Lending Company Quotes

I lend everyone my ear, But nobody my heart, And I sure would like to change that, But I don't know where to start, I smile more to myself, Than the world will ever see, Because the only time my smile is real, Is in my own company, People don't know how I feel, They never even ask, It seems I have fooled them all, They can't see past my mask, If they were with me late at night, When the world was still asleep, Maybe I'd let them sort, Through the secrets that I keep, But when I wake at 2am, Nobody is ever there, And I learnt that why I hide my heart, Is because no-one really cares.

On rare occasions there comes along a profound original, an odd little book that appears out of nowhere, from the pen of some obscure storyteller, and once you have read it, you will never go completely back to where you were before. The kind of book you might hesitate to lend for fear you might miss its company. The kind of book that echoes from the heart of some ancient knowing, and whispers from time's forgotten cave that life may be more than it seems, and less.

Where is the graveyard of dead gods? What lingering mourner waters their mounds? There was a time when Jupiter was the king of the gods, and any man who doubted his puissance was ipso facto a barbarian and an ignoramus. But where in all the world is there a man who worships Jupiter today? And who of Huitzilopochtli? In one year - and it is no more than five hundred years ago - 50,000 youths and maidens were slain in sacrifice to him. Today, if he is remembered at all, it is only by some vagrant savage in the depths of the Mexican forest. Huitzilopochtli, like many other gods, had no human father; his mother was a virtuous widow; he was born of an apparently innocent flirtation that she carried out with the sun. When he frowned, his father, the sun, stood still. When he roared with rage, earthquakes engulfed whole cities. When he thirsted he was watered with 10,000 gallons of human blood. But today Huitzilopochtli is as magnificently forgotten as Allen G. Thurman. Once the peer of Allah, Buddha and Wotan, he is now the peer of Richmond P. Hobson, Alton B. Parker, Adelina Patti, General Weyler and Tom Sharkey. Speaking of Huitzilopochtli recalls his brother Tezcatlipoca. Tezcatlipoca was almost as powerful; he consumed 25,000 virgins a year. Lead me to his tomb: I would weep, and hang a couronne des perles. But who knows where it is? Or where the grave of Quetzalcoatl is? Or Xiuhtecuhtli? Or Centeotl, that sweet one? Or Tlazolteotl, the goddess of love? Of Mictlan? Or Xipe? Or all the host of Tzitzimitl? Where are their bones? Where is the willow on which they hung their harps? In what forlorn and unheard-of Hell do they await their resurrection morn? Who enjoys their residuary estates? Or that of Dis, whom Caesar found to be the chief god of the Celts? Of that of Tarves, the bull? Or that of Moccos, the pig? Or that of Epona, the mare? Or that of Mullo, the celestial jackass? There was a time when the Irish revered all these gods, but today even the drunkest Irishman laughs at them. But they have company in oblivion: the Hell of dead gods is as crowded as the Presbyterian Hell for babies. Damona is there, and Esus, and Drunemeton, and Silvana, and Dervones, and Adsullata, and Deva, and Bellisima, and Uxellimus, and Borvo, and Grannos, and Mogons. All mighty gods in their day, worshipped by millions, full of demands and impositions, able to bind and loose - all gods of the first class. Men labored for generations to build vast temples to them - temples with stones as large as hay-wagons. The business of interpreting their whims occupied thousands of priests, bishops, archbishops. To doubt them was to die, usually at the stake. Armies took to the field to defend them against infidels; villages were burned, women and children butchered, cattle were driven off. Yet in the end they all withered and died, and today there is none so poor to do them reverence. What has become of Sutekh, once the high god of the whole Nile Valley? What has become of: Resheph Anath Ashtoreth El Nergal Nebo Ninib Melek Ahijah Isis Ptah Anubis Baal Astarte Hadad Addu Shalem Dagon Sharaab Yau Amon-Re Osiris Sebek Molech? All there were gods of the highest eminence. Many of them are mentioned with fear and trembling in the Old Testament. They ranked, five or six thousand years ago, with Yahweh Himself; the worst of them stood far higher than Thor. Yet they have all gone down the chute, and with them the following: Bilé Ler Arianrhod Morrigu Govannon Gunfled Sokk-mimi Nemetona Dagda Robigus Pluto Ops Meditrina Vesta You may think I spoof. That I invent the names. I do not. Ask the rector to lend you any good treatise on comparative religion: You will find them all listed. They were gods of the highest standing and dignity-gods of civilized peoples-worshiped and believed in by millions. All were omnipotent, omniscient and immortal. And all are dead.

On Drinking Alone by Moonlight Here are flowers and here is wine, But where’s a friend with me to join Hand in hand and heart to heart In one full cup before we part? Rather than to drink alone, I’ll make bold to ask the moon To condescend to lend her face The hour and the scene to grace. Lo, she answers, and she brings My shadow on her silver wings; That makes three, and we shall be. I ween, a merry company The modest moon declines the cup, But shadow promptly takes it up, And when I dance my shadow fleet Keeps measure with my flying feet. But though the moon declines to tipple She dances in yon shining ripple, And when I sing, my festive song, The echoes of the moon prolong. Say, when shall we next meet together? Surely not in cloudy weather, For you my boon companions dear Come only when the sky is clear.

Lenders often consider a company's industry, market conditions, and competitive landscape in their risk assessment. Everything matters.

I thoroughly enjoyed their company. I loved how open and supportive and nonjudgemental they were. There is just something about women who spend hours and hours knitting a sweater with mind-glowingly expensive yarn, when they could just buy a sweater for a fraction of the price - not to mention the time saved doing so - that lends itself to acceptance and patience of the human condition.

At Mayflower-Plymouth, ‘Capital Cubed’ is what we do — Capital Leadership, Capital Leveraging and Capital Lending.

All of us conceal in conversation clues to personality which we happily reveal on paper, because the added distance of writing lends protection and encourages the risks of intimacy.

Interest coverage ratio measures a company's ability to pay interest on its outstanding debt. If a company can’t effectively pay interest on its outstanding debt, the likelihood that it can afford new debt is extremely low.

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

Lenders assess a company's creditworthiness before approving a loan, considering factors like financial health and repayment ability. So if you’re leading a business, it’s really important for you and your team to be proactive about establishing good credit health for the business.

Companies should embrace data-driven decision-making because it enables them to make informed decisions based on concrete evidence rather than speculation, leading to more efficient operations, better strategies, and improved competitiveness in today's data-rich business environment.

Banks, credit unions, and non-bank private lenders are common corporate lenders. But when you’re leading a company, it’s important to think carefully about which of these will be the right partner for your lending needs. Having the right lender may be as important as obtaining the right amount of money.

I’m afraid J.P. Morgan and Company doesn’t lend to women,” he said amicably. “If you get married again, come see me. We’d be happy to lend the money to your husband.

it was Greenspan who through some excessive deregulation prepared the monetary ground for the rise of the subprime mortgage companies: a lending market that specialises in high-risk mortgages and loans. 'Innovation', said Greenspan in April 2005, 'has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants'. It is almost touching to find out that Greenspan cares so much about immigrants.

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

What this means is that the entire business model for something like Chase’s credit card business is not much more than a gigantic welfare fraud scheme. These companies borrow hundreds of billions of dollars from the Fed at rock-bottom rates, then turn around and lend it out to the world at 5, 10, 15, 20 percent, as credit cards and mortgages, boat loans and aircraft loans, and so on. If you pay it back, great, it’s a 500 percent or 1,000 percent or 4,000 percent profit for the bank. If you don’t pay it back, the company can put your name in the hopper to be sued. A $5,000 debt on a credit card for the now-defunct Circuit City, which was actually a Chase card, became a $13,000 or $14,000 debt by the time the bank finished applying fees and penalties. Just like a welfare application, you have to read the fine print. “They make more on lawsuits than they make on credit interest,” says Linda.

