Underwriting Quotes

Evil's just destructive? Then storms are evil, if it's that simple. And we have fire, and there there's hail. Underwriters lump it all under 'Acts of God.

IF YOU WANT TO CREATE A CHANGE, you must challenge not only the models of Unreality, but the paradigms that underwrite them.

No society is healthy which tells its members to take no thought of the morrow because the state underwrites their future.

I prefer to underwrite. Simple, clear as a country creek.

We are writing in the age of stylish minimalism that in truth has become even more cautious because of word processing. Nowadays, creative writing students are underwriting rather than overdoing it.

But I had fallen among pirates and life insurance underwriters.

To believe in something not yet proved and to underwrite it with our lives...

At the federal level, this problem could be greatly alleviated by abolishing the Electoral College system. It's the winner-take-all mathematics from state to state that delivers so much power to a relative handful of voters. It's as if in politics, as in economics, we have a privileged 1 percent. And the money from the financial 1 percent underwrites the microtargeting to secure the votes of the political 1 percent. Without the Electoral College, by contrast, every vote would be worth exactly the same. That would be a step toward democracy.

In this way, the bravery of the warrior underwrites collective civic cowardice, while fostering a slack, insipid patriotism.

It’s the concert of knowledge and ignorance that underwrites our decisions.

Goldman Sachs and other investment banks understood the ensuing problem so well that they began betting against the very mortgage-backed securities they were underwriting!

The kingdom of God is neither blue nor red, tea nor coffee! The church must stand in prophetic tension with Constantinian political systems and never underwrite or accommodate itself to a partisan political world order, including American democracy.

by 1950, caught up increasingly in our own global vision of anti-Communism, we chose not to see this war as primarily a colonial/anticolonial war, and we had begun to underwrite most of the French costs. Where our money went our rhetoric soon followed. We adjusted our public statements, and much of our journalism, to make it seem as if this was a war of Communists against anti-Communists, instead, as the people of Vietnam might have seen it, a war of a colonial power against an indigenous nationalist force.

Municipalities that struggle with emergency management present an added layer of risk in terms of their ability to repay loans. When we do our underwriting for bond issuance we consider how prepared a municipality is in terms of emergency management.

While the stoning of children for heresy has fallen out of fashion in our country, you will not hear a moderate Christian or Jew arguing for a “symbolic” reading of passages of this sort. [...] it is only by ignoring such barbarisms that the Good Book can be reconciled with life in the modern world. This is a problem for “moderation” in religion: it has nothing underwriting it other than the unacknowledged neglect of the letter of the divine law.

The right hemisphere underwrites breadth and flexibility of attention, where the left hemisphere brings to bear focussed attention. This has the related consequence that the right hemisphere sees things whole, and in their context, where the left hemisphere sees things abstracted from context, and broken into parts, from which it then reconstructs a ‘whole’: something very different.

Private ownerships of a ...slave chip is illegal in many polities. It tends to be a government monopoly, much like other forms of violence. But I had fallen among pirates and life insurance underwriters.

You will never be allowed to buy the really good IPOs at the initial offering price. The hot IPOs are snapped up by the big institutional investors or the very best wealthy clients of the underwriting firm.

It may be said, in broad-brush terms, that the primary purpose of life is the continuation of life. A deep program for survival and reproduction underwrites the complex cycles of life, in which death is the grand equalizer. There is, however, a peculiar novelty: human awareness of the cycle of life and a capacity to anticipate our own, individual death.

The family is the world's greatest welfare agency, and the most successful. What the federal government has done in welfare is small and trifling compared to what the families of America do daily, caring for their own, relieving family distresses, providing medical care and education for one another, and so on. No civil government could begin to finance what the families underwrite daily. The family's welfare program, for all its failures from time to time, is proportionately the world's most successful operation by an incomparable margin.

American warriors may not win wars, but they do perform the invaluable service of providing their countrymen with an excuse to avoid introspection. They make second thoughts unnecessary. In this way, the bravery of the warrior underwrites collective civic cowardice, while fostering a slack, insipid patriotism. In

I will have thee, as our rarer monsters are, painted upon a pole,and underwrit: "Here you may see the tyrant, Macbeth

True wealth is the ability to underwrite a meaningful life.

But I’m thinking of the great death populations of the Gulags and the German labor camps. Why does the century—I don’t know how else to put it—underwrite so much destruction? There is a lameness that comes over all of us when we consider these facts.

Every large branch of the company has several qualified underwriters. When a quote is requested, anyone who happens to be available may be assigned to prepare it. In effect, the particular underwriter who will determine a quote is selected by a lottery.

Power is “the ability or capacity to do something or act in a particular way;…to direct or influence the behavior of others or the course of events.” It’s the mechanical or electrical energy that underwrites civilization. The bedrock and central principle of the state.

Whether or not he was in it, whether or not he could see or touch it, he'd thought there would always be a FIllory out there somewhere. He loved knowing it was there. It anchored his sense of happiness, the way a distant stockpile of gold might underwrite the value of a paper bill.

From its inception patriarchy has relied on salvation narrative to underwrite its program of genocide, ecocide, sexual repression, child abuse, social domination, and spiritual control. This script works beautifully for the dominator agenda because it was deliberately written for it. How can a story about love, forgiveness and divine benevolence endorse the perpetration of evil? This seems impossible and against all reason, until we realize that the story is not what it appears to be. The salvation narrative of the Bible is a story of perpetration, conceived to support and legitimate the dominator agenda. History shows that the religious ideals attached to salvation narrative have consistently been used to legitimate violence, rape, genocide, and destruction of the natural world…In the final balance the people who commit and promote violence and murder in the expression of religious beliefs may be a minute fraction of the faithful, but they are the ones who determine the course of events, shape history, affect society, and threaten the biosphere…To dissociate from the salvation narrative would be the most effective way for peace-loving people to end their complicity in the dominator agenda.

Is compatibilism too good to be true? I think not; I think it is true, and we can soundly and roundly dismiss the alarmists, at the same time reforming and revising our understanding of what underwrites our concept of moral responsibility. But that is the task for the future, and it should be the work of many hands. So far as I can see, it is both the most difficult and the most important philosophical problem confronting us today. The stakes are high, the issues thorny, and emotions tend to cloud our judgment. We will need all our thinking tools and more, which we will have to make as we go along.

The two men could barely get their papers published. Nor could Kummerow raise funds for scientific meetings to discuss trans fats—though he certainly tried—for the obvious reason that the usual underwriters of such gatherings were members of industry, and they didn’t want to touch the topic with a ten-foot pole.

They did not overthrow the elected government of Mossadegh in Iran; support the genocide of eight hundred thousand leftists in Indonesia; intervene on behalf of the fascist Phalange against the Palestinians in Lebanon; fight a dirty war against Dhofarian insurgents; underwrite absolute monarchies like Saudi Arabia, the shah of Iran, Morocco, and the Gulf Emirates; build with billions of U.S. tax dollars the golden throne upon which Mubarak sits like a modern-day pharaoh; arm Saddam Hussein in the 1980s and turn a blind eye to his genocide against the communists and Kurds; then kill seventeen thousand Iraqi civilians in bombing raids during the Gulf War, including more than four hundred women and children incinerated in the Amariyah bomb shelter. Nor did they stir the Shias of southern Iraq into revolt, then abandon them to Saddam Hussein’s executioners because George Bush senior calculated that the total destruction of the regime would create an impermissible power vacuum that Iran might rush to fill.

