Also, as I mentioned last Friday, Royal Bank of Scotland has what is known as contingent capital, or a contractual arrangement with the Treasury that it can call on taxpayers again for capital in a crisis - and this contingent capital should in some ways be seen by regulators as helping RBS to meet the new capital requirements (because future taxpayer help is guaranteed).
It helps to invite former U.S. President Jimmy Carter to your capital to suggest an arrangement in which the Free World will give you free food, free fuel, a couple of turnkey nuclear reactors, plus help you store your plutonium in-country for later use.
Davis, now a partner at venture capital firm Highland Capital Partners, calls the arrangement a good one for Microsoft.
These private finance initiative deals, typically involving an arrangement in which a private company provides capital in exchange for taking over a long-term contract to run services, have had a mixed reception.
While such an arrangement is similar to a big venture-capital firm or hedge fund with many investors pumping money into a company at a pre-public stage, it has the potential to include many more investors in the pool.
So what we try to do is find a way to maintain the high levels of risk management of a clearing house, but also provide capital efficiency to the people who are participating in the clearing house arrangement.
The arrangement between Bear and China Construction Bank would eliminate the need for a capital outlay on Bear's part, thus no problems with repatriating earnings in the future.
Franklin left Bear Stearns in early 2002 to join Chelsey Capital as an analyst, where he told portfolio manager Mark Lenowitz, 43, about his arrangement with Guttenberg to get the recommendation changes in advance.
Free capital movement and pegged exchange rates are a dangerous mix (unless the currency is fixed under a currency-board arrangement as in Hong Kong, where all local currency must be fully backed by American dollars).
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