of habitual, deceptive, toxic netizens, digital aggressors send you threats, disturb your family member with their concocted destructive lies, and they took hold a copy of your passport or ID - change it immediately. Document the threats, the libellous slander, done by these aggressive and abusive people who took advantage of you, used you, and abused you, and do not hesitate to report them to the right authorities. You have to learn how to handle these scammers, habitual offensive abusive offenders/perpetrators, manipulators, bullies, digital aggressors/aggression, cyber lynchers, coward, pathological liars, opportunistic users, economic/financial abusers, emotional, psychological and verbal abusers, and repetitive abusers without breaking the law. Even if they dehumanised you, shamed you and abused you for several years, do not and never dehumanise them. Always remember the three Rs of life: 1. Respect for self 2. Respect for others 3. Responsibility for all your actions ~ Angelica Hopes, an excerpt from The S. Trilogy

It is very important to note, however, that the only segment of the population from whom changing our social and economic conditions in the ways that prevent violence would exact a higher cost would be the extremely wealthy upper, or ruling, class — the wealthiest one per cent of the population (which in the United States today controls some 39 per cent of the total wealth of the nation, and 48 per cent of the financial wealth, as shown by Wolff in Top Heavy (1996). The other 99 per cent of the population — namely, the middle class and the lower class — would benefit, not only form decreased rates of violence (which primarily victimize the very poor), but also from a more equitable distribution of the collective wealth and income of our unprecedentedly wealthy societies. Even on a worldwide scale, it would require a remarkably small sacrifice from the wealthiest individuals and nations to raise everyone on earth, including the populations of the poorest nations, above the subsistence level, as the United Nations Human Development Report 1998, has shown. I emphasize the wealthiest individuals as well as nations because, as the U.N. report documents, a tiny number of the wealthiest individuals actually possess wealth on a scale that is larger than the annual income of most of the nations of the earth. For example, the three richest individuals on earth have assets that exceed the combined Gross Domestic Product of the fortyeight poorest countries! The assets of the 84 richest individuals exceed the Gross Domestic Product of the most populous nation on earth, China, with 1.2 billion inhabitants. The 225 richest individuals have a combined wealth of over $1 trillion, which is equal to the annual income of the poorest 47 per cent of the world's population, or 2.5 billion people. By comparison, it is estimated that the additional cost of achieving and maintaining universal access to basic education for all, basic health care for all, reproductive health care for all women, adequate food for all and safe water and sanitation for all is roughly $40 billion a year. This is less than 4 per cent of the combined wealth of the 225 richest people in the world. It has been shown throughout the world, both internationally and intranationally, that reducing economic inequities not only improves physical health and reduces the rate of death from natural causes far more effectively than doctors, medicines, and hospitals; it also decreases the rate of death from both criminal and political violence far more effectively than any system of police forces, prisons, or military interventions ever invented.