The vaccines are so risky that the insurance industry has refused to underwrite them,154 and the manufacturers refuse to produce them without blanket immunity from liability.155 Bill Gates, who is the principal investor in many of these new COVID vaccines, stipulated that their risk is so great that he would not provide them to people unless every government shielded him from lawsuits.156

But surely everyone can also testify to another, less reckonable kind of homesickness, one having to do with unsettlements that cannot be located in spaces of geography or history; and accordingly it's my belief that the communal, contractual phenomenon of New York cricket is underwritten, there where the print is finest, by the same agglomeration of unspeakable individual longings that underwrites cricket played anywhere--longings concerned with horizons and potentials sighted or hallucinated and in any event lost long ago, tantalisms that touch on the undoing of losses too private and reprehensible to be acknowledged to oneself, let alone to others. I cannot be the first to wonder if what we see, when we see men in white take to a cricket field, is men imagining an environment of justice.

An adjuster is assigned to the claim—just as the underwriter was assigned, because she happens to be available. The adjuster gathers the facts of the case and provides an estimate of its ultimate cost to the company. The same adjuster then takes charge of negotiating with the claimant’s representative to ensure that the claimant receives the benefits promised in the policy while also protecting the company from making excessive payments.

About those gender binaries that still govern the world most of us live in: it’s important that in fanfiction, women are largely running the show. Where else is that true? Today, less than 30 percent of television writers are women;2 in film, that figure is below 20 percent.3 Oscar-nominated women directors? Four. In 2012, women comprised roughly 30 percent of the writers reviewed by the combined forces of the New York Times Book Review, the Times Literary Supplement, the New Yorker, the Atlantic Monthly, and the Paris Review.4 Women dominate in romance writing (sometimes, even in the romances themselves)—only to have their accomplishments derided or ignored by the broader literary culture whose efforts their profits nonetheless help underwrite. In sum, those numbers mean there’s a lot of variously talented women we haven’t been hearing from. A great many of these women are writing fic.

When we asked 828 CEOs and senior executives from a variety of industries how much variation they expected to find in similar expert judgments, 10% was also the median answer and the most frequent one (the second most popular was 15%). A 10% difference would mean, for instance, that one of the two underwriters set a premium of $9,500 while the other quoted $10,500. Not a negligible difference, but one that an organization can be expected to tolerate.

The Forty-barrel-bull schools are larger than the harem schools. Like a mob of young collegians, they are full of fight, fun, and wickedness, tumbling round the world at such a reckless, rollicking rate, that no prudent underwriter would insure them any more than he would a riotous lad at Yale or Harvard. They soon relinquish this turbulence though, and when about three-fourths grown, break up, and separately go about in quest of settlements, that is, harems.

Look at a coin from your pocket. On one side is "heads" - the symbol of the political authority which minted the coin; on the other side is "tails" - the precise specification of the amount the coin is worth as payment in exchange. One side reminds us that states underwrite currencies and the money is originally a relation between persons in society, a token perhaps. The other reveals the coin as a thing, capable of entering into definite relations with other things.

The prophet proclaims that God cannot be identified with the status quo - however shiny, powerful, immortal, or divine that status quo may appear. The principalities and powers will always seek to capture and enslave God in an attempt to use the name of God to underwrite current power arrangements. To go against the status quo, declare the powers, is to go against God. Religion in this instance becomes another fear-based cudgel, wielded to protect the interests of the principalities and powers and those who currently benefit from business as usual, thus aiding in their success and survival. Consequently, before proclamation to human captives can be made - freedom to those being oppressed by current power arrangements - the prophet must dare to proclaim that God is not the spokesperson for the status quo, but rather stands outside the system - free - to speak a word of judgment. When the freedom of God is proclaimed, when God is outside the system and free to bring a word of indictment against us, the capacity is created to speak on behalf of the marginalized and the disfranchised in the name of God. Being free, God can now be for the weak and the least of these over against those at the top of current power arrangements. This was the real shock at the heart of Moses’s prophetic utterance to Pharaoh— that God was on the side of the slaves and stood with them over against the divinely ordained power and authority of Egypt.

Even with the bundling and splitting of tranches, Wall Street needed more mortgage borrowers, so it created the subprime market. These were loans to borrowers who did not meet the underwriting standards set forth by the GSEs, or “prime” loans. Subprime borrowers were riskier borrowers, either because they had fewer assets, lower credit score, or lower incomes. But in finance, higher risk is rewarded with higher yield, so mortgage brokers made even higher premiums from subprime loans.

Robert Lehman—who often told his partners, “I bet on people”—made Lehman the driving financial force behind RCA and the birth of television, TWA, Pan Am, Hertz, several Hollywood studios, and various department store and oil and rubber giants. Lehman Brothers was at the epicenter of those business forces that have shaped not just the American economy but the American culture as well. By 1967 the House of Lehman was responsible for $3.5 billion in underwriting. In volume, Lehman was among the top four investment banks.

Our noise audit found much greater differences. By our measure, the median difference in underwriting was 55%, about five times as large as was expected by most people, including the company’s executives. This result means, for instance, that when one underwriter sets a premium at $9,500, the other does not set it at $10,500—but instead quotes $16,700. For claims adjusters, the median ratio was 43%. We stress that these results are medians: in half the pairs of cases, the difference between the two judgments was even larger.

Many professional judgments are nonverifiable. Barring egregious errors, underwriters will never know, for instance, whether a particular policy was overpriced or underpriced. Other forecasts may be nonverifiable because they are conditional. “If we go to war, we will be crushed” is an important prediction, but it is likely to remain untested (we hope). Or forecasts may be too long term for the professionals who make them to be brought to account—like, for instance, an estimate of mean temperatures by the end of the twenty-first century.

The truth was that history—and in Indochina we were on the wrong side of it—was a hard taskmaster and from the early to the middle sixties, when we were making those fateful decisions, we had almost no choices left. Our options had been steadily closing down since 1946, when the French Indochina War began. That was when we had the most options, and the greatest element of choice. But we had granted, however reluctantly, the French the right to return and impose their will on the Vietnamese by force; and by 1950, caught up increasingly in our own global vision of anti-Communism, we chose not to see this war as primarily a colonial/anticolonial war, and we had begun to underwrite most of the French costs. Where our money went our rhetoric soon followed. We adjusted our public statements, and much of our journalism, to make it seem as if this was a war of Communists against anti-Communists, instead, as the people of Vietnam might have seen it, a war of a colonial power against an indigenous nationalist force. By the time the Kennedy-Johnson team arrived and started talking about all their options, like it or not (and they did not even want to think about it) they had in fact almost no options at all.

