Word: banke
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...Responsible Children. "They grow up worried inside, thinking, 'Do people like me for who I am?'" says Jon. "It's about developing an identity of their own that's separate from their parents and their parents' money." Being born into wealth often means having a nanny, maid, driver and bank trust officer - in other words, having a staff of people to solve all of your problems. "Sometimes very wealthy parents use money to fill in potholes in the roads so that kids don't have to deal with problems," says Jon. "But dealing with the potholes is how you learn...
...Wealthy parents aren't completely on their own when it comes to teaching their kids about money. Private banks are increasingly offering programs to educate the scions of high-net-worth customers in the finer points of financial management. "People tend to assume that if you have wealth, you have knowledge of wealth," says Sebastian Dovey, managing partner at Scorpio Partnership, which in August helped Swiss bank UBS roll out Dialogue, a new financial-education service. But having money and being savvy about it are "not directly linked," he says. Another such program is Citi Private Bank's annual NextGen...
...assets. That's the equivalent of a $3.3 million home-equity loan on a $100,000 house. When the market turned skittish after the Russian default, the fund had to rapidly unwind illiquid positions, sustaining huge losses in the process. Only a bailout brokered by the Federal Reserve Bank of New York staved off a wider collapse of the U.S. financial system...
...current crisis may only be highlighting deeper flaws in the hedge-fund model. In 2006, the European Central Bank warned that too many hedge funds were investing in the same way. Because those sophisticated computer models were crunching the same data, there was a higher probability that hedgies would make the same bad bets, potentially causing a devastating cascade of failures. With so many fund managers following the herd, in other words, there was a greater chance that they would go over a cliff together. "A bank run doesn't affect just one bank," says Andrew Lo, a finance professor...
...financial sector began to teeter in September, South Korea's government believed that it was in a far stronger position than a decade ago. Its financial institutions seemed sturdy, with a mere $70 million of those toxic mortgage-backed securities that doomed banks in the U.S., while the central bank was well stocked with $240 billion of hard-currency reserves - more than sufficient, economists believed, to protect the economy from any external shocks. "We didn't need a special spotlight," says Yi Jong Goo, standing commissioner at the Financial Services Commission (FSC), the government agency that oversees the country...