Marcus Goldman in 1869 launched what would become Goldman, Sachs & Company and pioneered the use of what is known today as commercial paper. In return for lending a merchant, say, $900, Goldman would receive a written promise from the merchant to pay back $1,000. That paper could then be traded like a security.

When I go musing all alone Thinking of divers things fore-known. When I build castles in the air, Void of sorrow and void of fear, Pleasing myself with phantasms sweet, Methinks the time runs very fleet. All my joys to this are folly, Naught so sweet as melancholy. When I lie waking all alone, Recounting what I have ill done, My thoughts on me then tyrannise, Fear and sorrow me surprise, Whether I tarry still or go, Methinks the time moves very slow. All my griefs to this are jolly, Naught so mad as melancholy. When to myself I act and smile, With pleasing thoughts the time beguile, By a brook side or wood so green, Unheard, unsought for, or unseen, A thousand pleasures do me bless, And crown my soul with happiness. All my joys besides are folly, None so sweet as melancholy. When I lie, sit, or walk alone, I sigh, I grieve, making great moan, In a dark grove, or irksome den, With discontents and Furies then, A thousand miseries at once Mine heavy heart and soul ensconce, All my griefs to this are jolly, None so sour as melancholy. Methinks I hear, methinks I see, Sweet music, wondrous melody, Towns, palaces, and cities fine; Here now, then there; the world is mine, Rare beauties, gallant ladies shine, Whate'er is lovely or divine. All other joys to this are folly, None so sweet as melancholy. Methinks I hear, methinks I see Ghosts, goblins, fiends; my phantasy Presents a thousand ugly shapes, Headless bears, black men, and apes, Doleful outcries, and fearful sights, My sad and dismal soul affrights. All my griefs to this are jolly, None so damn'd as melancholy. Methinks I court, methinks I kiss, Methinks I now embrace my mistress. O blessed days, O sweet content, In Paradise my time is spent. Such thoughts may still my fancy move, So may I ever be in love. All my joys to this are folly, Naught so sweet as melancholy. When I recount love's many frights, My sighs and tears, my waking nights, My jealous fits; O mine hard fate I now repent, but 'tis too late. No torment is so bad as love, So bitter to my soul can prove. All my griefs to this are jolly, Naught so harsh as melancholy. Friends and companions get you gone, 'Tis my desire to be alone; Ne'er well but when my thoughts and I Do domineer in privacy. No Gem, no treasure like to this, 'Tis my delight, my crown, my bliss. All my joys to this are folly, Naught so sweet as melancholy. 'Tis my sole plague to be alone, I am a beast, a monster grown, I will no light nor company, I find it now my misery. The scene is turn'd, my joys are gone, Fear, discontent, and sorrows come. All my griefs to this are jolly, Naught so fierce as melancholy. I'll not change life with any king, I ravisht am: can the world bring More joy, than still to laugh and smile, In pleasant toys time to beguile? Do not, O do not trouble me, So sweet content I feel and see. All my joys to this are folly, None so divine as melancholy. I'll change my state with any wretch, Thou canst from gaol or dunghill fetch; My pain's past cure, another hell, I may not in this torment dwell! Now desperate I hate my life, Lend me a halter or a knife; All my griefs to this are jolly, Naught so damn'd as melancholy.

The recession, which started in 2007, is ongoing. The underlying fundamental causes of the meltdown have not been addressed. Banks are still not lending. Companies are still not hiring. Congress has still not seriously addressed the growing debt. Neither has Congress checked its own out-of-control spending. The much lauded reforms installed by Frank-Dodd are nothing more than another expansion of federal government control over the engines of wealth creation.

I never met a librarian worth his or her salt who didn't perceive my passion for books. And without exception, each one would lend me a book on a subject we had been discussing. No paperwork, no formalities of any kind, no rules or regulations. My unspoken side of the bargain was to protect them, in two ways; first by keeping the book unharmed - not that easy, especially in bad weather, but when it rained, I carried the book next to my skin. I can tell you now that carrying Gulliver's Travels or Lays of Ancient Rome or Mr. Oscar Wilde's stories or Mr. William Yeat's poems next to my heart gave me a kind of sweet pleasure. The second half of the bargain often nearly broke my heart, but I always kept it - and that was to return the book safe and sound to the library that had lent it. To part company with Mr. Charles Dickens or Mr. William Makepeace Thackeray and his lovely name! - that was harder than saying good-bye to a dear flesh-and-blood companion. But I always did it - and I sent the book by registered post, no small consideration of cost given the peculiar economics of an itinerant storyteller.

Most of the crime-ridden minority neighborhoods in New York City, especially areas like East New York, where many of the characters in Eric Garner’s story grew up, had been artificially created by a series of criminal real estate scams. One of the most infamous had involved a company called the Eastern Service Corporation, which in the sixties ran a huge predatory lending operation all over the city, but particularly in Brooklyn. Scam artists like ESC would first clear white residents out of certain neighborhoods with scare campaigns. They’d slip leaflets through mail slots warning of an incoming black plague, with messages like, “Don’t wait until it’s too late!” Investors would then come in and buy their houses at depressed rates. Once this “blockbusting” technique cleared the properties, a company like ESC would bring in a new set of homeowners, often minorities, and often with bad credit and shaky job profiles. They bribed officials in the FHA to approve mortgages for anyone and everyone. Appraisals would be inflated. Loans would be approved for repairs, but repairs would never be done. The typical target homeowner in the con was a black family moving to New York to escape racism in the South. The family would be shown a house in a place like East New York that in reality was only worth about $15,000. But the appraisal would be faked and a loan would be approved for $17,000. The family would move in and instantly find themselves in a house worth $2,000 less than its purchase price, and maybe with faulty toilets, lighting, heat, and (ironically) broken windows besides. Meanwhile, the government-backed loan created by a lender like Eastern Service by then had been sold off to some sucker on the secondary market: a savings bank, a pension fund, or perhaps to Fannie Mae, the government-sponsored mortgage corporation. Before long, the family would default and be foreclosed upon. Investors would swoop in and buy the property at a distressed price one more time. Next, the one-family home would be converted into a three- or four-family rental property, which would of course quickly fall into even greater disrepair. This process created ghettos almost instantly. Racial blockbusting is how East New York went from 90 percent white in 1960 to 80 percent black and Hispanic in 1966.

Of what subtle substance is the Fatherland then made, that it too can travel, emigrating with us in agreement with our vagrant fantasies or our forced exiles? However far our destiny may take us, it seems as if always a little of it kept company with us, exhaling its fragrance wherever we pitch our tent. Something familiar in the face of a stranger passing, a scrap of song caught in a gust of wind, the shadow of a tree, the fugitive emanation of a perfume—less yet, a detail, a meaningless trifle, a nothing—and something within us sounds a mysterious call; a sudden combination works upon our most intimate essence—eliminates all that is contrasting, groups all that frames into the loved picture of the distant Fatherland. The Breton soul lends itself more readily than any other to this mysterious work

But increasing the amount of equity finance in an economy is easier said than done: it is a project that would take decades rather than years. Some of the barriers are institutional: outside of the very small world of venture capital (of which more later) and the even smaller and newer field of equity crowdfunding, most businesses do not raise equity, and most financial institutions do not provide it. There are established agencies that can rate the creditworthiness of even quite small businesses, and algorithms to allow banks to quickly and cheaply decide whether to lend to them. Nothing similar exists for equity investment, and the equivalent analytical task (working out a company's likely future value, rather than its likelihood of servicing a fixed debt) is more complex. And cultural factors stand in the ways too: despite a very elegant financial economics theorem that shows that business owners should be indifferent between equity and debt finance, for many small business owners there seems a cognitive and cultural bias against giving away equity.

