Deregulation: A major cause for the financial crisis of 2008? Professor E. Slavai Geoffrey Delbaere August 2013 “When you can create something out of nothing‚ it is very difficult to resist” Lee Hsien Loong (Prime Minister of Singapore) Introduction On September 15th 2008 the investment bank Lehman Brothers was declared bankrupt. That same month AIG‚ the world’s largest insurance company‚ also collapsed. These two events led to a global financial crisis which cost 30 million people their
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Western Michigan university | Is It Fair to Blame Fair Value Accounting for the Financial Crisis? | By Robert C. Pozen | | Luma Raha | 10/12/2011 | The article from the Harvard Business Review‚ "Is it Fair to Blame Fair Value Accounting for the Financial Crisis?" ‚ author Robert Pozen stipulates that the fair value accounting principles did not cause the financial crisis of 2008‚ but certainly aggravated it by common misconceptions about accounting standards. The article defines
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Executive summary Ratios of ten companies are presented in this study. The companies are all headquartered in the United States and the financial statements are the most recent annual financials for the respective fiscal years ending in 1999 or 2000. The companies are: 1. Developer of prepackaged software 2. On-line retailer 3. Warehouse club for food and general merchandise 4. Major passenger airline 5. International hotel chain 6. Temporary staffing agency 7. Supermarket grocery
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The latest history of the Irish economy: from Celtic Tiger to the financial crisisCeltic tiger is a term used to describe the economy of Ireland during a period of rapid economic growth starting in the second part of the 1990s and ending in approximately 2007-2008. During that time Ireland experienced a boom which transformed the country from one of the poorest states in Europe into one of the wealthiest. The term Celtic Tiger was first coined by an Irish economist Morgan Stanley and derives from
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FINANCIAL INCLUSION: banking the unbanked Aluwani Nengovhela Milpark Business School Research paper on financial inclusion by the banking sector 18/10/2013 EXECUTIVE SUMMARY Millions of South Africans are either not banked (as many as 13 million people) or are under-banked by the banking sector and are therefore financially excluded. The exclusion of so many South Africans from the financial system‚ limits the ability of a material portion of the population to ultimately
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Global financial crisis 2008 Hamburger crisis is the crisis that occurred in United State around the end of 2007. This crisis start from the policy of United State’s government by changed the policy of giving credit to customer. At first‚ bank tried to chose the best customer for give them a credit. After that bank needs more customers‚ so bank give a credit to unemployed customer. At first‚ everything was going well‚ then most of investors turn to invest on the property in order to speculate those
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BP Oil Spill Chait‚ J‚ (2010). Dear Leader. New Republic‚ 241(10)‚ 2-2. Retrieve June 21‚ 2010‚ from Academic Search Premier. This article discusses the present oil spill in the Gulf of Mexico. The president’s has not changed the Minerals Management Service. In reality‚ the federal government has no agency tasked with capping undersea oil leaks. All the necessary equipment‚ along with the expertise for operating it‚ resides with the private sector. BP will likely bear the full cost of the spill;
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The 2010 BP oil spill that took place on the BP-operated Macondo Prospect claimed 11 lives‚ and is considered to be the largest marine oil spill in the petroleum industry’s history. The spill flowed continuously for 87 days until it was declared to have been contained on 15th July 2010 and finally sealed on 19th September of the same year (BP‚ 2013). However‚ unconfirmed reports indicate that some of the well sites continue to leak (Pulham‚ Hilaire & Fenn‚ 2010). The spill took a physical and psychological
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The Primary Sector: The primary sector of industry as a whole is declining. Although there are areas in which profit can be made including extraction of minerals (sand‚ gravel) and organic food production‚ there are no longer many advantages to start a new business in the sector where the output is falling down. The trend for farms like Seldom Seen Farm which produce fruits and vegetables or red meat (beef‚ pork‚ lamb) has gone down and has been replaced by fish farms and food organics farms
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CrIsaac Mendez 951218667 The 2008 US Financial Crisis & The Aftermath The Core Driver of the Crisis : Asset Backed Securities Banks make money through giving out loans to consumers. Home loans are one of the most common type of loan a bank provides customers and its very profitable. However‚ banks needed a form of collateral when it lends individuals a large sum of money to purchase a home. So if a borrower were to default on their loan‚ the bank can cover the lost by gaining possession
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