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David W. Mullins, Jr.
David Wiley Mullins Jr. (April 28, 1946 - February 26, 2018) was an American economist who served as the 14th Vice Chair of the Federal Reserve from 1991 to 1994. He previously served as an Under Secretary of the Treasury for Domestic Finance in the George H. W. Bush administration. Mullins left the Federal Reserve to join the hedge fund Long Term Capital Management and remained in private finance following its collapse in 1998. Early life David Mullins was born on April 28, 1946, to David Wiley Mullins and his wife Eula in Memphis, Tennessee. His father worked for Auburn University until 1960, when he became the president of the University of Arkansas. David Jr. was raised in Fayetteville, Arkansas, along with his brother Gary and sister Carolyn. Mullins left Arkansas for Yale and went on to study finance at the MIT Sloan School of Management. In 1974 he earned his Ph.D. from MIT and accepted a position in the faculty of Harvard Business School as an expert in financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vice Chair Of The Federal Reserve
The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve, after the chair of the Federal Reserve. In the absence of the chair, the vice chair presides over the meetings Board of Governors of the Federal Reserve System. The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the president of the United States and confirmed by the United States Senate, and they serve concurrently as members of the Board of Governors. Both vice chairs may serve multiple terms, pending a new nomination and confirmation at the end of each term, with Ronald Ransom as the longest serving vice chair from 1936 to 1947. They cannot be dismissed by the president before the end of their term. The position of vice chair is currently held by Lael Brainard who was sworn in on May 23, 2022. The position of vice chair for supervision is currently held by Michael Barr (Treasury official), Michael Barr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Long Term Capital Management
Long-Term Capital Management L.P. (LTCM) was a highly-leveraged hedge fund. In 1998, it received a $3.6 billion bailout from a group of 14 banks, in a deal brokered and put together by the Federal Reserve Bank of New York. LTCM was founded in 1994 by John Meriwether, the former vice-chairman and head of bond trading at Salomon Brothers. Members of LTCM's board of directors included Myron Scholes and Robert C. Merton, who three years later in 1997 shared the Nobel Prize in Economics for having developed the Black–Scholes model of financial dynamics.''A financial History of the United States Volume II: 1970–2001'', Jerry W. Markham, Chapter 5: "Bank Consolidation", M. E. Sharpe, Inc., 2002 LTCM was initially successful, with annualized returns (after fees) of around 21% in its first year, 43% in its second year and 41% in its third year. However, in 1998 it lost $4.6 billion in less than four months due to a combination of high leverage and exposure to the 1997 Asian financi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portfolio Insurance
Portfolio insurance is a hedging strategy developed to limit the losses an investor might face from a declining index of stocks without having to sell the stocks themselves. The technique was pioneered by Hayne Leland and Mark Rubinstein in 1976. Since its inception, the portfolio insurance strategy has been dubiously marketed as a ''product'' (similar to an insurance policy). However, this is a misnomer as it is not a policy and there is no insurer of last resort. This strategy involves selling futures of a stock index during periods of price declines. The proceeds from the sale of the futures help to offset paper losses of the owned portfolio. This is similar to buying a put option in that it allows an investor to preserve upside gains but limits downside risk. Portfolio insurance is most commonly used by institutional investors when the market direction is uncertain or volatile. In practice, a portfolio insurance strategy uses computer-based models to analyze an op ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital subscribers. It also is a producer of popular podcasts such as '' The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national " newspaper of record". For print it is ranked 18th in the world by circulation and 3rd in the U.S. The paper is owned by the New York Times Company, which is publicly traded. It has been governed by the Sulzberger family since 1896, through a dual-class share structure after its shares became publicly traded. A. G. Sulzberger, the paper's publisher and the company's chairman, is the fifth generation of the family to head the pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black Monday (1987)
Black Monday is the name commonly given to the global, sudden, severe, and largely unexpected stock market crash on Monday, October 19, 1987. In Australia and New Zealand, the day is also referred to as ''Black Tuesday'' because of the time zone difference from other English-speaking countries. All of the twenty-three major world markets experienced a sharp decline in October 1987. When measured in United States dollars, eight markets declined by 20 to 29%, three by 30 to 39% (Malaysia, Mexico and New Zealand), and three by more than 40% (Hong Kong, Australia and Singapore). The least affected was Austria (a fall of 11.4%) while the most affected was Hong Kong with a drop of 45.8%. Out of twenty-three major industrial countries, nineteen had a decline greater than 20%. Worldwide losses were estimated at US$1.71 trillion. The severity of the crash sparked fears of extended economic instability or even a reprise of the Great Depression. The degree to which the stock market crashe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert R
