Word: b
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...B&B runs $55 billion worth of infrastructure assets, including ports in Britain, an Irish phone company, real estate across Italy, France, Germany and Japan, a fleet of jets, Australian gas, American rail stock, even a telecom cable under San Francisco Bay. Now the credit crunch is forcing it to sell off assets to cut its debt, estimated to total $35 billion...
...says that in the current market turmoil, the lack of such information erodes confidence. Investors whose shares in a fund lose most of their value would normally want to sack the manager, but with the Mac model, "you don't know what your options are." In the case of B&B Power, for example, "if you sack the manager you'd end up in the ridiculous situation where you'd pay them 25 years' worth of management fees - that's crazy." The review also noted that the funds are allowed to act in ways that normal companies are not, paying...
...B&B's case, warnings had been sounded for some time, including from inside the company. In an internal memo published in Australia's Fairfax newspapers in August, a disgruntled executive complained of a "culture of greed." In other companies, he wrote, "acquired projects are actually required to generate a certain benchmark return before bonus payouts take place. Instead, we have created an environment where senior people are rewarded for ... ginning up rosy projections to justify their rewards...
...Thomas’s students, Alex B. Lipton ’11, is proof of the blog’s popularity: “Kyle’s blog was a tremendous resource when reviewing lecture notes,” writes Thomas in an e-mailed statement. If every TF followed Thomas’s lead, he adds, “everyone would be better prepared and more interested in lecture material...
...soccer field, and back to the communities from which they come in the decrepit housing projects surrounding the Stade de France and other suburban stadia. On Tuesday night, the protest carried a sharper edge, given the fact that the anthem was being sung by Franco-Tunisian R'n'B artist Laam, whose own childhood was marked by poverty and hardship...