My Adventures Inside the SEC and How to Prevent the Next Devastating Crisis
Author: Norm Champ
Publisher: McGraw Hill Professional
Category: Business & Economics
An insider’s look at the SEC and the changes needed to strengthen the U.S. financial system In 2008, Americans were reeling from the devastating financial crisis that caused the Great Recession. There were searing questions about how the crisis was allowed to happen and calls for immediate reform from Capital Hill, the news media, and the general public. Multiple scandals sent real fear through the investing community and brought unprecedented heat on the Securities and Exchange Commission (SEC). There was little doubt that the SEC had to fix rules that permitted bad behavior, shake off decades of complacency and enforce existing laws. Wall Street lawyer Norm Champ spent nearly 20 years dealing with the SEC on behalf of his clients and as an industry representative working to educate the agency about hedge funds. Believing he could help reform the deeply-flawed agency, Champ left his career in the private sector and joined the SEC. As Director of the Division of Investment Management, he became a key player in stabilizing trillions of dollars of investor capital while reenergizing the SEC’s culture and management. In Going Public, Champ presents a rare, insider’s look at how the SEC operates and explains exactly how the agency impacts the overall economic health of the country. He examines the inner workings of hedge funds, economic policy and politics, investing, and inefficient and frustrating federal agencies. Engrossing and important, this book offers critical recommendations for policy changes that will create healthy, free-functioning markets and help Americans better prepare for the inevitable next crisis.
Why did the financial scandals really happen? Why are they continuing to happen? In The Death of Corporate Reputation, Yale's Jonathan Macey reveals the real, non-intuitive reason, and offers a new path forward. For over a century law firms, investment banks, accounting firms, credit rating agencies and companies seeking regular access to U.S. capital markets made large investments in their reputations. They treated customers well and sometimes endured losses in transactions or business deals in order to sustain and nurture their reputations as faithful brokers and “gate-keepers.” This has changed completely . The existing business model among leading participants in today’s capital markets no longer treats customers as valued clients whose trust must be earned and nurtured, but as one-off “counter-parties” to whom no duties are owed and no loyalty is required . The rough and tumble norms of the market-place have replaced the long-standing reputational model in U.S. finance. This book describes the transformation in American finance from the old reputational model to the existing laissez faire model and argues that the change came as a result of three factors: (1) the growth of reliance on regulation rather than reputation as the primary mechanism for protecting customers and (2) the increasing complexity of regulation, which made technical expertise rather than reputation the primary criterion on which customers choose who to do business with in today’s markets ; and (3) the rise of the “cult of personality” on Wall Street, which has led to a secular demise in the relevance of companies’ reputations and the concomitant rise of individual “rain-makers” reputation as the basis for premium pricing of financial services. This compelling book will drive the debate about the financial crisis and financial regulation for years to come -- both inside and outside the industry.
A History of the Securities and Exchange Commission and Modern Corporate Finance
Author: Joel Seligman
Publisher: Aspen Law & Business
Category: Business & Economics
The Transformation of Wall Street is a comprehensive and insightful historical analysis of the Securities andamp; Exchange Commission from the perspective of a leader in securities regulation. The Transformation of Wall Street offers an in-depth look at the history of the SEC's origins, accomplishments, and failings since its creation in 1934. Each chapter in the book takes historical look at the tenure of the various SEC chairmen. The first edition, published in 1977, covered the SEC through the Nixon-Ford presidential administration. A revised edition was published in 1995, updating the book through 1992. Now, the third edition continues the history until 2001, the end of Arthur Levitt's Chairmanship, with a treatment of auditing issues through the enactment of the Sarbanes-Oxley Act (July 2002). In this revised edition, author Joel Seligman draws on unpublished SEC files and extensive personal interviews to provide a comprehensive examination of the origins, accomplishments, and failings of the SEC and its leaders, from the creation of the SEC in 1934 to the present. The new material, among other things, addresses: The Private Securities Litigation Reform Act, which has had a significant impact on private securities litigation after its passage in 1995 The structure of the securities markets (which are in an important transition because of Electronic Communications Networks; decimalization; international competition; and the continuing evolution to greater institutionalization of our markets as well as the growth of several new products, most recently security futures products) Municipal securities markets (which were largely ignored before the recently resigned Arthur Levitt) Several issues with respect to the accounting profession (most notably auditor independence and the independence of accounting standard-setting boards). In addition, this work focuses on Chairman Levitt, whom the author believes was one of the most accomplished of the post World War II chairs, and had the challenge of being a Chair appointed by a Democratic party president during a period when Republicans controlled both houses of Congress as well as a period of extraordinary ferment in the securities market.
