Part I United States, 2 The Liquidation of Lehman Brothers Inc, the New York Brokerage of the Lehman Global Enterprise

2017 ◽  
Author(s):  
Caputo Kenneth J ◽  
Giddens James W ◽  
Kiplok Christopher K
Keyword(s):  
New York ◽  
Lessons Learned ◽  
Legal Issues ◽  
Regulatory Regime ◽  
Financial Instruments ◽  
Financial Products ◽  
Lehman Brothers ◽  
Foreign Affiliates ◽  
The Impact

This chapter explores the statutory and regulatory regime in place in 2008 that governed the operation and liquidation of Lehman Brothers Inc. (LBI) and highlights key legal issues in the liquidation. Section I provides an overview of the Securities Investor Protection Act (SIPA) statute. Section II describes LBI, its role as the broker-dealer in the global Lehman enterprise, and the story of its collapse in September 2008. Section III highlights some hallmarks of the LBI liquidation, including the emergency sale to Barclays, account transfers, the transfer of all of LBI’s subsidiaries on the eve of LBI’s filing, the atomization of foreign affiliates with different regulatory regimes, and the role of LBI as a counterparty in the financial products market, which led to a substantial general estate. Section IV addresses the impact of the broker-dealer liquidation under SIPA on the treatment of complex financial instruments. Section V reflects on lessons learned.

Role of Financial Innovations in Proliferation of Economic Instability

2011 ◽  
pp. 56-64
Author(s):  
I. Strelets ◽  
M. Stolbov
Keyword(s):  
Financial Market ◽  
Business Processes ◽  
New Drugs ◽  
Social Progress ◽  
Economic Stability ◽  
Economic Issues ◽  
Financial Innovations ◽  
Financial Products ◽  
The Impact

The authors consider the impact of financial innovations on the macroeconomic situation. The increasing complexity of financial market instruments is the way to decrease its transparency and, consequently, the overall economic stability. The global crisis of 2008-2009 demonstrated the relevance of this problem. However, the authors believe that the nations can take advantage of new financial products, technologies and business processes if the regulators manage to fully track and timely offset the accompanying risks. It is important that execution of the financial innovations correspond with the structure of the funding companies and banks. It is concluded that adequate regulation of financial innovation will allow better use of their potential in order to address a number of important economic issues. In particular, it may help to accelerate the development and introduction of new drugs, to the implementation of environmental projects, the financing of social progress in the developing countries for achieving the Millennium Goals proclaimed by the UN in 2000.

The Key Role of Judges in the Development of Private International Law: Lessons Learned from the Work of the Hague Conference on Private International Law

2019 ◽  
pp. 295-309
Author(s):  
Ignacio Goicoechea ◽  
Hans van Loon
Keyword(s):  
International Law ◽  
Latin American ◽  
Lessons Learned ◽  
Legal Issues ◽  
Private International Law ◽  
Child Abduction ◽  
Working Cycle ◽  
The Hague ◽  
Changing Role

The article discusses the role of judges in the development of private international law (PIL). It highlights the changing role of judges in the context of contemporary globalization, and argues that as a result of the expansion of their international duties, judges, in a way that is analogous to the working cycle of the Hague Conference on Private International Law, also have a role in identifying legal issues that must be addressed by PIL, developing tools to address those issues, ensuring the implementation and operation of these tools, and assessing their effectiveness. The article also highlights the contribution of judges to the development of Hague Conventions, and describes the very important role of Latin American judges in the development of special devices to promote the implementation, operation and assessment of the 1980 Hague Child Abduction Convention in Latin America.

Concluding Remarks on Corporate Entity Involvement in Deep Seabed Mining

2021 ◽  
pp. 269-274
Author(s):  
Joanna Dingwall
Keyword(s):  
Regulatory Regime ◽  
Mining Operations ◽  
Common Heritage ◽  
The Common ◽  
International Seabed Authority ◽  
Deep Seabed Mining ◽  
Seabed Mining ◽  
The Impact ◽  
Marine Environmental

The conclusion addresses the findings reached throughout this study on the role of private corporate actors in the deep seabed mining regime under the United Nations Convention on the Law of the Sea (UNCLOS) and the impact of this upon realisation of the common heritage of mankind. It notes that the ISA is facing significant challenges in devising a workable payment mechanism that will deliver tangible benefits to humanity, while also ensuring sufficient marine environmental protections. The regime’s achievement of the common heritage will be dependent on the regulatory regime of the International Seabed Authority (ISA) fulfilling its potential, and implementing a comprehensive Mining Code to govern the life cycle of deep seabed mining operations. The study concludes by finding that, on balance, the regime is developing in a manner that may render it capable of realising its common heritage goals of securing communitarian benefits to humanity, alongside market-focused objectives. It also concludes that corporate participation may assist in achievement of the common heritage, to the extent that it may provide the commercial means for deep seabed mining to commence.

