REBUILDING AMERICA’S DEFENSES Strategy, Forces and Resources For a New Century doc

... now Rebuilding America’s Defenses: Strategy, Forces and Resources for a New Century 7 A new assessment of the globalnuclear balance, one that takesaccount of Chinese and other nuclear forces as well as ... Defenses: Strategy, Forces and Resources for a New Century 19In SoutheastAsia, American forces are toosparse to addressrising securityrequirementsadequately.Indonesia and Malaysia highlight ... techno-logical and operational advantages enjoyedby U.S. forces for a generation and uponwhich American strategy depends. Finally, and most dangerously, the social fabric ofthe military is frayed and...

... disciplines and faculty to attend to ethics, we must also challenge ourselves to learn more about areas such as marketing, finance, organizational behavior, accounting, strategy, and operations and ... Peirce, Laura P. Hartman, W. Michael Hoffman, and Jamie Carrier, “Ethics, CSR, and Sustainability Education in the Financial Times Top 50 Global Business Schools: Baseline Data and Future Research ... Harvard Professor J. Richard Hackman’s three normative criteria for measuring group and organizational performance.25 Administrators and business ethics program faculty can use the criteria...

... members and others involved in the effort.Capacity of individuals and small organizationsParticularly for very small organizations with 3 or 4 employees, or for individuals who are leading an ... capacityThere are three primary ways to gather information about the capacity of an individual, organization or community:1) look at the past habits and performance of the stakeholder in ... responsible of each activity and determine his/her capacity to handle the activity.Particularly for very small organizations or individuals, the capacity to handle the project must be carefully checked.Even...

... GOA0500001000001500002000002500003000003500004000001991-921992-931993-941994-951995-9619996-97YEARAREA IN HECTARESNET SOWN AREACULTIVABLE WASTELANDTREES & GROVESPASTURE & GRAZINGLANDLAND NOT AVAILABLE FOR CULTIVATIONFOREST 1.4 Economic Growth Progress achieved ... picture of land use pattern in Goa. Net sown area is about 40%, cultivable wasteland is about 12%, land not available for cultivation is about 10% and the contribution of forest is about 35%. ... clear as to what should be included and what not, limitation of data forces one to select a particular approach to valuation. Alternative approaches often measure different things and one needs...