Why were you up at five a.m. anyway?" "I run in the mornigns," she said without looking up. "At five a.m.?" "Yes," she said as she typed, as if that weren't insane. "Fuck. Every day?" "Sundays I do yoga." "Jesus. Why?" "I can't think clearly otherwise," she said, then looked up and admitted, "and I don't want to get fat.

Because the other way wasn’t working. The waking up just to get the day over with until it was time for bed. The grinding it out was a disgrace, an affront to the honor and long shot of being alive at all. The ghost-walking, the short-tempered distraction, the hurried fog. (All of this I’m just assuming, because I have no idea how I come across, my consciousness is that underground, like a toad in winter.) The leaving the world a worse place just by being in it. The blindness to the destruction in my wake. The Mr. Magoo. If I’m forced to be honest, here’s an account of how I left the world last week: worse, worse, better, worse, same, worse, same. Not an inventory to make one swell with pride. I don’t necessarily need to make the world a better place, mind you. Today, I will live by the Hippocratic oath: first do no harm. How hard can it be? Dropping off Timby, having my poetry lesson (my favorite part of life!), taking a yoga class, eating lunch with Sydney Madsen, whom I can’t stand but at least I can check her off the list (more on that later), picking up Timby, and giving back to Joe, the underwriter of all this mad abundance. You’re trying to figure out, why the agita surrounding one normal day of white-people problems? Because there’s me and there’s the beast in me.

What counts as religious or secular in any given context is a function of different configurations of power. The question then becomes why such essentialist constructions are so common. I argue that, in what are called "Western" societies, the attempt to create a transhistorical and transcultural concept of religion that is essentially prone to violence is one of the foundational legitimating myths of the liberal nation-state. The myth of religious violence helps to construct and marginalise a religious other, prone to fanaticism, to contrast with the rational, peace-keeping, secular subject. This myth can and is used in domestic politics to legitimate the marginalisation of certain types of practices and groups labeled religious, while underwriting the nation-state's monopoly on its citizens' willingness to sacrifice and kill. In foreign policy, the myth of religious violence serves to cast nonsecular social orders, especially Muslim societies, in the role of the villain. THEY have not yet learned to remove the dangerous influence of religion from political life. THEIR violence is therefore irrational and fanatical. OUR violence, being secular, is rational, peace making, and sometimes regrettably necessary to contain their violence. We find ourselves obliged to bomb them into liberal democracy.

In a remarkable book called Rites of Spring: The Great War and the Birth of the Modern Age, the historian Modris Eksteins anatomizes the metabolism of the sentimentality that underwrites Keynes’s embrace of guilt as an instrument of policy. Eksteins shows how sentimentality and a species of extravagant mythmaking mark the points of contact between avant-garde culture and burgeoning totalitarianism. This was especially true in Germany, the country that had advanced the radical program of the avant-garde most enthusiastically. England, by contrast, was a conservative power. Where Germany started the war to transform the world, England fought the war to preserve a world and the culture that defined it. A key difference lies in the aestheticization of life: treating life, that is to say, as if it were a work of art devoid of human reality. On the continent, as the historian Carl Schorske put it in his classic study offin-de-siècle Vienna, “the usual moralistic culture of the European bourgeoisie was . . . both overlaid and undermined by an amoral Gef ühlskultur [sentimental culture].” This revolution in sensibility amounted to a crisis of morality—what the novelist Hermann Broch called a “value vacuum”—that quickly precipitated a crisis in liberal cultural and political life. “Narcissism and a hypertrophy of the life of feeling were the consequence,” Schorske wrote.

In exchange for some wide-ranging modifications demanded by the socialist government to the church’s 1929 concordat, Italy agreed to underwrite the remainder of the $406 million settlement.53 The changes to the concordat would have once been unthinkable. The church dropped its insistence that Roman Catholicism be the state religion. Moving forward, the state had to confirm church-annulled marriages. Parents were given the right to opt their children out of formerly mandatory religious education classes. And Rome was no longer considered a “sacred city,” a classification that had allowed the Vatican to keep out strip clubs and the porn industry. Italy even managed to get the church to relinquish control of the Jewish catacombs. “The new concordat is another example of the diminishing hold of the Roman Catholic church in civil life in Italy,” noted The New York Times.54 In return, Italy instituted an“eight-per-thousand” tax, in which 0.8 percent of the income tax paid by ordinary Italians was distributed to one of twelve religious organizations recognized by the state. During its early years, nearly 90 percent of the tax went to the Catholic Church (by 2010, the church received less than 50 percent as the tax was more equitably distributed). Not only did the tax relieve Italy of its responsibility for the $135 million annual subsidy it paid for the country’s 35,000 priests, it meant the church had a steady and reliable source of much needed income.55

It was not always the case, of course, that navies paid for themselves. In wartime, costs often exceeded revenues, and those deficits grew over time as fleets and armies got bigger. But this was hardly an insurmountable obstacle for the most dynamic economies in the world. The United Provinces and England were able to borrow all they needed to underwrite their defense budgets. The pressures of war gave a powerful impetus to the growth of stocks, bonds, loans, and paper currencies during the late seventeenth and early eighteenth centuries and helped to turn Amsterdam and then London into international financial centers. To take one example, the Bank of England was established in 1694 to raise funds to allow England to wage war against France.

From 2000, Fannie and Freddie’s appetite for sub-prime loans increased markedly every year, encouraging a rich harvest of increasingly crazy loans by mortgage originators to supply this appetite. House-builders, lenders, mortgage brokers, Wall Street underwriters, legal firms, housing charities and pressure groups like ACORN all benefited. Taxpayers did not. By the early 2000s, Fannie and Freddie were well intertwined with politicians, donating rich campaign contributions especially to Congressional Democrats, and giving rewarding jobs to politicians – Clinton’s former Budget Director Franklin Raines would pocket $100 million from his brief spell in charge of Fannie. Between 1998 and 2008, Fannie and Freddie spent $175 million lobbying Congress.

There are Christians whose three cardinal doctrines are (1) once saved always saved; (2) perfection on earth is impossible; (3) my future sins are already forgiven. These are less of a doctrinal system and more of a plan for excusing carnality. This kind of Christianity is matched by its evil opposite, which holds three truths to be scripturally evident above all else: (1) faith without works is dead; (2) nobody goes to heaven without true holiness; (3) we have free will. These are less of a doctrinal system and more of a declaration of intent to pursue righteousness by works. Any of these propositions might underwrite a healthy life of faith if placed in their proper contexts. But taken by themselves, or combined with other emphases that reinforce their dangers without balancing them out, they are disastrous.

The public offering occurred exactly one week after Toy Story’s opening. Jobs had gambled that the movie would be successful, and the risky bet paid off, big-time. As with the Apple IPO, a celebration was planned at the San Francisco office of the lead underwriter at 7 a.m., when the shares were to go on sale. The plan had originally been for the first shares to be offered at about $14, to be sure they would sell. Jobs insisted on pricing them at $22, which would give the company more money if the offering was a success. It was, beyond even his wildest hopes. It exceeded Netscape as the biggest IPO of the year. In the first half hour, the stock shot up to $45, and trading had to be delayed because there were too many buy orders. It then went up even further, to $49, before settling back to close the day at $39. Earlier that year Jobs had been hoping to find a buyer for Pixar that would let him merely recoup the $50 million he had put in. By the end of the day the shares he had retained—80% of the company—were worth more than twenty times that, an astonishing $1.2 billion. That was about five times what he’d made when Apple went public in 1980.