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

I no longer require your services." With her head held high, she strode for the door. Hell and blazes, he wouldn't let her do this! Now when he knew what was at stake. "You don't want to hear my report?" he called out after her. She paused near the door. "I don't believe you even have a report." "I certainly do, a very thorough one. I've only been waiting for my aunt to transcribe my scrawl into something decipherable. Give me a day, and I can offer you names and addresses and dates, whatever you require." "A day? Just another excuse to put me off so you can wreak more havoc." She stepped into the doorway, and he hurried to catch her by the arm and drag her around to face him. He ignored the withering glance she cast him. "The viscount is twenty-two years your senior," he said baldly. Her eyes went wide. "You're making that up." "He's aged very well, I'll grant you, but he's still almost twice your age. Like many vain Continental gentlemen, he dyes his hair and beard-which is why he appears younger than you think." That seemed to shake her momentarily. Then she stiffened. "All right, so he's an older man. That doesn't mean he wouldn't make a good husband." "He's an aging roué, with an invalid sister. The advantages in a match are all his. You'd surely end up taking care of them both. That's probably why he wants to marry you." "You can't be sure of that." "No? He's already choosing not to stay here for the house party at night because of his sister. That tells me that he needs help he can't get from servants." Her eyes met his, hot with resentment. "Because it's hard to find ones who speak Portuguese." He snorted. "I found out this information from his Portuguese servants. They also told me that his lavish spending is a façade. He's running low on funds. Why do you think his servants gossip about him? They haven't been paid recently. So he’s definitely got his eye on your fortune.” “Perhaps he does,” she conceded sullenly. “But not the others. Don’t try to claim that of them.” “I wouldn’t. They’re in good financial shape. But Devonmont is estranged from his mother, and no one knows why. I need more time to determine it, though perhaps your sister-in-law could tell you, if you bothered to ask.” “Plenty of people don’t get along with their families,” she said stoutly. “He has a long-established mistress, too.” A troubled expression crossed her face. “Unmarried men often have mistresses. It doesn’t mean he wouldn’t give her up when he marries.” He cast her a hard stare. “Are you saying you have no problem with a man paying court to you while he keeps a mistress?” The sigh that escaped her was all the answer he needed. “I don’t think he’s interested in marriage, anyway.” She tipped up her chin. “That still leaves the duke.” “With his mad family.” “He’s already told me about his father, whom I knew about anyway.” “Ah, but did you know about his great-uncle? He ended his life in an asylum in Belgium, while there to receive some special treatment for his delirium.” Her lower lip trembled. “The duke didn’t mention that, no. But then our conversation was brief. I’m sure he’ll tell me if I ask. He was very forthright on the subject of his family’s madness when he offered-“ As she stopped short, Jackson’s heart dropped into his stomach. “Offered what?” She hesitated, then squared her shoulders. “Marriage, if you must know.” Damn it all. Jackson had no right to resent it, but the thought of her in Lyons’s arms made him want to smash something. “And of course, you accepted his offer,” he said bitterly. “You couldn’t resist the appeal of being a great duchess.” Her eyes glittered at him. “You’re the only person who doesn’t see the advantage in such a match.

allegations involve fiddling with the books of his failed 2012 election campaign, crooked financial dealing in connection with a Pakistani arms contract and assorted other transgressions. Mr. Sarkozy has repeatedly dismissed the accusations as unfounded, and prosecutors last year dropped a formal investigation into whether he had taken advantage of an octogenarian heiress, Liliane Bettencourt, to extract campaign financing. Mr. Sarkozy’s former prime minister, François Fillon, said justice must be allowed to run its course, but demanded more dignified treatment for a man who had served as France’s head of state. “As a former president of the republic,” Mr. Fillon said, “he has the right to respect.” Maïa de la Baume contributed reporting. When

It soon became clear why investors were clamouring to buy a piece of TV18 for Rs 180 a share. The stock market delivered a belated Valentine’s Day squeeze to the company as it listed on the BSE on 16 February 2000. The Financial Express reported that ‘[t]he TV18 stock opened on BSE at Rs 1950, moved to a high of Rs 1990 before closing at Rs 1667.’4 Outlook Money magazine explained what this meant: Last Wednesday’s explosive listing of Television Eighteen’s shares was a spectacular event, even by the standards of a market that has seen plenty of fireworks this past year. Investors who were able to buy shares the company issued in December certainly expected a handsome appreciation from the public offer price of Rs 180. But not a few were stunned when within 15 minutes of commencement of trading in the company’s shares, they were trading at Rs 1990—an astonishing 1006 per cent gain!

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.

In addition, as we learned from the infamous “twenty-eight pages” (really, twenty-nine) of the Congressional report on 9/11, Saudi Arabia provided substantial backing for the 9/11 attacks themselves.18 This backing included financial support to some of the 9/11 hijackers from members of the Saudi royal family and intelligence services. FBI documents even show that the Saudi Embassy in Washington provided financial support for a “dry run” of the 9/11 operation.19 Indeed, “Six years after the [9/11] attack, at the height of the military conflict in Iraq in 2007, Stuart Levey, the undersecretary of the US Treasury in charge of monitoring and impeding terror financing, told ABC News that, when it came to al-Qaeda, ‘if I could somehow snap my fingers and cut off the funding of one country, it would be Saudi Arabia.’ ”20 And so, it stands to reason, the United States is a fierce ally of Saudi Arabia in its feud against Iran?!