Robert Lee Rayford (February 3, 1953 – May 15 1969), sometimes identified as Robert R. due to his age, was an American teenager from Missouri who has been suggested to represent the earliest confirmed case of HIV/AIDS in North America based on evidence which was published in 1988 in which the authors claimed that medical evidence indicated that he was "infected with a virus closely related or identical to human immunodeficiency virus type 1." Rayford died of pneumonia, but his other symptoms baffled the doctors who treated him. A study published in 1988 reported the detection of antibodies against HIV. Results of testing for HIV genetic material were reported once at a scientific conference in Australia in 1999; however, the data has never been published in a peer-reviewed medical or scientific journal. Background Robert Rayford was born on February 3, 1953, in St. Louis, Missouri to Constance Rayford (September 12, 1931 – April 3, 2011) and Joseph Benny Bell (March 24, 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicholas F
Nicholas is a male given name and a surname. The Eastern Orthodox Church, the Roman Catholic Church, and the Anglican Churches celebrate Saint Nicholas every year on December 6, which is the name day for "Nicholas". In Greece, the name and its derivatives are especially popular in maritime regions, as St. Nicholas is considered the protector saint of seafarers. Origins The name is derived from the Greek name Νικόλαος (''Nikolaos''), understood to mean 'victory of the people', being a compound of νίκη ''nikē'' 'victory' and λαός ''laos'' 'people'.. An ancient paretymology of the latter is that originates from λᾶς ''las'' ( contracted form of λᾶας ''laas'') meaning 'stone' or 'rock', as in Greek mythology, Deucalion and Pyrrha recreated the people after they had vanished in a catastrophic deluge, by throwing stones behind their shoulders while they kept marching on. The name became popular through Saint Nicholas, Bishop of Myra in Lycia, the inspirati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Wiley & Sons
John Wiley & Sons, Inc., commonly known as Wiley (), is an American multinational publishing company founded in 1807 that focuses on academic publishing and instructional materials. The company produces books, journals, and encyclopedias, in print and electronically, as well as online products and services, training materials, and educational materials for undergraduate, graduate, and continuing education students. History The company was established in 1807 when Charles Wiley opened a print shop in Manhattan. The company was the publisher of 19th century American literary figures like James Fenimore Cooper, Washington Irving, Herman Melville, and Edgar Allan Poe, as well as of legal, religious, and other non-fiction titles. The firm took its current name in 1865. Wiley later shifted its focus to scientific, technical, and engineering subject areas, abandoning its literary interests. Wiley's son John (born in Flatbush, New York, October 4, 1808; died in East Orange, New Je ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MIT Sloan School Of Management
The MIT Sloan School of Management (MIT Sloan or Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts. MIT Sloan offers bachelor's, master's, and doctoral degree programs, as well as executive education. Its degree programs are among the most selective in the world. MIT Sloan emphasizes innovation in practice and research. Many influential ideas in management and finance originated at the school, including the Black–Scholes model, the Solow–Swan model, the random walk hypothesis, the binomial options pricing model, and the field of system dynamics. The faculty has included numerous Nobel laureates in economics and John Bates Clark Medal winners. History The MIT Sloan School of Management began in 1914 as the engineering administration curriculum ("Course 15") in the MIT Department of Economics and Statistics. The scope and depth of this educational focus grew steadily in response to advances in the the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Washington Post
''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large national audience. Daily broadsheet editions are printed for D.C., Maryland, and Virginia. The ''Post'' was founded in 1877. In its early years, it went through several owners and struggled both financially and editorially. Financier Eugene Meyer purchased it out of bankruptcy in 1933 and revived its health and reputation, work continued by his successors Katharine and Phil Graham (Meyer's daughter and son-in-law), who bought out several rival publications. The ''Post'' 1971 printing of the Pentagon Papers helped spur opposition to the Vietnam War. Subsequently, in the best-known episode in the newspaper's history, reporters Bob Woodward and Carl Bernstein led the American press's investigation into what became known as the Watergate scandal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fayetteville, Arkansas
Fayetteville () is the second-largest city in Arkansas, the county seat of Washington County, and the biggest city in Northwest Arkansas. The city is on the outskirts of the Boston Mountains, deep within the Ozarks. Known as Washington until 1829, the city was named after Fayetteville, Tennessee, from which many of the settlers had come. It was incorporated on November 3, 1836, and was rechartered in 1867. The three-county Northwest Arkansas Metropolitan Statistical Area is ranked 102nd in terms of population in the United States with 560,709 in 2021 according to the United States Census Bureau. The city had a population of 95,230 in 2021. Fayetteville is home to the University of Arkansas, the state's flagship university. When classes are in session, thousands of students on campus change up the pace of the city. Thousands of Arkansas Razorbacks alumni and fans travel to Fayetteville to attend football, basketball, and baseball games. The city of Fayetteville is collo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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