Tim Finnegan’s Wake by Dr. Thom Dedalus When God reeled in good auld Tim Finnegan, And looked into his green Irish peepers, Said He, “Now, what was I thinkin’? Poor lad, he ain’t one of the keepers.” To hell Tim descended without any fear, To the devil, whom not much is lost on, Said he, “I’m sure you’ll be comfortable here, Among all your old friends from South Boston.” Tim’s jokes night and day caused Satan to swear, As migraines crept behind blood red eyelids, “An eternity with you is just too much to bear. You’re going home to your wife and your nine kids.” So up pops Tim at his wake from his casket. “It can’t be,” went a howl from his wife. When he belched the sea from his own breadbasket, Said she, “Someone, hand me a knife.” Now Tim’s fishing off George’s Banks Catching codfish, haddock and hake. The happiest folk in town to give thanks, Is John Hancock for Finnegan’s wake. Finn’s now a legend among life underwriters, In Beantown and all over the States. In him beats the heart of a fighter. Sad to hear how they increased his rates. Finn’s tale is best told with a dram of Jameson. You’re entitled to whatever sense you can make. Just cause you’re dead, it don’t mean you’re gone. You may take comfort in Finnegan’s wake.

To oversee all the details yourself in person; to be at once pilot and captain, and owner and underwriter; to buy and sell and keep the accounts; to read every letter received, and write or read every letter sent; to superintend the discharge of imports night and day; to be upon many parts of the coast almost at the same time—often the richest freight will be discharged upon a Jersey shore;—to be your own telegraph, unweariedly sweeping the horizon, speaking all passing vessels bound coastwise; to keep up a steady despatch of commodities, for the supply of such a distant and exorbitant market; to keep yourself informed of the state of the markets, prospects of war and peace everywhere, and anticipate the tendencies of trade and civilization—taking advantage of the results of all exploring expeditions, using new passages and all improvements in navigation;—charts to be studied, the position of reefs and new lights and buoys to be ascertained, and ever, and ever, the logarithmic tables to be corrected, for by the error of some calculator the vessel often splits upon a rock that should have reached a friendly pier—there is the untold fate of La Prouse;—universal science to be kept pace with, studying the lives of all great discoverers and navigators, great adventurers and merchants, from Hanno and the Phoenicians down to our day; in fine, account of stock to be taken from time to time, to know how you stand.

When we talk about finding or having found our soul mate (if we do), we do not believe ourselves to be immersed in the capitalist economy. But this is an even more important terrain for capitalism than the convenience store where we buy a soda and candy bar or the stock exchange floor where companies are financed. The idea of the soul mate plays a crucial role in the promulgation of consumption. If I believe that a perfect commodity exists in the romantic field, this changes my relationship to all commodities. Commodities become more attractive insofar as each one stands in for the perfect partner. Though a hammer at the hardware store most likely cannot function as my soul mate, I will find more pleasure in purchasing it with the idea of an ideal commodity informing the purchase, and this is what the soul mate provides. That is to say, the idea of the soul mate underwrites all consumption within the capitalist universe. The soul mate is the commodity in the form of the subject’s complement. This is why the idea of the soul mate has such importance for capitalism. The subject experiences itself as lacking whenever it desires, and no object can fill this lack. But the promise of the soul mate is the promise of completion, an object that would complement the lacking subject perfectly and thereby ameliorate its lack. No such complement exists outside of ideological fantasies, but capitalism requires subjects who invest themselves in such fantasies.

Innovation and disruption are ideas that originated in the arena of business but which have since been applied to arenas whose values and goals are remote from the values and goals of business. People aren’t disk drives. Public schools, colleges and universities, churches, museums, and many hospitals, all of which have been subjected to disruptive innovation, have revenues and expenses and infrastructures, but they aren’t industries in the same way that manufacturers of hard-disk drives or truck engines or drygoods are industries. Journalism isn’t an industry in that sense, either. Doctors have obligations to their patients, teachers to their students, pastors to their congregations, curators to the public, and journalists to their readers--obligations that lie outside the realm of earnings, and are fundamentally different from the obligations that a business executive has to employees, partners, and investors. Historically, institutions like museums, hospitals, schools, and universities have been supported by patronage, donations made by individuals or funding from church or state. The press has generally supported itself by charging subscribers and selling advertising. (Underwriting by corporations and foundations is a funding source of more recent vintage.) Charging for admission, membership, subscriptions and, for some, earning profits are similarities these institutions have with businesses. Still, that doesn’t make them industries, which turn things into commodities and sell them for gain.

Oh, it’s perfectly safe to handle if somebody else has triggered the curse and you took it from their still-smoking body.” Eve paused. “Or if they sold it to you.” “You bought it, didn’t you?” Imp walked towards her. “Didn’t you?” “I think so. I may have screwed up that side of things,” Eve admitted. “It’s unclear.” “What’s unclear?” “It was up for auction: obvs, right? But it’s not clear that the person auctioning the location of the manuscript actually owned what they were selling, that’s the thing. Also, ancient death spells and intellectual property law don’t always play nice together. I, uh, my boss has a standard procedure he has me follow in cases of handling blackmail and extortion. We pay the ransom, then once we’ve destroyed the threat I repossess the payment from the blackmailer’s bank account. Via a Transnistrian mafiya underwriter—” This time it was Wendy who interrupted: “The Russian mafiya has underwriters?” “Transnistrian, please, and yes, criminal business models are inherently expensive because they have to pay for their own guard labor—there are no tax overheads, but no police protection for carrying out business, either—so of course they evolved parallel structures for risk management, mostly by embedding the risk in a concrete slab and dumping it in the harbor—anyway. At what stage does the book consider itself to have been legitimately acquired? And by whom? Is it safe for you to handle it, as my employee? What about as an independent freelance contractor not subject to the HMRC IR35 regulations? Am I an acceptable proxy for Bigge Enterprises, a Scottish Limited Liability Partnership domiciled in the Channel Islands, in the view of a particularly dim-witted nineteenth-century death spell attached to a codex bound in human skin by a mad inquisitor? It’s like digital rights management magic, only worse.