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

It was the German powerhouse Deutsche Bank AG, not my fictitious RhineBank, that financed the construction of the extermination camp at Auschwitz and the nearby factory that manufactured Zyklon B pellets. And it was Deutsche Bank that earned millions of Nazi reichsmarks through the Aryanization of Jewish-owned businesses. Deutsche Bank also incurred massive multibillion-dollar fines for helping rogue nations such as Iran and Syria evade US economic sanctions; for manipulating the London interbank lending rate; for selling toxic mortgage-backed securities to unwitting investors; and for laundering untold billions’ worth of tainted Russian assets through its so-called Russian Laundromat. In 2007 and 2008, Deutsche Bank extended an unsecured $1 billion line of credit to VTB Bank, a Kremlin-controlled lender that financed the Russian intelligence services and granted cover jobs to Russian intelligence officers operating abroad. Which meant that Germany’s biggest lender, knowingly or unknowingly, was a silent partner in Vladimir Putin’s war against the West and liberal democracy. Increasingly, that war is being waged by Putin’s wealthy cronies and by privately owned companies like the Wagner Group and the Internet Research Agency, the St. Petersburg troll factory that allegedly meddled in the 2016 US presidential election. The IRA was one of three

Rider scooped Willow into his arms and carried her outside to the nearest tree, Miriam right behind him. Awkwardly shifting his burden, he sat in the shade and settled Willow in his lap. "Mrs. Brigham, could you lend me a hand?" he asked anxiously. "I think we should loosen her clothing or something." Rider propped Willow's limp form over one arm, giving Miriam access to the back of the girl's dress. As the corset came into view, he snorted in disgust. "Unlace that contraption, too. No wonder she fainted; she can't breathe." Miriam looked aghast. "Oh, but I can't do that! It wouldn't be decent." "She's wearing something under it, isn't she?" "Well, yes, but--" "Good God, I'll do it myself!" His free hand produced a small knife from his pants pocket. The blade flashed and before Miriam could stop him, the corset ribbons were severed. Immediately, Willow inhaled deeply. Rider shifted her back into the bend of his arm and gently patted her cheeks. "Come on, little girl, open those big blue eyes." Inhaling another deep breath, Willow gradually came around. She blinked at the leafy roof overhead, then focused a confused gaze on Rider's smiling face. "What happened? How did I get out here?" Glancing around, she impatiently brushed a few errant strands of hair from her eyes. "Oh, my dear, you fainted," Miriam fussed. "Fainted! I've never fainted in my life. I'm not the fainting kind." "Maybe not under normal circumstances," Rider contradicted, "but you did faint. And it's little wonder, trussed up in that ridiculous corset. Wearing that thing in this heat is insane!" "Really, Mr. Sinclair." Miriam scowled. "I hardly think this is an appropriate subject in mixed company." "I'm sorry, Mrs. Brigham, but it's the truth." "I don't care what either one of you says," Willow broke in. "I did not faint." Rider grimaced in disgust. "Just dozed off again, huh?

One of the issues that animated the Tea Party in South Carolina and nationally during my campaign for governor was bailouts. The debate started with the Troubled Asset Relief Program (TARP) passed by Congress in 2008 and signed by President Bush. The TARP bailout was a perfect example of government not understanding the value of a dollar. It was a quick fix to get everyone to calm down. But what did it actually do? The banks that received the money didn’t expand lending to businesses. They used the cash to help their own books, and the taxpayers were put on the hook as loan guarantors. No one—not the politicians who encouraged the recklessness, not the quasi-governmental entities like Fannie Mae that got rich off it, and certainly not the Wall Street firms that got bailed out—was ever held accountable. And the American people ended up worse off than they were before. As a small businessperson, I found the message government was sending incredibly offensive. In my version of capitalism, if a company succeeds, you don’t punish it by raising its taxes; and if a company fails, you don’t reward it by having the taxpayers bail it out. TARP opened the floodgates for a wave of unaccountable spending that flowed out of Washington. Soon afterward, President Obama bailed out the auto industry to rescue big labor. His allies in Congress passed the $787 billion stimulus bill, most of them without having read it. And he forced through a trillion-dollar health-care takeover. With each bailout, more and more of us felt we were getting further and further from what America was meant to be: a free and striving people with a limited and accountable government. Instead, Washington was revealing itself to be an inside game, with the rules fixed to benefit the establishment. The rules favor the well connected, while the rest of us in flyover country pay the bills.

China has now become the inevitable snake eating its own tail. It has almost inflated itself out of business by lending more money to the markets than they can possibly repay, thus losing those markets to sell to. India is on a bold upward curve based on low labor costs and virtually no environmental controls, and their government is totally corruptible and the perfect nesting site for capitalists from the West. At the same time India is literally killing itself as its freshwater supply dries up due to bad hygiene, creating pockets of plague that will eventually cover the entire country. “In my own country, bailing out companies that can no longer survive has become a farce, yet the United States still believes itself to be the world’s greatest country. Our biggest

Free” has an incredible power that no other pricing does. The Duke behavioral economist Dan Ariely wrote about the power of free in his excellent book Predictably Irrational, describing an experiment in which he offered research subjects the choice of a Lindt chocolate truffle for 15 cents or a Hershey’s Kiss for a mere penny. Nearly three-fourths of the subjects chose the premium truffle rather than the humble Kiss. But when Ariely changed the pricing so that the truffle cost 14 cents and the Kiss was free—the same price differential—more than two-thirds of the subjects chose the inferior (but free) Kisses. The incredible power of free makes it a valuable tool for distribution and virality. It also plays an important role in jump-starting network effects by helping a product achieve the critical mass of users that is required for those effects to kick in. At LinkedIn, we knew that our basic accounts had to be free if we wanted to get to the million users we theorized represented critical mass. Sometimes you can offer a product for free and still be profitable; in the advertising-driven business model, a large enough mass of free users can be valuable even if they never pay for your service. Facebook, for example, doesn’t charge its users a dime, but it is able to generate large amounts of high-gross-margin revenue by selling targeted advertising. But sometimes a product doesn’t lend itself to the advertising model, as is the case with many services used by students and educators. Without third-party revenue, the problem with offering your product to users for free is that you can’t offset your lack of sales by “making it up in volume.

Time passes. Big men dwindle, small men grow. This man shrinks into old age, those men’s reach grows longer. They can stretch out their arms and touch places and people they couldn’t reach before. There are companies here to lend assistance to companies there, to facilitate journeys, to execute strategies. Clowns become kings, old crowns lie in the gutter. Things change. It is the way of the world.

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

NRIs can invest in NCDs if The issue is available for NRIs by way of a public offer The company issuing NCD is not acting as a Nidhi or Chit fund company. The NCD has a maturity of 3 years or more. The interest rate on the NCD is not more than 3% over SBI’s prime lending rate. The borrowed funds are not to be used for agricultural/plantation or real estate business or for re-lending.

Know Singapore’s Credit Bureau to Get License Money Lender Approval Do you ever wonder how a licensed money lender like banks get the information they need to decide whether they will approve your loan or not? In this article, you’ll know the Credit Bureau Singapore (CBS) role on the moneylenders’ process of lending money. History of CBS Association of Banks in Singapore (ABS) and DBIC Holdings owns CBS. It was founded on November 15, 2002, and its key role is to serve as a financial risk management tool for financial institutions. Among CBS founders’ are Citibank, United Overseas Bank (UOB), Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC), American Express, ANZ, Maybank, HSBC and Standard Chartered Bank. Key Role of CBS on Licensed Money Lender Loan Approval The CBS is a private company established to help financial companies and credit card institutions to evaluate the threats and opportunities of giving credit to possible or current customers. To put simply, when you apply for a loan, the CBS gives the licensed moneylender your credit report. This credit report reflects your credit information such as credit history, repayment track, and in some cases default records, lawsuit, and bankruptcy reports. This valuable information is collected from financial institutions and other public data resources (like subpoena and data of bankruptcy) which is part of CBS. The Banking Act allows the CB to get such customer’s confidential data and produce a “complete risk profile.” CBS follows a stringent code of conduct to protect the consumer’s data privacy. Only the official members of CBS can access and use the credit information. Licensed money lender should not disclose any information about their clients’ credit background to any third party. The CB also cannot collect customer’s personal data such as contact numbers, home address, credit limit, and salary. Now that you finally know who helps licensed money lender to decide your loan’s approval, you should now know that borrowing money is not as simple as it sounds. Multiple agencies are working together to check whether you are worthy of the money.

