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David Morgenthaler
David Turner Morgenthaler (August 5, 1919 – June 17, 2016) was an American businessman who founded the venture capital firm Morgenthaler Ventures. He was also instrumental in helping change the U.S. capital gains tax rate from 49% to 28% in 1978 and amending ERISA legislation to allow pension funds to invest in venture capital in 1979. Biography David Morgenthaler was born on August 5, 1919, in Chester, South Carolina. He was raised by his maiden aunt, who died when he was twelve years old. Morgenthaler received an S.B. and S.M. in Mechanical Engineering from Massachusetts Institute of Technology (MIT) in 1941. While attending MIT, he was elected Vice President—and later became President—of the Senior Class. He was also President of Sigma Nu fraternity and Captain of the M.I.T. Swimming Team. On December 8, 1941, the day after the attack on Pearl Harbor, Morgenthaler was called to active duty in the U.S. Army Corps of Engineers as a Second Lieutenant in the 21st Aviat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chester, South Carolina
Chester is a small rural city in Chester County, South Carolina, United States. The population was 5,607 at the 2010 census, down from 6,476 at the 2000 census. It is the county seat of Chester County, South Carolina, Chester County. History While being transported to Richmond, Virginia, for his trial for treason, former Vice-President Aaron Burr passed through Chester. Burr "flung himself from his horse and cried for a rescue, but the officer commanding the escort seized him, threw him back like a child into the saddle, and marched on.", ''History of the United States of America during the Administrations of Thomas Jefferson'', Library of America, 1986, p. 828.'' The large stone he stood on has been inscribed and is preserved in the town center, and is known locally as the Aaron Burr Rock. Chester was home to Brainerd Institute, a school for African American children. The Catholic Presbyterian Church, Chester City Hall and Opera House, Chester Historic District, Colvin-Fant-Dur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published six days a week by Dow Jones & Company, a division of News Corp. The newspaper is published in the broadsheet format and online. The ''Journal'' has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser. The ''Journal'' is regarded as a newspaper of record, particularly in terms of business and financial news. The newspaper has won 38 Pulitzer Prizes, the most recent in 2019. ''The Wall Street Journal'' is one of the largest newspapers in the United States by circulation, with a circulation of about 2.834million copies (including nearly 1,829,000 digital sales) compared with ''USA Today''s 1.7million. The ''Journal'' publishes the luxury news and lifestyle magazine ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Academies
A national academy is an organizational body, usually operating with state financial support and approval, that co-ordinates scholarly research activities and standards for academic disciplines, most frequently in the sciences but also the humanities. Typically the country's learned societies in individual disciplines will liaise with or be co-ordinated by the national academy. National academies play an important organisational role in academic exchanges and collaborations between countries. The extent of official recognition of national academies varies between countries. In some cases they are explicitly or de facto an arm of government; in others, as in the United Kingdom, they are voluntary, non-profit bodies with which government has agreed to negotiate, and which may receive government financial support while retaining substantial independence. In some countries, a single academy covers all disciplines; an example is France. In others, there are several academies, which wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Young Presidents' Organization
YPO (formerly Young Presidents' Organization) is an American-based worldwide leadership community of chief executives with approximately 29,000 members in more than 130 countries, according to the organization's 2019 YPO international fact sheet. History YPO was founded in 1950 in Rochester, New York, by manufacturer Ray Hickok, who was 27 years old when he became the head of his family's Rochester-based Hickok Belt, a 300-employee company. The first meeting was held in 1950 at the Waldorf Astoria New York and was attended by Robert Wood Johnson III (Johnson & Johnson). Hickok and a small group of young presidents in the area began meeting regularly to share and learn from each other. According to the organization, its founding principle is that of education and idea exchange among peers. * The first non-U.S. chapter was created in 1956 in Ontario, Canada. * The first YPO University was held in Miami Beach, Florida. * YPO merged with its graduate organization, World Presidents ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Retirement Income Security Act
The Employee Retirement Income Security Act of 1974 (ERISA) (, codified in part at ) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by: * Requiring the disclosure of financial and other information concerning the plan to beneficiaries; * Establishing standards of conduct for plan fiduciaries; * Providing for appropriate remedies and access to the federal courts. ERISA is sometimes used to refer to the full body of laws that regulate employee benefit plans, which are mainly in the Internal Revenue Code and ERISA itself. Responsibility for interpretation and enforcement of ERISA is divided among the Department of Labor, the Department of the Treasury (particularly the Internal Revenue Service), and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prudent Man Rule