some small counting house on the coast, in some Salem harbor, will be fixture enough. You will export such articles as the country affords, purely native products, much ice and pine timber and a little granite, always in native bottoms. These will be good ventures. To oversee all the details yourself in person; to be at once pilot and captain, and owner and underwriter; to buy and sell and keep the accounts; to read every letter received, and write or read every letter sent; to superintend the discharge of imports night and day; to be upon many parts of the coast almost at the same time—often the richest freight will be discharged upon a Jersey shore;—to be your own telegraph, unweariedly sweeping the horizon, speaking all passing vessels bound coastwise; to keep up a steady despatch of commodities, for the supply of such a distant and exorbitant market; to keep yourself informed of the state of the markets, prospects of war and peace everywhere, and anticipate the tendencies of trade and civilization—taking advantage of the results of all exploring expeditions, using new passages and all improvements in navigation;—charts to be studied, the position of reefs and new lights and buoys to be ascertained, and ever, and ever, the logarithmic tables to be corrected, for by the error of some calculator the vessel often splits upon a rock that should have reached a friendly pier—there is the untold fate of La Prouse;—universal science to be kept pace with, studying the lives of all great discoverers and navigators, great adventurers and merchants, from Hanno and the Phoenicians down to our day; in fine, account of stock to be taken from time to time, to know how you stand. It is a labor to task the faculties of a man—such problems of profit and loss, of interest, of tare and tret, and gauging of all kinds in it, as demand a universal knowledge. I have thought that Walden Pond would be a good place for business, not solely on account of the railroad and the ice trade; it offers advantages which it may not be good policy to divulge; it is a good port and a good foundation. No Neva marshes to be filled; though you must everywhere build on piles of your own driving. It is said that a flood-tide, with a westerly wind, and ice in the Neva, would sweep St. Petersburg from the face of the earth. As this business was to be entered into without the usual capital, it may not be easy to conjecture where those means, that will still be indispensable to every such undertaking, were to be obtained.

Mills describes white supremacy as “the unnamed political system that has made the modern world what it is today.”23 He notes that although white supremacy has shaped Western political thought for hundreds of years, it is never named. In this way, white supremacy is rendered invisible while other political systems—socialism, capitalism, fascism—are identified and studied. In fact, much of white supremacy’s power is drawn from its invisibility, the taken-for-granted aspects that underwrite all other political and social contracts.

Labor’s dominance applies more broadly still among the million jobs listed by name in the earlier discussion of elite hours—finance-sector professionals, vice presidents at S&P 1500 firms, elite management consultants, partners at highly profitable law firms, and specialist medical doctors. These specifically identified workers collectively constitute a substantial share—fully half—of the 1 percent. The terms of trade under which they work—the economic arrangements that underwrite their incomes—are well known. All these workers contribute effectively no capital to their businesses and therefore again owe their income ultimately to their own industrious work, which is to say to labor. Comprehensive data based on tax returns corroborate that the new economic elite owes its income predominantly not to capital but rather, at root, to selling its own labor. The data themselves can be technical and even abstruse, but a clear message emerges from them nevertheless. The data confirm that the meritocratic rich (unlike their aristocratic predecessors) get their money by working. Even guarded estimates, which defer to tax categories that treat some labor income as capital gains, show a stark increase in the labor component of top incomes. According to this method of calculating, the richest 1 percent received as much as three-quarters of their income from capital at midcentury, and the richest 0.1 percent received up to nine-tenths of their income from capital. These shares then declined steadily over four decades beginning in the early 1960s, reaching bottom in 2000. In that year, both the top 1 percent and the top 0.1 percent received only about half of their incomes from capital (roughly 49 percent and 53 percent, respectively). The capital shares of top incomes then rose again, by about 10 percent, over the first decade of the new millennium, before beginning to fall again at the start of the second decade (when the data series runs out).

There is a close logical connection between the concept of a safety margin and the principle of diversification. One is correlative with the other. Even with a margin in the investor’s favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss—not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses. That is the simple basis of the insurance-underwriting business.

Our incomplete knowledge of physical reality enriches our human experiences by maintaining its novelty, its unanticipated outcomes, its newness. It allows us each to live our lives as a great adventure. What sense of satisfaction would a scientist derive from inquiry if the laws of physics were all clearly revealed as part of the act of creation. What joy would there be in searching for buried treasure if you knew all along where you hid it? It’s the mystery that underwrites the joy of discovery.” —Bernard Haisch, The God Theory “If you were God, could you possibly dream up any more educational, contrasted, thrilling, beautiful, tantalizing world than Earth? If you think you could, do you imagine you would be outdoing Earth if you designed a world free of germs, diseases, poisons, pains, malice, explosives, and conflicts so its people could relax and enjoy it? Would you, in other words, try to make the world nice and safe—or would you let it be provocative, dangerous, and exciting?” —Guy Murchie, The Seven Mysteries of Life: An Exploration of Science and Philosophy “The origin of the universe is the exact opposite of random. Our lives are the exact opposite of pointless. It is not matter that creates an illusion of consciousness, but consciousness that creates an illusion of matter. —Bernard Haisch, The God Theory

Stronger regulation and supervision aimed at problems with underwriting practices and lenders’ risk management would have been a more effective and surgical approach to constraining the housing bubble than a general increase in interest rates.

Then there’s the whole world of sports madness where billionaire owners somehow manage to get regular taxpayers to underwrite the cost of new stadiums that are basically a license to print money for the monopoly-protected owners.

She had little sympathy for the student loan companies that had lent vast sums to students with little hope of repayment, then whined when the students fled into space rather than letting their lives be destroyed by debts they could never repay.  Idiots.  If they hadn’t thought the government would underwrite the loans …

The lack of much outside investment allowed Gates and Allen to hold the vast majority of their company’s stock through the mideighties. Jobs, while his net worth had climbed into a significant fortune with Apple’s rise, didn’t own enough to control his destiny and was fired. It was a cruel irony: For all his counterculture spirit and brilliance, he suffered the mercenary’s fate, left with money but no kingdom. Gates, however, remained reluctant to go public even ten years after Microsoft’s founding. Eventually, due to the number of Microsoft employees who owned shares, and U.S. securities laws obligating any company with more than 500 shareholders to be registered, which Microsoft expected to soon pass, Gates agreed to list his shares. But as a final symbol of resistance, he did try to fly coach during the IPO roadshow—one last ode to parsimony—until his underwriters insisted otherwise.

Agamben has elaborated upon how certain subjects undergo a suspension of their ontological status as subjects when states of emergency are invoked. He argues that a subject deprived of rights of citizenship enters a suspended zone, neither living in the sense that a political animal lives, in community and bound by law, nor dead and, therefore, outside the constituting condition of the rule of law. These socially conditioned states of suspended life and suspended death exemplify the distinction that Agamben offers between "bare life" and the life of the political being (bios politikon ), where this second sense of "being" is established only in the context of political community. If bare life, life conceived as biological minimum, becomes a condition to which we are all reducible, then we might find a certain universality in this condition. Agamben writes, "We are all potentially exposed to this condition," that is, "bare life" underwrites the actual political arrangements in which we live, posing as a contingency into which any political arrangement might dissolve. Yet such general claims do not yet tell us how this power functions differentially, to target and manage certain populations, to derealize the humanity of subjects who might potentially belong to a community bound by commonly recognized laws; and they do not tell us how sovereignty, understood as state sovereignty in this instance, works by differentiating populations on the basis of ethnicity and race, how the systematic management and derealization of populations function to support and extend the claims of a sovereignty accountable to no law; how sovereignty extends its own power precisely through the tactical and permanent deferral of the law itself.