Know Singapore’s Credit Bureau to Get License Money Lender Approval Do you ever wonder how a licensed money lender like banks get the information they need to decide whether they will approve your loan or not? In this article, you’ll know the Credit Bureau Singapore (CBS) role on the moneylenders’ process of lending money. History of CBS Association of Banks in Singapore (ABS) and DBIC Holdings owns CBS. It was founded on November 15, 2002, and its key role is to serve as a financial risk management tool for financial institutions. Among CBS founders’ are Citibank, United Overseas Bank (UOB), Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC), American Express, ANZ, Maybank, HSBC and Standard Chartered Bank. Key Role of CBS on Licensed Money Lender Loan Approval The CBS is a private company established to help financial companies and credit card institutions to evaluate the threats and opportunities of giving credit to possible or current customers. To put simply, when you apply for a loan, the CBS gives the licensed moneylender your credit report. This credit report reflects your credit information such as credit history, repayment track, and in some cases default records, lawsuit, and bankruptcy reports. This valuable information is collected from financial institutions and other public data resources (like subpoena and data of bankruptcy) which is part of CBS. The Banking Act allows the CB to get such customer’s confidential data and produce a “complete risk profile.” CBS follows a stringent code of conduct to protect the consumer’s data privacy. Only the official members of CBS can access and use the credit information. Licensed money lender should not disclose any information about their clients’ credit background to any third party. The CB also cannot collect customer’s personal data such as contact numbers, home address, credit limit, and salary. Now that you finally know who helps licensed money lender to decide your loan’s approval, you should now know that borrowing money is not as simple as it sounds. Multiple agencies are working together to check whether you are worthy of the money.

Double-entry accounting was popularized in Europe toward the end of the fifteenth century, and most scholars believe it set the table for the flowering of the Renaissance and the emergence of modern capitalism. What is far less well understood is the why. Why was something as dull as bookkeeping so integral to a complete cultural revolution in Europe? Over nearly seven centuries, “the books” have become something that, in our collective minds, we equate with truth itself—even if only subconsciously. When we doubt a candidate’s claims of wealth, we want to go to his bank records—his personal balance sheet. When a company wants to tap the public markets for capital, they have to open their books to prospective investors. To remain in the market, they need accountants to verify those books regularly. Well-maintained and clear accounting is sacrosanct. The ascendance of bookkeeping to a level equal to truth itself happened over many centuries, and began with the outright hostility European Christendom had to lending before double-entry booking came along. The ancients were pretty comfortable with debt. The Babylonians set the tone in the famous Code of Hammurabi, which offered rules for handling loans, debts, and repayments. The Judeo-Christian tradition, though, had a real ax to grind against the business of lending. “Thou shalt not lend upon usury to thy brother,” Deuteronomy 23:19–20 declares. “In thee have they taken gifts to shed blood; thou hast taken usury and increase, and thou hast greedily gained of thy neighbors by extortion, and hast forgotten me, saith the Lord God,” Ezekiel 22:12 states. As Christianity flourished, this deep anti-usury culture continued for more than a thousand years, a stance that coincided with the Dark Ages, when Europe, having lost the glories of ancient Greece and Rome, also lost nearly all comprehension of math. The only people who really needed the science of numbers were monks trying to figure out the correct dates for Easter.

Finding the right strategic partners can have a major impact on an early-stage startup’s performance. Partners can lend their resources—key technologies, manufacturing capacity, warehouses, call centers, and so forth—to a new venture that lacks the wherewithal and/or time to develop such resources in-house. However, the asymmetry in bargaining power between a big, mature, resource-rich company and a fledgling startup can make it difficult to secure the right resources on reasonable terms.

a bottle of champagne after establishing that she does indeed want bubbles. I’ll let her enjoy a glass before I bring up the topic I know will raise a flush to the surface of that slim, golden neck. But she beats me to it, in a roundabout way, when she asks me what I actually do for a living. ‘I know about one bit, obviously.’ She looks down at her glass. ‘But I’m sure Mummy told me you were in finance.’ ‘Yeah. I definitely didn’t tell your mum I owned a sex club,’ I deadpan, and she giggles. ‘So what else do you do?’ ‘I started out in M&A. Worked my arse off. Learnt how to model a company from scratch. Then I went to a hedge fund for a while. Ran some long-short funds.’ I take a sip of champagne. ‘A few years ago, I left with some mates and we struck out on our own. Now we run our own money and we provide leverage for other people who want to do the same.’ She scrunches up her nose. ‘You mean you lend them money?’ ‘Exactly. So they can take riskier positions. We also provide their infrastructure. Trading systems. Compliance. That sort of thing.’ ‘And what do you trade?’ ‘A bit of everything. The way my mates and I have organised things, everyone has their own expertise. Mine’s equity and corporate debt. That’s what I learnt in M&A. Some of the others

Back in those days, banks did not lend money to stock speculators. That business was left to the trust companies. Trust companies were not banks. In one way, they were the original non-bank financial institutions, the original shadow banks. They were officially financial institutions that were state chartered, and the state charter had much lighter regulatory requirements, including lower reserve requirements and the ability to write uncollateralized loans. Since banks did not write uncollateralized loans, the New York Stock Exchange brokers went to the trust companies. It was a good business for everyone. Brokers were able to get loans to leverage both their own trading positions and the positions of their clients.

There’s no real definition of a shadow bank, but a shadow bank is basically a financial institution that performs banking functions. A shadow bank can be anything from an REIT (Real Estate Investment Trust) to a mortgage finance company to a hedge fund to a broker-dealer. Think of what banks do. In the simplest terms, a bank takes in deposits and makes mortgage loans. The mortgage loans are the bank’s investments. The deposits are the bank’s funding. Anyone with a savings or checking account is lending money to a bank. The bank borrows money from the depositors and loans money to the homeowners. Mortgage REITs are a great example of shadow banking. The REIT buys mortgage-backed securities (MBSs) and borrows money to finance the purchases in the Repo market. The mortgage-backed securities are just like a bank writing a mortgage loan, except they’re a security, and the Repo transactions are just like the deposits. But the REIT is not a bank. It’s a shadow bank.

To keep things moving up and to the right, Charles Koch had an unwavering philosophy about debt. He was rigid in his belief that debt should be kept as low as possible so that interest payments didn’t eat up Koch’s cash. The reasons for this were strategic. Every downturn brought opportunities for companies that were prepared. Downturns weakened competitors and made them ripe for takeover. Downturns made assets cheaper to buy. For this reason, Markel and his team were discouraged from borrowing large sums even if banks were more than willing to lend it. “It was really based upon kind of looking forward to opportunities,” Markel recalled. “The reason you like to build up cash and not have a lot of debt is so that you can capture opportunities that you couldn’t capture if you were fully loaded in debt and had no cash.