An argument settler--and starter--for Civil War buffs who want to know which side had the better soldiers: Armies South, Armies North definitively compares the military forces of both sides. Civil War buffs are always arguing over which side had the better soldiers. Armies South/Armies North by Alan Axelrod helps readers reconsider their understanding of America’s most harrowing war. Axelrod is the author of more than one hundred books with a passion for military history and leadership. Each chapter of his new book compares the military forces with both quantitative and qualitative measures. Axelrod analyzes the equipment, the leadership and strategies, and the men who fought in each army, with additional focus on lesser known flash points during the war.
The History and the Future of Boom-Bust Oil Prices
Author: Robert McNally
Publisher: Columbia University Press
Category: Business & Economics
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.
Over the past 40 years, Tom Stanley and his daughter Sarah Stanley Fallaw have been involved in research examining how self-made, economically successful Americans became that way. Despite the publication of The Millionaire Next Door, The Millionaire Mind, and others, myths about wealth in American still abound. Government officials, journalists, and many American still tend to confuse income with wealth. A new generation of household financial managers are hearing from so-called experts in personal financial management due to the proliferation of the cottage industry of financial blogs, podcasts, and the like. In many cases, these outlets are simply experiences shared without science, case studies without data based on broader populations. Therefore, the authors decided to take another look at millionaires in the United States to examine what changes could be seen 20 years after the original publication of The Millionaire Next Door. In this book the authors highlight how specific decisions, behaviors, and characteristics align with the discipline of wealth building, covering areas such as consumption, budgeting, careers, investing, and financial management in general. They include results from quantitative studies of wealth as well as case studies of individuals who have been successful in building wealth. They discuss general paths to building wealth on your own, focusing specifically on careers and lifestyles associated with each path, and what it takes to be successful in each.
The Leader's Guide to Business Transformation Through Technology
Author: Isaac SACOLICK
Publisher: AMACOM Div American Mgmt Assn
Category: Business & Economics
Every organization has a plan for updating products, technologies, and business processes. But that’s not enough anymore. With disruptive startups outperforming industry stalwarts, executives everywhere are pushing greater growth and innovation. Staying competitive demands a complete digital transformation. For professionals charged with leading technology-driven change, the pressure is intense—and the path forward unclear. Author Isaac Sacolick has successfully spearheaded multiple transformations and helped shape digital-business best practices. Now in Driving Digital, he shares the lessons he’s learned, detailing how to: Formulate a digital strategy Transform business and IT practices Align Development and Operations Promote agile practices Drive culture change Bolster digital talent Manage a portfolio of initiatives Capture and track ROI Strengthen data-driven decision making and expand data science practices Cultivate strategic technology capabilities Develop innovative digital products Enable product management Pilot emerging technologies Become smarter faster. Every company is on the cusp of digital disruption. But with so many pieces to the puzzle, efforts often get derailed. Driving Digital is the action plan you need to take your company and career into the future.
This book delves deeply into the real-world technologies behind the ‘directed energy weapons’ that many believe exist only within the confines of science fiction. On the contrary, directed energy weapons such as high energy lasers are very real, and this book provides a crash course in all the physical and mathematical concepts that make these weapons a reality. Written to serve both scientists researching the physical phenomena of laser effects, as well as engineers focusing on practical applications, the author provides worked examples demonstrating issues such as how to solve for heat diffusion equation for different boundary and initial conditions. Several sections are devoted to reviewing and dealing with solutions of diffusion equations utilizing the aid of the integral transform techniques. Ultimately this book examines the state-of-the-art in currently available high energy laser technologies, and suggests future directions for accelerating practical applications in the field.“br>/div
Every day at work, people do three things: talk, listen, and pretend to listen. That’s not surprising—the average attention span has dropped to 8 seconds. To get heard, says high-stakes communications expert Paul Hellman, you need to focus your message, be slightly different, and deliver with finesse. Through fast, fun, actionable tips, You’ve Got 8 Seconds explains what works and what doesn’t, what’s forgettable and what sticks. With stories, scripts, and examples of good and bad messages, the book reveals three main strategies: FOCUS: Design a strong message—then say it in seconds. VARIETY: Make routine information come alive. PRESENCE: Convey confidence and command attention You’ll discover practical techniques, including the Fast-Focus MethodTM that the author uses with leadership teams; how to stand out in the first seconds of a presentation; and 10 actions that spell executive presence. Whether pitching a project, giving a speech, selling a product, or just writing your next email, with You’ve Got 8 Seconds you’ll get heard, get remembered, and get results.
