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Books > Business & Economics > Finance & accounting > Finance
The modern world is built on commodities - from the oil that fuels our cars to the metals that power our smartphones. We rarely stop to consider where they have come from. But we should.
The World for Sale lifts the lid on one of the least scrutinized corners of the world economy: the billionaire commodity traders who buy, hoard, and sell the earth's resources. It is the story of how a handful of swashbuckling businessmen became indispensable cogs in global markets, enabling an enormous expansion in international trade and connecting resource-rich countries - no matter how corrupt or war-torn - with the world's financial centers.
The result is an eye-opening tour through the wildest frontiers of the global economy, as well as a revelatory guide to how capitalism really works.
As global markets toppled during the 2008 financial crisis, the
Canadian market for non-bank asset-backed commercial paper (ABCP)
seemed on the verge of collapsing. Fueled by a top rating from
DBRS, ABCP had found its way into the portfolios of some of
Canada's most sophisticated investors as well as vulnerable retail
investors who didn't know what they were holding. The failure of
the $32 billion market could have tipped Canadian and foreign
credit default swap markets into chaos if it weren't for the swift
actions of a few powerful asset holders. Collectively, through the
Montreal Accord and led by veteran Canadian lawyer Purdy Crawford,
they managed to hold the Canadian ABCP market back from the brink
of collapse by crafting a complex and innovative solution. Back
from the Brink goes behind the scenes of the ABCP crisis to examine
how a solution was reached and lessons learned that could prevent
or mitigate future crises. The authors also examine the imaginative
use of the Companies' Creditors Arrangement Act and describe the
roles played by the banks, the major investors, rating agencies,
and the financial regulators in the crisis's origins and
conclusions. Back from the Brink holds important lessons for anyone
interested in Canadian law, the future of complex investments, and
Canada's capital markets.
This is the first detailed study of how Bernard L. Madoff and his
accomplices perpetrated a Ponzi scheme of epic proportions-what has
been referred to as the "con of the century." In December 2008,
Bernard L. Madoff was arrested for perpetrating a protracted Ponzi
scheme of inconceivably huge proportions that defrauded clients of
his securities company of nearly $20 billion-and was consequently
sentenced to 150 years in jail. How did Madoff pull this off for
years, even returning some or all of clients' money when they
asked, while in actuality was financing the lavish lifestyles of
himself, his family, and his accomplices with the stolen funds? And
why didn't anyone in the highly regulated investment industry catch
on sooner? Bernard Madoff and His Accomplices: Anatomy of a Con
examines Bernard L. Madoff's unprecedented confidence game (con
game), drawing back the curtain on what actually went on at his
investment firm, Bernard L. Madoff Investment Securities, and
exposing the day-to-day activities of his accomplices that enabled
the elaborate con to succeed for as long as it did. Through the
examination of court testimony and other court documents, the
mechanics of the con game become clear, elucidating how Madoff's
friends and employees hustled money from investors; the methods by
which false records, monthly statements to investors, and other
documents were manufactured and mass-produced; and how a multitude
of felonies and the highest levels of fraud became everyday
practices. Presents the first study of Bernard L. Madoff Investment
Securities, the organization where the fraud began, was centered,
and flourished by duping investors for at least a decade Documents
how investors who depend on and trust investment professionals can
lose money, especially given that some investment companies do not
always act in their clients' best interests and that Wall Street
regulators are often ineffective Takes readers backstage to see the
intricate details of the "theatre production" of a con game-the
playacting, performances, pretending, utilization of props, and
false representations that are required to achieve a "standing
ovation" (i.e., the total fleecing of the marks)
This book introduces the reader to a proven technique which can be
utilised by anyone who is looking to invest in property. The
`quantum' strategy advocated in this book is a proven method suited
for those trying to buy below-market-value property or for those
trying to increase their property portfolio in a cost-effective
way. This book is wholly practical: it takes the reader through
various stages of property transactions. It also includes a vast
range of examples that can be adapted to meet the reader's needs.
Some of the unique topics covered in this book include: How to
increasing your wealth through "leveraging" How to increasing your
property portfolio through "velocity" How to increasing the value
of your property through "value engineering" How to access the
property market without investing any money How to increasing your
confidence through tried and tested formula essential for a
successful property investment.
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