HFM: Well, what does it mean to have an enormous mound of cash sitting around? I mean, is it like in the executive suite, it’s like the pool that Scrooge McDuck has, with gold coins, and he swims around in that, and when money is needed he takes gold coins out of the pool and uses them to pay for things? I mean, what is a pile of money? A pile of money is, for example, a deposit at a bank. Okay, well, what is a deposit at a bank? The bank’s supposed to lend that out to somebody. So a cash balance is…one company’s cash balance eventually works its way to be credit, it’s credit to somebody else. The point is that, you say a company or a person has cash sitting around, what does that mean? It means that they have consuming power, that they’ve moved consuming power intertemporally. It means that they’ve produced more than they’ve consumed in the past, so they have a right to consume more than they’re producing at some point in the future. So that just means that some party has a claim on another party. It can’t be that all of us as an economy, that we all have lots of claims on future consumption and none of us have any debt. Otherwise you would have an economy that’s entirely demonetized, it would be entirely equity, you know, we would just have claims on capital goods or on ownership of companies. You know, if you want to have money that’s not just dead pieces of paper that will be worth nothing if everybody tries to spend it at once—really my money, through an extended chain of financial relationships, is somebody else’s debt, it’s a credit to somebody else.

Geithner’s proposed terms for the loan—which drew heavily on the work of bankers he had asked to explore options for private financing for AIG—included a floating interest rate starting at about 11.5 percent. AIG would also be required to give the government an ownership share of almost 80 percent of the company. Tough terms were appropriate. Given our relative unfamiliarity with the company, the difficulty of valuing AIG FP’s complex derivatives positions, and the extreme conditions we were seeing in financial markets, lending such a large amount inevitably entailed significant risk. Evidently, it was risk that no private-sector firm had been willing to undertake. Taxpayers deserved adequate compensation for bearing that risk. In particular, the requirement that AIG cede a substantial part of its ownership was intended to ensure that taxpayers shared in the gains if the company recovered. Equally important, tough terms helped address the unfairness inherent in aiding AIG and not other firms, while also serving to mitigate the moral hazard arising from the bailout. If executives at similarly situated firms believed they would get easy terms in a government bailout, they would have little incentive to raise capital, reduce risk, or accept market offers for their assets or their company. The Fed and Treasury had pushed for tough terms for the shareholders of Bear Stearns and Fannie and Freddie for precisely these reasons. The political backlash would be intense no matter what we did, but we needed to show that we got taxpayers the best possible deal and had minimized the windfall that the bailout gave to AIG and its shareholders.

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

(2) Free play, force-on-force field exercises. These can range from team-versus-team exercises using paintball guns in nothing larger than a room-clearing exercise or small wooded lot, or large platoon or company-sized exercises in the field. Free play force-on-force exercises are the most complex and usually the most resource driven aspect of the POI. Free play force-on-force exercises can be conducted by actual freethinking opponents, such as one student unit portraying U.S. forces, while the other plays the role of the insurgent forces. Or the exercise can be conducted also using opposing sides, but executed using computer simulation without leaving a building. Force-on-force, free play exercises should also occur at different levels of a leader’s development, and the exercises will lends themselves well to higher levels of student education.

The Renzettis live in a small house at 84 Chestnut Avenue. Frank Renzetti is forty-four and works as a bookkeeper for a moving company. Mary Renzetti is thirty-five and works part-time at a day care. They have one child, Tommy, who is five. Frank’s widowed mother, Camila, also lives with the family. My question: How likely is it that the Renzettis have a pet? To answer that, most people would zero in on the family’s details. “Renzetti is an Italian name,” someone might think. “So are ‘Frank’ and ‘Camila.’ That may mean Frank grew up with lots of brothers and sisters, but he’s only got one child. He probably wants to have a big family but he can’t afford it. So it would make sense that he compensated a little by getting a pet.” Someone else might think, “People get pets for kids and the Renzettis only have one child, and Tommy isn’t old enough to take care of a pet. So it seems unlikely.” This sort of storytelling can be very compelling, particularly when the available details are much richer than what I’ve provided here. But superforecasters wouldn’t bother with any of that, at least not at first. The first thing they would do is find out what percentage of American households own a pet. Statisticians call that the base rate—how common something is within a broader class. Daniel Kahneman has a much more evocative visual term for it. He calls it the “outside view”—in contrast to the “inside view,” which is the specifics of the particular case. A few minutes with Google tells me about 62% of American households own pets. That’s the outside view here. Starting with the outside view means I will start by estimating that there is a 62% chance the Renzettis have a pet. Then I will turn to the inside view—all those details about the Renzettis—and use them to adjust that initial 62% up or down. It’s natural to be drawn to the inside view. It’s usually concrete and filled with engaging detail we can use to craft a story about what’s going on. The outside view is typically abstract, bare, and doesn’t lend itself so readily to storytelling. So even smart, accomplished people routinely fail to consider the outside view. The Wall Street Journal columnist and former Reagan speechwriter Peggy Noonan once predicted trouble for the Democrats because polls had found that George W. Bush’s approval rating, which had been rock-bottom at the end of his term, had rebounded to 47% four years after leaving office, equal to President Obama’s. Noonan found that astonishing—and deeply meaningful.9 But if she had considered the outside view she would have discovered that presidential approval always rises after a president leaves office. Even Richard Nixon’s number went up. So Bush’s improved standing wasn’t surprising in the least—which strongly suggests the meaning she drew from it was illusory. Superforecasters don’t make that mistake. If Bill Flack were asked whether, in the next twelve months, there would be an armed clash between China and Vietnam over some border dispute, he wouldn’t immediately delve into the particulars of that border dispute and the current state of China-Vietnam relations. He would instead look at how often there have been armed clashes in the past. “Say we get hostile conduct between China and Vietnam every five years,” Bill says. “I’ll use a five-year recurrence model to predict the future.” In any given year, then, the outside view would suggest to Bill there is a 20% chance of a clash. Having established that, Bill would look at the situation today and adjust that number up or down.

At the very least, a mortgage had to be pooled with other mortgages of other homeowners. Traders and investors would trust statistics and buy into a pool of several thousand mortgage loans made by a Savings and Loan, of which, by the laws of probability, only a small fraction should default. Pieces of paper could be issued that entitled the bearer to a pro-rata share of the cash flows from the pool, a guaranteed slice of a fixed pie. There could be millions of pools, each of which held mortgages with particular characteristics, each pool in itself homogeneous. It would hold, for example, home mortgages of less than one hundred and ten thousand dollars paying an interest rate of 12 per cent. The holder of the piece of paper from the pool would earn 12 per cent a year on his money plus his share of the repayments of principal from the homeowners. Thus standardised, the pieces of paper could be sold to an American pension fund, to a Tokyo trust company, to a Swiss bank, to a tax-evading Greek shipping tycoon living in a yacht in the harbour of Monte Carlo, to anyone with money to invest. Thus standardised, the pieces of paper could be traded. All the trader would see was the bond. All the trader wanted to see was the bond. A bond he could whip and drive. A line which would never be crossed could be drawn down the centre of the market. On one side would be the homeowner, on the other, investors and traders. The two groups would never meet; this is curious in view of how personal it seems to lend a fellow man the money to buy his home. The homeowner would only see his local Savings and Loan manager from whom the money came, and to whom it was, over time, returned. Investors and traders would see paper. Bob

