By Chris O'Malley
Bonds without boundary lines tells the extreme tale of the way the marketplace constructed into the valuable resource of overseas finance for sovereign states, supranational businesses, monetary associations and firms worldwide. Written by way of Chris O'Malley -- a veteran practitioner and Eurobond marketplace professional- this crucial source describes the advancements, the evolving marketplace practices, the demanding situations and the options within the Eurobond marketplace in the course of its first part- century. additionally, uniquely, the booklet recounts the advance of safety and banking laws and their impression at the improvement of the foreign securities markets.
In a company international crying out for financing, by no means has an figuring out of the foreign bond markets and the way they paintings been extra important.Bonds with no Bordersis as a result crucial studying for these drawn to monetary improvement and retaining a loose international marketplace for capital.
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He did so by pledging all his WorldCom stock to secure loans that he used to acquire private businesses and fund their operations. Most of the loans to Ebbers were made by afWliates of Citicorp and Bank of America, each of whom were also major underwriters. As a result, when WorldCom’s stock price began to fall in 2000, Ebbers faced a personal crisis. Because his WorldCom stock was pledged to secure loans to him, and because the value of this collateral had just shrunk, Ebbers received a margin call from Bank of America in the Fall of 2000.
In addressing this question, it is important to locate Arthur Andersen, both within the accounting profession and in terms of its own rapid transition. 21 But as of even 2000, Andersen was near the top of its profession. Its founder, Arthur Andersen, had carefully cultivated a reputation for unbending integrity. 22 In short, at least during an earlier era, the Andersen Wrm had grown and prospered by marketing itself as tougher than its peers. 23 Lincoln Savings and Loan then hired another major Wrm, Arthur Young, which suVered major losses when Lincoln Savings failed and Charles Keating, its CEO, became the best-known symbol of the S&L meltdown of the 1980s.
Why didn’t the Enron board realize that management had engaged in far too many risky transactions? Why didn’t Enron’s auditors place some limits on its use of structured Wnance and SPEs to hide some $15 to $20 billion oV Enron’s balance sheet? Were Enron’s gatekeepers—its auditors, securities analysts, and the credit-rating agencies—simply asleep? Or were they compromised by conXicts of interest? A good starting point is to begin with the motives of Enron’s management. 14 None of these options appears to have placed restrictions on the subsequent resale of the stock.