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Henry B. R. Brown
Henry Bedinger Rust Brown (February 13, 1926 – August 11, 2008) was an American financial consultant known for inventing the world's first money market fund, the Reserve Fund, with Bruce R. Bent in 1970. Early career Brown was born on February 13, 1926, in Pittsburgh, where his father worked as an executive for a company that manufactured blast furnaces. After secondary education at Choate, he attended Harvard University, where he was a cartoonist for the ''Harvard Lampoon''. After graduating from college he worked for Chemical Bank in the early 1950s and later worked for a company that would later become part of Citibank. In 1963 he joined Teachers Insurance and Annuity Association in a position where he managed the firm's securities investments. Inventing the money market fund Until it was phased out in 1986, a United States banking law known as Regulation Q, which was enacted by Congress during the Great depression as part of the Glass–Steagall Act, prohibited banks fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Consultant
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice. In the United States, a financial adviser carries a Series 7 and Series 66 or Series 65 qualification examination. According to the U.S. Financial Industry Regulatory Authority (FINRA), qualification designations and compliance issues must be reported for public view. Details of formal compliance issues can be found on thInvestment Adviser Public Disclosure(IAPD) website and details of non-formal issues can be found oOnesta FINRA specifies the following groups who may use the term ''financial advisor:'' brokers, investment advisers, private bankers, accountants, lawyers, insurance agents and financial planners. Financial advisors need to be able to take the full picture of the client's financial situation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Certificates Of Deposit
A certificate of deposit (CD) is a time deposit, a financial product commonly sold by banks, thrift institutions, and credit unions in the United States. CDs differ from savings accounts in that the CD has a specific, fixed term (often one, three, or six months, or one to five years) and usually, a fixed interest rate. The bank expects the CD to be held until maturity, at which time they can be withdrawn and interest paid. Like savings accounts, CDs are insured "money in the bank" (in the US up to $250,000) and thus, up to the local insured deposit limit, virtually risk free. In the US, CDs are insured by the Federal Deposit Insurance Corporation (FDIC) for banks and by the National Credit Union Administration (NCUA) for credit unions. In exchange for the customer depositing the money for an agreed term, institutions usually offer higher interest rates than they do on accounts that customers can withdraw from on demand—though this may not be the case in an inverted yield c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leesburg, Virginia
Leesburg is a town in the state of Virginia, and the county seat of Loudoun County. Settlement in the area began around 1740, which is named for the Lee family, early leaders of the town and ancestors of Robert E. Lee. Located in the far northeast of the state, in the War of 1812 it was a refuge for important federal documents evacuated from Washington, DC, and in the Civil War, it changed hands several times. Leesburg is west-northwest of Washington, D.C., along the base of Catoctin Mountain and close to the Potomac River. The town is the northwestern terminus of the Dulles Greenway, a private toll road that connects to the Dulles Toll Road at Washington Dulles International Airport. Its population was 48,250 as of the 2020 Census and an estimated 48,908 in 2021. It is Virginia's largest incorporated town within a county (rather than being an independent city). Leesburg, like much of Loudoun County, has undergone considerable growth and development over the last 30 years, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abdominal Aneurysm
Abdominal aortic aneurysm (AAA) is a localized enlargement of the abdominal aorta such that the diameter is greater than 3 cm or more than 50% larger than normal. They usually cause no symptoms, except during rupture. Occasionally, abdominal, back, or leg pain may occur. Large aneurysms can sometimes be felt by pushing on the abdomen. Rupture may result in pain in the abdomen or back, low blood pressure, or loss of consciousness, and often results in death. AAAs occur most commonly in those over 50 years old, in men, and among those with a family history. Additional risk factors include smoking, high blood pressure, and other heart or blood vessel diseases. Genetic conditions with an increased risk include Marfan syndrome and Ehlers–Danlos syndrome. AAAs are the most common form of aortic aneurysm. About 85% occur below the kidneys with the rest either at the level of or above the kidneys. In the United States, screening with abdominal ultrasound is recommended for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Delaware
Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Delaware Bay, in turn named after Thomas West, 3rd Baron De La Warr, an English nobleman and Virginia's first colonial governor. Delaware occupies the northeastern portion of the Delmarva Peninsula and some islands and territory within the Delaware River. It is the second-smallest and sixth-least populous state, but also the sixth-most densely populated. Delaware's largest city is Wilmington, while the state capital is Dover, the second-largest city in the state. The state is divided into three counties, having the lowest number of counties of any state; from north to south, they are New Castle County, Kent County, and Sussex County. While the southern two counties have historically been predominantly agricultural, New Castle is more ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Punkin Chunkin