When he got a good look at her, though, he found himself in the unusual position of having completely lost the ability to speak. Millie’s curly hair was tied back with a ribbon, making her appear remarkably young, while also lending her a rather flirty attitude. His gaze traveled from her hair to her face, and he felt his breath catch in his throat when he took note of the paleness of her skin, the panic in her eyes, and the slight trembling of her lips. A scratch marred her cheek, and as his gaze drifted down her person to make certain she wasn’t injured anywhere else, he blinked and blinked again. “Are you wearing . . . pants?” “Well, yes,” she said, right before she sent him the smallest of grins. The grin hit him like a fist to the stomach, and right there and then, in the midst of the tree, he finally realized what it was about his life that had changed. He, Everett Mulberry, one of society’s highest members, was attracted to Miss Millie Longfellow, the . . . nanny. It was completely unacceptable, ridiculous even, and almost seemed like a story Jane Austen would have penned. In fact . . . him being attracted to Millie was remarkably similar to the Pride and Prejudice story he hadn’t picked up for a day or two. And he realized now that he certainly wasn’t going to finish because . . . if Mr. Darcy did indeed end up with Miss Elizabeth, well, it was a silly fairy tale, plain and simple. He didn’t believe in fairy tales, even if Oliver seemed to have experienced one, but . . . no—he would not allow himself to think in that direction. The question that remained now, though, was how was he going to overcome this attraction—if that’s what he was actually feeling—for Millie? She

There,” Lucetta proclaimed. “You’re completely buttoned. Now all we have to do is fix your hair, and you’ll be perfect.” “I don’t know how you’re intending to fix my hair, especially since it’s still soaking wet, and . . . stiff with sea salt.” “I’m an actress. Fixing appearances is my specialty.” Lucetta looked a little smug as she adjusted the large hat she’d plopped over her head. “My hair is salt-soaked as well, but no one will notice since I’ve arranged my hat just so, lending me a rather mysterious air.” “You could plop a bowl of fruit on your head and you’d still look mysterious,” Millie said. “I wish I had one of my caps handy. That would solve my hair crisis nicely.” Everett caught Millie’s eye. “I never liked your caps.” “They’re practical.” “And ugly,” Lucetta added, smiling over Millie’s head at him. She pulled a hat from behind her on the seat that was a little squished, and stuck it on Millie’s head, pulling a pin out of the bodice of her dress and sticking it through the hat. “There—you’re adorable.” “I

To cut a long story short, a great deal of believing must occur before QE delivers on its promise to boost the real economy. But given the state of self-confirming pessimism that prevails in the depths of a severe crisis, to expect that these beliefs will flood into the different agents’ minds at once is to believe in miracles. More likely, as we witnessed in Japan and in America, where QE was tried out with a vengeance, banks tend to lend the monies conjured up by the central bank not to other banks or to Jack and Jill but to companies. Except that these companies do not invest the borrowed money in machinery and workers, fearful that the demand will not be there for extra output produced. No, what they do is to buy back their own shares in the stock market in order to increase their shares’ price and collect a nice bonus for having “added value to the company.” While this process does boost, to some extent, high-end house prices and the demand for luxuries, the only genuine beneficiary is gross inequality.

FINANCIAL FREEDOM For the Lord your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you. Deuteronomy 15:6 God promised Israel that if they were obedient to Him, they’d lack nothing. He’d bless Israel so abundantly that they’d have plenty to lend to others. Interesting how the verse goes from not being a borrower to not being ruled. The link between indebtedness and control is reiterated in Proverbs 22:7: “The rich rule over the poor, and the borrower is slave to the lender.” America is so many trillions of dollars in debt it’s almost impossible to account. Yet we have leaders refusing to acknowledge it, refusing to cut spending, and refusing to exercise fiscal prudence. What’s worse is the very real danger of being owned by lenders. When we are dependent on China, a nation that does not particularly like us, we’re in big trouble. Washington spends our money in unbelievably wasteful ways. The government’s backing of the green-energy company Solyndra cost us half a billion dollars alone! The Obama “stimulus” package, enacted in 2009, is expected to cost well over $800 billion by 2019, and the only real stimulus it has provided has been to government spending. The stories of government waste are legion. How about the $16 billion of ammunition the government purchased, only to decide it didn’t need it, so it spent $1 billion to destroy it! How’s that for prudently handling the nation’s money and resources? SWEET FREEDOM IN Action Today, vow to pay closer attention to how politicians spend your money. Those who do not exercise fiscal restraint do not deserve your vote. Find candidates who do. Remember that bigger government is the problem, not the cure.

Curbing the financial sector. Since so much of the increase in inequality is associated with the excesses of the financial sector, it is a natural place to begin a reform program. Dodd-Frank is a start, but only a start. Here are six further reforms that are urgent: (a) Curb excessive risk taking and the too-big-to-fail and too-interconnected-to-fail financial institutions; they’re a lethal combination that has led to the repeated bailouts that have marked the last thirty years. Restrictions on leverage and liquidity are key, for the banks somehow believe that they can create resources out of thin air by the magic of leverage. It can’t be done. What they create is risk and volatility.2 (b) Make banks more transparent, especially in their treatment of over-the-counter derivatives, which should be much more tightly restricted and should not be underwritten by government-insured financial institutions. Taxpayers should not be backing up these risky products, no matter whether we think of them as insurance, gambling instruments, or, as Warren Buffett put it, financial weapons of mass destruction.3 (c) Make the banks and credit card companies more competitive and ensure that they act competitively. We have the technology to create an efficient electronics payment mechanism for the twenty-first century, but we have a banking system that is determined to maintain a credit and debit card system that not only exploits consumers but imposes large fees on merchants for every transaction. (d) Make it more difficult for banks to engage in predatory lending and abusive credit card practices, including by putting stricter limits on usury (excessively high interest rates). (e) Curb the bonuses that encourage excessive risk taking and shortsighted behavior. (f) Close down the offshore banking centers (and their onshore counterparts) that have been so successful both at circumventing regulations and at promoting tax evasion and avoidance. There is no good reason that so much finance goes on in the Cayman Islands; there is nothing about it or its climate that makes it so conducive to banking. It exists for one reason only: circumvention. Many

Consider the strategy of any typical early chartered corporation. In 1602, the Dutch Crown sanctioned the United East India Company to conquer territory and exploit resources in the Pacific. The Company’s scheme was to acquire lands in Indonesia by lending money to cultivators and then dispossessing them when they failed to make payments. This was made easier by trade policies that guaranteed the farmers’ failure. The Company got the Dutch to prohibit cultivation of the most profitable export crops—like cloves—on land not already under Dutch ownership. Loans failed, and more collateral in the form of land passed into Company hands. Indonesians lost access to the most fertile land, and were ultimately forced to buy their rice from United East India at the artificially inflated, monopoly-supported prices. The local economy was devastated as more land and labor were surrendered to the corporation. As

For a story to become part of a valuation, you must convert its parts into valuation inputs. If you have a valuation model with dozens of inputs and complex output, this will become difficult, if not impossible, to do. One reason that we believe valuations should be parsimonious, with as few inputs as possible and limited output, is because they lend themselves much more easily to story connections. In Chapter 3, we introduced the basics of valuation and argued that you can tie the value of a company to a handful of inputs, and we summarize those in Figure 5.3.

It is to cover this default risk that lenders add a default spread to the riskless rate when they lend money to firms; the greater the perceived risk of default, the greater the default spread and the cost of debt. To estimate this default spread, you can use a bond rating for the company, if one exists, from an established ratings agency such as S&P or Moody's. If there is no published bond rating, you can estimate a synthetic rating for the firm, based on its ratio of operating income to interest expenses (interest coverage ratio); higher interest coverage ratios will yield higher ratings and lower interest coverage ratios. Once you have a bond rating, you can estimate a default spread by looking at publicly traded bonds with that rating. In July 2023, S&P gave KHC a BBB rating, and the default spread for BBB-rated bonds at the time was 1.89%, which when added to the risk-free rate of 3.80% yields a pretax cost of debt of 5.69%. Incidentally, if KHC had not had a rating, we could have computed an interest coverage ratio for the firm: With this coverage ratio, we would have obtained a synthetic rating of A–, translating into a default spread of 1.54% and a pretax cost of debt of 5.34%, in July 2023.