These policies would come back to haunt Europe in the aftermath of the 2008 collapse. Instead of the vigorous, countercyclical fiscal, monetary, and debt relief policies called for in the wake of a 1929-scale crash, Europe’s institutions promoted austerity reminiscent of the post–World War I era. The debt and deficit limits of Maastricht precluded strong fiscal stimulus, and the government of Angela Merkel resisted emergency waivers. Germany, an export champion, which in effect had an artificially cheap currency in the euro, profited from other nations’ misery. Germany could prosper by running a large export surplus (equal to almost 10 percent of its GDP), but not all nations can have surpluses. The European Central Bank, which reported to nineteen different national masters that used the euro, had neither the tools nor the mandate available to the US Federal Reserve. The ECB did cut interest rates, but it did not engage in the scale of credit creation pursued by the Fed. The Germans successfully resisted any Europeanizing of the sovereign debt of the EU’s weaker nations, pressing them instead to regain the confidence of capital markets by deflating. Sovereign debt financing by the ECB went mainly to repay private and state creditors, not to rekindle growth. Thus did “fortress Europe,” which advocates and detractors circa 1981 both saw as a kind of social democratic alternative to the liberal capitalism of the Anglo-Saxon nations, replicate the worst aspects of a global system captive to the demands of speculative private capital. The Maastricht constitution not only internalized those norms, but enforced them. The dream of managed capitalism on one continent became a laissez-faire nightmare—not laissez-faire in the sense of no rules, but rather rules structured to serve corporations and banks at the expense of workers and citizens. The fortress became a brig. There was plenty to criticize in the US response to the 2008 collapse—too small a stimulus, too much focus on deficit reduction, too little attention to labor policy, too feeble a financial restructuring—but by 2016, US unemployment had come back down to less than 5 percent. In Europe, it remained stuck at more than 10 percent, with all of the social dynamite produced by persistent joblessness.

Sophisticated investors subscribed to newsletters such as Fred Hickey’s Hi-Tech Strategy letter, Richard Russell’s Dow Theory Letter, Grant’s Interest Rate Observer, Marc Faber’s Gloom, Boom and Doom Report, or welling@weeden, a newsletter that began circulating in 1999, featuring interviews with some of the best minds in the financial community.

Many people report that the greatest fear they face today is the fear of not having enough money to maintain their lifestyle throughout retirement. Does this sound like you? Social Security is still a vital role in retirement income. The greatest benefit Social Security provides is regular income that is guaranteed to increase over time and continue as long as you live. Keep in mind, Social Security taxes are just that – taxes. As a result, a worker’s retirement security is entirely dependent upon political decisions. Nevertheless, for now, this benefit makes Social Security one of the most valuable sources of income during one’s retirement. Unfortunately, most Americans do not know much about Social Security. They know even less about how to maximize the benefits that may help sustain them throughout retirement. Whether you are depending upon Social Security to make a significant impact on your retirement income or just a part of your entire financial portfolio, it would be wise to understand which claiming options are available to get the most out of your Social Security income. Even in these tough times and volatile markets, we help our clients take a comprehensive approach to their retirement planning. We offer a complimentary service that we call Social Security Maximization or SSI Max. There are hundreds of ways to claim your Social Security, but which one is right for you and your family? One simple mistake or misjudgment of the program can cost you thousands of dollars that you rightfully deserve. Download our free eBook: 4 Myths about Social Security Income to learn a few common misconceptions about Social Security Income. Find out your SSI Max Strategy Our team of experts use a proprietary system that links to the government’s official Social Security website. It only takes a few minutes to generate your SSI Max Report. Click here to see a sample report and act quickly to get your very own personalized report. Just schedule a call with me to find out your very own, optimal SSI Max Strategy! Click here to schedule now! P.S. – Be sure to ask me about including a “Shortfall Analysis” in your report. Our clients are LOVING this feature! Seriously! What is it? Our Advanced Case Design team builds a comprehensive financial plan best suited for your specific situation by considering all of your retirement vehicles. This is, without a doubt, the best retirement planning offer you will see in a very, very long time!

When we asked Woolard about the most important lessons from his Apple experience, he reported that a board leader has to have regular access to the chief financial officer, deeply understand the company strategy and execution—and pick and partner with the right CEO.