Punkin chunkin, or as it is sometimes called pumpkin chucking, is the sport of hurling a pumpkin solely by mechanical means for distance. The devices used include slingshots, catapults, centrifugals, trebuchets, and pneumatic (air) cannons. Punkin chunkin competitions, formal and informal, exist throughout the United States in the autumn, particularly in early November as a means to dispose of surplus pumpkins from Halloween. World Championship Punkin Chunkin, held annually in November in Delaware by the World Championship Punkin Chunkin Association (WCPCA), was the first and largest annual competition. The event ran annually from 1985 to 2013; a myriad of legal and logistical problems caused multiple events to be cancelled after that, and subsequent championships have been more sporadic. A European Championship has been held in Bikschote, Belgium each year since 2004. The Guinness world record shot is held by a pneumatic cannon dubbed "Big 10 Inch", at , on September 9, 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Break The Buck
A money market fund (also called a money market mutual fund) is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Money market funds are managed with the goal of maintaining a highly stable asset value through liquid investments, while paying income to investors in the form of dividends. Although they are not insured against loss, actual losses have been quite rare in practice. Regulated in the United States under the Investment Company Act of 1940, and in Europe under Regulation 2017/1131, money market funds are important providers of liquidity to financial intermediaries. Explanation Money market funds seek to limit exposure to losses due to credit, market, and liquidity risks. Money market funds in the United States are regulated by the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940. Rule 2a-7 of the act restricts the quality, maturity and diversity of investments by mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Of Lehman Brothers
The bankruptcy of Lehman Brothers on September 15, 2008, was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal Reserve summoned several banks to negotiate financing for its reorganization. These discussions failed, and Lehman filed a Chapter 11 petition that remains the largest bankruptcy filing in U.S. history, involving more than in assets. The bankruptcy triggered a 4.5% one-day drop in the Dow Jones Industrial Average, then the largest decline since the September 11, 2001, attacks. It signaled a limit to the government's ability to manage the crisis and prompted a general financial panic. Money market mutual funds, a key source of credit, saw mass withdrawal demands to avoid losses, and the interbank lending market tightened, threatening banks with imminent failure. The government and the Federal Reserve system responded with several emer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Net Asset Value
Net asset value (NAV) is the value of an entity's assets minus the value of its liabilities, often in relation to open-end, mutual funds, hedge funds, and venture capital funds. Shares of such funds registered with the U.S. Securities and Exchange Commission are redeemed at their net asset value. It is also a key figure with regard to hedge funds and venture capital funds when calculating the value of the underlying investments in these funds by investors. This may also be the same as the book value or the equity value of a business. Net asset value may represent the value of the total equity, or it may be divided by the number of shares outstanding held by investors, thereby representing the net asset value ''per share''. Overview Net asset value and other accounting and recordkeeping activities are the result of the process of fund accounting (also known as securities accounting, investment accounting, and portfolio accounting). Fund accounting systems are sophisticated c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Samuelson
Paul Anthony Samuelson (May 15, 1915 – December 13, 2009) was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". "In a career that spanned seven decades, he transformed his field, influenced millions of students and turned MIT into an economics powerhouse" Economic historian Randall E. Parker has called him the "Father of Modern Economics", and ''The New York Times'' considers him to be the "foremost academic economist of the 20th century". Samuelson was likely the most influential economist of the latter half of the 20th century."Paul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Smithsonian Institution
The Smithsonian Institution ( ), or simply the Smithsonian, is a group of museums and education and research centers, the largest such complex in the world, created by the U.S. government "for the increase and diffusion of knowledge". Founded on August 10, 1846, it operates as a trust instrumentality and is not formally a part of any of the three branches of the federal government. The institution is named after its founding donor, British scientist James Smithson. It was originally organized as the United States National Museum, but that name ceased to exist administratively in 1967. Called "the nation's attic" for its eclectic holdings of 154 million items, the institution's 19 museums, 21 libraries, nine research centers, and zoo include historical and architectural landmarks, mostly located in the District of Columbia. Additional facilities are located in Maryland, New York, and Virginia. More than 200 institutions and museums in 45 states,States without Smithsonian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