Investors still need to ask, how stable is the enterprise, and what are its future prospects? What are its earnings and cash flow? What is the downside risk of owning it? What is its liquidation value? How capable and honest is its management? What would you pay for the stock of this company if it were public? What factors might cause the owner of this business to sell control at a bargain price? Similarly, the pair never addressed how to analyze the purchase of an office building or apartment complex. Real estate bargains come about for the same reasons as securities bargains—an urgent need for cash, inability to perform proper analysis, a bearish macro view, or investor disfavor or neglect. In a bad real estate climate, tighter lending standards can cause even healthy properties to sell at distressed prices. Graham and Dodd’s principles—such as the stability of cash flow, sufficiency of return, and analysis of downside risk—allow us to identify real estate investments with a margin of safety in any market environment.

Generally the causes of the top-reversal fall into a few categories: The income from selling goods and services to foreigners drops (e.g., the currency has risen to a point where it’s made the country’s exports expensive; commodity-exporting countries may suffer from a fall in commodity prices). The costs of items bought from abroad or the cost of borrowing rises. Declines in capital flows coming into the country (e.g., foreign investors reduce their net lending or net investment into the country). This occurs because: The unsustainable pace naturally slows, Something leads to greater worries about economic or political conditions, or A tightening of monetary policy in the local currency and/or in the currency those debts are denominated in (or in some cases, tightening abroad creates pressure for foreign capital to pull out of the country). A country’s own citizens or companies want to get their money out of their country/currency.

Rydbeck was less conservative than most bankers, particularly in Sweden. He looked the part of a banker, though, with rounded jowls, a high forehead, and a neatly trimmed moustache. He dressed the part, too, with a traditional Gladstone collar, gold cufflinks, and a neatly folded front pocket handkerchief. But Rydbeck, like Ivar, was a big picture man and a dreamer. He had cozy relationships with banking regulators, who had permitted him to lend money to Ivar in novel and unconventional ways. Ivar had raised most of the money that generated his early fortune from Swedish banks, with Rydbeck as his point man. Although Rydbeck had been lending money to Ivar and his Swedish companies for nearly two decades, he still wasn’t sure whether to think of Ivar as a friend. Notwithstanding his central role in Ivar’s success, Rydbeck hadn’t made it into Ivar’s closest circle. Ivar and Rydbeck had pioneered an early version of “off balance sheet financing,” loans that a company obtains without showing any debts on its balance sheet. The debts are real, but because they are “off” the balance sheet, the company appears healthier than if it had taken out a straightforward loan.

Since governments have the ability to both make and borrow money, why couldn’t the central bank lend money at an interest rate of about 0 percent to the central government to distribute as it likes to support the economy? Couldn’t it also lend to others at low rates and allow those debtors to never pay it back? Normally debtors have to pay back the original amount borrowed (principal) plus interest in installments over a period of time. But the central bank has the power to set the interest rate at 0 percent and keep rolling over the debt so that the debtor never has to pay it back. That would be the equivalent of giving the debtors the money, but it wouldn’t look that way because the debt would still be accounted for as an asset that the central bank owns, so the central bank could still say it is performing its normal lending functions. This is the exact thing that happened in the wake of the economic crisis caused by the COVID-19 pandemic. Many versions of this have happened many times in history. Who pays? It is bad for those outside the central bank who still hold the debts as assets—cash and bonds—who won’t get returns that would preserve their purchasing power. The biggest problem that we now collectively face is that for many people, companies, nonprofit organizations, and governments, their incomes are low in relation to their expenses, and their debts and other liabilities (such as those for pensions, healthcare, and insurance) are very large relative to the value of their assets.

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

try our best not to expose ourselves to people who will pick us apart and criticize the goals we’ve decided to chase. We need to harness every ounce of positive energy we can in order to pull off big ideas. Be careful who you consult with, who you let into your circles, and who you trust with the things you value most. I warn people who are incubating brand-new companies or ideas that these new ventures are very fragile in the beginning. Cradle your dreams with the utmost care. You need to create the right environment to stick with your nascent plans and keep your instincts from getting drowned out. Many of us have a predisposition for self-loathing, a secret feeling so shameful that we often conceal it even from our closest loved ones. So the last thing we need are even more negative voices to lend credence to the skeptics in our own heads—especially in the early, more tenuous days of a new venture.

When James came to the throne, he was listed as a member of the playing company, now called the King’s Men, but during the theater season of 1604, numerous records place him in Stratford: He sells malt to a Philip Rogers, lends Rogers two shillings, then sues Rogers to recover the amount plus damages. He invests in Stratford tithes. These are the years when he’s supposed to be writing his greatest plays—Othello, King Lear, Macbeth.

Silicon Valley’s and China’s internet ecosystems grew out of very different cultural soil. Entrepreneurs in the valley are often the children of successful professionals, such as computer scientists, dentists, engineers, and academics. Growing up they were constantly told that they—yes, they in particular—could change the world. Their undergraduate years were spent learning the art of coding from the world’s leading researchers but also basking in the philosophical debates of a liberal arts education. When they arrived in Silicon Valley, their commutes to and from work took them through the gently curving, tree-lined streets of suburban California. It’s an environment of abundance that lends itself to lofty thinking, to envisioning elegant technical solutions to abstract problems. Throw in the valley’s rich history of computer science breakthroughs, and you’ve set the stage for the geeky-hippie hybrid ideology that has long defined Silicon Valley. Central to that ideology is a wide-eyed techno-optimism, a belief that every person and company can truly change the world through innovative thinking. Copying ideas or product features is frowned upon as a betrayal of the zeitgeist and an act that is beneath the moral code of a true entrepreneur. It’s all about “pure” innovation, creating a totally original product that generates what Steve Jobs called a “dent in the universe.” Startups that grow up in this kind of environment tend to be mission-driven. They start with a novel idea or idealistic goal, and they build a company around that. Company mission statements are clean and lofty, detached from earthly concerns or financial motivations. In stark contrast, China’s startup culture is the yin to Silicon Valley’s yang: instead of being mission-driven, Chinese companies are first and foremost market-driven. Their ultimate goal is to make money, and they’re willing to create any product, adopt any model, or go into any business that will accomplish that objective. That mentality leads to incredible flexibility in business models and execution, a perfect distillation of the “lean startup” model often praised in Silicon Valley. It doesn’t matter where an idea came from or who came up with it. All that matters is whether you can execute it to make a financial profit. The core motivation for China’s market-driven entrepreneurs is not fame, glory, or changing the world. Those things are all nice side benefits, but the grand prize is getting rich, and it doesn’t matter how you get there.

Future of Prepaid Instruments Merchants continue to have their closed loop wallets as an easy way for pushing refunds, a tactic for increasing customer stickiness. But with instant refund solutions, these wallets also may lose their charm. Only a few types of prepaid cards have some value: Gift Cards (because these are a lazy person’s gifting choice), Forex cards (Quintessential for overseas trips) and Specialised cards (Sodexo). But this status is changing with the growth of a particular sector – NBFC/LendingTech. As NBFC/LendingTech companies cannot issue credit cards so prepaid cards are used as instruments to lend the money (by doing just in time funding to the prepaid card). In Apr’21, RBI have issued new guidelines for prepaid cards/wallets: Balance limit is increased to Rs. 2,00,000 Interoperability among PPI instruments Cash withdrawal at ATM and POS PPI entities can set-up operations for NEFT/RTGS transfers With these new guidelines and boom in neo-banks & LendingTech companies, prepaid cards and wallets may get another shot at not just revival but a remarkable growth. Let’s wait and watch!

