What these leading entrepreneurs have in common is that they value one asset over any other: their people.
Asset misappropriation was most common, with 30% of companies reporting it, followed by intellectual property infringement (15%), corruption and bribery (13%), accounting fraud (12%) and money laundering (4%).
In these restructurings, in the hierarchy of the world of corporate finance, common equity is actually a lower-quality asset.
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Although these sets of tools differ in important respects, they have one aspect in common: They all make use of the asset side of the Federal Reserve's balance sheet.
These three sets of policy tools--lending to financial institutions, providing liquidity directly to key credit markets, and buying longer-term securities--have the common feature that each represents a use of the asset side of the Fed's balance sheet, that is, they all involve lending or the purchase of securities.
More common among Cal expats are small business owners like Dave Barton, asset millionaires trying to live well on middle-class salaries.
The common assumption that has prevailed among money managers over time is that asset allocation among stocks, bonds and cash helps to mitigate the risk of suffering market losses through diversification.
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Other common names for market timing include opportunistic investing, sector rotation, active asset allocation, top-down allocation, bottom-up allocation, global modeling, algorithmic positioning, defensive investing, and the list goes on.
But from the point of view of the plaintiffs, asset-protection trusts frustrate the public policy of accountability enshrined in common law.
When implementing asset allocation strategies, I have found that it is becoming increasingly more common to utilize exchange-traded products (ETPs) in addition to mutual funds, stocks and bonds, for certain asset classes, styles and sectors.
Lehman's exposure to mortgage- and asset-backed securities and collateralized debt obligations is 400% of its tangible common equity, according to research by Sanford Bernstein.
Note that, in warning against excessive concentrations or common exposures across the banking system, regulators need not make a judgment about whether a particular asset class is mispriced--although rapid changes in asset prices or risk premiums may increase the level of concern.
The most effective national asset-management companies everywhere have powers to bypass the courts when foreclosing on property assets, the most common form of loan collateral in Asia.
The bottom line is that there may be no effective asset protection for assets held in Asset Protection Trusts in those states that have not yet adopted APT legislation, and which still have the Common Law Rule.
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