The prudent man rule is based on common law stemming from the 1830 Massachusetts court formulation, '' Harvard College v. Amory'' The prudent man rule, written by Massachusetts Justice Samuel Putnam (1768-1853), directs trustees "to observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested." Under the prudent man rule, when the governing trust instrument is silent concerning the types of investments permitted, the fiduciary is required to invest trust assets as a " prudent man" would invest his own property with the following factors in mind: *the needs of beneficiaries; *the need to preserve the estate (or corpus of the trust); and *the amount and regularity of income. The application of these general principles depends on the type of account administered. The prudent man ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gains Tax
A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, Bond (finance), bonds, precious metals, real estate, and property. Not all countries impose a capital gains tax and most have different rates of taxation for individuals versus corporations. Countries that do not impose a capital gains tax include Bahrain, Barbados, Belize, Cayman Islands, Isle of Man, Jamaica, New Zealand, Sri Lanka, Singapore, and others. In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as a business income. In Sweden, the Investment Savings Account (ISK – ''Investeringssparkonto'') was introduced in 2012 in response to a decision by Parliament to stimulate saving in funds and equities. There is no tax on capital gains in ISKs; instead, the saver pays an annual standard low rate of tax. Fund savers nowadays mainly ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1978
The United States Revenue Act of 1978, , amended the Internal Revenue Code by reducing individual income taxes (widening tax brackets and reducing the number of tax rates), increasing the personal exemption from $750 to $1,000, reducing corporate tax rates (the top rate falling from 48 percent to 46 percent), increasing the standard deduction from $3,200 to $3,400 (joint returns), increasing the capital gains exclusion from 50 percent to 60 percent (effectively reducing the rate of taxation on realized capital gains to 28%), and repealing the non-business exemption for state and local gasoline taxes. Legislative history The Act was passed by the 95th Congress and was signed into law by President Jimmy Carter on November 6, 1978. Provisions Flexible spending accounts and the 401(k) section of the IRS code The Act also established Flexible spending accounts, which allow employees to receive reimbursement for medical expenses from untaxed income dollars. The Act added section 401(k) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washington, D.C. Senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The U.S. vice president has a vote in the Senate only when senators are evenly divided. The House of Representatives has six non-voting members. The sitting of a Congress is for a two-year term, at present, beginning every other January. Elections are held every even-numbered year on Election Day. The members of the House of Representatives are elected for the two-year term of a Congress. The Reapportionment Act of 1929 establishes that there be 435 representatives and the Uniform Congressional Redistricting Act requires ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Case Western Reserve University
Case Western Reserve University (CWRU) is a private research university in Cleveland, Ohio. Case Western Reserve was established in 1967, when Western Reserve University, founded in 1826 and named for its location in the Connecticut Western Reserve, and Case Institute of Technology, founded in 1880 through the endowment of Leonard Case Jr., formally federated. Case Western Reserve University is a member of the Association of American Universities and is classified among "R1: Doctoral Universities – Very high research activity". According to the National Science Foundation, in 2019 the university had research and development (R&D) expenditures of $439 million, ranking it 20th among private institutions and 58th in the nation. The university has eight schools that offer more than 100 undergraduate programs and about 160 graduate and professional options. Seventeen Nobel laureates have been affiliated with Case Western Reserve's faculty and alumni or one of its two predecessors ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hambrecht & Quist
Hambrecht & Quist (H&Q) was an investment bank based in San Francisco, California noted for its focus on the technology and Internet sectors. H&Q was founded by Bill Hambrecht and George Quist in California, in 1968. H&Q was an early player in the technology sector, underwriting initial public offerings (IPOs) for Apple Computer, Genentech, and Adobe Systems in the 1980s. In the 1990s, H&Q also backed the IPOs of Netscape, MP3.com, and Amazon.com. Competition in the investment banking industry in the late 1990s limited H&Q's ability to grow as an independent firm, and in 1999, Hambrecht & Quist was acquired for $1.35 billion by Chase Manhattan Bank. H&Q was originally to be renamed "Chase Securities West" but ultimately was renamed "Chase H&Q" after marketing research revealed the H&Q brand name was still valuable. This unit eventually lost the H&Q name and became part of JPMorgan Chase. The H&Q name lives on in the closed-end healthcare funds managed by Hambrecht & Quist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brentwood Associates
Brentwood Associates is a private equity firm in the US with groups focusing on leveraged buyout. The firm, which is based in Los Angeles, was founded in 1972. Their most recent fund was a $1.15bn fund raised in 2017. The venture capital group raised over $900 million across nine funds, the earliest of which was formed in 1980 and the last of which was raised in 1998, prior to the spinout of the firm's venture business. History Brentwood was founded by Frederick Warren, Timothy M. Pennington III and B. Kipling Hagopian. Leading investor in start up companies in the late 1990s. Raised a $300 million venture fund in 1998. Brentwood Venture Capital was founded in 1972 as Brentwood Associates. Over the last 26 years, Brentwood has grown to be one of the oldest and largest firms in the venture capital industry, having raised over $1 billion in capital and investing in over 300 entrepreneurial companies. In 1999, the partners from Brentwood joined with partners from Institutiona ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