Naturalism could, in fact, render naturalism itself irrational, as Alvin Plantinga argues, and as C. S. Lewis thought. Plantinga devotes chapter 12 of his work Warrant and Proper Function to this point.7 He writes in one place that “if metaphysical naturalism and this evolutionary account are both true, then our cognitive faculties will have resulted from blind mechanisms like natural selection. . . . Evolution is interested, not in true belief, but in survival or fitness. It is therefore unlikely that our cognitive faculties have the production of true belief as a proximate or any other function, and the probability of our faculties being reliable (given naturalistic evolution) would be fairly low.”8 If, then, naturalism negates knowing, then theism fosters it. Our native human capacity to know, Plantinga claims, “flourishes best in the context of supernaturalism in metaphysics.”9 I agree. So did C. S. Lewis.10 From this, we see why God must underwrite a credible epistemology.

American Indians, for example, had resisted every effort by the English to teach them the arts of civilization. Franklin thought this striking, yet hardly inexplicable. “They visit us frequently,” he told Collinson, “and see the advantages that arts, sciences, and compact society procure us. They are not deficient in natural understanding, and yet they have never shewn any inclination to change their manner of life for ours, or to learn any of our arts.” The reason was plain enough: “In their present way of living, almost all their wants are supplied by the spontaneous productions of nature, with the addition of very little labour, if hunting and fishing may indeed be called labour when game is so plenty.” Significantly, when an Indian child was brought up in white ways, the education often failed to stick. “If he goes to see his relations and make one Indian ramble with them, there is no persuading him ever to return.” More significantly, the opposite was not true. White children raised as Indians demonstrated no desire, after visits to English settlements, to stay there. “In a short time they become disgusted with our manner of life, and the care and pains that are necessary to support it, and take the first good opportunity of escaping again into the woods, from whence there is no reclaiming them.” In one case an Englishman raised with the Indians inherited a substantial estate; he came home to test his new circumstances but soon abandoned them, leaving the estate to a younger brother and carrying off only a gun and a coat. Franklin related yet another story that further illustrated his point. Some years earlier one of the colonies had concluded a treaty with the Six Nations (the Iroquois confederacy of the lower Great Lakes region). All that remained was the exchange of civilities. The English commissioners offered to underwrite the education of half a dozen of the brightest Indian lads at the College of William and Mary, the finest educational institution in the region. The Indians responded that they were most grateful for this kind offer but must decline. Some Indian youths had been educated in this way several years before and had returned good for nothing, being unable to hunt, trap, or fight. The Indians made a counteroffer: to take a dozen English children to the Indians’ great council, where they would be raised as real and useful men.

If we subscribe to the nineteenth-century view that professionally made classical music is good for you and good for the ordinary man, then it follows that supporting it financially is more like funding a public-health measure than underwriting entertainment.

scientific research, one that underwrites every single aspect of the life sciences. “Nothing in biology makes sense except in the light of evolution,

China, Russia, and even genuine democracies like Brazil, India, and South Africa still operated on different principles. For the BRICS, responsible foreign policy meant tending to one’s own affairs. They abided by the established rules only insofar as their own interests were advanced, out of necessity rather than conviction, and they appeared happy to violate them when they thought they could get away with it. If they assisted another country, they preferred to do so on a bilateral basis, expecting some benefit in return. These nations certainly felt no obligation to underwrite the system as a whole. As far as they were concerned, that was a luxury only a fat and happy West could afford. —

Genes are the units of inheritance, the things that are selected by nature to be carried into the future. Nature sees the physical manifestation of a gene – the phenotype – and as a result of that trait enhancing survival, the DNA underwriting it succeeds, and is passed on down the generations. Genes are the templates on which our lives are built.

The vaccines are so risky that the insurance industry has refused to underwrite them,154 and the manufacturers refuse to produce them without blanket immunity from liability.

exclusive private club—the big investment banks and fund houses that get shares at the initial (or “underwriting”) price, before the stock begins public trading. The biggest “run-ups” often occur in stocks so small that even many big investors can’t get any shares; there just aren’t enough to go around.

In London, Lloyd’s underwriters settled $2,500,000 in insurance liability. In the end the Ward Line collected $4,188,999 in insurance. The line sold the Morro Castle to Union Shipbuilding of Baltimore for $33,605 as scrap iron.

What does a merchant do when a potential customer walks into a store and wants to purchase a ton of goods on credit? A solution was offered by the “The Society of Guardians for the Protection of Trade against Swindlers and Sharpers,” established in 1776. This society pooled data from 550 merchants to collect information on the reputation of customers. This would make it much harder for a bad customer to defraud multiple merchants. Its key principle: “Every member is bound to communicate to the Society without delay, the Name and Description of any Person who may be unfit to trust.” In other words, this was the beginning of credit scores as a means to assess the trustworthiness of a customer for loans—no swindlers or sharpers allowed. This Society of Guardians was not the only credit bureau—thousands of similar small organizations were formed over the years, collecting individual names and publishing books with various comments and gossip. Modern giants Experian and Equifax grew from these small, local bureaus. Experian started as the Manchester Guardian Society in the early 1800s, eventually acquiring other bureaus to become one of the world’s largest. And Equifax grew from a Tennessee grocery store in the late 1800s, where the owners started compiling their own lists of creditworthy consumers. These bureaus tended to combine into larger bureaus over time because of what’s often described as a “data network effect.” When a bureau works with more merchants, it means more data, which means the risk predictions on loans will be more accurate. This makes it more attractive for additional merchants to join, who contribute even more data, and so on. Being able to accurately assess lending risk allows the rest of the network to function—consumers can borrow to get the goods they want, merchants can sell their products profitably, and banks can help underwrite the loans. This network is held together by credit bureaus like Equifax and Experian, who centralize consumer data.

Up-front investment to try to professionalize the supply side early on in a network’s development inevitably comes with risk. In a well-publicized misstep for Uber, the company sought to expand its supply side by financing vehicles to provide cars to potential drivers who didn’t own vehicles, a program called XChange Leasing. The hypothesis was that this should push these drivers into power-driver territory quickly. Payments could be automatically deducted from their Uber earnings, and their driver ratings and trip data could be used to underwrite the loans. XChange Leasing unfortunately lost $525 million and failed to professionalize the driver side of the market. The problem was, it attracted drivers highly motivated by money—usually a positive—but who didn’t have high credit scores for good reason. They often failed to make payments, using their Uber-provided car to drive for competitors and avoid the automatic deductions. They would steal the cars and sell them for, say, half price. They would drive for Lyft instead of Uber, as a way to avoid the automatic payment deductions—they would try to have their cake and eat it, too. Uber needed to organize a massive repossession effort to get the cars back, but it was too late—many had been sold illegally, some finding themselves as far away as Iraq and Afghanistan, GPS devices still attached and running. This is a colorful example of how scaling the supply side, when a lot of capital is involved, can be tricky.

We are a legitimate nation and legitimate nations do not underwrite piracy on the high seas.

