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Valukas Report
The Report of Anton R. Valukas is an examination into the demise of Lehman Brothers, a formerly dominant global financial institution, that collapsed into bankruptcy during the Financial crisis of 2007-2010. Anton Valukas, chairman of the Chicago law firm Jenner & Block, was appointed by a bankruptcy court in New York in early 2009 to report on the causes of the Lehman bankruptcy. With fellow authors, he produced a 2200-page document detailing their views on the inner workings of Lehman Brothers, and possible avenues for proceedings against culpable directors and shareholders. The Valukas Report was made public following applications to the court on March 11, 2010. Outline Section I Executive Summary Introduction Lehman failed for a variety of reasons and the responsibility for the failure is shared by management, Lehman's high-risk investment bank business model and the failure of government oversight. However, all of these problems were compounded by the actions of the ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demise
Demise is an Anglo-Norman legal term (from French ''démettre'', from Latin ''dimittere'', to send away) for the transfer of an estate, especially by lease. It has an operative effect in a lease, implying a covenant "for quiet enjoyment." The phrase "demise of the Crown" is used in English law to signify the immediate transfer of the sovereignty, with all its attributes and prerogatives, to the successor without any interregnum in accordance with the maxim "the Crown never dies." At common law the death of the sovereign ''eo facto'' dissolved Parliament, but this was abolished by the Representation of the People Act 1867. Similarly the common law doctrine that all offices held under the Crown were terminated at its demise has been abolished by the Demise of the Crown Act 1901. Etymology The English word "demise" comes from the Latin word "demissio" (see, e.g., ex demissione), which comes from Latin "demittere," which is a compound of de + mittere, meaning "to send from". Thro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lehman Brothers
Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide. It was doing business in investment banking, equity, fixed-income and derivatives sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008. On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic declines in its stock price, and the devaluation of assets by credit rating agencies. The collapse was largely due to Lehman's involvement in the subprime mortgage crisis and its exposure to less liquid assets. Lehman's bankruptcy filing was the largest in US hist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis Of 2007-2010
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability asses ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anton Valukas
Anton R. Valukas (born 1943) is an American attorney who served as the United States Attorney for the Northern District of Illinois from 1985 to 1989. In 2007, he became the chairman of Jenner & Block. He was later appointed bankruptcy examiner during the bankruptcy of Lehman Brothers. Early life and education Valukas is the son of Anton J. Valukas, a former Illinois Circuit Court judge. His grandfather, Anton Kasmir, migrated to the United States from Lithuania. He attended Lawrence University, graduating in 1965, and Northwestern University School of Law, graduating in 1968. He was admitted to the bar of Illinois in 1968. Career Valukas became an Assistant United States Attorney in 1970. In 1974, he became Chief of the Special Prosecutions Division of the United States Department of Justice. Then, in 1975–76, he served as First Assistant United States Attorney. In addition to his duties at the Department of Justice, from 1972 to 1976, Valukas was an instructor at the Jo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chairman
The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the group, presides over meetings of the group, and conducts the group's business in an orderly fashion. In some organizations, the chairperson is also known as ''president'' (or other title). In others, where a board appoints a president (or other title), the two terms are used for distinct positions. Also, the chairman term may be used in a neutral manner not directly implying the gender of the holder. Terminology Terms for the office and its holder include ''chair'', ''chairperson'', ''chairman'', ''chairwoman'', ''convenor'', ''facilitator'', '' moderator'', ''president'', and ''presiding officer''. The chairperson of a parliamentary chamber is often called the ''speaker''. ''Chair'' has been used to refer to a seat or office of authority s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jenner & Block
Jenner & Block is an American law firm with offices in Chicago, London, Los Angeles, New York City, San Francisco, and Washington, D.C. The firm is active in corporate litigation, business transactions, the public sector, and other legal fields. It has litigated several prominent cases before the United States Supreme Court. As of 2014, it was the 103rd-largest law firm in the US, based on ''The American Lawyer's'' annual ranking of firms by headcount. History The firm was founded in Chicago in 1914 as Newman, Poppenhusen & Stern. In late 1928, the former chief justice of the Illinois Supreme Court Floyd Thompson joined the firm. Known commonly as "The Judge," Thompson handled several high-profile cases for the firm. Name partner Albert E. Jenner, Jr., who served as a former assistant counsel to the Warren Commission, established Jenner & Block's longstanding relationship representing General Dynamics in the 1950s. He later was senior minority counsel on the impeachment inqu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accountancy And Actuarial Discipline Board
The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes. The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management. In December 2018, an independent review of the FRC, led by Sir John Kingman, recommended its replacement by a new Audit, Reporting and Governance Authority, a recommendation followed by the government in March 2019. Ireland adopted the FRC's auditing framework in 2017. Structure The FRC is a company limited by guarantee, and is funded by the audit profession, who are required to contribute under the provisions of the Companies Act 2006 and by other groups subject to, or benefitting from FRC regulation. Its board of directors is appointed by th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ernst & Young
Ernst & Young Global Limited, trade name EY, is a multinational professional services partnership headquartered in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers (PwC), it is considered one of the Big Four accounting firms. It primarily provides assurance (which includes financial audit), tax, consulting and advisory services to its clients. Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting. EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has 312,250 employees in over 700 offices in more than 150 countries around the world. The firm's current partnership was formed in 1989 by a merger of two accounting firms; Ernst & Whinney and Arthur Young & Co. It was named Ernst & Young ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Barings Plc (No 5)
''Re Barings plc (No 5)'' 0001 BCLC 523 is a leading UK company law case, concerning directors' duties of care and skill. The case is formally identified and cited as "No 5", though some observers regard it as the sixth in the saga of litigation concerning Barings Bank. Facts Nick Leeson was a dishonest futures trader in Singapore for the Barings Bank. He traded in the front office and also did work, in breach of an internal audit recommendation, in the back office, auditing his own team's trades. This allowed him to effectively act as his own supervisor. Leeson abused this situation to secretly make increasingly large unauthorized trades on his employer's behalf. He fraudulently doctored the bank's accounts, and reported large profits, while trading at losses. After the 1995 Kobe earthquake, the stock market went into a downward spiral, and the truth of his losses was uncovered, bankrupting Barings Bank. The Secretary of State sought director disqualification orders under th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Repo 105
Repo 105 is Lehman Brothers' name for an accounting maneuver that it used where a short-term repurchase agreement is classified as a sale. The cash obtained through this "sale" is then used to pay down debt, allowing the company to appear to reduce its leverage by temporarily paying down liabilities—just long enough to reflect on the company's published balance sheet. After the company's financial reports are published, the company borrows cash and repurchases its original assets. Use by Lehman Brothers Repo 105 was used by investment bank Lehman Brothers three times according to a March 2010 report by the bankruptcy court examiner. The report stated that Lehman's auditors, Ernst & Young, were aware of this questionable classification. Law firm Linklaters has received unfavorable press treatment in relation to their issuance of an English law opinion which characterised the arrangements as a ''true sale'' as opposed to a transfer by Lehman with a charge back in favour of the t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Corporate Law
United States corporate law regulates the governance, finance and power of corporations in US law. Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance rights, found mostly in the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended by laws like the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and Consumer Protection Act. The US Constitution was interpreted by the US Supreme Court to allow corporations to incorporate in the state of their choice, regardless of where their headquarters are. Over the 20th century, most major corporations incorporated under the Delaware General Corporation Law, which offered lower corporate taxes, fewer shareholder rights against directors, and developed a specialized court and legal profession. Nevada has done the same. Twenty-four states follow the Model Business Corporation Act, while New York and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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