To this day, the Federal Reserve Act allows the Fed to create money and lend it to the US government at interest. “When necessary, the Federal Reserve prints dollar bills like the company Hakle prints toilet paper,” Walter Wittmann, who taught economics at the University of Fribourg, once commented dryly in Switzerland. In being able to raise or lower interest rates, the Fed controls the course of the economy. This enormous privilege of the Fed has been criticized over and over because the member banks of the Federal Reserve System and their owners are private companies that have gained enormous power through this privilege of being able to create money, thus controlling the money supply.

You tend to think that you are mainly the big blotches on the canvas: the big splashes that you want to draw attention to (you're aiming for the Olympics one day, you're into drag racing, you're working for a luxury company in Paris, so on and so forth). But those big blotches that you want to draw attention to aren't you, at the end of the day. At the end of the day, you are the tiny dots that you've pulled together, the small dots on your canvas which you've pulled together that make up the fundamental person that you are: the way you put a flower on your slice of cake, the way you mop your floor three times because once isn't good enough, the way that you nurture another person who is growing on the same path you have already been through, so on and so forth. You are the accumulation of the attention that you put into your daily, mundane actions which lend life to your existence. Or character to your daily life. That is you. That is what you have to give. That is your energy. Your big blotches have no power if your little dots are not accounted for.

bank for its third-party sellers, lending more than $1 billion in 2018

As you can see, the rise and fall of opportunities in the market for distressed debt stems from the interaction of other cycles: in the economy, investor psychology, risk attitudes and the credit market. The economic cycle influences investor psychology, company profitability and the incidence of default. The cycle in psychology contributes to fluctuations in credit market conditions and the desire of investors to lend, buy and sell. The cycle in attitudes toward risk facilitates the issuance of weak bonds at the top and denies capital for refinancing at the bottom. The credit cycle has a profound effect on the availability of refinancing and the degree to which would-be debt issuers are subjected to stringent credit standards. Hopefully it’s clear that multiple underlying cycles have effects on the distressed debt market that are far from discrete and isolated. As I wrote earlier, each of these cycles rises and falls; each causes the others to rise and fall; and each is affected by the rise and fall of others. But the result of all of this is a dramatic cycle in distressed debt opportunities, and one that is subject to explanation.

to lend to favored companies to invest in as much infrastructure, manufacturing, and real estate as necessary. Whether the investments are worthwhile is irrelevant. All that matters is that the quantity of spending generates enough reported GDP to meet the central government’s objectives.

Even when globalization doesn’t circumscribe democracy through global agreements or as part of an international “rescue,” it circumscribes democracy through competition. One of the reasons, we were told, that we had to have weak financial regulations was that if we didn’t, financial firms would move overseas. In response to a proposal to tax bank bonuses, London firms threatened to leave the country. In these cases, one might argue: good riddance. The cost to society—the bailouts, the economic disruption, the inequality—of the financial sector’s excesses far outweighs the few jobs that companies in the sector create. The speculators will leave; but those engaged in the kind of finance that really matters—lending to local firms—will stay. These have to be here.

In a Global Research article,179 Chossudovsky recalls past CIA covert operations such as those in Central America, Haiti, and Afghanistan. Illicit dope funded the so-called “Freedom Fighters” Langley sponsored in those areas. As an example, Chossudovsky noted that Iran-Contra rebels and the Afghan “muj” got their funds through “dirty money” being transformed into “covert money” by way of shell companies and the lending structure. Weapons and drugs and money flowed across the borders of Albania with Kosovo and Macedonia. For hefty commissions, “respectable” European banks, far removed from the fighting, dry-cleaned the dirty dollars. The drugs went one way, and the greenbacks another, helping pay the fighters and their trainers. Writing in Global Research,180 Prof. Chossudovsky added to our knowledge of the sources of support for the Bosnian Muslim Army and the KLA—opium-based drug money direct from the Golden Crescent (Afghanistan, Pakistan, and Iran). Mercenaries financed by Saudi Arabia and Kuwait had been fighting in Bosnia.181 And the Bosnian pattern was replicated in Kosovo: Mujahadeen [sic] mercenaries from various Islamic countries are reported to be fighting alongside the KLA [Kosovo Liberation Army] in Kosovo. German, Turkish and Afghan instructors were reported to be training the KLA in guerilla and diversion tactics.182 Worse, The trade in narcotics and weapons was allowed to prosper despite the presence since 1993 of a large contingent of American troops at the Albanian-Macedonian border with a mandate to enforce the embargo. The West had turned a blind eye. The revenues from oil and narcotics were used to finance the purchase of arms (often in terms of direct barter): “Deliveries of oil to Macedonia (skirting the Greek embargo [in 1993–94] can be used to cover heroin, as do deliveries of kalachnikov [sic] rifles to Albanian ‘brothers’ in Kosovo.

Today, while we do have positive economic growth for some, there are many economic failure indicators in my country. They include people sleeping in the cold squalor of abandoned houses. Drugs, liquor stores, pawn shops, and payday lending stores have become a growth industry in the west, while productive industry is shuttered or moved to lower wage countries. The growth industry today is in “economic extraction”, while real economic production is having a difficult time. “Financialization” seems to be the name of the game, and “economic extraction” is what that means, rather than economic production. Why build factories and produce goods if quicker money can be made by stripping companies instead. General Electric, Boeing, 3M, Sears, Toys R us, and so many others serve as examples of company stripping. Perhaps country stripping.

Bitcoin has done something arguably more impressive than Uber, Airbnb, and LendingClub. Those companies decentralized services that were easily understandable and had precedent for being peer-to-peer.

You’re right,” he said. “Books are company. They contain the thoughts and voices of other people who live or have lived in this world. All these authors have in common the fact that they’re buried here, opposite us. Even though you can’t hear them yet, they speak to us all the time. Not just them, the ones who never wrote a thing, too. You’d hear them if you didn’t have the radio on. If you start reading them, they’ll seem familiar to you, you’ll see.” (I thought of all the people I had seen arguing out loud with themselves on the streets.) He paused. I suppose he must have realized that once again I had begun to doubt his sanity. “Let me suggest something: go and stand in front of the bookshelf and choose a book you don’t know, any one you like. You can take it, I’ll lend it to you.

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

What is a Nidhi Company? Understanding the concept and objectives of Nidhi Companies in India. How Nidhi Companies promote savings and financial support among members. Benefits of Incorporating a Nidhi Company Low-risk and cost-effective financial model. Facilitates lending and borrowing among members at minimal interest rates. Promotes a culture of savings within communities. Legal Requirements and Eligibility Minimum capital and membership requirements for incorporation. Key compliance aspects under the Companies Act, 2013. Incorporation Process Step-by-step guide to registering a Nidhi Company. Documentation and regulatory approvals involved. Challenges and Opportunities Common challenges faced during incorporation and operation. Growth potential and scope for expansion in rural and semi-urban areas. Role in Financial Inclusion How Nidhi Companies contribute to financial empowerment at the grassroots level. Their role in bridging the gap between banking institutions and underserved populations. Engage participants by inviting personal experiences or insights into starting or managing a What is a Nidhi Company? Understanding the concept and objectives of Nidhi Companies in India. How Nidhi Companies promote savings and financial support among members. Benefits of Incorporating a Nidhi Company Low-risk and cost-effective financial model. Facilitates lending and borrowing among members at minimal interest rates. Promotes a culture of savings within communities. Legal Requirements and Eligibility Minimum capital and membership requirements for incorporation. Key compliance aspects under the Companies Act, 2013. Incorporation Process Step-by-step guide to registering a Nidhi Company. Documentation and regulatory approvals involved. Challenges and Opportunities Common challenges faced during incorporation and operation. Growth potential and scope for expansion in rural and semi-urban areas. Role in Financial Inclusion How Nidhi Companies contribute to financial empowerment at the grassroots level. Their role in bridging the gap between banking institutions and underserved populations. Engage participants by inviting personal experiences or insights into starting or managing a Nidhi Company..

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