How Today's Global Financial Crisis Happened, and what to Do about it
Author: Robert J. Shiller
Publisher: Princeton University Press
Category: Business & Economics
A best-selling economist reveals the origins of the subprime mortgage crisis and puts forward bold measures to resolve it by restructuring the institutional foundations of the financial system in a thoughtful study by the author of Irrational Exuberance. First serial, The Atlantic.
From international NGOs to UN agencies, from donors to observers of humanitarianism, opinion is unanimous: in a context of the alleged "clash of civilizations", our "humanitarian space" is shrinking. Put another way, the freedom of action and of speech of humanitarians is being eroded due to the radicalisation of conflicts and the reaffirmation of state sovereignty over aid actors and policies. The purpose of this book is to challenge this assumption through an analysis of the events that have marked MSF's history since 2003 (when MSF published its first general work on humanitarian action and its relationships with governments). It addresses the evolution of humanitarian goals, the resistance to these goals and the political arrangements that overcame this resistance (or that failed to do so). The contributors seek to analyse the political transactions and balances of power and interests that allow aid activities to move forward, but that are usually masked by the lofty rhetoric of "humanitarian principles". They focus on one key question: what is an acceptable compromise for MSF? This book seeks to puncture a number of the myths that have grown up over the forty years since MSF was founded and describes in detail how the ideals of humanitarian principles and "humanitarian space" operating in conflict zones are in reality illusory. How, in fact, it is the grubby negotiations with varying parties, each of whom have their own vested interests, that may allow organisations such as MSF to operate in a given crisis situation - or not.
#1 New York Times Bestseller Oprah’s Book Club 2016 Selection "Riveting...a worthy investment...this book has real wisdom." —New York Times Book Review "A book with so much painful truth packed into its pages that every person who’s ever married or plans to marry should really give it a read." — Chicago Tribune "Provocative... I adore her honesty, her vulnerability, and her no-nonsense wisdom, and I know you will, too." — Oprah Winfrey “This memoir isn’t really about Glennon rebuilding her relationship with her husband; it is about Glennon rebuilding her relationship with herself. Utterly refreshing and... badass.” — Bustle.com A memoir of betrayal and self-discovery by bestselling author Glennon Doyle, Love Warrior is a gorgeous and inspiring account of how we are all born to be warriors: strong, powerful, and brave; able to confront the pain and claim the love that exists for us all. This chronicle of a beautiful, brutal journey speaks to anyone who yearns for deeper, truer relationships and a more abundant, authentic life.
Spanning eight decades and chronicling the wild ride of a Greek-American family through the vicissitudes of the twentieth century, Jeffrey Eugenides’ witty, exuberant novel on one level tells a traditional story about three generations of a fantastic, absurd, lovable immigrant family -- blessed and cursed with generous doses of tragedy and high comedy. But there’s a provocative twist. Cal, the narrator -- also Callie -- is a hermaphrodite. And the explanation for this takes us spooling back in time, through a breathtaking review of the twentieth century, to 1922, when the Turks sacked Smyrna and Callie’s grandparents fled for their lives. Back to a tiny village in Asia Minor where two lovers, and one rare genetic mutation, set our narrator’s life in motion. Middlesex is a grand, utterly original fable of crossed bloodlines, the intricacies of gender, and the deep, untidy promptings of desire. It’s a brilliant exploration of divided people, divided families, divided cities and nations -- the connected halves that make up ourselves and our world. Justly acclaimed when it was released in Fall 2002, it announces the arrival of a major writer for our times. From the Hardcover edition.
From the former Treasury Secretary, the definitive account of the unprecedented effort to save the U.S. economy from collapse in the wake of the worst global financial crisis since the Great Depression.
Thirty years after its publication, The Death and Life of Great American Cities was described by The New York Times as "perhaps the most influential single work in the history of town planning....[It] can also be seen in a much larger context. It is first of all a work of literature; the descriptions of street life as a kind of ballet and the bitingly satiric account of traditional planning theory can still be read for pleasure even by those who long ago absorbed and appropriated the book's arguments." Jane Jacobs, an editor and writer on architecture in New York City in the early sixties, argued that urban diversity and vitality were being destroyed by powerful architects and city planners. Rigorous, sane, and delightfully epigrammatic, Jacobs's small masterpiece is a blueprint for the humanistic management of cities. It is sensible, knowledgeable, readable, indispensable. The author has written a new foreword for this Modern Library edition.
Describes the history of accounting and double-entry bookkeeping from Mesopotamia to the Renaissance to modern finance and explains how a system developed that could work across all trades and nations. 13,000 first printing.