The government would have to track them down, ascertain their sale prices, then trace all intermediate investors who had held the debt before it was bought by the current owners—an administrative nightmare. Hamilton could have left it at that, ducking the political issue and taking refuge in technical jargon. Instead, he shifted the terms of the debate. He said that the first holders were not simply noble victims, nor were the current buyers simply predatory speculators. The original investors had gotten cash when they wanted it and had shown little faith in the country’s future. Speculators, meanwhile, had hazarded their money and should be rewarded for the risk. In this manner, Hamilton stole the moral high ground from opponents and established the legal and moral basis for securities trading in America: the notion that securities are freely transferable and that buyers assume all rights to profit or loss in transactions. The knowledge that government could not interfere retroactively with a financial transaction was so vital, Hamilton thought, as to outweigh any short-term expediency. To establish the concept of the “security of transfer,” Hamilton was willing, if necessary, to reward mercenary scoundrels and penalize patriotic citizens. With this huge gamble, Hamilton laid the foundations for America’s future financial preeminence. As his report progressed, Hamilton tiptoed through a field seeded thickly with deadly political traps. The next incendiary issue was that some debt was owed by the thirteen states, some by the federal government. Hamilton decided to consolidate all the debt into a single form: federal

Last, and perhaps most important, professional services socialize individuals in ways that are not conducive to their ability to contribute in other ways. All of us, and particularly young people, have a tendency to view ourselves and our natures as static: you’ll choose to do something for a few years, and you’ll still be the same you. This isn’t the case. Spending your twenties traveling four days a week, interviewing employees, and writing detailed reports on how to cut costs will change you, as will spending years editing contracts and arguing about events that will never come to pass, or years producing Excel spreadsheets and moving deals along. After a while, regardless of your initial motivations, your lifestyle and personality will change to fit your role. You will become a better dispenser of well-presented recommendations, or editor of contracts, or generator of financial projections. And you will in all likelihood become less good at other things. You will not be the same person you were when you started.

More importantly, in most countries there were also many policies that ended up redistributing income from the poor to the rich. There have been tax cuts for the rich – top income-tax rates were brought down. Financial deregulation has created huge opportunities for speculative gains as well as astronomical paycheques for top managers and financiers (see Things 2 and 22). Deregulation in other areas has also allowed companies to make bigger profits, not least because they were more able to exploit their monopoly powers, more freely pollute the environment and more readily sack workers. Increased trade liberalization and increased foreign investment – or at least the threat of them – have also put downward pressure on wages. As a result, income inequality has increased in most rich countries. For example, according to the ILO (International Labour Organization) report The World of Work 2008, of the twenty advanced economies for which data was available, between 1990 and 2000 income inequality rose in sixteen countries, with only Switzerland among the remaining four experiencing a significant fall.1 During this period, income inequality in the US, already by far the highest in the rich world, rose to a level comparable to that of some Latin American countries such as Uruguay and Venezuela.

Jamie likes to talk to people. He wants to know them and what they think. He believes that accurate information is essential for everyone: investors, employees, newspaper reporters.

Alarmingly, our most fragile artifacts support either our most important revenue-generating systems or our most critical projects. In other words, the systems most prone to failure are also our most important and are at the epicenter of our most urgent changes. When these changes fail, they jeopardize our most important organizational promises, such as availability to customers, revenue goals, security of customer data, accurate financial reporting, and so forth.

It would be one hell of a coincidence if private and public universities responded to entirely different sets of cost pressures in the same way over the course of three decades. The most obvious explanation is that nonprofit higher education has become a single industry with premium and generic brands. If you don’t believe me, then at least believe the financial services agency Moody’s, whose 2013 report describes the distinction in the clear and unashamed language of unaccountable finance professionals: “Public universities are now as market driven as private universities, but remain a lower cost option with stronger pricing power.” 19

FBAR requires filing of form TD 90-22.1 by June 30 of the next year with the Department of Treasury reporting all your foreign financial accounts and no extension is allowed. The penalty for non-submission of FBAR is severe - 50% of balance or $100,000, whichever is higher and criminal prosecution. However, it failed to increase awareness and/or compliance.