... areat a lossregardingwheretogo for furtherinformation.Insum,wehave a dangerouscombinationof (a) officialstatementsthepubliccannottrust and (b)criticalinformationthepubliccannotfind,leavingthefieldwideopentorumor and contagion.Ratherthanmakingitpossible for consumerstorationallyshifttheirfundsfromweakertostrongerinstitutions,bankingregulatorshavecreatedanenvironmentthat,in a deepeningdepression,maydriveconsumerstowithdrawtheirfundsfromthebankingsystemas a whole.Initseffortstoprotectallbanks and depositors,thegovernmentisultimatelyprotectingnone.Initszealtoavertpanicatallcosts,itmayactuallyberenderingthesystemmorevulnerableto a farmorecostlypanic.31PartVGovernmentRescuesHaveBothFailedtoResolvetheDebtCrisis AND WeakenedtheBankingSystemWiththeexceptionofLehmanBrothers,thefederalgovernment’sresponsetothedebtcrisishasbeentoavoidlargefinancialfailuresatallcosts.Moreover,theconsensusviewisthattheLehmanfailurewasresponsible for theimplosionofglobalcreditmarketsinthefallof2008,reinforcingthe“toobigtofail”doctrine.Inlinewiththisdoctrine,multiplenovelstrategieshavebeenimplemented and manymoreproposed.However,mosttendtofallunderoneofthethreefollowinggeneralapproaches:(1)government‐backedmergersorbuyouts,(2)governmentpurchasesoftoxicpaper, and (3)nationalization.Belowaretheirgeneralgoals,alongwithourcommentsontheirlikelyconsequences.Approach#1.Government‐BackedMergers and BuyoutsTraditionally,when a financialinstitutionfails,theapplicableregulatoryauthoritiesstepin,takeovertheoperation, and firetheseniormanagement.Theythenseektofind a buyer for thecompany,rehabilitatetheinstitutionunderreceivership,orselltheassets.However,underthetoo‐big‐to‐faildoctrine,theauthoritiesbypassstandardbankruptcyprocedures:Theybroker a shotgunmergerorbuy‐out,typicallyassumingsomeresponsibility for futurelossesiftheassetssinkfurtherorthedealturnssour.Allpartiesinvolvedinthetransaction—theseller,thebuyer and theregulators—recognizethattheinstitutionhasfailed.Buttheytacitlyagreetomaintainthefictionithasnot.Accordingly,inrecentmonths,federalauthoritieshavearm‐twistedlargefinancialconglomeratestoacquirefailingcompaniesinthemidstofthedebtcrisis,turning a blindeyetotheenormousrisks,whileofferingthecarrotofmuchlargermarketshares.Threemegabanks—BankofAmerica,JPMorganChase and WellsFargo—standoutasprimeexamples and serveasimmediatelyrelevantcasestudies.CaseStudy#1.BankofAmericaIn2007,astherealestatebubblewasbursting,BankofAmericasteppeduptoassistCountrywideFinancial,making a $2billioninvestmentinwhatwasthenthenation’slargestresidentialmortgagelenderbyvolume.However,asCountrywide’slossesmountedthroughthesecondhalfof2007,itbecameclearthatBankofAmericawouldhavetopourinmorecapitaltoprotectitsinvestment.InJanuary2008,theCharlotte,N.C.bankinggiantagreedtopurchaseCountrywide for anadditional$4billion,transformingBankofAmericaintothelargesthomemortgagelender and mortgageservicerintheworld.CompletedonJuly1,itwasthelargestmergerinthehistoryofthemortgageindustry.Justtenweekslater,onSeptember15,2008,inthewakeofthecollapseofLehmanBrothersHoldings,BankofAmericaembarkedon a farlargerdeal,agreeingtoacquireMerrillLynch&Co.inanall‐stocktransactionvaluedat$50billionwhentheagreementwassigned,withBankofAmericareceiving a $15billionTARPinfusiononOctober28. ... Intotal,thethriftsweredependenton$192.3billioninhotmoneydeposits,representing26.19%ofthetotal,withmanyindividualinstitutionsmorereliantonhotmoneythantheindustryas a whole.Third,governmentofficialshavehistoricallyrecognizedthat,inthelongterm,expandedFDICcoveragelimitscanbecounterproductive,raising—ratherthandiminishing—systemicrisk.Itwas for thisreason, for example,thatNationalEconomicCouncilchiefLawrenceSummersspokeoutinoppositiontohigherFDICcoveragelimitswhenhewasTreasurySecretaryinthelastyearoftheClintonAdministration,stating“suchanincreasewouldbeill‐advised and wouldrepresent a seriouspolicyerrorthatcouldincreasesystemicriskbyerodingmarketdiscipline.”Itwasalso for thisreasonthatFormerFedChairmanAlanGreenspanstatedthatmosteconomistsconsideredpriorcoverageincreasestobe a badmistake,” and thatany new proposaltodosowouldalsobe a majorpolicymistake.”Similarly,webelievethemostrecentincreaseinFDICcoveragelimitwasyetanotherrushtojudgmentbypolicymakerslackingthecriticaldataneededtosupportprudentdecisions for thebenefitoftheeconomyas a whole.Fourth,mostrecentbankrunshavenotbeencausedbyinsureddepositors.Theyhavebeencausedbytheexodusoflarge,uninsuredinstitutionaldepositorswhoaretypicallythefirsttorush for coverattheearliesthintoftrouble.That’sthemainreasonWashingtonMutual, America’s largestsavings and loan,lostover$16billionindepositsinitsfinaleightdaysin2008.That’salso a majorreasonWachoviaBanksuffered a similarrunsoonthereafter.Duringthemanyfinancialfailuresofthe1980s and 1990s,thestorywassimilar:werarelysaw a runonthebankbyindividuals.Rather,itwasuninsuredinstitutionalinvestorsthatjumpedshiplongbeforemostconsumersrealizedtheshipwassinking.Fifth,evenifthegovernmentcancalmnervousdepositors,ithasnocontrolovershareholders,who,inrecentmonths,havedemonstratedthattheycanswiftlydrive a company’sstockintothegutter.Theinvestorpanic,inturn,sendsthesignaltodepositorsthattroubleisbrewing,greatlydiminisheseachbank’smarketcapitalization, and makesitmoredifficult for theinstitutiontoraiseadditionalcapital.Sixth,banks and bankingregulatorshavesofarmadeitdifficult for consumerstodiscriminatebetweenweak and stronginstitutions,asfollows:1. ... Bank USAJPMorgan ChaseCitibankBank of AmericaWachoviaData: OCCThischartanswersthequestion: For eachdollarofcapital,howmuchexposuredoeseachbankhavetothepossibledefaultsofitsderivativestradingpartners? And itshowsthatamongcommercialbanks,allbutoneofthefivelargestplayersareexposedtothetuneofover100percentoftheircapital,analarminglevelevenintheabsenceof a financialcrisisordepression.Belowis a moredetailedanalysisofthetwolargestofthefivebankscoveredbytheOCCreport—Citibank and JPMorganChase—alongwith a summaryreviewoftheremainingthree.CitibankNA(NV)isthenation’sthirdlargestcommercialbank,with$1.2trillionintotalassets.Despiteitslargesize,however,WeissResearchplacedCitibankonitslistofbanksatriskinAugustof2008.Belowisanupdatedsummaryofouranalysisthatformedthebasisofthisdecision.1....