Andrew Willard Jones writes, Within the metanarrative of progress that underwrites liberalism, Christians are cast as the losing side and, I am afraid, there is no amount of maneuvering that can change that. In fact, our role in the drama is precisely this maneuvering. We are cast to fight a rearguard action: we steadily lose ground, but nonetheless put up a stubborn resistance. In the liberal march to freedom, we are the ever-retreating but completely necessary tyrants, the enemies of human rights against whom the freedom fighters heroically contend, the defenders of dogma against whom the courageous scientists struggle, the stuffy prudes against whom the free-spirited youth must battle. We have all seen multiple versions of this movie—in fact, this is the plot of nearly all our cultural productions. If this is indeed our role in the cultural narrative, new tactics will not save us. Devising new ways to “turn back the clock” or new arguments within the dominant discourse of freedom and rights, of religion and the State, is simply to continue to play the part of the loser in a liberal script acted out on a set constructed of modern concepts. To view ourselves as the retreating good guys is simply our role.

University scholars Carl Benedikt Frey and Michael Osborne ranked about seven hundred occupations on their likelihood of being disrupted by the early 2030s.[14] At a 99 percent likelihood of being able to be automated were such job categories as telemarketers, insurance underwriters, and tax preparers.[15] More than half of all occupations had a greater than 50 percent likelihood of being automatable.

He may have been right, but that’s not why we didn’t leap into junk bonds. We didn’t underwrite junk bonds because our senior management didn’t understand them, and in the midst of the civil war on the forty-first floor, no one had the time or the energy to learn.

The pressure on life businesses and the capital fears prompted by the 2008 crisis have prompted the industry to build bigger capital cushions and cut costs. This has left insurers in a relatively good position. Investors have enjoyed decent dividends with payouts increasing by a cumulative 70% since 2009, according to FactSet. For shareholders, the risks to returns from life insurance have, so far, been balanced by earnings from nonlife insurance and asset management. Germany’s Allianz has U.S. bond house Pacific Investment Management Co. and nonlife insurance businesses, like property and casualty cover, around the world. Pimco has done well as interest rates declined and bond prices rose, but is expected to suffer once rates rise again—especially since founder Bill Gross walked out. France’s Axa similarly has global nonlife businesses and a large investment manager. However, these businesses ultimately will suffer from low investment returns. In nonlife, insurers can combat this with tougher underwriting standards. But demand for property-type insurance also suffers in a slower economy. Allianz has the lowest financial leverage of the big-three eurozone life insurers, and so has more flexibility to look for higher returns abroad. It also has a substantial general insurance business in the U.S., where rates should head higher sooner, and a higher expected dividend yield than France’s Axa or Italy’s Generali for this year and next.

Whatever the future may hold for Nature, its past—indeed, its very existence—owes much to religious and political discontent. In the nineteenth century, academics at the old universities of Oxford and Cambridge were required to belong to the conventional Church of England. Those barred from these institutions for reasons of religion or politics—Catholics, Jews, atheists, and dissenters of every stripe—washed up, perhaps inevitably, in London, where, in 1828, University College was founded. It was a group of such London-based academics, centered on Thomas Henry Huxley—an early champion of Darwinian evolution—who found themselves with nothing to read. The group, known as the X Club (Ladies’ Night was known as the XYves), had been devotees of a periodical called The Reader. But when that folded, the X Club persuaded Scottish publisher Alexander MacMillan to underwrite a scientific magazine. And so, on November 4, 1869, Nature was born, and the MacMillan family has published it ever since.

Your expenses grow to match your income. As the decades pass and you realize that no, you’re not going to save the world, the money becomes a more and more important part of the justification. And when you have kids, you’re stuck; it’s much easier to deprive yourself of money (and what it buys) than to deprive your children of money. More important, you internalize the rationalizations for the work you are doing. It’s easier to think that underwriting new debt offerings really is saving the world than to think that you are underwriting new debt offerings, because of the money, instead of saving the world. And this goes for many walks of life. It’s easier for college professors to think that, by training the next generation of young minds (or, even more improbably, writing papers on esoteric subjects), they are changing the world than to think that they are teaching and researching instead of changing the world. Sure, there are self-parodying, economically delusional, psychotherapy-needing, despicable people on Wall Street . . . but there are also a lot of people who went there because it was easy and stayed because they decided they couldn’t afford not to and talked themselves into it. A college student asked me at a book talk what I thought about undergraduates who go work on Wall Street. And individually, I have nothing against them, although I do think they should do their best to keep their expenses down so they will be able to switch careers later. But as a system, it’s a bad thing that a small handful of highly profitable firms are able to invest those profits into skimming off some of the top students at American universities—universities that, even if nominally private, are partially funded by taxpayer money in the form of research grants and federal subsidies for student loans—and absorbing them into the banking-consulting-lawyering Borg.7

Which lawyer drafts the contract is often dictated by custom: financing agreements are drafted by lenders’ counsel; acquisition agreements are drafted by purchaser’s counsel; underwriting agreements are drafted by underwriter’s counsel; employment contracts are drafted by employers’ counsel; security agreements are drafted by secured party’s counsel. The underlying principle is that the party with the most leverage or with the most to lose from an inadequately drafted contract will do the drafting.

The Economics of Property-Casualty Insurance With the acquisition of General Re — and with GEICO’s business mushrooming — it becomes more important than ever that you understand how to evaluate an insurance company. The key determinants are: (1) the amount of float that the business generates; (2) its cost; and (3) most important of all, the long-term outlook for both of these factors. To begin with, float is money we hold but don't own. In an insurance operation, float arises because premiums are received before losses are paid, an interval that sometimes extends over many years. During that time, the insurer invests the money. Typically, this pleasant activity carries with it a downside: The premiums that an insurer takes in usually do not cover the losses and expenses it eventually must pay. That leaves it running an "underwriting loss," which is the cost of float. An insurance business has value if its cost of float over time is less than the cost the company would otherwise incur to obtain funds. But the business is a lemon if its cost of float is higher than market rates for money. A caution is appropriate here: Because loss costs must be estimated, insurers have enormous latitude in figuring their underwriting results, and that makes it very difficult for investors to calculate a company's true cost of float. Errors of estimation, usually innocent but sometimes not, can be huge. The consequences of these miscalculations flow directly into earnings. An experienced observer can usually detect large-scale errors in reserving, but the general public can typically do no more than accept what's presented, and at times I have been amazed by the numbers that big-name auditors have implicitly blessed. As for Berkshire, Charlie and I attempt to be conservative in presenting its underwriting results to you, because we have found that virtually all surprises in insurance are unpleasant ones. The table that follows shows the float generated by Berkshire’s insurance operations since we entered the business 32 years ago. The data are for every fifth year and also the last, which includes General Re’s huge float. For the table we have calculated our float — which we generate in large amounts relative to our premium volume — by adding net loss reserves, loss adjustment reserves, funds held under reinsurance assumed and unearned premium reserves, and then subtracting agents balances, prepaid acquisition costs, prepaid taxes and deferred charges applicable to assumed reinsurance. (Got that?)

All the big talk of Democracy and Human Rights seemed as spurious as the glib guarantees with which some manufacturers underwrite their products in the confident hope that they will never be challenged. The Briton at home takes no responsibility for the protestations and promises made in his name by British officials overseas.

