Word: vietnamize
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...market composed of websites and Internet chat rooms frequented by thousands of investors who swap unlisted shares of partially privatized Vietnamese companies. Participants call this the over-the-counter (OTC) market, a reference to exchanges abroad that provide an arena for trading small stocks. But unlike OTC bourses elsewhere, Vietnam's market has no licensed brokers, virtually no regulatory oversight, and trades often culminate with the exchange of cash for paper shares at a local tea shop. Think of it as an amorphous eBay for speculators, an ad hoc gray market that sprouted spontaneously from the pent-up desire among...
...years ago, sites like Sanotc.com couldn't have existed because there was no stock to trade. The vast majority of Vietnam's companies belonged wholly to the state. But as part of the government's move to a free-market economy, some 3,600 state-owned companies have been partially privatized by issuing shares to employees, managers and the public-who in turn have sold them through the Internet and in private deals with family, friends and acquaintances. This is capitalism in the raw. When deals are struck, whether online or over tea, purchasers take physical possession of the shares...
...Despite the dangers, the gray market is flourishing, spurred on by Vietnam's robust growth, optimism surrounding the country's recent entry into the World Trade Organization, and the rapid rise of sanctioned stock markets. Last year, the VNIndex, which tracks the prices of all of Vietnam's publicly traded companies, jumped 144% and has risen another 44% this year. But the legitimate market is small and illiquid-the Ho Chi Minh Securities Exchange has just 109 listed companies, up from 30 at the beginning of 2006-and there are not enough shares to feed the growing mania for stocks...
Zimmer, who received his PhD from Harvard in 1975, added that the board had relied heavily on the principles articulated in the Kalven Report, which was produced to guide the university’s response to the Vietnam War. Zimmer said that there should be “a heavy presumption against” the university “modifying its corporate activities” for political aims...
...This all goes back to Vietnam, of course. There were some Vietnam-era antiwar protesters - few - who disparaged the troops along with the war. (A lively debate continues about whether any returning American soldiers were actually spat upon.) Vietnam also saw the first appearance of the ridiculous argument that we couldn't stop the war until our POWs were freed - as if stopping the war wasn't the quickest way to free them. This, too, fed a myth that opposition to a war was somehow a betrayal of the soldiers. Ultimately, in the case of Vietnam, the antiwar movement included...