... and city commercial banksQuite different from Latin America, spreads even higher and also profitabilityRestricted143. How are banks doing? (cont’)Garc a- Herrero, Gavilá and Santabarbara ... statementsRestricted2Roadmap to the presentation1. Why do all care for China’s financial reform? 2. An assessment of the banking reform so far A. Restructuring of SOCBsB. Financial liberalizationC. Regulation and ... NPLs!–Particularly if borrowers are the same…Restricted31. Why do all care for China’s financial reform?China’s outstanding growth performance justifies optimism  And yet, such huge saving and...

... process types, namely Material, Mental, Relational, Behavioral, Verbal and Existential Process (see table 1) Views of America’s war on terrorism in Vietnamese newspapers 24 *$!!(!+, ... Transitivity is a key analytic component of the Ideational Metafunction. The principle of transitivity was expressed by Iwamoto (1995) in terms of “who does what to whom, when, where and ... Participants and Circumstances described in the text. Transitivity provides us with the potential to group the infinite variety of occurrences into a finite set of process types, namely Material,...

... not in area of fire. Not all partial systems will be so identified, and the codes and standards for this equipment do not require coverage in all areas. For example, concealed spaces and exterior ... in practice. 1 NFIRS compiles fire incident and casualty reports from participating U.S. local fire departments. NFPA’s national estimates are based on NFIRS data and estimated totals from ... NFPA Fire Analysis and Research, Quincy, MA Before You Read the Report: Some Introductory Notes on Incident Coding and Analysis See Appendix A for general information on the statistical methodology...

... 1998 and 2001 are taken from Zhang and Liang (2006); Data for Vietnam are adapted from Nguyen Thi Kim Anh and Pham Thi Hoang Oanh (2007) for 1998, 2001 and 2004, and are estimated for 2007 and ... move only within a stipulated band, the SBV remains a major participant in the market, and various forms of administrative exchange controls and rationing are maintained. As analysed in Section ... illegality. As a result, price signals became rather opaque to market participants and policy makers. For example, it is evident that exchange rate data that are available from official sources...