Holding Feminist Space

2020 ◽  
pp. 123-130
Author(s):  
sam cook ◽  
Louise Allen
Keyword(s):  
New York ◽  
Security Council ◽  
Policy Development ◽  
Working Group ◽  
Executive Director ◽  
Ethical Challenges ◽  
Policy Area ◽  
Peace And Security ◽  
The Impact

In the decades since the Security Council adopted its first resolution on Women, Peace and Security this thematic policy area has both expanded and deepened. Although there are key institutional and geo-political continuities to be traced here, the contours of the space into which WPS policy now emerges has also shifted profoundly. Emerging out of a conversation between two former NGO policy advocates this article explores some of these continuities and changes. With a combined experience spanning 15 years of the WPS Agenda at the UN’s Headquarters in New York, Louise Allen (NGO Working Group Executive Director 2014-2018) and Sam Cook (WILPF, PeaceWomen Project Director, 2005-2010) reflect on and weave together a range of concerns: the significance and ethical challenges of the Council’s behind-the-scenes politics; the shifting role of NGOs in relation to WPS policy development; the impact of advances in communication technology; and perhaps most cogently for ongoing political efforts, the challenges and rewards of working in feminist coalition and toward a shared feminist future.

scholarly journals The Role of Investment Banking in M&A Operations: Empiric Pre and Post Lehman Evidence

2014 ◽  
Vol 1 (2) ◽  
pp. 51
Author(s):  
Vincenzo Capizzi ◽  
Renato Giovannini
Keyword(s):  
Investment Banking ◽  
Total Sample ◽  
Time Frame ◽  
Investment Banks ◽  
Measuring System ◽  
Lehman Brothers ◽  
Time Frames ◽  
The Impact ◽  
The Relationship

The role of investment banks in M&A operations is analyzed on the basis of empiric evidence. In particular, to point out the variations in the impact of the certification effect which can be ascribed to investment banks, the relationship between the value created for the shareholders in companies involved in special underwriting operations and the reputation of the banks appointed to act as advisors is examined. The analysis, which uses an original measuring system in order to assess and classify the reputation variable, focuses on transactions that have taken place between listed companies in two time frames, symmetrical to each other, specifically pre and post the Lehman Brothers bankruptcy. The total sample is composed of 229 transactions, divided into 161 and 68 observations, respectively pre and post Lehman. The result is that in the post Lehman period, unlike the preceding time frame, for which no significant empiric evidence is found, the wealth of the shareholders (of both targets and acquirers) is significantly influenced by the reputation of the investment banks which have acted as advisors. This indicates that, subsequent to the shock of the Lehman Brothers collapse, the certifying effect of the investment banks takes on an important role in the shareholders' choice.

scholarly journals Mobility, Targeting, and Private-School Vouchers

2000 ◽  
Vol 90 (1) ◽  
pp. 130-146 ◽  
Author(s):  
Thomas J Nechyba
Keyword(s):  
New York ◽  
School District ◽  
School Districts ◽  
Residential Mobility ◽  
Low Income ◽  
Private School ◽  
School Vouchers ◽  
School Voucher ◽  
The Impact

This paper uses general-equilibrium simulations to explore the role of residential mobility in shaping the impact of different private-school voucher policies. The simulations are derived from a three-district model of low-, middle-, and high-income school districts (calibrated to New York data) with housing stocks that vary within and across districts. In this model, it is demonstrated that school-district targeted vouchers are similar in their impact to nontargeted vouchers but vastly different from vouchers targeted to low-income households. Furthermore, strong migration effects are shown to significantly improve the likely equity consequences of voucher programs. (JEL I22, I28, H73)

scholarly journals Spontaneous Intracerebral and Intraventricular Hemorrhage

Neurosurgery ◽  
2014 ◽  
Vol 74 (suppl_1) ◽  
pp. S142-S150 ◽  
Author(s):  
Mahua Dey ◽  
Agnieszka Stadnik ◽  
Issam A. Awad
Keyword(s):  
Randomized Trials ◽  
Lessons Learned ◽  
National Institutes Of Health ◽  
Phase Iii ◽  
Recent Experience ◽  
Preliminary Treatment ◽  
Phase Ii Trials ◽  
Invasive Techniques ◽  
The Impact