Your committee is satisfied from the proofs submitted ... that there is an established and well defined identity and community of interest between a few leaders of finance ... which has resulted in great and rapidly growing concentration of the control of money and credit in the hands of these few men.... Under our system of issuing and distributing corporate securities the investing public does not buy directly from the corporation. The securities travel from the issuing house through middlemen to the investor. It is only the great banks or bankers with access to the mainsprings of the concentrated resources made up of other people's money, in the banks, trust companies, and life insurance companies, and with control of the machinery for creating markets and distributing securities, who have had the power to underwrite or guarantee the sale of large-scale security issues. The men who through their control over the funds of our railroad and industrial companies are able to direct where such funds shall be kept, and thus to create these great reservoirs of the people's money are the ones who are in a position to tap those reservoirs for the ventures in which they are interested and to prevent their being tapped for purposes which they do not approve.... When we consider, also, in this connection that into these reservoirs of money and credit there flow a large part of the reserves of the banks of the country, that they are also the agents and correspondents of the out-of-town banks in the loaning of their surplus funds in the only public money market of the country, and that a small group of men and their partners and associates have now further strengthened their hold upon the resources of these institutions by acquiring large stock holdings therein, by representation on their boards and through valuable patronage, we begin to realize something of the extent to which this practical and effective domination and control over our greatest financial, railroad and industrial corporations has developed, largely within the past five years, and that it is fraught with peril to the welfare of the country.3 Such was the nature of the wealth and power represented by those six men who gathered in secret that night and travelled in the luxury of Senator Aldrich's private car.

Rothschild houses had capital in excess of £35 million on the eve of the First World War, all of it family money; it was the job of the partners to manage this huge portfolio. A large part of it they held in the form of European government bonds, the most secure form of investment and also the kind of security the Rothschilds knew best, since they had long been the principal underwriters for new bond issues on the London market. They, more than anyone, stood to lose in the event of a European war, not least because such a war would almost certainly divide the three houses, pitting Paris and perhaps also London against Vienna. Yet the outbreak of war caught them almost entirely by surprise.

The president’s subordinates at the White House Office of Management and Budget have announced that the government would subsidize companies sued by employees for failure to comply with the WARN Act—in effect, the president is using public funds to encourage and underwrite the violation of federal law.17

So what we can say is that freedom is the experience of abnormality as possibility, uttered in abstraction and compelled by strange-love that no law can underwrite.

countless people step into financial bondage because they spend money they don’t have in order to underwrite a “once in a lifetime opportunity.” God is not behind every good deal! Self-control means turning down most good deals on things we want because God may have other and better plans for his money.

A healthy global financial system is essential to meeting the aspirations of billions of people entering the middle class; to fund the growth of cities; to build the global networks of roads, airports, ports, and telecommunications the world needs; to underwrite the expansion of health care, education, and other vital social services; and to raise the trillions of dollars that will be necessary to deal with climate change. The centrality of finance and the search for more and different kinds of funding and credit—the kind of innovation and expansion epitomized by the House of Rothschild—remain pivotal to our interconnected and expanding world economy. And if we look for the most important historical models for effective, enlightened global bankers, Mayer Amschel Rothschild is at the top of the list.

there isn’t sufficient demand to absorb the entire supply, then sometimes the lead manager should buy the unsold portion of the supply. This is called as ‘underwriting’ and not solicited unless agreed so in the contract terms. For

Before wrapping up this chapter, let us look at one of the deadly scams in the Indian primary market history. There was company named ‘MS shoes east’. Shares of this company traded in Rs 150-200 range throughout the year 1994. But towards December 1994 it spurted to Rs 500 without any justifiable rationale behind the raise. Its promoter Pavan Sachedeva and his broker artificially manipulated the stock price to this level.   By February 1995, the company devised an expansion plan for an estimated expense Rs 700 crores. It proposed to raise around Rs 428 crores by means of Fully convertible bonds. These bonds were to be sold at Rs 199 each through public issue. The idea was to provoke people to subscribe the issue with a hope of converting this bond of Rs 199 to a share of Rs 500.   Well, his brokers was constantly buying the stocks from the open market to maintain the price at that high level. But the situation had already worsened. He had bought too much and had too little money at hand that he could not pay the stock exchange for all the purchases he made. BSE could not give money to the sellers of that security. Things turned out to be serious. You may find it hard to believe  - the BSE was shut down for three consecutive days without any business.   Before this drama came to light, FCD ('Fully Convertible Debenture) public issue was a big success and it almost stole the show. Delighted by the overwhelming response from the investing community, MS Shoes had announced to close the public issues few days before the stipulated time. The world came to know that the cruel plan of manipulating the stock price was only to push the bond issue successfully. Even the authorities woke up to the problem. The company was issued a notice. And also it allowed the investors to take back their FCD application. Almost all the investors took back. Even the underwriter refused to buy the unsold portion of the issue because the company had voluntarily announced to close the issue before the end date. The ruling was in favor the underwriter. Sachedeva declared himself to be innocent. MS shoes office resembled a mourning house with  deserted look.   There was one Sachedeva who came to light. There were and probably still are more of them out there.

In the fog of history and myth, the American role in championing and underwriting European integration is frequently forgotten, along with the resistance of the Europeans.

Our incomplete knowledge of physical reality enriches our human experiences by maintaining its novelty, its unanticipated outcomes, its newness. It allows us each to live our lives as a great adventure. What sense of satisfaction would a scientist derive from inquiry if the laws of physics were all clearly revealed as part of the act of creation. What joy would there be in searching for buried treasure if you knew all along where you hid it? It’s the mystery that underwrites the joy of discovery.” —Bernard Haisch, The God Theory

1. The conglomerate movement, “with all its fancy rhetoric about synergism and leverage.” 2. Accountants who played footsie with stock-promoting managements by certifying earnings that weren’t earnings at all. 3. “Modern” corporate treasurers who looked upon their company pension funds as new-found profit centers and pressured their investment advisers into speculating with them. 4. Investment advisers who massacred clients’ portfolios because they were trying to make good on the over-promises that they had made to attract the business. 5. The new breed of investment managers who bought and churned the worst collection of new issues and other junk in history, and the underwriters who made fortunes bringing them out. 6. Elements of the financial press which promoted into new investment geniuses a group of neophytes who didn’t even have the first requisite for managing other people’s money—namely, a sense of responsibility. 7. The securities salesmen who peddle the items with the best stories—or the biggest markups—even though such issues were totally unsuited to the customers’ needs. 8. The sanctimonious partners of major investment houses who wrung their hands over all these shameless happenings while they deployed an army of untrained salesmen to forage among even less trained investors. 9. Mutual fund managers who tried to become millionaires overnight by using every gimmick imaginable to manufacture their own paper performance. 10. Portfolio managers who collected bonanza incentives of the “heads I win, tails you lose” kind, which made them fortunes in the bull market but turned the portfolios they managed into disasters in the bear market. 11. Security analysts who forgot about their professional ethics to become storytellers and let their institutions be taken in by a whole parade of confidence men. This was the “list of horrors that people in our field did to set the stage for the greatest blood bath in forty years,