Abstract Optimal management of spontaneous intracerebral hemorrhage (ICH) remains one of the highly debated areas in the field of neurosurgery. Earlier studies comparing open surgical intervention with best medical management failed to show a clear benefit. More recent experience with minimally invasive techniques has shown greater promise. Well-designed phase II trials have confirmed the safety and preliminary treatment effect of thrombolytic aspiration and clearance of spontaneous ICH and associated intraventricular obstructive hemorrhage. Those trials are reviewed, including respective protocols and technical nuances, and lessons learned regarding patient selection, the concept of hemorrhage stabilization, optimization of the surgical procedure, and thrombolytic dosing decisions. These concepts have been incorporated in the design of ongoing definite phase III randomized trials (MISTIE and CLEAR) funded by the National Institutes of Health. These are presented including the role of surgical leadership in the training and monitoring of the surgical task and quality assurance. The impact of these techniques on neurosurgical practice is discussed.

scholarly journals The role of career shocks in contemporary career development: key challenges and ways forward

2021 ◽  
Vol 26 (4) ◽  
pp. 453-466
Author(s):  
Jos Akkermans ◽  
Ricardo Rodrigues ◽  
Stefan T. Mol ◽  
Scott E. Seibert ◽  
Svetlana N. Khapova
Keyword(s):  
Career Development ◽  
Lessons Learned ◽  
Future Research ◽  
Special Issue ◽  
Content Type ◽  
Future Research Agenda ◽  
Current State ◽  
Conceptual Clarity ◽  
The Impact

PurposeThis article aims to introduce the special issue entitled “the role of career shocks in contemporary career development,” synthesize key contributions and formulate a future research agenda.Design/methodology/approachThe authors provide an introduction of the current state-of-the-art in career shocks research, offer an overview of the key lessons learned from the special issue and present several important avenues for future research.FindingsThe authors discuss how the special issue articles contribute to a better understanding of career shocks' role in contemporary career development, focusing on (1) conceptual clarity of the notion of career shocks, (2) career outcomes of career shocks, (3) mechanisms that can explain the impact of career shocks and (4) interdisciplinary connectivity.Originality/valueThis article offers a synthesis of the critical contributions made within this special issue, thereby formulating key ways to bring the field of career shocks research forward. It also provides new avenues for research.

Evacuate or Shelter-in-place? The Role of Corporate Memory and Political Environment in Hospital-evacuation Decision Making

2015 ◽  
Vol 30 (3) ◽  
pp. 233-238 ◽  
Author(s):  
Karen A. Ricci ◽  
Anne R. Griffin ◽  
Kevin C. Heslin ◽  
Derrick Kranke ◽  
Aram Dobalian
Keyword(s):  
Decision Making ◽  
New York ◽  
Medical Center ◽  
Lessons Learned ◽  
Influential Factor ◽  
Political Environment ◽  
Superstorm Sandy ◽  
Hurricane Irene ◽  
Corporate Memory

AbstractProblemHospital-evacuation decisions are rarely straightforward in protracted advance-warning events. Previous work provides little insight into the decision-making process around evacuation. This study was conducted to identify factors that most heavily influenced the decisions to evacuate the US Department of Veterans Affairs (VA) New York Harbor Healthcare System’s (NYHHS; New York USA) Manhattan Campus before Hurricane Irene in 2011 and before Superstorm Sandy in 2012.MethodsSemi-structured interviews with 11 senior leaders were conducted on the processes and factors that influenced the evacuation decisions prior to each event.ResultsThe most influential factor in the decision to evacuate the Manhattan Campus before Hurricane Irene was New York City’s (NYC’s) hospital-evacuation mandate. As a federal facility, the Manhattan VA medical center (VAMC) was exempt from the city’s order, but decision makers felt compelled to comply. In the case of Superstorm Sandy, corporate memory of a similar 1992 storm that crippled the Manhattan facility drove the decision to evacuate before the storm hit.ConclusionsResults suggest that hospital-evacuation decisions are confounded by political considerations and are influenced by past disaster experience. Greater shared situational awareness among at-risk hospitals, along with a more coordinated approach to evacuation decision making, could reduce pressure on hospitals to make these high-stakes decisions. Systematic mechanisms for collecting, documenting, and sharing lessons learned from past disasters are sorely needed at the institutional, local, and national levels.RicciKA, GriffinAR, HeslinKC, KrankeD, DobalianA. Evacuate or shelter-in-place? The role of corporate memory and political environment in hospital-evacuation decision making. Prehosp Disaster Med2015;30(3):1-6

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